Wall Street Today | Fed Signal for Rate Pause Takes Pressure Off Hot Jobs Report
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Fed Signal for Rate Pause Takes Pressure Off Hot Jobs Report
Federal Reserve officials are signaling they plan to keep interest rates steady in June while retaining the option to hike further in coming months, steering market expectations ahead of a key employment report.
Governor Philip Jefferson, a centrist who’s nominated to be vice chair and who often echoes Chair Jerome Powell’s views, said Wednesday that skipping an increase would give policymakers time to assess data but not preclude future tightening.
Robust Jobs Market Poses Threat to Stocks' Rally
Friday's jobs report will be closely watched by investors for any signs that the labor market is finally beginning to crack.
The U.S. jobs market has remained red hot in an otherwise cooling economy buffeted by high inflation, rapidly rising interest rates and a crisis of confidence in the banking system.
House Approves Debt-Ceiling Deal Struck by Biden and McCarthy
The House passed a sweeping bill that suspends the federal government's $31.4 trillion debt ceiling in exchange for spending cuts, as Republican Speaker Kevin McCarthy muscled through a deal struck with President Biden to avert a looming government default.
SECTORS
Tesla Got Added to an ESG Index. But Oil and Tobacco Firms Scored Higher
For investors interested in Tesla and companies with the highest environmental, social and governance, or ESG, standards, there is some good news and some bad news.
The good news is Tesla was added to the S&P 500 ESG Index in April. It means investment managers tracking the benchmark can buy Tesla stock. It’s also an acknowledgment that Tesla is running its business in line ESG principles.
COMPANY
Microsoft Signs Deal for A.I. Computing Power With Nvidia-Backed CoreWeave That Could Be Worth Billions
$Microsoft(MSFT.US$ ’s massive investment in OpenAI has put the company at the center of the artificial intelligence boom. But it’s not the only place where the software giant is opening its wallet to meet the surging demand for AI-powered services.
CNBC has learned from people with knowledge of the matter that Microsoft has agreed to spend potentially billions of dollars over multiple years on cloud computing infrastructure from startup CoreWeave, which announced Wednesday that it raised $200 million. That financing comes just over a month after the company attained a valuation of $2 billion.
Mark Zuckerberg Unveils Meta’s Newest VR Headset Days Ahead of Apple Event
$Meta Platforms(META.US$ Chief Executive Mark Zuckerberg introduced the latest version of the company’s virtual-reality headset, called Meta Quest 3.
The announcement comes days ahead of $Apple(AAPL.US$e’s annual Worldwide Developers Conference, where it too is expected to debut a new VR headset.
Lucid Raised Enough Cash to Last Until 2025
Luxury EV maker $Lucid Group(LCID.US$ just raised enough money to keep it going through the middle of 2025. What's good for the company, however, isn't good for the stock.
Shares sold to the public were priced at about $6.91 each. Shares sold to the Saudi investors were priced at about $6.77. Lucid stock closed Wednesday at $7.76 a share. Sometimes companies need to price large blocks of stock at a discount to fund enough buyers to complete a deal.
Source: Bloomberg, Dow Jones, CNBC
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