Wall St climbs as strong earnings offset Amazon slowdown worries By Reuters

Analysts expect first-quarter earnings for S&P 500 companies to now fall 1.9% year-over-year compared with a 5.1% fall expected at the start of April, according to latest Refinitiv data.

Data showed U.S. consumer spending was unchanged in March, while underlying inflation pressures remained strong, keeping the Fed on course to hike interest rates by 25 basis points next week, a move largely priced in by investors. "These numbers needed to come in quite soft for the Fed to potentially shift to pausing next week ... we can pretty much pencil in 25-basis-point rate hike next week," Mayfield added.

Consumer spending data comes close on the heels of numbers that showed U.S. economic growth slowed more than expected in the first quarter, while plunging consumer confidence in April heightened the risk of the economy falling into a recession this year. Meanwhile, the U.S. central bank issued a detailed and scathing assessment of its failure to identify problems and push for fixes at Silicon Valley Bank before the U.S. lender's collapse, and promised tougher supervision and stricter rules for banks.At 12:08 a.m. ET, the

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

The most heavily shorted stocks on Wall Street include three electric vehicle-related namesThese increases in short interest come as all three stocks have taken a beating this year.
Source: CNBC - 🏆 12. / 72 Read more »

Amazon Q1 Earnings Top Wall Street Expectations, Tech Giant Swings to $3.2 Billion Profit Amid LayoffsAmazon, in the midst of paring back its workforce, topped Wall Street forecasts with better-than-expected revenue growth for the first quarter of 2023. The company reported Q1 revenue of $127.4 bil…
Source: Variety - 🏆 108. / 63 Read more »

Stocks making the biggest moves after hours: Amazon, Intel, Snap, Pinterest and moreThese are the stocks posting the largest moves in extended trading.
Source: CNBC - 🏆 12. / 72 Read more »

Amazon stocks surge after Q1 revenue, profit winsThe Seattle-based company reported $127.4 billion in revenue for the January-March quarter, a 9% growth compared to what was reported last year.
Source: komonews - 🏆 272. / 63 Read more »