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Wall Street Today | Yellen Reports New Debt-Limit Accounting Maneuver to Congress

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Moomoo Recap US wrote a column · Jan 24, 2023 18:42
Wall Street Today | Yellen Reports New Debt-Limit Accounting Maneuver to Congress
MACRO
Yellen Reports New Debt-Limit Accounting Maneuver to Congress
Yellen said in a letter to bipartisan congressional leaders that the Treasury will be altering the investments in a third government-run fund for retirees, after last week advising them of similar action for two others. Yellen didn’t offer any update on how long the extraordinary measures can be used to avoid the Treasury running out of cash. Earlier this month, she said “it is unlikely that cash and extraordinary measures will be exhausted before early June.”
NYSE Says Certain Trades to Be Canceled After Glitch at Open
In an updated statement on its website several hours after the debacle rattled Wall Street, the exchange identified more than 250 stock symbols that were affected. It also noted when it received key thresholds — known as limit-up, limit down bands — and the price range above or below which executions “will be busted.”
The NYSE didn’t elaborate on what prompted what it called a “system issue” as the session began, nor did it say how much it may ultimately cost. Banks, retailers and industrial companies were among those affected, including $Wells Fargo & Co(WFC.US)$, $McDonald's(MCD.US)$, $Walmart(WMT.US)$ and $Morgan Stanley(MS.US)$ .
SECTORS
Gasoline Prices Are on the Rise Again -- and Stocks of Refiners Are Soaring
Gasoline prices are on the upswing again, rising 35 cents per gallon in just the past month to an average national price of $3.45. More gains could be in store in the weeks and months ahead, since prices tend to rise in the spring and summer when more people drive.The big refining companies will start reporting fourth quarter earnings this week, and they're likely to offer optimistic predictions for the year ahead.
>>Read more
COMPANY
Microsoft Offers Lackluster Guidance, Says New Business Growth Slowed In December
$Microsoft(MSFT.US)$ issued a disappointing revenue forecast for the current quarter in its earnings call on Thursday, causing a reverse in the stock price after the shares initially rallied on better-than-expected earnings for the December quarter. Microsoft's Azure cloud growth slowed to 31%, barely beating analysts' projections. Management called for $50.5 billion to $51.5 billion in revenue for the next quarter, while analysts expected over $52 billion, with Azure growth slowing further.
The software maker took a $1.2 billion charge in the quarter in connection with its decision to eliminate 10,000 employees, revise its hardware lineup and consolidate leases.
Texas Instruments Comfortable With High Chip Inventory, Claims It Better Serves Broad Customer Base
Chip maker expects quarterly earnings of $1.64 to $1.90 a share, while Street expects $1.86 a share.$Texas Instruments(TXN.US)$ Chief Financial Officer Rafael Lizardi told analysts on a conference call that his inventory "scorecard" is based on having a broad, diverse customer base and lowering the risk of obsolescence, so the company's high inventory level serves both short-term and long-term customers .
US Sues Google to Break Up Ad Unit in Heated Antitrust Fight
The US Justice Department and eight states sued$Alphabet-A(GOOGL.US)$ 's Google, calling for the break up of the search giant’s ad-technology business over alleged illegal monopolization of the digital advertising market.
“The lawsuit we have filed today seeks to hold Google to account for what we allege are its longstanding monopolies in digital advertising technologies that content creators use to sell ads and advertisers use to buy ads on the open Internet,” said the Justice Department’s antitrust chief Jonathan Kanter in a news conference Tuesday announcing the suit.
Walmart Raises Minimum Wage as Retail Labor Market Remains Tight
$Walmart(WMT.US)$ said Tuesday it is raising its minimum wage for store employees to $14 an hour, representing a roughly 17% jump for the workers who stock shelves and cater to customers.Starting in early March, the retailer’s U.S. average wage is expected to be more than $17.50.
3M to Cut Jobs as Demand for Its Products Weakens
$3M(MMM.US)$ said it is cutting 2,500 manufacturing jobs globally as the company confronts turbulence in overseas markets and weakening consumer demand. “Consumers sharply cut discretionary spending and retailers adjusted their inventory levels,” 3M Chief Executive Mike Roman said during a conference call. “We expect the demand trends we saw in December to extend through the first half of 2023.”
SpaceX Completes Major Starship Test in Prep For Rocket’s First Orbital Launch Attempt
SpaceX announced on Monday it completed a major test of its latest Starship prototype, as the company prepares for the first orbital launch of the towering rocket. “This was the first time an integrated Ship and Booster were fully loaded with more than 10 million pounds of propellant,” SpaceX said in a tweet.
Source: Bloomberg, Dow Jones, CNBC
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