June 24, 2022

Market and Financial News

Market and Financial News Aggregator

5 things to know before the stock market opens Friday, June 24

2 min read

Here are the most important news, trends and analysis that investors need to start their trading day:

1. Wall Street heads for its first weekly advance in the past four

A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., June 22, 2022. 

Brendan Mcdermid | Reuters

2. Powell vows ‘unconditional’ measures to fight decades-high inflation

Powell testified before the House Committee on Financial Services on monetary policy and the state of the U.S. economy.

Win Mcnamee | Getty Images News | Getty Images

In Day 2 of his semiannual economic testimony on Capitol Hill, Fed Chairman Jerome Powell told the U.S. House of Representatives Financial Services Committee that the central bank’s commitment to reining in 40-year-high inflation is “unconditional.” A day earlier, on Wednesday, Powell told the U.S. Senate Banking Committee that the Fed was not trying to provoke a recession but that one was “certainly a possibility.” Last week, monetary policymakers hiked rates by 75 basis points and signaled another increase of 50 to 75 basis points at their July meeting.

3. FedEx reports mixed quarter results as ground unit margin improved

A driver for an independent contractor to FedEx Corp. carries packages for delivery during Cyber Monday in the Hell’s Kitchen neighborhood of New York, U.S., on Monday, Nov. 29, 2021.

Angus Mordant | Bloomberg | Getty Images

FedEx shares turned lower in Friday’s premarket, the morning after the delivery giant reported better-than-expected fiscal fourth-quarter profit but missed on revenue. Adjusted earnings of $6.87 per share beat estimates by a penny. Revenue grew 8% to $24.4 billion, lower than expectations of $24.56 billion. Shipment volumes declined, but that was offset by increased shipping rates and fuel surcharges. FedEx’s closely watched ground unit margin improved, but it has lagged United Parcel Service, whose new CEO adopted a “better not bigger” mantra two years ago. FedEx issued upbeat guidance for fiscal…

2022-06-24 08:13:15

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