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☆ Berkshire Hathaway vice chairman Charlie Munger dies at 99
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +12 min

Nov 28 (Reuters) - Charlie Munger, the longtime vice chairman and second-in-command to Warren Buffett at Berkshire Hathaway (BRKa.N), died on Tuesday morning at a California hospital. For stock-pickers like us to lose Charlie Munger, would be like if you’re a basketball fan and you lose Bill Russell. "I wouldn't think Berkshire will look much different, apart from Buffett no longer being able to share ideas with Munger. CATHERINE SEIFERT, VICE-PRESIDENT, CFRA RESEARCH, NEW YORK“Berkshire Hathaway shareholders are not going to be directly or negatively impacted from the passing of Charlie Munger. Therewass already a transition plan in place and there's a transition plan in place when Warren Buffett passes away.

Persons: Charlie Munger, Warren Buffett, Charlie, WHITNEY TILSON, BRIAN MOYNIHAN, Charlie Mungerwass, ” BURNS MCKINNEY, Bill Russell, ”, Berkshire Hathaway, ” PHIL ORLANDO, FEDERATED HERMES, BILL, Buffett, Munger, PHILLIP, —, STEVE SOSNICK, “, ” WIN MURRAY, DIAMOND, MARY JO, BILL SMEAD, Warren, ” “ Buffett, Todd Combs, Ted Weschler, ” PAUL LOUNTZIS, Greg Abel, I've, you'll, STEPHEN DODSON, hewass, ” PAUL NOLTE, FOR MURPHY, Warren Buffet, they've, QUINCY KROSBY, RICK MECKLER, CHERRY, NEW VERNON, Hewass, obviouslywass, DOUG KASS, ” THOMAS RUSSO, GARDNER RUSSO, QUINN, CATHERINE SEIFERT, he's, ” ANTHONY SAGLIMBENE, THOMAS HAYES Organizations: Berkshire Hathaway, COOK, APPLE, WHO, KASE, OF, FEDERATED, Berkshire, ” WIN, THE BRETTON, SAN, SYLVEST, NEW, Buffett, GREAT, Global Finance, Markets, Thomson Locations: California, Munger, Berkshire, American, DALLAS , TEXAS, GLENVIEW, CALIFORNIA, CONNECTICUT, DIAMOND HILL, COLUMBUS , OHIO, PHOENIX, ” “ Berkshire, , PENNSYLVANIA, ELMHURST, IL, CHARLOTTE, NC, CHERRY LANE, NEW JERSEY, LANCASTER , PENNSYLVANIA, Munger . Berkshire, TROY , MICHIGAN, GREAT HILL

Thursday's drop ended the longest winning streaks in two years for the S&P 500 (.SPX) and the Nasdaq. The S&P 500 posted its highest closing level since Sept 19. REUTERS/Brendan McDermid Acquire Licensing RightsAll 11 S&P 500 sectors ended in positive territory, led by a 2.6% gain for the technology sector (.SPLRCT). For the week, the Dow rose about 0.7%, the S&P 500 gained 1.3% and the Nasdaq climbed 2.4%. Data on Friday showed U.S. consumer sentiment fell for a fourth straight month in November, and households' expectations for inflation rose again.

Persons: Illumina, Jerome Powell, ”, Chuck Carlson, Rick Meckler, Brendan McDermid, ” Meckler, Lewis Krauskopf, Amruta, Maju Samuel, David Gregorio Our Organizations: Nasdaq, CPI, Dow, Federal, Investors, Treasury, Horizon Investment, Cherry Lane Investments, Dow Jones, Traders, New York Stock Exchange, REUTERS, Nvidia, Meta, Microsoft, NYSE, Thomson Locations: Hammond , Indiana, New Vernon , New Jersey, New York City, U.S, New York

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. Thursday's decline ended the longest winning streaks in two years for the S&P 500 (.SPX) and the Nasdaq Composite (.IXIC). The S&P 500 touched its highest level since Sept 20. All 11 S&P 500 sectors were in positive territory, with technology (.SPLRCT) leading the way, up 2.2%. On the Nasdaq, advancing issues outnumbered decliners by a 1.5-to-1 ratio, while the Nasdaq recorded 49 new highs and 318 new lows.

Persons: Brendan McDermid, Illumina, Jerome Powell, ”, Rick Meckler, ” Meckler, Lewis Krauskopf, Amruta, Maju Samuel, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, CPI, Dow, Nasdaq, Federal, Investors, Treasury, Cherry Lane Investments, Dow Jones, Nvidia, Microsoft, NYSE, Thomson Locations: New York City, U.S, New Vernon , New Jersey, New York

[1/2] FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. MSCI's gauge of global stock performance (.MIWD00000PUS) shed 0.05%, while the pan-European STOXX 600 index (.STOXX) lost 0.06%. Against a basket of currencies, the dollar index rose 0.332% to 105.61, with the euro down 0.31% to $1.0682. Treasury yields slid, having unwound some of their rally last week after the Fed left rates unchanged following a policy meeting. The two-year's yield, which reflects interest rate expectations, fell 1.3 basis points to 4.928%, while the 10-year slipped 7.5 basis points at 4.587%.

Persons: Toby Melville, Jerome Powell, Neel Kashkari, Austan Goolsbee, Rick Meckler, we've, Michael Hewson, Brent, Tom Wilson, Tom Westbrook, Ankur Banerjee, Lincoln, Kim Coghill, Christina Fincher, Jonathan Oatis Organizations: London Stock Exchange Group, City of, REUTERS, NEW, Federal Reserve, Minneapolis, Chicago, Cherry Lane Investments, Dow Jones, Nasdaq, Reserve Bank of Australia, Treasury, Fed, CMC, Thomson Locations: City, City of London, Britain, China, Saudi Arabia, Russia, Europe, U.S, New Vernon , New Jersey, Asia, Pacific, Japan, London, Singapore

☆ Wall St falls more than 1%; yields rise, investors assess earnings
▼ + stars: | 2023-10-18 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. The S&P 500 passenger airlines index (.SPLRCALI) dropped 5.6%. Shares ended the day down 6.8%. Tesla ended the regular session down 4.8% and Netflix ended the session down 2.7%. The S&P 500 posted 12 new 52-week highs and 25 new lows; the Nasdaq Composite recorded 25 new highs and 252 new lows.

Persons: Brendan McDermid, Netlix, homebuilding, Rick Meckler, Joe Biden, Morgan Stanley's, Tesla, Ankika Biswas, Shashwat Chauhan, Sruthi Shankar, Arun Koyyur, Vinay Dwivedi, Nick Zieminski, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Airlines, Dow, Nasdaq, Federal Reserve, Cherry Lane Investments, Procter, Gamble, United Airlines Holdings, Dow Jones, U.S, Tesla, Netflix, NYSE, Thomson Locations: New York City, U.S, New Vernon , New Jersey, Israel, Gaza, Bengaluru

☆ S&P 500 ends at lowest since June 1 as data fuels rate worries
▼ + stars: | 2023-10-03 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

The Dow turned negative for the year for the first time since June and ended at its lowest level since May 31. Data showed U.S. job openings unexpectedly increased in August, fueling worries about a tight labor market ahead of Friday's key U.S. monthly jobs report. All but one S&P 500 sector - utilities (.SPLRCU) - were lower on the day, led by declines in consumer discretionary (.SPLRCD) and technology (.SPLRCT). Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. The S&P 500 posted one new 52-week high and 63 new lows; the Nasdaq Composite recorded 15 new highs and 439 new lows.

Persons: Dow, Rick Meckler, Brendan McDermid, Raphael Bostic, Loretta Mester, advancers, Caroline Valetkevitch, Ankika Biswas, Shashwat Chauhan, Vinay Dwivedi, Maju Samuel, Richard Chang Organizations: Microsoft, Dow, Nasdaq, Federal, Investors, Cherry Lane Investments, New York Stock Exchange, REUTERS, Dow Jones, Atlanta Fed, Cleveland Fed, Reuters, Ofcom, NYSE, Thomson Locations: New Vernon , New Jersey, New York City, U.S, Bengaluru

☆ Indexes ended sharply lower as data adds to rate worries
▼ + stars: | 2023-10-03 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. Data showed U.S. job openings unexpectedly increased in August, fueling worries about a tight labor market ahead of Friday's key U.S. monthly jobs report. All but one S&P 500 sector - utilities (.SPLRCU) - were lower on the day, led by declines in consumer discretionary (.SPLRCD) and technology (.SPLRCT). Cleveland Fed President Loretta Mester said she is open to raising rates again, potentially at the bank's next meeting. While the Dow is down slightly for the year so far, the Nasdaq remains up sharply since Dec. 31 after a rally driven by enthusiasm over artificial intelligence.

Persons: Brendan McDermid, Rick Meckler, Raphael Bostic, Loretta Mester, Dow, Ankika Biswas, Shashwat Chauhan, Vinay Dwivedi, Maju Samuel, Richard Chang Organizations: New York Stock Exchange, REUTERS, Microsoft, Major U.S, Federal, Investors, Cherry Lane Investments, Nasdaq, Dow Jones, Atlanta Fed, Cleveland Fed, Reuters, Ofcom, Thomson Locations: New York City, U.S, Major, New Vernon , New Jersey, Bengaluru

☆ Indexes fall at least 1% as data adds to rate worries
▼ + stars: | 2023-10-03 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. Data showed U.S. job openings unexpectedly increased in August, fueling worries about a tight labor market ahead of Friday's key U.S. monthly jobs report. All but one S&P 500 sector - utilities (.SPLRCU) - were lower on the day, led by more than 2% declines in consumer discretionary (.SPLRCD) and technology (.SPLRCT). Cleveland Fed President Loretta Mester said she is open to raising rates again, potentially at the bank's next meeting. The S&P 500 posted one new 52-week high and 62 new lows; the Nasdaq Composite recorded 13 new highs and 390 new lows.

Persons: Brendan McDermid, Rick Meckler, Raphael Bostic, Loretta Mester, Dow, advancers, Ankika Biswas, Shashwat Chauhan, Vinay Dwivedi, Maju Samuel, Richard Chang Organizations: New York Stock Exchange, REUTERS, Microsoft, Dow, Nasdaq, Major U.S, Federal, Data, Investors, Cherry Lane Investments, Dow Jones, Atlanta Fed, Cleveland Fed, Reuters, Ofcom, NYSE, Thomson Locations: New York City, U.S, Major, New Vernon , New Jersey, Bengaluru

Arm executives and CEO Rene Haas gather outside Nasdaq Market site, as Softbank's Arm, chip design firm, holds an initial public offering (IPO), in New York, U.S., September 14, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsSept 15 (Reuters) - Shares of SoftBank's Arm Holdings closed a volatile session lower on Friday, a day after a stellar Nasdaq debut that valued the British chip designer at $65 billion. The stock fell 4.5% to end at $60.75, after trading as high as $69 earlier in the session. The Nasdaq (.IXIC) was down 1.6% and the S&P 500 (.SPX) fell 1.2%, while an index of semiconductors (.SOX) sank 3%. Analysts said further trading volatility in Arm may be seen if the company draws more interest from AI-focused retail investors.

Persons: Rene Haas, Brendan McDermid, chipmakers, Arm's, Randy Frederick, Charles Schwab, Rick Meckler, Sophie Lund, Yates, Hargreaves Lansdown, Financials, Michael Ashley Schulman, Needham, Manya Saini, Caroline Valetkevitch, Saqib Iqbal Ahmed, Niket Nishant, Arun Koyyur, Grant McCool Organizations: Nasdaq, REUTERS, Arm Holdings, Major U.S, Cherry Lane Investments, Analysts, Graphics Arm, Running, Capital Advisors, Nvidia, Reuters Graphics, Thomson Locations: New York, U.S, British, Austin , Texas, New Vernon , New Jersey, Bengaluru

☆ US bank regulators announce sweeping proposals on capital rules
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +4 min

WASHINGTON, July 27 (Reuters) - U.S. regulators unveiled a sweeping overhaul Thursday that would direct banks to set aside billions more in capital to guard against risk. If fully implemented, the proposal would raise capital requirements for large banks by an aggregate 16% from current levels, with the brunt felt by the largest and most complex firms, regulators said. Here are key quotes about the proposal:FINANCIAL SERVICES FORUM CEO KEVIN FROMER"There is no justification for significant increases in capital at the largest U.S. ANDY DUANE, ATTORNEY AT POLUNSKY BEITEL GREEN "Raising capital requirements could see regional banks shift away from mortgage lending. Even larger bank lenders could continue to retreat from mortgage lending or impose sharp increase in fees passed along to borrowers."

Persons: KEVIN FROMER, RICK MECKLER, CHERRY, MAYRA RODRIGUEZ VALLADARES, KENNETH BENTSEN, BRIAN MOYNIHAN, ANDY DUANE, GREG BAER, Pete Schroeder, Matt Tracy, Tatiana Bautzer, Nupur Anand, Sinead Carew, Lananh Nguyen, Nick Zieminski Organizations: Regulators, NEW VERNON, NEW, MRV, AMERICA, FOX, Thomson Locations: U.S, CHERRY LANE, NEW JERSEY, Basel, United States, Washington, New York

So far the signs of revival has not translated into strong investment banking revenue, but markets see a better outlook. Goldman took $1.4 billion in writedowns in the second quarter tied to its consumer businesses and real estate investments. In discussing their earnings, Wall Street executives cited a flurry of initial public offerings as an encouraging sign that activity in capital markets will pick up after months in the doldrums. The lender was buoyed by a slight pickup in equity capital markets and a focus on its middle-market business. At Citigroup (C.N), CEO Jane Fraser warned on Friday that "the long-awaited rebound in investment banking has yet to materialize."

Persons: Morgan Stanley, Brendan McDermid, dealmaking, Goldman Sachs, Morgan, ”, Rick Meckler, Goldman, Meckler, Mike Loewengart, David Solomon, Sharon Yeshaya, Alastair Borthwick, Jane Fraser, Mark Mason, Jeremy Barnum, Tatiana Bautzer, Sinead Carew, Saeed Azhar, Noor Zainab Hussain, Lananh Nguyen, Nick Zieminski Organizations: New York Stock Exchange, REUTERS, Cherry Lane Investments, Wall Street, Morgan, Reuters, Bank of America's, Citigroup, JPMorgan, Thomson Locations: New York City, U.S, New Vernon , New Jersey, writedowns, New York, Bengaluru

BlackRock filed for a prospective spot bitcoin ETF on June 15, undeterred by the Securities and Exchange Commission's (SEC) past record of rejecting every such application. Bitcoin's market value has grown to comprise nearly half of the $1.1 trillion overall crypto market, its highest share in over two years, according to data tracker CoinMarketCap.com. Since the BlackRock filing, Invesco and WisdomTree have also reapplied for spot bitcoin ETFs after they had previous applications rejected by the regulator. Bryan Armour, director of passive strategies research for North America at Morningstar, said a spot bitcoin ETF could be a more cost-effective way for investors to trade. "It doesn't appear that most crypto ETF holders are institutional – assets are pretty spread out," he added.

Persons: Satoshi, Exchange Commission's, Satoshi Nakamoto's, Mikkel Morch, hasn't, Andrew Bond, Rick Meckler, Bryan Armour, I'd, David Wells, Medha Singh, Lisa Pauline Mattackal, Pravin Organizations: BlackRock, Securities, Exchange, SEC, Rosenblatt Securities, U.S, Cherry Lane Investments, Reuters Graphics Reuters, North America, Morningstar, MorningStar, TrackInsight, Morgan Asset Management, State, Enclave Markets, Pravin Char, Thomson, Reuters Locations: United States, U.S, New Vernon , New Jersey, J.P, BlackRock, Bengaluru

☆ Stocks fall as Powell says inflation fight not over
▼ + stars: | 2023-06-21 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

While noting that inflation remains very far from the Fed's target, Powell said it may make sense to move rates higher, at a more moderate pace. The pan-European STOXX 600 index (.STOXX) lost 0.50% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) shed 0.37%. The Fed is "walking a tight rope between trying to tell people they are going to fight inflation as their No. The U.S. dollar index briefly rose following the release of Powell's testimony, but was last down slightly. The dollar index fell 0.458%, with the euro up 0.67% to $1.0989.

Persons: Brendan McDermid, Powell, Jerome Powell, Raphael Bostic, Rick Meckler, Brent, Caroline Valetkevitch, Medha Singh, Lawrence White, Wayne Cole, Jacqueline Wong, Lincoln, Alex Richardson, David Goodman, Richard Chang, Cynthia Osterman Organizations: New York Stock Exchange, REUTERS, U.S, Treasury, Capitol, Atlanta Federal Reserve, Yahoo Finance, Nasdaq, Dow Jones, Cherry Lane Investments, U.S . West Texas, Thomson Locations: New York City, U.S, New Vernon , New Jersey

☆ Stocks fall, yields up; Powell says inflation fight not over
▼ + stars: | 2023-06-21 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +2 min

[1/3] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 30, 2023. REUTERS/Brendan McDermidSummary U.S. stocks mostly lowerTreasury yields risePowell updates on U.S. rate outlook in testimonyNEW YORK, June 21 (Reuters) - Global stock indexes mostly fell and Treasury yields rose on Wednesday as Federal Reserve Chair Jerome Powell said the fight to lower inflation still has a "long way" to go. The pan-European STOXX 600 index (.STOXX) lost 0.47% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) shed 0.35%. The U.S. dollar index initially rose following the release of Powell's testimony, but was last down slightly. Treasury yields rose on Powell's hawkish tone.

Persons: Brendan McDermid, Powell, Jerome Powell, Rick Meckler, Brent, Medha Singh, Lawrence White, Wayne Cole, Jacqueline Wong, Lincoln, Alex Richardson, David Goodman, Richard Chang Organizations: New York Stock Exchange, REUTERS, Treasury, Financial Services, Cherry Lane Investments, Nasdaq, Dow Jones, U.S, Thomson Locations: New York City, U.S, New Vernon , New Jersey

☆ U.S. banks sink on concerns about office real estate loans
▼ + stars: | 2023-05-31 | by ( Sinéad Carew | ) www.reuters.com time to read: +3 min

Investors worried about potential losses among banks from office real estate loans after comments from executives, including Wells Fargo & Co's (WFC.N) Chief Executive Officer Charlie Scharf and Blackstone President Jonathan Gray at a Sanford C Bernstein investor conference. Meanwhile, Blackstone's Gray talked about "unprecedented weakness" in older office buildings while noting that this segment currently makes up less than 2% of company's equity portfolio in real estate. Rick Meckler, partner, Cherry Lane Investments, a family investment office in New Vernon, New Jersey said "continued concern over loans made to the office market," was hurting bank stocks broadly on Wednesday, citing the Wells Fargo comments. "The implication is that there are those that will suffer even if Wells Fargo is diversified enough," Meckler said. KeyCorp, down 5.5%, was the biggest decliner in the S&P bank index, and Zions was next, down 4.9%.

Persons: Andrew Kelly, Wells, Charlie Scharf, Blackstone, Jonathan Gray, Sanford C, Wells Fargo's Scharf, Blackstone's Gray, Gray, Bernstein, Rick Meckler, Meckler, Morgan Stanley, Goldman Sachs, Zions, Sinéad Carew, Mehnaz Yasmin, Nick Zieminski Organizations: Citibank, New York Stock Exchange, REUTERS, Banks, Investors, Buyers, Cherry Lane Investments, Citigroup, JPMorgan Chase &, Bank of America, Citizens Financial, Western Alliance Bancorp, PacWest Bancorp, Comerica, PNC Financial Services, Fifth Third Bancorp, Federal Deposit Insurance Corporation, Thomson Locations: Manhattan , New York City, U.S, New Vernon , New Jersey, New York, Bengaluru

☆ Wall St rallies on debt ceiling optimism, regional bank rise
▼ + stars: | 2023-05-17 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

President Joe Biden and top U.S. congressional Republican Kevin McCarthy on Wednesday reiterated their determination to strike a deal soon to raise the debt ceiling and avoid an economically catastrophic default. A jump in regional bank shares lifted sentiment, led by a 10.19% surge in Western Alliance Bancorp (WAL.N) a day after the bank said deposits grew by more than $2 billion in the quarter ended May 12. The KBW regional bank (.KRX) shot up 7.28% to notch its biggest one-day percentage gain since Jan. 6, 2021 to close at its highest level since May 1. The S&P 500 banks index also surged 4.46% for its biggest daily percentage gain since Nov. 10. "It is optimism over the debt ceiling.

☆ Wall St rallies on debt ceiling hopes, regional bank rebound
▼ + stars: | 2023-05-17 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

President Joe Biden and top U.S. congressional Republican Kevin McCarthy on Wednesday reiterated their determination to strike a deal soon to raise the federal debt ceiling and avoid an economically catastrophic default. A jump in regional bank shares lifted sentiment, led by a 12.12% surge in Western Alliance Bancorp (WAL.N) a day after the bank said deposits grew by more than $2 billion in the quarter ended May 12. The KBW regional bank (.KRX) index was up 6.86% and on track for its biggest one-day percentage gain since Jan. 6, 2021 after touching its highest intraday level since May 3. "It is optimism over the debt ceiling it. That slowing along with recent negotiations over the U.S. debt ceiling has focused attention on when the central bank will pause hiking, or cut interest rates.

☆ Instant View: Solid April US jobs report undermines case for Fed cut soon
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +8 min

ANTHONY SAGLIMBENE, CHIEF MARKET STRATEGIST, AMERIPRISE FINANCIAL, TROY, MICHIGAN“It's definitely telling you that the job market is still hot. PETER CARDILLO, CHIEF MARKET ECONOMIST, SPARTAN CAPITAL SECURITIES, NEW YORK“It was a hotter than expected report, it certainly didn’t show any cooling in the labor market. Hourly earnings were a little higher than I was looking for.”“Bottom line, this is a strong report and shows that the labor market is resilient. So I think the real focus is on the inflation numbers, and what's happening with wage growth. We are hopeful the continued strength of the jobs market and signs of slowing inflation will ease market volatility in the coming months.

☆ Instant View: U.S. February CPI increase leaves market guessing on Fed
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +9 min

Core CPI without food and energy prices increased 0.5% after rising 0.4% in January. Year over year core CPI gained 5.5% vs 5.6% in January. Economists polled by Reuters had forecast monthly CPI and core CPI up 0.4%. So they're going to have to respond to the banking crisis that's probably just not over yet." If the Fed’s worried about saving face or coming off as wishy washy or worried about losing credibility with the market, they're going to raise by 25 basis points.

/USThe dollar index fell 0.21% from one-month highs, while the Japanese yen gained 1.21% to 131.08 per dollar after unusually strong Japanese wage data. The Australian dollar bolted 1.02% higher after its central bank reiterated further increases would be needed. Asian stocks stabilized overnight after they, like most global share markets, suffered steep losses following that U.S jobs data. Oil prices climbed more than 3% after Powell eased market concerns over rate hikes, while recovering demand in China also boosted prices. Gold eked out gains, tracking a slight pullback in the dollar, as investors mulled comments by Powell and the outlook for the Fed's rate-hike policy.

"We didn't expect it to be this strong," Powell said, but it "shows why we think this will be a process that takes quite a bit of time." It has just confounded all sorts of attempts to predict," Powell said, noting that wage growth has slowed even with continued strong job gains. Officials raised the target interest rate a quarter point to a range between 4.5% and 4.75% at that session, and said in the latest policy statement that "ongoing increases" would be needed. 1 2 3 4 5As of December, the Fed's preferred measure of inflation was increasing at a 5% annual rate, still more than double the Fed's target. While Powell said he expected "significant declines in inflation" this year, the U.S. economy was still "in the beginning of getting that down."

☆ Wall St Week Ahead Tech stock rebound faces doubters with earnings season ahead
▼ + stars: | 2023-01-20 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +5 min

The tech-heavy Nasdaq 100 index (.NDX) has gained over 3% in 2023, double the rise for the S&P 500 (.SPX). The Nasdaq 100 fell 33% in 2022, while the S&P 500 lost 19.4%. Apple, the largest U.S. company by market value, and Google-parent Alphabet report the following week. Fourth-quarter earnings in the tech sector are expected to have declined 9.1% from a year ago, compared to a 2.8% decline for S&P 500 earnings overall, according to Refinitiv IBES. The S&P 500 tech sector still trades at a roughly 19% premium to the broader index, above its 7% average of the past 10 years, according to Refinitiv Datastream.

Tesla Inc (TSLA.O) fell nearly 10% as the electric-vehicle maker missed Wall Street estimates for quarterly deliveries. Other rate-sensitive technology and growth stocks such as Alphabet Inc (GOOGL.O), Meta Platforms Inc (META.O), Microsoft (MSFT.O) and Amazon.com Inc (AMZN.O) were up between 0.6% and 2.0%. The S&P 500 shed 19.4% in 2022, marking a roughly $8 trillion decline in market cap, while the Nasdaq fell 33.1%, dragged down by growth stocks. The S&P index recorded no new 52-week high and one new low, while the Nasdaq recorded 73 new highs and 23 new lows. Reporting by Shubham Batra, Ankika Biswas and Amruta Khandekar in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Recession drumbeat gets louder as more U.S. CEOs strike mellow note for 2023
▼ + stars: | 2022-12-09 | by ( Medha Singh | ) www.reuters.com time to read: +3 min

A Reuters poll of economists published on Thursday showed that U.S. economic growth was expected to slow to 0.3% in 2023 following a 1.9% rise this year. Tesla Inc CEO Elon Musk said in October a recession would last until the spring of 2024. For 2023, analysts expect profit growth at S&P 500 companies to slow to 4.9%, after rising 5.8% in 2022, according to Refinitiv IBES data. While forecasts for the size and timing of recession vary, expectations for an economic recovery largely hinge on the Fed's stance on rates. S&P 500 performance YTDReporting by Medha Singh and Johann Cherian in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

"It's the recession fear that a lot of investors have ... the concern is that profits begin to drop more meaningfully in the recession." As of Dec. 2, analysts expected S&P 500 companies to report a drop of 0.6% in fourth-quarter earnings after posting a 4.4% rise in the third quarter, according to Refinitiv IBES data. ET, Dow e-minis were down 31 points, or 0.09%, S&P 500 e-minis were down 2 points, or 0.05%, and Nasdaq 100 e-minis were up 4.75 points, or 0.04%. Meanwhile, a Tuesday runoff election in Georgia between Democratic U.S. Among individual stocks, GameStop Corp (GME.N) rose 1.6% in premarket trading following a media report on layoffs.

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