JPMorgan Q4 Profits Decline Due to One-Time Charge from Apple Credit Card Transactions
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Federal Reserve Officials Turn Hawkish: Logan Expects at Least Two More Rate Hikes, Musalem Calls for Swift Action
Dallas Federal Reserve President Logan stated that the current economic outlook means the Federal Reserve will need to implement at least two more 25-basis-point rate hikes, but these can be carried out gradually to help the market adapt to rising interest rates. The St. Louis Federal Reserve President said that further tightening of monetary policy is necessary and actions should be taken as soon as possible. Early, gradual policy adjustments would cause less disruption than larger, more abrupt measures forced upon the market in the future.
U.S. tech stocks plunge, crude oil joins U.S. Treasuries as a safe haven: Brent hits six-month high, front-month premium nears decade extreme
On Friday, the Nasdaq closed down nearly 3%, and together with the S&P, both recorded their largest declines in five months. Meanwhile, crude oil rebounded over 2%, with Brent oil rising for six consecutive weeks. The near-month contract premium over longer-term contracts reached $2, approaching the highest level in at least a decade. The 10-year U.S. Treasury yield hit its lowest intraday level in more than a month.
Earnings guidance falls far short of expectations, Intel (INTC.US) plunges 29%, marking the largest single-day drop since the 1970s
Intel's stock plummeted by 29% on Friday, marking its largest single-day drop since the 1970s.
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