Wall Street Today | Stock Market's Defining Moment Arrives With CPI, Fed Decision
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Stock Market’s Defining Moment Arrives With CPI, Fed Decision
It’s the week everyone’s been waiting for. With the release a key measure of inflation, the Fed interest-rate decision and Powell’s comments afterward, investors are hoping to finally have a clear view of what’s ahead for a beaten-down stock market and economy in 2023.
A half-point hike on Dec. 14 would leave the fed funds rate in a range of 4.25%-4.5%. Meanwhile, Tuesday’s CPI report is expected to show the index eased to a 7.3% annual increase in November, from 7.7% the month before. But nothing is assured.
Investors Won't See Relief Until 2024 in the Form of Fed Rate Cuts, Warns Credit Suisse
Global central banks already managed to "pop some of the pandemic-inspired bubbles" this year by tightening monetary policy, but investors may need to wait until 2024 for relief in the form of Federal Reserve interest rate cuts, say Credit Suisse economists.
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SECTORS
Battle Between FTC and Microsoft Turns on Future of Cloud Gaming
Gaming in the cloud is a small part of the current videogame market, but it is a key piece of the Federal Trade Commission's lawsuit to block $Microsoft (MSFT.US)$ purchase of $Activision Blizzard (ATVI.US)$.
The FTC and videogame industry participants anticipate cloud gaming will become a much larger part of the market in years to come. With its lawsuit, the FTC says it is protecting the videogame-distribution market—as it is today and how it is expected to evolve—from being dominated by a few companies.
Coffee Consumption to Rise 1%-2% Per Year Through 2030, ICO Says
Global consumption of coffee is likely to climb by 1% to 2% a year through the end of the decade, according to International Coffee Organization Executive Director Vanusia Nogueira, who estimated about 25 million more 60 kg bags would be needed over the next eight years.
COMPANY
Twitter Blue to Restart Monday; iOS App Subscribers Will Pay More Than $8 a Month
$Twitter (Delisted) (TWTR.US)$ said it would restart its Twitter Blue subscription program on Monday. Subscriptions on the web will cost $8 a month. It will cost $11 a month for those who subscribe through $Apple (AAPL.US)$ 's iOS app. The social media company added that when users subscribe they'll get "Edit Tweet, 1080p video uploads, reader mode, and a blue checkmark (after your account has been reviewed)."
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Amgen in Advanced Talks to Buy Horizon Therapeutics
$Amgen (AMGN.US)$ is in advanced talks to buy drug company $Horizon Therapeutics (HZNP.US)$ according to a WSJ report, in a takeover likely to be valued at well over $20 billion and mark the largest healthcare merger of the year. Horizon develops medicines to treat rare autoimmune and severe inflammatory diseases that are currently sold mostly in the U.S. Its biggest drug---Tepezza. A deal could be finalized by Monday assuming the talks with Amgen don't fall apart.
Walmart-Backed Fintech Startup Plans to Launch Its Own Buy Now, Pay Later Loans
The $Walmart (WMT.US)$-backed venture, called One, is gearing up to launch its own version of the payment service as soon as next year, according to a CNBC report.
One, which is majority-owned by Walmart, wants to launch a service that shoppers could use at Walmart’s website and stores, as well as at other retailers. The effort was motivated in part by a more challenging economic backdrop and consumers feeling pinched by inflation.
NASA's Orion Spacecraft Lands After Journey to Moon in Key Test for Artemis Mission
NASA’s Orion spacecraft hurtled through the atmosphere and landed in the Pacific Ocean on Sunday, concluding a nearly monthlong test mission that sent it around the moon.
Artemis is NASA’s program to return astronauts to the surface of the moon and achieve other space-exploration goals. The agency has tapped $Lockheed Martin (LMT.US)$, which developed the Orion spacecraft, SpaceX, $Northrop Grumman (NOC.US)$ and other companies to develop vehicles and components for the multiyear effort. On Friday, the space agency said it awarded $Boeing (BA.US)$ a contract worth about $3.2 billion to keep manufacturing the main parts of future Space Launch System.
Source: Bloomberg, Dow Jones, CNBC
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