Wall Street Today | Fed Should Be Mindful of Lags as It Tightens Rates Further, Daly Says
MACRO
Fed Should Be Mindful of Lags as It Tightens Rates Further, Daly Says
San Francisco Fed President Mary Daly said that officials will need to be mindful of the lags with which monetary policy works, while repeating that she sees interest rates rising to at least 5%. "While the funds rate is between 3.75 and 4%, financial markets are acting like it is around 6%," she said.
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Goldman Sachs Strategists Say Bear Market Will Last in 2023
Equity investors hoping for a better year in 2023 will be disappointed, according to Goldman strategists, who said the bear market phase is not over yet.
"The conditions that are typically consistent with an equity trough have not yet been reached," strategists said on Monday. They said that a peak in interest rates and lower valuations reflecting recession are necessary before any sustained stock-market recovery can happen.
SECTORS
Saudi Denies Oil Output Hike Discussion, Says OPEC+ May Cut if Needed
Saudi Arabia on Monday said that OPEC+ was sticking with oil output cuts and could take further measures to balance the market amid falling prices, denying a report it was considering boosting output, according to state news agency SPA.
COMPANY
Cathie Wood Goes On Coinbase Buying Spree as Wall Street Sours
Wall Street's waning conviction in $Coinbase(COIN.US$ has done little to deter Cathie Wood. Instead, she's been scooping up shares of the struggling cryptocurrency exchange in the wake of the collapse of FTX. Coinbase stock price fell for four consecutive days, including an 8.9% drop on Monday to close at a fresh record low.
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Zoom Beats on Earnings and Hikes Annual Profit Forecast, but Fourth-quarter Guidance Disappoints, Sending Stock Down
$Zoom Video Communications(ZM.US$ executives increased their annual profit forecast after an earnings beat Monday, but undershot expectations for the fourth quarter, leading to shares tumbling 7% in after-hours trading.
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Iger Announces First Big Moves in New Tenure As Disney CEO: Restructuring and Departure of Chapek Right Hand Kareem Daniel
Bob Iger told employees Monday that the company would be undergoing a restructuring in coming weeks. One of the first steps, Iger announced, would be the departure of Kareem Daniel, the company's head of media and entertainment, and right hand to now-departed CEO Bob Chapek. $Disney(DIS.US$ shares jumped 6% Monday following news that Bob Iger replaced Bob Chapek as CEO.
Musk Tells Twitter Staff No More Layoffs Planned
$Twitter (Delisted)(TWTR.US$'s new owner Elon Musk told staff in an all-hands meeting that the company does not plan more layoffs and is recruiting for engineering and ad sales roles, according to a tweet by a the Verge reporter.
Cancer-Focused Imago BioSciences Shares Soar After Merck Deal
$Merck & Co(MRK.US$ has agreed to acquire $Imago BioSciences(IMGO.US$ for $36.00 per share in cash for an approximate total equity value of $1.35 billion. IMGO shares are up 104% Monday.
Source: Bloomberg, Dow Jones, CNBC, Yahoo Finance
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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Giovanni Ayala :
RDK79 : Wow, I'm sure all those phd economists would have never thought of that. Great post..