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U.S. stocks push higher amid bets on slower Fed hikes - BNN Bloomberg

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Stocks rose on Thursday as the prospect of a slower pace of Federal Reserve monetary tightening filtered across global markets.

Investors are turning their focus to the busiest day of the earnings season along with key economic data.

The Fed raised rates by 75 basis points for a second month, saying such a move is possible again and reiterating its desire to curb inflation. Chair Jerome Powell added the pace of hikes will slow at some point and policy will be set meeting-by-meeting. That shift comes amid signs of an economic slowdown.

US and European firms worth more than US$9.4 trillion will report their results on Thursday. The latest US earnings were mixed, with Facebook parent Meta Platforms Inc. posting its first ever quarterly sales decline as Ford Motor Co. beat estimates. Barclays Plc’s earnings fell short of forecasts after the bank booked charges and penalties in the US.

Meanwhile, confidence in the euro-area economy fell to the weakest in almost 1 1/2 years as fears of energy shortages haunt consumers and businesses, and the European Central Bank’s first interest-rate increase in a more than decade feeds concerns that a recession is nearing.

 

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