Wall Street Today | Inflation Report Seals Case for 0.75-Point Fed Rate Rise in November
MACRO
Core US Inflation Rises to 40-Year High, Securing Big Fed Hike
A closely watched measure of US consumer prices rose by more than forecast to a 40-year high in September, pressuring the Fed to raise interest rates even more aggressively to stamp out persistent inflation. The core consumer price index, which excludes food and energy, increased 6.6% from a year ago, the highest level since 1982, Labor Department data showed Thursday.
Inflation Report Seals Case for 0.75-Point Fed Rate Rise in November
Another uncomfortably high inflation reading for September is likely to keep the Federal Reserve on track to increase interest rates by 0.75 percentage point at its meeting next month.
SECTORS
US Homes Face Longest Streak of Energy Bill Increases in Decades
Gas bills in September were about 33% higher than a year earlier to chalk up an 18th consecutive double-digit percentage gain, according to Labor Department data. That's the longest streak in more than three decades. Electric bills, which rose 15.5% last month, are on a seven-month streak of double-digit gains, the longest run in 16 years.
Wall Street Banks Expected to Deluge Markets With Bonds After Earnings
Banks could be about to deluge the market with more bonds after they post quarterly results, borrowing at a breakneck pace even as other blue-chip companies pull back, and bondholders could suffer in the process.
COMPANY
Netflix Will Charge $6.99 a Month for New Ad-Supported Plan Starting Nov. 3 in U.S.
$Netflix(NFLX.US$ is pricing its ad-supported service at $6.99 a month, which will be $1 less than Disney+ and Hulu with commercials. Commercials will be 15 or 30 seconds in length and will play before and during Netflix's content.
BlackRock Profit Falls 16%
A souring market weighed on investing giant $Blackrock(BLK.US$ in the third quarter, pushing profit down 16%. The world's largest asset manager reported net income of $1.41 billion, down from $1.68 billion in the same period a year earlier. Revenue dipped 15% to $4.31 billion, above analysts' estimates of $4.2 billion.
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Apple, Goldman Sachs Introduce Interest-Bearing Savings Accounts As Rates Rise
$Apple(AAPL.US$ will soon allow iPhone users to put credit card rewards from Apple Card and additional funds from separate bank accounts into an interest-bearing savings account. Goldman Sachs will administer the savings account. $Goldman Sachs(GS.US$
Kroger Wants to Merge With Albertsons to Create US Grocery Giant
$The Kroger(KR.US$ is in talks about a tie-up with rival $Albertsons Companies(ACI.US$ in a deal that would create a US grocery giant, people familiar with the matter said.
Mark Zuckerberg Said He Missed a Giant Shift in Social Networking
People are increasingly using their social networking "feeds" to discover compelling content as opposed to viewing the media shared by the friends that they follow. $Meta Platforms(META.US$ CEO Mark Zuckerberg failed to anticipate a newer trend in social networking that contributed to the success of rival TikTok.
Source: Bloomberg, Dow Jones, CNBC
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