Here are the most important news, trends and analyzes from which investors should start their trading day:
1. Wall Street is focusing on its first weekly progress in the last four
A trader works on the floor of the New York Stock Exchange (NYSE) in New York, USA, June 22, 2022.
Brendan McDermid Reuters
2. Powell promises “unconditional” measures to combat decades of high inflation
Powell testified before the House Financial Services Committee on monetary policy and the state of the US economy.
Win Mcnamee | Getty Images News Getty Images
On Day 2 of his six-month Capitol Hill economic testimony, Fed Chairman Jerome Powell told the House of Representatives Financial Services Commission that the central bank’s commitment to curbing 40 years of inflation was “unconditional.” A day earlier, on Wednesday, Powell told the US Senate Banking Committee that the Fed was not trying to provoke a recession, but that it was “certainly possible.” Last week, monetary policymakers raised interest rates by 75 basis points and signaled a new increase from 50 to 75 basis points at their meeting in July.
3. FedEx reports mixed quarterly results as ground-based margin improves
FedEx Corp. Independent Driver carries packages for delivery during Cyber Monday in the Hell’s Kitchen neighborhood of New York, USA, on Monday, November 29, 2021.
Angus Mordant Bloomberg | Getty Images
Shares of FedEx fell in the premarket on Friday morning, after the supply giant reported better-than-expected earnings for the fourth fiscal quarter, but missed revenue. The adjusted earnings of $ 6.87 per share exceed the forecasts by one penny. Revenue rose 8 percent to $ 24.4 billion, lower than expected at $ 24.56 billion. Delivery volumes decreased, but this was offset by increased delivery tariffs and fuel charges. FedEx’s margin for ground units has improved, but lags behind United Parcel Service, whose new CEO adopted the mantra “better, no bigger” two years ago. FedEx issues optimistic guidelines for fiscal 2023
4. Zendesk is growing from reports that it is close to a sale deal
Co-founder and CEO of Zendesk Mikel Swane
Eric Piermont AFP | Getty Images
Zendesk shares rose more than 50% in the pre-market due to reports that the customer service software provider was close to a buyout deal with a group of private investment companies. The Wall Street Journal reported that Hellman & Friedman and Permira were among those involved. The potential buyout comes after Zendesk announced last week that it had stopped its efforts to sell. The San Francisco-based company is under pressure from activist investor Jana Partners. The newspaper said it was not clear where Zendesk’s discussions with Jana were.
5. The bill, designed to prevent gun violence, goes to House, then to Biden
Demonstrators attended a rally with senators in front of the US Capitol to ask the Senate to take action on gun safety on Thursday, May 26, 2022, following the shooting at Rob Elementary School in Texas.
Tom Williams CQ-Roll Call, Inc. | Getty Images
A bipartisan bill aimed at preventing gun violence, passed in the Senate on Thursday night, goes to the House. Spokesman Nancy Pelosi promised a vote Friday to send President Joe Biden’s largest firearms measure in decades for signature. The bill, which seemed unimaginable a month ago, received 15 Republican votes in the Senate, including minority leader Mitch McConnell. The May 24 massacre at an elementary school in Uwalde, Texas, encouraged both sides of the aisle to try to prevent this from happening again.
– Peter Shacknow of CNBC, Jesse Pound, Sarah Minn and Tanaya Machel, as well as Reuters and the Associated Press contributed to this report.
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