The S&P 500 and the Nasdaq Composite index accelerated gains after the Fed Governor Powell said 75 basis points rate increase was not discussed in the policy meeting.
The Federal Reserve lifted its key rate by 50 basis points and announced a plan to shrink its portfolio of Treasurys and agency debts. The rate hike was the largest since May 2000.
U.S. stocks advanced and investors added positions ahead of the rate decision this afternoon. Investors are looking beyond a widely anticipated 50 basis points interest rate hike and hoping that the inflation has peaked.
CVS
CVS
Starbucks revenues increased 15% in the latest quarter driven by a stronger sales increase in the U.S. offset by sales decline in China, the second largest market for the coffee chain. Operating margins also declined on the rising wages and supply chain costs.
SBUX
SBUX
U.S. stock indexes in volatile trading advanced as anxious investors await the Fed's rate hike decision tomorrow and comments indicating how far the central bank is willing to go by the year's end.
Shutterstock reported first quarter 2022 quarterly revenues rose 9% but net income declined 10%. CEO Stan Pavolysky also resigned as CEO and a director.
SSTK
SSTK
Expedia Group revenues in the quarter surged as travel rebounded and hotel bookings surged from the previous quarter and a year ago. Gross bookings surged 58% to $24.4 billion but still 15% below first quarter 2019 levels.
EXPE
EXPE
Financial markets around the world are preparing for rate hikes as lagging central banks in the U.S., U.K,, EU, and Australia lift rates. Central banks after a decade of supporting negative rates are preparing to hike rates as a 4-decade high inflation rages around the world.
Chegg Inc reported first quarter revenues and earnings that were ahead of expectations but the company revised lower 2022 revenue outlook on lower demand for its higher education support services.
CHGG
CHGG
Market indexes reversed losses in the final hour of trading lifting the Nasdaq 1.6% and the S&P 500 0.6%. 10-year U.S. Treasury bond yield rose to 3%. European and Asian markets struggled with rising prices and slowing economic activities.
Hub Group reported record quarterly revenues on strong freight demand conditions and lifted 2022 revenues and earnings estimate ranges.
HUBG
HUBG