Stock and financial news for today - Fed, rates, company news

The Federal Reserve and the puzzling dynamics of US interest rates continue to attract market attention. And in the absence of crucial economic data during the week - when the consumer price index falls - the views of policymakers take on added importance.

Investors have no shortage of Fedspeak to look forward to on Wednesday, with Vice Chairman Philip Jefferson, Governor Lisa Cook and Boston Fed President Susan Collins taking to the podium at various events.

Investor doubts. Fed Chairman Jay Powell suggested last week that the bias remains toward easing monetary policy and further rate tightening is not on the table for now. But whether persistent inflation and a resilient economy will allow interest rates to be cut this year is questionable, as Minneapolis Fed Governor Neel Kashkari said Tuesday.

The lack of confidence among investors is evident in the different directions of dollar and Treasury yields this week, with the former rising and long-term rates declining.

Interest rates will be higher for a long time, says the Fed's Kashkari. With many consumers and businesses locked into debt at low interest rates, the Federal Reserve's contractionary monetary policy may take longer to have an impact on the real economy this cycle.

Tesla sales in China fell in April. While its Chinese rivals reported rising sales as the country's electric vehicle market recovered from a slow start this year. The United States also demands clarification from Tesla regarding the recall of cars with autopilot.

Shares of one of the largest mining companies, Marathon Digital, increased by +18%. S&P Global said it would add the company to the SmallCap 600 index.

Apple is updating its iPad Air and iPad Pro lines. And she talked about artificial intelligence.

The online bank Revolut plans to launch its own crypto exchange, Revolut X. The company currently has more than 40 million users worldwide.

The British FTSE 100 stock index reached a record high of 8311.02 points. This was facilitated by the statement of the oil company Shell about plans to sell some assets.

Instacart and Uber are teaming up to bring Uber Eats to the Instacart app. The two companies announced the partnership as they face competition from common rival DoorDash.

Saudi Aramco's net profit fell due to a fall in crude oil production in the first quarter.

Zeekr plans to close its IPO book early ahead of its US listing. Electric vehicle maker Zeekr plans to stop accepting applications for its more than $300 million U.S. public offering sooner than expected, people familiar with the process said.

UniCredit improved its outlook after a strong first quarter. UniCredit upgraded its 2024 outlook as it reported better-than-expected first-quarter profit thanks to higher revenue and net interest income.

UBS returned to profit in the first quarter. And it booked $27 billion in new assets in its core global wealth management business.

DHL owner Deutsche Post posted lower quarterly profits. Because its key business trading market has not improved. But it said conditions should improve in the second half and reiterated its full-year forecast for the year.

Peloton (PTON) shares soared 16%. Following reports that private equity firms are considering a buyout.

Cleantech and artificial intelligence (AI) have become the most attractive sectors for venture investors.

Seven of the ten largest deals of the quarter came from these two industries - Venture Pulse report from KPMG Private Enterprise.

Disney (DIS) said Tuesday that an important part of its streaming business turned a profit for the first time. But it expects weaker results from that segment in the current quarter, which has sent its shares down nearly 10%.

Palantir (PLTR) shares fell 15%. The company reported well, but everything was at a price.

Bloomberg - Buying options to protect against stock market declines is the cheapest in nine years. No fear.

Stocks in pre-market after reports
RDDT +15%
KIND +7%
ANET +7%
LYFT +6%
KD +6%
WYNN +3%
IRBT +1%
KTOS -1%
MTCH -6%
RIVN -6%
UPST -11%

In the absence of news, the stock market was trading neutral yesterday. Futures are also calm. Currencies and Bitcoin are also without much movement.

A strong trigger will be April inflation data next week.

Reports today
Premarket – UBER, SHOP, AFRM, TM, BUD, ELAN
After market close – ARM, HOOD, ABNB, AMC, BYND, DUOL, EXAS, SEDG, BMBL, RGLD, WISH

Philip Morris International (PM) will hold its annual meeting of shareholders. There is some speculation that the executive remuneration proposal may face resistance from shareholders.

Costco (COST) will release its monthly sales report.