Heading For A Soft-Landing?🤔
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The index fell due to $MSFT shares and other tech firms like $AAPL and $AMZN. In addition, Outlook, Teams, and Azure were all impacted by a network outage at Microsoft. Meanwhile, $META and $GOOG are quaking in their boots at the MSFT ChatGPT deal.
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The New York Fed and Global Banking Giants tested the digital dollar for a 12-week trial, making it a reality. $C, $HSBC, $MA, and $WFC are among the corporations taking part. The controlled liability network project will make use of fictitious data. Your privacy will be compromised, you'll have less spending power, and your government will have more influence over your money.
More On US
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US economic growth is set to have slowed in the final quarter of 2022, as the Federal Reserve's aggressive campaign to raise borrowing costs weighed more heavily on consumer spending and business activity.
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The Federal Reserve's vigorous push to raise borrowing prices started to have an increasingly negative impact on corporate activity in the final quarter of 2022, which caused a slight slowdown in US economic growth.
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According to figures released by the Department of Commerce on Thursday, the largest economy in the world grew by 2.9% on an annualized basis between September and December, which was slightly higher than the 2.6% gain predicted by economists.
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According to Bank of America's $BAC, the US economy will have a "harder landing" in Q1 2023, with a loss of 175,000 jobs each month. The bank also anticipates a decline in nonfarm payroll increases this year.
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But tomorrow's Personal Consumption Expenditures (PCE) data, the Fed's preferred inflation indicator, is what everyone eagerly anticipates. Investors anticipate seeing the same inflation reduction with the PCE report after better-than-anticipated inflation statistics via the CPI and PPI surveys over the last two weeks.
Tesla Beats
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With record-breaking revenue of $24.32 billion and a profit of $1.19 per share, Tesla's Q4 profits exceeded expectations. The firm also declared a net income of $4.1 billion, which indicates adequate liquidity for plans, along with an announcement that Cybertruck manufacturing is on schedule to begin later this year.
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$TSLA is nearly 9% in the pre-market trading session.
Source: Yahoo Finance
Other business news
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$BA was down as the business reported a surprising decline in profits per share and a shortfall in Q4 revenue. It missed projections and reported a loss for the second straight quarter despite a 35% YoY growth in revenue.
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After revealing that the number of wireless customers for the fourth quarter was higher than expected, $T, a major telecommunications firm, saw a rise in its stock price.
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Following Q4 revenue of $16.69 billion, slightly higher than anticipated, $IBM shares increased. The earnings per share met expectations. 3.900 jobs, or 1.5% of the company's employees, will be lost.
Source: Yahoo Finance