The Dow Jones broke on Thursday a streak of thirteen consecutive victories since 1987.
The Fed will restart its rate hike crusade at the last FOMC meeting, raising the federal budget rate to 5. 25%-5. 5% on Wednesday. Fed Chairman Jerome Powell did not rule out the option of some other hike at the next FOMC meeting in September.
A new report from the Bureau of Economic Analysis estimates economic expansion at 2. 4%, in line with the current quarter of 2023, beating expectations by 1. 8%. Consumer confidence hit a two-year high, driven by a strong labor market and falling inflation. The value index of non-government consumption spending also fell to a two-year low in June.
Microsoft shares fell 2. 1% week-on-week as investors were disappointed by slowing expansion of Azure, the company’s cloud arm. Progress would come later in the year.
Alphabet, Google’s parent company, posted a 7% year-over-year profit expansion in the current quarter, beating analysts’ estimates and increasing the company’s inventory by 10% weekly through Friday’s deadline. This led several analysts to their forecasts for the company.
It’s a story for Meta, formerly known as Facebook. La company achieved an 11% year-over-year profit increase in the current quarter and outpaced earnings according to constant percentage estimates.
Intel CEO Pat Gelsinger said the second-quarter earnings indicate the chipmaker is “well placed to capitalize on significant growth” in AI, even though second-quarter profits fell 15% year-over-year.
A new proposal to make money establishments more resilient to tough times would increase the capital needs of giant banks by an average of 16%.
Banc of California’s stock soared when the company announced a merger with PacWest Bancorp, an equity deal that will create an entity with $36 billion in assets.
Information on June construction spending will be released on Tuesday, along with the ISM production index. On Friday, the economic information point arrives in the form of the July jobs report.
Earnings season continues next week with reports from Merck, Toyota, Pfizer, Advanced Micro Devices, HSBC, Caterpillar and Starbucks on Tuesday. Wednesday is earnings day for Qualcomm, CVS, Shopify and PayPal. On Thursday, Apple, Amazon, Ali Baba, ConocoPhillips, Amgen and AB InBev will report results.
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Benzinga is a knowledge and monetary data company based in Detroit.