NEW YORK, March 23 ― Wall Street was set to open higher today after the Federal Reserve hinted it was close to pausing interest rate hikes amid a turmoil in the banking sector that threatens to cause a severe economic downturn.
Wall Street's main indexes had closed sharply lower yesterday after Fed Chair Jerome Powell said the central bank was still intent on fighting inflation even as he flagged credit issues due to banking troubles could have “significant” implications for the economy. Traders' bets are almost equally split between the Fed pausing its rate hikes in May and another 25 bps hike, according to CME Group's Fedwatch tool.
Troubled regional lender First Republic Bank rose 7.9 per cent after slumping yesterday following Treasury Secretary Janet Yellen's remark that there was no discussion on insuring all bank deposits.Meanwhile, data showed signs of strength in the labour market, with jobless claims falling to 191,000 last week from the week prior, against expectations that the number would rise to 197,000.
Among other stocks, Nvidia Corp rose 2.5 per cent after Needham raised its price target on the chipmaker on likely benefit from near-term data center strength.
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