Wall Street Today | Fed's Hawks Make a Pitch Against a Rate-Hike Pause
MACRO
Fed's Hawks Make a Pitch Against a Rate-Hike Pause
U.S. inflation does not look like it is cooling fast enough to allow the Fed to hit pause on the interest-rate hike campaign it began more than a year ago, two Fed policymakers said on Thursday.
The remarks, from Dallas Federal Reserve Bank President Lorie Logan and St. Louis Fed President James Bullard, appear to represent a minority hawkish view at the Fed, but one that has gained ground in the runup to the Fed's next meeting, on June 13-14.
Epic Stock Lull Spurs Volatility Sales Before $1.7 Trillion Test
Stuck in a 3.8% range since March, The S&P 500 is on course for the calmest quarter since 1993. Thanks to that backdrop of peace, indexes tracking strategies of writing bullish and bearish options are notching their best stretches of weekly wins in at least one year.
That success will be challenged Friday as piles of options reach maturity. About $1.7 trillion of derivatives contracts tied to stocks and indexes are scheduled to expire, according to data compiled by Goldman Sachs Group Inc. strategist John Marshall.
McCarthy Says House Could Vote on Debt Ceiling Deal as Soon as Next Week
House Speaker Kevin McCarthy said Thursday he is optimistic that congressional negotiators could reach a deal to raise or suspend the debt ceiling in time to hold a House vote on it next week.
SECTORS
Home Prices Posted Largest Annual Drop in More Than 11 Years in April
U.S. existing home sales, which make up most of the housing market, fell 3.4% in April from the prior month to a seasonally adjusted annual rate of 4.28 million, the National Association of Realtors said Thursday.
The national median existing-home price fell 1.7% in April from a year earlier to $388,800, the biggest year-over-year price decline since January 2012, NAR said.
COMPANY
OpenAI Launches ChatGPT App for iOS, Android Coming Soon
OpenAI launched a ChatGPT iPhone app on Thursday, its CTO Mira Murati said on Twitter. An Android version is coming soon, she said.
Apple Restricts Employee Use of ChatGPT, Joining Other Companies Wary of Leaks
$Apple(AAPL.US$ has restricted use of ChatGPT and other external artificial intelligence tools for some employees as it develops its own similar technology, according to a document reviewed by The Wall Street Journal and people familiar with the matter.
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Disney Scraps Plan for $900 Million Florida Campus, Closes 'Star Wars' Adventure Hotel
$Disney(DIS.US$ has canceled two major investments in Florida, including reversing course on a potential $900 million office park, amid a high-profile dispute with state lawmakers and Gov. Ron DeSantis.
Netflix Stock Jumps 9% as It Boasts Ad-Tier Growth
$Netflix(NFLX.US$'s stock rose 9% Thursday following its pitch to advertisers this week. The streaming service said it had five million monthly active users for its cheaper, ad-supported option and 25% of its new subscribers were signing up for the newest tier.
Meta Pulls the Curtain Back on Its A.I. Chips for the First Time
$Meta Platforms(META.US$ has built custom computer chips to help with its artificial intelligence and video-processing tasks and is talking about them in public for the first time.
The social networking giant disclosed its internal silicon chip projects for the first time to reporters earlier this week, ahead of a virtual event Thursday discussing its AI technical infrastructure investments.
Source: Bloomberg, Dow Jones, CNBC, Reuters, Yahoo Finance
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