Scribbler Logo

    You have 4 summaries left

    Yahoo Finance Daily

    Stocks rebound, tech leads as central banks get hawkish: Stock Market News Today

    Thu Jun 22 2023
    StocksFederal ReserveInterest RatesLabor MarketHome SalesAnalyst RatingsBankruptcy
    1. Stocks Mixed as Powell Testifies
    2. Central Banks Raise Interest Rates
    3. Fed Plans to Continue Hiking Rates
    4. Labor Market Shows Potential Softening
    5. Shortage of Listings Drives Up Home Sales
    6. Analyst Upgrades and Downgrades
    7. Bed Bath and Beyond Sells Intellectual Property Assets

    Stocks closed mixed as investors digested Powell's testimony. Central banks raised interest rates, while the Fed plans to continue hiking. The labor market shows potential softening. Home sales increased due to a shortage of listings. Analysts upgraded and downgraded stocks. Bed Bath and Beyond sold its intellectual property assets.

    Stocks Mixed as Powell Testifies

    00:01 - 04:19

    • Stocks closed Thursday, mixed as investors digested a second day of testimony from Federal Reserve Chair Jerome Powell on Capitol Hill.
    • Powell said rates will likely rise again in 2023.
    • The S&P 500 popped almost 0.4 percent, while the Dow Jones industrial average was mostly flat.
    • The tech-heavy Nasdaq Composite rose nearly 1 percent.

    Central Banks Raise Interest Rates

    00:01 - 04:19

    • The Bank of England increased UK interest rates by an outsized 50 basis points to 5 percent.
    • Norway and Switzerland also hiked rates to levels not seen for long over a decade.

    Fed Plans to Continue Hiking Rates

    00:01 - 04:19

    • Powell reiterated the Fed's plan to continue hiking this year.

    Labor Market Shows Potential Softening

    00:01 - 04:19

    • New data from the Department of Labor revealed that jobless claims were filed in the week ending June 17, matching the revised number from the previous week and suggesting potential softening in the labor market.

    Shortage of Listings Drives Up Home Sales

    00:01 - 04:19

    • A shortage of listings drove up home sales in May, but record-low housing stock sidelined other potential buyers.
    • Sales of previously owned homes edged up in May but remained down compared to a year ago, exceeding expectations.

    Analyst Upgrades and Downgrades

    00:01 - 04:19

    • Morgan Stanley analyst Adam Jonas downgraded Tesla stock while raising his price target due to unrealistic expectations on AI hopes.
    • Deutsche Bank analyst Mitch Collett upgraded Anheuser-Busch Inbev's stock due to its price drop and Bud Light's controversy coming to an end.

    Bed Bath and Beyond Sells Intellectual Property Assets

    00:01 - 04:19

    • Bed Bath and Beyond has agreed to sell its intellectual property assets to Overstock.com for $21.5 million after filing for Chapter11 bankruptcy.
    1