Here are the most important news, trends and analyzes that investors need to start their trading day:
1. Wall Street is heading for its first weekly advance in the last four
A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, USA, June 22, 2022.
Brendan Mcdermid | Reuters
2. Powell promises “unconditional” measures to fight high inflation for decades
Powell testified before the House Financial Services Committee on monetary policy and the state of the U.S. economy.
Win Mcnamee | Getty Images News | Getty Images
On Day 2 of his half-yearly economic testimony at Capitol Hill, Fed Chairman Jerome Powell told the U.S. House Financial Services Committee that the central bank’s commitment to curb maximum inflation for 40 years it is “unconditional.” A day earlier on Wednesday, Powell told the U.S. Senate Banking Committee that the Fed was not trying to provoke a recession, but that it was “certainly a possibility.” Last week, monetary policy makers raised rates by 75 basis points and noted another increase from 50 to 75 basis points at their July meeting.
3. FedEx reports mixed quarterly results as the margin of the land unit improves
A driver for an independent FedEx Corp. contractor. brings packages to deliver during Cyber Monday in the Hell’s Kitchen neighborhood of New York, USA, on Monday, November 29, 2021.
Angus Mordant | Bloomberg | Getty Images
FedEx shares fell in the pre-market on Friday, the morning after the delivery giant reported better-than-expected fourth-quarter tax gains, but lost revenue. Adjusted earnings of $ 6.87 per share exceeded estimates by a penny. Revenue grew 8% to $ 24.4 billion, below expectations of $ 24.56 billion. Shipment volumes declined, but this was offset by rising shipping rates and fuel surcharges. The near-ground unit margin observed near FedEx has improved, but has lagged behind United Parcel Service, whose new CEO adopted a “better not bigger” mantra two years ago. FedEx issued an optimistic guide for fiscal year 2023.
4. Zendesk increases reports approaching a deal to sell
Mikkel Svane, co-founder and CEO of Zendesk
Eric Piermont | AFP | Getty Images
Zendesk shares rose more than 50% in the pre-market based on reports that the customer service software provider was close to a purchase agreement with a group of privately held companies. The Wall Street Journal reported that Hellman & Friedman and Permira are among those involved. The potential buy comes after Zendesk announced last week that it had ended its efforts to sell. The San Francisco-based company has been under pressure from investor activist Jana Partners. The Journal said it is unclear where Zendesk’s discussions with Jana are.
5. The bill designed to prevent armed violence goes to House, then to Biden
Protesters are attending a rally with senators outside the U.S. Capitol to demand that the Senate take action on gun safety on Thursday, May 26, 2022, following the shooting of Robb Elementary School in Texas.
Tom Williams | CQ-Roll Call, Inc. | Getty Images
A bipartisan bill designed to prevent armed violence that the Senate passed Thursday night goes to the House. President Nancy Pelosi promised a vote Friday to send the broadest firearms measure in decades to President Joe Biden to sign. The legislation, which seemed unimaginable a month ago, garnered 15 Republican votes in the Senate, including minority leader Mitch McConnell. The May 24 massacre at an elementary school in Uvalde, Texas, galvanized both sides of the hallway in an attempt to prevent this from happening again.
– CNBC’s Peter Schacknow, Jesse Pound, Sarah Min and Tanaya Macheel, as well as Reuters and The Associated Press contributed to this report.
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