• What was discussed in the Fed recap?
• What do Qualcomm's earnings suggest?
• How did CEOs respond in the Senate hearing on child exploitation?
MARKET MOVEMENTS
Dow Jones
S&P 500
Nasdaq
38,203.19 (+0.14%)
4,868.92 (+0.48%)
15,281.27 (+0.77%)
Opening price as of 02/01/2024 compared to last close
IN THE HEADLINES
Federal Reserve Recap: Powell Rejects March Rate Cut
The Federal Reserve maintained steady interest rates for the fourth consecutive time, signaling a cautious stance despite the alleviation of inflationary pressures. Chair Jerome Powell's suggestion that rate cuts in March were improbable led to a market downturn. The Fed carefully balances the risks associated with slowing inflation against the economic consequences of previous rate hikes. Lingering uncertainties, particularly in the labor market, persist. Powell indicated the potential for earlier rate cuts in response to unforeseen weaknesses. The Fed reiterated its commitment to stabilizing prices and maximizing employment. Read more
Qualcomm Beats Q1 Earnings Expectations, Shows Growth Across Diverse Segments
Qualcomm reported Q1 earnings that surpassed Wall Street expectations, with revenue reaching $9.92 billion and adjusted earnings per share at $2.75, outperforming estimates of $9.54 billion and $2.36, respectively. Additionally, the company provided a Q2 forecast, projecting revenue between $8.9 billion and $9.7 billion, and earnings per share ranging from $2.20 to $2.40. Qualcomm's strategic diversification efforts beyond smartphone chips yielded positive results, with handset revenue increasing by 16% and the automotive segment experiencing a 31% growth. However, revenue from the internet of things sector declined by 32%. The stock witnessed initial after-hours gains as investors responded positively to the earnings report. Read more
CEOs from Meta, TikTok, and Other Platforms Testify in Senate Hearing on Child Exploitation
Top executives of major social media platforms testified before the Senate Judiciary Committee, addressing concerns about child safety. During the hearing, parents of victims held up photos, emphasizing the platforms' responsibility for online dangers. Mark Zuckerberg acknowledged shortcomings and committed to enhancing safety measures. Lawmakers and parents expressed escalating concerns regarding the impact of social media on youth. Read more
TradeUP TIDBITS
Worried about job cuts heading into 2024? Here's how to prepare for layoff season
“Just thinking more creatively, a little bit outside of the industry box, and lean into all those really valuable skills that you have to look for your next opportunity, because as we know, there's still a very, very high number of job openings within the U.S. economy. I think they're still going very strong in that sense.”
—Rachel Sederberg, senior economist at labor markets analytics firm Lightcast Read the Full Article
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