The S&P 500 traded its worst week since September on renewed concerns over inflation and interest rates.
On Friday, the US Department of Labor gave a report 7.4% increase The producer price index for the month of November was down from a peak increase of 11.7% in March but above economists’ estimates of a 7.2% gain.
Federal Reserve Chair Jerome Powell It recently said that the central bank could begin reducing the pace of its interest rate hikes “as soon as possible after its December meeting,” but the Fed will continue to tighten monetary policy in its ongoing battle with inflation.
On Thursday, the US Federal Trade Commission voted three-to-one in favor of a complaint to block $68.7 billion acquisition of video game publisher
Activision Blizzard Inc. atvi by software giant Microsoft Corporation msft,
Microsoft has insisted that the buyout won’t limit competition in the gaming space, but the FTC’s antitrust case will now go before the commission’s internal administrative law judge.
The United Auto Workers announced Friday that employees of the Ohio electric vehicle battery plant it co-owned General Motors Company GM and LG Energy Solutions voted 710-16 In favor of joining the UAV. Wages at the Altium plant currently range from $15 to $22 an hour, which is less than the roughly $30 an hour UAW workers earn in many US factories.
The Pentagon announced Thursday that it was divesting a six-year, $9 billion Cloud computing contracts and provides it in four ways Amazon.com, Inc. Amazonmicrosoft, Oracle Corporation orcl And alphabet inc Google google assistant google.
The US Department of Defense initially awarded the contract exclusively to Microsoft back in 2018, but the deal was abandoned after Amazon accused the Trump administration of interfering in the decision-making process.
smith and wesson misfire, Smith & Wesson Brands Inc SWBI Shares plunged more than 21% this week after the firearms maker said a slump in gun demand led to a 47% drop in third-quarter revenue.
In the coming week, third quarter earnings season continues on Monday with Oracle reporting, Lennar Corporation lane, Trip.com Group Limited tcom on wednesday and adobe inc adbe on Thursday.
Analysts have lowered their earnings estimates for S&P 500 companies by 5.6% for the fourth quarter since the end of September. to factset,
Economic Number: After the hot PPI reading, investors will get more important economic updates on Tuesday when the US Labor Department releases the November Consumer Price Index reading and on Wednesday when the Federal Reserve issues its latest interest rate decision and accompanying remarks.
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