Fed gives markets a lift, Amazon OKs big stock split and Twitter quiet on Musk: LIVE UPDATES
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U.S. stocks picked up afternoon momentum following the release of the Federal Reserve’s minutes from the last meeting which reinforced further rate hikes are on track in the mission to fight inflation. The Dow Jones Industrial Average added over 191 points or 0.6%, while the S&P rose nearly 1% and the Nasdaq Composite 1.5%.
In commodities, oil rose to $110.33 per barrel.
Former U.S. representative and Birch Gold Group brand ambassador Ron Paul weighs in on the Texas school shooting, the state of the economy and health care on 'Making Money.'
Nelson Peltz's Trian Partners may want a bite of Wendy's via a possible takeover.
The restaurant chain responded:
"The Wendy's Company's Board of Directors and management team regularly review the Company's strategic priorities and opportunities with the goal of maximizing value for all stockholders. Our Board is committed to continuing to act in the best interests of the Company and its stockholders. Consistent with its fiduciary duties, the Board will carefully review any proposal submitted by Trian Partners.As demonstrated by our recent first quarter results, we continue to make meaningful progress against our three strategic growth pillars, reinforcing the strength and resiliency of the Wendy's® brand and driving robust AUV and sales increases. We remain focused on achieving our vision of becoming the world's most thriving and beloved restaurant brand."
The head of the FDA along with executives from Abbott, Nestle's Gerber and Reckitt will testify before lawmakers about the baby formula shortage which has become a national crisis.
U.S. stocks drifted up following a soft durable goods report and ahead of the minutes from the Federal Reserve’s last meeting. Shares of Dick’s Sporting Goods fell over 8% after lowering its profit goals for 2022. In commodities, oil ticked up to $110 per barrel as gas prices rose to $4.60 per gallon per AAA.
Durable Goods for April came in below estimates rising 0.4% month-over-month less than the prior read of 1.1%. Ex-transports orders rose 0.3% also less than the 1.4% from the prior month.
Shares of Dick's Sporting Goods fell after reporting a 8.4% same-store sales drop and forecasting 2022 profits of between "$9.15 to 11.70 on a non-GAAP basis" below the $13.10 prior target.
U.S. equity futures traded mixed on Wednesday morning following a day in which stocks struggled on weak U.S. housing sales and a profit warning from a prominent social media brand. Retailers will continue to report earnings including Dick’s Sporting Goods, Express, Williams-Sonoma and Guess.
Tesla CEO Elon Musk and Twitter's board are expected to square-off at the social media giant's annual shareholder meeting on Wednesday. Though Twitter's board has accepted Musk's $54.20 per share offer to take the company private, the deal is now temporarily on hold as the billionaire has asked the company to show how it calculates an internal estimate that spam and fake accounts make up less than 5% of the platform's users.
The average price for a gallon of gasoline in the U.S. barely rose Wednesday to $4.599, according to the latest numbers from AAA. The price on Tuesday was $4.598. The price of diesel actually slipped a bit to $5.544 from $5.549.
Oil prices traded higher Wednesday morning, boosted by tight supplies and ahead of the start of the U.S. summer driving season. U.S. West Texas Intermediate (WTI) crude futures traded above $110 a barrel. Brent crude futures were around $114 a barrel. Data from the U.S. government on stockpiles were expected on Wednesday.
Bitcoin was trading higher Wednesday morning around the $30,000 level. The cryptocurrency has gained in three of the past four days. Bitcoin remains off more than 23% month-to-date and down more than 36% year-to-date. Other cryptocurrencies were trading mixed. Ether was around $2,000 and Dogecoin was around 8 cents.
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