Wednesday's session on US Wall Street began in a mixed mood. Futures are currently trading near yesterday's closing levels. Investor sentiment is currently being weighed down by Alphabet (GOOGL.US), which is trading down more than 6% following a slip-up during an advertisement for its proprietary AI BART. The macro calendar for today's session is relatively empty, and investors' attention is focused on comments by Fed members.
Comments from FED's Williams:
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The labour market is very strong
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The FED still has work to do in terms of interest rates
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The target rate of 5%-5.25% seems reasonable
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The inflation situation is still very uncertain
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If service prices continue to rise, the FED will raise rates
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The FED may slow the pace of hikes as we near the forward rate. A 25-point hike now seems to be the best option
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The FED needs to maintain a tight monetary policy for several years
The chart of S&P500 index (US500) futures. Today's session began with slight declines in the benchmark 500 largest US companies. Quotations continue to consolidate in the 50% Fibo elimination zone. Source: xStation 5
Company news:
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Alphabet (GOOGL.US) shares lost sharply in value after a question was misinterpreted by the AI BARD messenger created by the company, which the company wanted to show off on the Twitter platform. The company's shares started today's session nearly 5% lower.
Source: xStation 5
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Shares of Uber Technologies (UBER.US) surged ahead of the opening of the U.S. session, after the company released better-than-expected results for the latest quarter on rising demand. Earnings of 29 cents per share beat market estimates of a loss of 15 cents per share. Revenue rose 49% year-on-year to $8.61 billion, beating analysts' forecasts of $8.51 billion.
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Fortinet (FTNT.US) shares gained more than 10% early in the session following the release of better-than-consensus forecasts for 2023. Demand for cyber-security products is doing well despite budget cuts to IT solutions among many companies.
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Alibaba's (BABA.US) shares are gaining nearly 2% on news reported by Chinese media that the company is developing a product to compete with the currently popular ChatGPT.
The largest percentage changes among U.S. companies at the start of today's session. Investors' attention is drawn primarily to Alphabet (GOOGL.US), which is losing nearly 6%.
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