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Wall Street Today | Fed's Beige Book Shows Slower Activity Growth and Hiring in Peak Summer

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Moomoo Recap US wrote a column · Sep 6, 2023 15:58
Wall Street Today | Fed's Beige Book Shows Slower Activity Growth and Hiring in Peak Summer
MACRO
Fed's Beige Book Shows Slower Activity Growth and Hiring in Peak Summer
Growth in the US economy and jobs market slowed in July and August, and many businesses expect wage increases to ease broadly in the near term, the Federal Reserve said in its Beige Book survey of regional business contacts.
"Contacts from most districts indicated economic growth was modest," the Fed said Wednesday in the report, published two weeks before each meeting of the policy-setting Federal Open Market Committee.
US Service Gauge Rises to Six-Month High, Topping All Forecasts
US service sector activity rose to a six-month high in August, bolstered by a pickup in new orders and hiring, Bloomberg reported.
The Institute for Supply Management's services index increased almost 2 points to 54.5, data showed Wednesday. Readings above 50 indicate expansion, and the figure topped all estimates in a Bloomberg survey of economists.
Source: Bloomberg
Source: Bloomberg
SECTORS
Emerging Markets Set for 'Wild Ride' on Moves in Dollar and Oil
Developing-world currencies and stocks weakened as renewed dollar strength and elevated oil prices hurt sentiment for riskier emerging assets.
MSCI's gauge of developing equities fell as much as 0.5%, extending its decline to a second day, while the currencies dropped to the lowest in over two weeks. Volatility across emerging markets have prompted Barclays PLC to predict a "wild ride" in local markets.
Oil Steadies Near $90 After OPEC+ Leaders Extend Supply Cuts
The global benchmark, Brent, settled above $90 on Thursday, the highest since November. Adding to bullish sentiment, Saudi Arabia lifted official selling prices for its flagship Arab Light crude to Asia to a 10-month high, a signal of its confidence in demand.
Still, crude is flashing warnings that it is overbought on a 14-day Relative Strength Index basis, raising the risk of a pullback.
Source: Bloomberg
Source: Bloomberg
COMPANIES
GameStop Revenue Beats Estimates on Stronger Software Sales
$GameStop (GME.US)$reported second-quarter sales that narrowly beat analyst's estimates in its first report since the retail chain ousted its chief executive officer.
AMC Shares Biggest Drop Since Feb 2021
$AMC Entertainment (AMC.US)$ sank as it plans to sell shares less than three weeks after getting court approvals that opened the door for the movie theater operator to raise money to pay down its debt.
Lockheed Deliveries of Advanced F-35 Jets Slip Again, Maybe to June
$Lockheed Martin (LMT.US)$'s advanced F-35 jet won't be delivered until next April at the earliest and possibly as late as June because of persistent testing issues, the Pentagon said. The shares fell.
Roku Soars on Plans to Cut 10% of Staff, Consolidate Offices
$Roku Inc (ROKU.US)$, the maker of set-top boxes consumers use to watch Netflix and other streaming services, climbed after announcing plans to cut about 10% of its workforce, consolidate office space and review its content portfolio.
WeWork Plans to Renegotiate Nearly All Leases
$WeWork (WE.US)$ is renegotiating nearly all of its leases with landlords and plans to exit "unfit and underperforming" locations, Chief Executive Officer David Tolley said.
Comcast CEO Says Hulu Sale Process to Disney Will Now Begin Sept. 30
$Disney (DIS.US)$ agreed to move up the date at which it must begin buying $Comcast (CMCSA.US)$ one-third stake in the Hulu streaming service to Sept. 30 from January.
Source: Bloomberg, Dow Jones, CNBC
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more
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