LONDON/SINGAPORE—Global stocks edged up on Wednesday as signs of slowing U.S. wage growth supported expectations that the Federal Reserve could signal an end to interest-rate hikes at its meeting later in the day. Wall Street indexes had rallied, as had bonds to a lesser extent, while the dollar gave up gains overnight when the Fed’s…
Stocks Firm, Dollar Retreats Ahead of Fed Decision
February 1, 2023
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Wall Street Climbs to Add More to Its Strong January
NEW YORK—Wall Street closed out a strong January with more gains on Tuesday, ahead of what many investors hope will be one of the Federal Reserve’s last hikes to interest rates for a while. Markets got a boost after a report showed that that growth for workers’ pay and benefits slowed during the end of…
Spotify Shares Jump on Bullish Outlook as More Users Tune In
STOCKHOLM/LOS ANGELES—Spotify Technology SA told investors Tuesday it would tighten spending and work to become efficient after a year of investments in technology and content. Chief Executive Daniel Ek said the “macro environment” changed dramatically over the course of last year, setting the stage for belt-tightening. “In hindsight, I probably got a little carried away…
GM Quarterly Profit Jumps 16 Percent as Sales Rebound Late in 2022
DETROIT—Rising factory output led to strong U.S. sales at the end of last year, pushing General Motors’ fourth-quarter net income up 16 percent over the same period a year ago. The Detroit automaker made $1.99 billion from October through December, or an adjusted $2.12 per share, easily beating Wall Street per-share projections for $1.69, according…
Marathon Petroleum Beats Profit Estimates on High Demand, Tight Supplies
Marathon Petroleum Corp. on Tuesday beat Wall Street expectations for quarterly profit as refining margins soared amid tight supplies and higher demand for its products. The top U.S. refiner also approved an additional $5 billion share repurchase plan, joining rival Phillips 66 in increasing shareholder returns. Phillips 66 raised its quarterly dividend on Tuesday by…
Exxon Smashes Western Oil Majors’ Earnings Record With $56 Billion Profit for 2022
HOUSTON—Exxon Mobil Corp. posted a $56 billion profit for 2022, the company said on Tuesday, taking home about $6.3 million per hour last year, and setting not only a company record but a historic high for the Western oil industry. Oil majors are expected to break their own annual records on high prices and soaring…
Pfizer Forecasts Weak 2023 Sales of COVID-19 Products
Pfizer Inc. on Tuesday forecast a steeper-than-expected drop in sales of its COVID-19 vaccine and pills in 2023, intensifying investor concerns over demand for the products as governments reduce orders. The company’s shares fell 3.1 percent to $42.22 before the bell. The forecast casts some uncertainty over future sales of Pfizer’s biggest selling products this…
Dollar Rises Ahead of Fed, but Set for 4th Monthly Drop
LONDON/SINGAPORE—The dollar ticked higher on Tuesday ahead of a raft of central bank decisions but remained on track for its fourth consecutive monthly loss. The Federal Reserve will set interest rates on Wednesday, followed by the European Central Bank (ECB) and Bank of England (BoE) on Thursday. Currencies struggled for direction overnight, with the euro…
Oil Falls on Rate Hike Worries, Russian Export Flows
January 31, 2023
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LONDON—Oil prices fell on Tuesday as the prospect of further interest rate increases and ample Russian crude flows outweighed demand recovery expectations from China. March Brent crude futures fell by $1.01, or 1.19 percent, to $83.89 per barrel by 0920 GMT. The March contract expires on Tuesday and the more heavily traded April contract fell…
Global Shares Fall in Muted Trading Ahead of Fed Meeting
January 31, 2023
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TOKYO—Global shares declined in muted trading on Tuesday as investors awaited decisions on interest rates and updates on corporate earnings reports from around the world. The Federal Reserve’s next decision on interest rates, expected Wednesday, will provide insight into whether the U.S. central bank will further ease its aggressive stance on fighting inflation. France’s CAC…
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