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The Federal Reserve lifted the fed funds target range by 25 basis points to between 5.0% and 5.25% and increased the borrowing cost to the highest since September 2007.

The 10th rate increase was widely expected and in a unanimous decision rate setting committee agreed to revise rates higher but also left the door open to pause future rate hikes.

In the FOMC statement released after the meeting the Federal Reserve reiterated its commitment to lower inflation to 2% but showed flexibility to increase rates, if the economic and inflation data suggested the need for it.

The Fed's statement did not include the previous note "some additional policy firming may be appropriate,” which was interpreted by some investors that the central bank is open to the possibility of rate hike pause.

Expeditors International of Washington Inc said revenue in the first quarter plunged 44% to $2.6 billion following the steep drop in rates and volumes.

Net income dropped 35% to $226.01 million from $346.1 million and diluted earnings per share fell to $1.45 from $2.05 a year ago.

In the quarter, the company repurchased 2.0 million shares at an average price of $108.98 a share.

Starbucks Corp said revenue in the first quarter rose 14% to $8.7 billion from $7.6 billion after sales picked up in China following the end of zero-Covid policy.

Net earnings attributable to shareholders increased to $908.3 million from $674.5 million and diluted earnings per share to 79 cents from 58 cents a year ago.

Global comparable store sales increased 11%, driven by a 6% increase in comparable transactions and 4% increase in average ticket. U.S. comparable store sales increased 12%, 6% and 6% and international comparable store sales increased 7%, 7% and China comparable store sales increased 3%, 4% and a 1% decline in average ticket respectively.

The company opened 464 stores in the quarter and U.S. and China stores comprised 61% of the company’s global portfolio, with 16,044 and 6,243 stores in the U.S. and China, respectively.

Advanced Micro Devices Inc said revenue in the first quarter declined 9% to $5.4 billion from $5.9 billion and gross margin fell to 44% from 48% a year ago.

The company swung to a net loss of $139 million from $786 million and diluted earnings per share fell to ($0.09) from 56 cents a year ago.

For the second quarter of 2023, AMD expects revenue to be approximately $5.3 billion, plus or minus $300 million and non-GAAP gross margin to be approximately 50%.

Client group, which includes PC makers, sales plunged 65% to $739 million from $2.1 billion. Data center sales inched slightly higher to $1.295 billion from $1.293 and the company hinted for higher sales in the second half.

Gaming segment sales, which includes sales to console makers and graphics chips, edged lower to $1.8 billion from $1.9 billion and embedded segment, which includes networking chips, sales jumped to $1.5 billion from $595 million a year ago.

Pfizer Inc increased 1.1% to $39.61 after the company reported a sharp decline in revenue following the end of Covid-19 revenue.

Revenue in the first quarter decreased 29% to $18.2 billion from $25.6 billion and net income plunged 30% to $5.5 billion from $7.86 billion and diluted earnings per share fell to 97 cents from $1.37 a year ago.

The company reiterated its full-year 2023 outlook and forecasted revenue to fall between 29% and 33% or between $67.0 billion and $71.0 billion.

Excluding Covid-19 products, the company forecasted operating revenue to increase between 7% and 9%.

Pfizer also confirmed that it has not repurchased any of its shares and the company has no plan to buy back its own shares in the remainder of the year.

The company still has $3.3 billion available in its stock repurchase program.