Wall Street Today | Tesla Stock Tumbles Over 9% to Near 3-Month Lows on Profit Concern
MACRO
Fed's Mester Signals Support for Another Hike But Urges Prudence
"I anticipate that monetary policy will need to move somewhat further into restrictive territory this year, with the fed funds rate moving above 5% and the real fed funds rate staying in positive territory for some time," Federal Reserve Bank of Cleveland President Loretta Mester said Thursday.
"Precisely how much higher the federal funds rate will need to go from here and for how long policy will need to remain restrictive will depend on economic and financial developments," said Mester, a usually hawkish voice who doesn't vote on rates this year.
US Recurring Jobless Claims Jump to Highest Since November 2021
Continuing claims, or the number of people who have already filed an initial application and are now claiming unemployment benefits, rose by 61,000 to 1.87 million in the week ended April 8, Labor Department data showed Thursday.
SECTORS
Fed Emergency Loans to Banks Post First Rise in Five Weeks
The US central bank had $143.9 billion of loans outstanding to financial institutions through two backstop lending facilities in the week through April 19, compared with $139.5 billion the previous week, according to data published Thursday.
COMPANY
Tesla Stock Tumbles Over 9% to Near 3-Month Lows on Profit Concern
$Tesla(TSLA.US)$ stock tumbled 9.75% on Thursday, hitting lows not seen since late January as the electric-vehicle maker reported gross margins below 20% for the first time in nearly three years.
Google Merges DeepMind, Brain Research Units as AI Race Intensifies
$Alphabet-A(GOOGL.US)$'s Google has consolidated its artificial intelligence research groups into one unit, the company's latest move to keep from falling behind in the AI race.
SpaceX Starship Rocket Launches in Historic Test but Explodes Mid-Flight
Elon Musk's SpaceX on Thursday launched its Starship rocket for the first time, but fell short of reaching space after exploding in mid-flight. No crew were on board.
Whole Foods Plans Hundreds of Corporate Layoffs
$Amazon(AMZN.US)$'s Whole Foods Market grocery chain plans to lay off hundreds of corporate employees as part of a reorganization, the company announced Thursday.
AT&T Stock Suffers Worst Drop in More Than 2 Decades as Cash Flow Dries Up
Shares of $AT&T(T.US)$ Inc. were on track for their worst day since 2000 Thursday after the company fell short of free-cash flow expectations but reiterated its full-year target on the closely watched metric.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
