Monday, May 23, 2022

Live news: US freight trade deficit exceeds $100 billion for the first time

Fed decision: The Federal Reserve is expected to confirm its plan to raise interest rates in March today, as the US central bank looks at recent turbulence in financial markets and steps up efforts to contain inflation. The Fed’s policy statement will be released at 2 p.m. Eastern Time, followed by a press conference with Chairman Jay Powell.

Earnings: More than 30 companies on the S&P 500 are due to report results, including Boeing, Freeport-McMoRan, Intel, AT&T, Kimberly-Clark, Tesla, Whirlpool and Las Vegas Sands. Investors will pay special attention to management’s comments on price pressures, supply chain concerns and the impact of the Omicron version.

Boeing: The US aerospace maker is expected to report another quarterly loss, reflecting a hit from the pandemic and supply chain problems. Boeing’s fourth-quarter adjusted loss is expected to be 36 cents per share on revenue of $16.5bn.

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Tesla: Electric automaker Tesla is expected to report higher quarterly revenue after the company addressed supply chain problems and delivered 308,000 vehicles in the fourth quarter.

Bank of Canada: The Canadian central bank also makes its own interest rate decisions. The general consensus is that the bank should leave its overnight rate unchanged, according to a Reuters poll, with a handful of economists predicting policymakers will increase by 25 basis points to 0.50 percent.

Economic data: The US trade deficit in goods is expected to narrow to $96bn in December, from $97.8bn in November, the Commerce Department said, as supply chain snarls weigh on global trade. Meanwhile, sales of newly constructed homes are projected to grow 2.2 per cent in December at an annual pace of 760,000.

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Market: Futures contracts tracking the US S&P 500 index rose 1.2 per cent, while those following the tech-focused Nasdaq 100 were up 1.8 per cent. Another choppy day continued on Wall Street, with the Nasdaq down 2.3 percent and the S&P 500 down 1.2 percent on Tuesday.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
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