Dow Jones : Before Thursday, the Dow Jones had won for 13 days. Since 1987, this has been the most successful streak.
At the recent meeting, the FOMC decided to raise interest rates gradually. On Wednesday, the federal funds rate will be around 5.25% to 5.5%, possibly 5.25%. At the September FOMC meeting, Fed Chair Powell didn’t rule out another rate increase.
A study by the Bureau of Economic Analysis predicts 2.4% annual growth in the economy in late 2023. This is better than expected. People are happier with more jobs and less price stress. In June, the price index for personal spending reached a record low in two years. This means that the cost of things people buy has decreased significantly. Since the start of the recent data period, this has occurred.
Azure, Microsoft’s cloud company, disappointed investors. The stock price of Microsoft fell by 2.1% last week. Despite high AI expectations, Microsoft’s results disappointed investors. This happened because the buyers hadn’t seen any major events yet.
Alphabet, owner of Google, had a 7% income increase in Q2 compared to last year. Wow, growth happened fast! The experts’ guesses were wrong, so the company’s shares rose by 10% at week’s end. Experts have revised their predictions for the company due to its strong performance.
Also, Meta did well. The company earned 11% more than last year, so Q2 earnings per share exceeded expectations.
Intel’s CEO, Pat Gelsinger, predicts AI’s ongoing growth and improvement. In Q2 this year, sales were 10% lower than last year. Despite Intel CEO Pat Gelsinger’s AI optimism.
Big banks may need to raise minimum funds by 15.2% due to a new plan. This helps them stay secure in an uncertain economy.
When Banc of California partnered with PacWest Bancorp, its stock price increased. The merger involves only new stocks. This would make the company’s assets worth $32.49 billion.