Stocks are down for today and for the week
New York Federal Reserve Chairman John Williams talks about a rate hike in March
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prepared notes Reviewed by FOX Business:
“But with today’s strong economy and inflation well above our long-term target of 2 percent, it is time to start the process of steadily returning the target range to more normal levels. In particular, I expect it will be appropriate to increase the target range at our next meeting in March. Once the rate increases begin, the next step will be to begin the process of steady and expected reductions in our Treasury holdings and mortgage-based securities, which have grown exponentially as a result of purchases that began in March 2020. Last month, the Federal Open Market Committee released a set of Principles that will guide this process 3. Assuming the economy develops roughly as I expect, I expect this process to begin later this year.” Williams said.
Roku stock shredding
Roku’s stock is on its way to the worst percentage drop in history.
Mid-day market check
Afternoon selling accelerated in US stocks
Check Bitcoin ETF
Bitcoin breaks below the $40,000 level
Bitcoin is taking a hit along with stocks as investors rotate into riskier assets
US inventory check
Inventories and oil decline amid uncertainty between Russia and Ukraine
Investors continue to take a cautious view on US stocks as tensions escalate between Russia and Ukraine.
Stock futures changed little, oil fell
US stock futures were little changed on Friday as investors kept a close eye on escalating concerns about a possible Russian invasion of Ukraine.
Oil has fallen to $90 a barrel.
Deere raises earnings offer due to higher prices, strong demand for farm equipment
Deere & Co raised its annual profit forecast on Friday, as the world’s largest maker of agricultural equipment expects an increase in profit margins from higher prices and strong demand for its tractors and combine harvesters.
Record grain prices put more cash in farmers’ pockets and prompted them to increase investments in agricultural machinery amid a tight labor market. The USDA estimated that farm net income rose 25% to $23.9 billion in 2021.
Deere raised prices to combat rising freight and supply chain costs, but that hasn’t discouraged demand, with the company’s North American order books full of most large-scale farm equipment in 2022.
Roku shares plunged in the first market after losing revenue due to supply chain hurdles
Roku Inc. announced. On Thursday, quarterly revenue did not beat estimates, as the company was hit by supply chain issues that affected sales of its televisions and broadcast equipment.
Roku said it expects revenue for the current quarter of $720 million, compared with analyst estimates of $748.5 million, according to IBES data from Refinitiv.
The company said getting customers will remain a priority and will not incur higher costs for customers. Roku’s gross margins fell about 3% in the said quarter.
Stock futures rose on hopes that diplomacy will ease tensions between Russia and Ukraine
US stock futures traded higher on Friday, paring losses from Thursday’s low due to mounting concerns about a possible Russian invasion of Ukraine.
Major futures indices are pointing to a 0.5% gain when the opening bell rings. Continue reading
Bitcoin price retreated from Thursday’s plunge
Bitcoin was trying to recoup the previous day’s losses, as it traded Friday morning above $40,000.
Bitcoin took a hit by more than 7% on Thursday as markets reacted to concerns about Russia’s possible invasion of Ukraine. It is the largest percentage drop since Jan. 21, when it fell more than 11%. Continue reading
Gold rises to a nine-month high in Russia and Ukraine
Nervous investors, spooked by the Russia-Ukrainian conflict, ran into gold on Thursday, pushing the price to a level not seen since June 2021: $1,900.70 and the upward momentum may continue, helping the SPDR Gold ETF. Continue reading