Stocks Climb as Wall St. Weighs Fed’s Future Moves

Investors remain preoccupied with the health of banks as interest rates rise, putting balance sheets under pressure.

Send any friend a story

As a subscriber, you have 10 gift articles to give each month. Anyone can read what you share.

S&P 500

Treasury Reveals Details Of Two-Year, Five-Year & Seven-Year Note Auctions

The Treasury Department on Thursday announced the details of this month’s auctions of two-year, five-year and seven-year notes.

The Treasury revealed it plans to sell $42 billion worth of two-year notes, $43 billion worth of five-year notes and $35 billion worth of seven-year notes.

The results of the two-year note auction will be announced next Monday, the results of the five-year note auction will be announced next Tuesday and the results of the seven-year note auction will be announced next Wednesday.

Last month, the Treasury also sold $42 billion worth of two-year notes, $43 billion worth of five-year notes and $35 billion worth of seven-year notes.

The two-year note auction attracted average demand, the five-year note auction attracted slightly above average demand and the seven-year note auction attracted modestly below average demand.

The Treasury announced the results of this month’s auction of $12 billion worth of twenty-year bonds on Tuesday, revealing the sale attracted modestly below average demand.

Block Stock Slips 12% After Hindenburg Research Shorts The Co.

Shares of Block, Inc. (SQ) are slipping over 12% on Thursday morning after Hindenburg Research, in a new report, said that digital payment company has inflated its metrics.

SQ is currently trading at $63.61, down $9.04 or 12.44%, on the NYSE, on a heavy volume of 78.8 million shares, above average volume of 12.4 million. The stock opened its trading at $60.00 after closing Wednesday’s trading at $72.65. The stock has traded between $51.34 and $149.00 in the past 52-week period.

The short seller accuses Block of a “willingness to facilitate fraud against consumers and the government, avoid regulation, dress up predatory loans and fees as revolutionary technology, and mislead investors with inflated metrics.”

“CEO Dorsey has touted how Cash App is in hundreds of hip hop songs as evidence of its appeal,” the report says. “But artists are not rapping about Cash App’s smooth user interface — many describe using it to scam, traffic drugs or even pay for murder.” The report also alleges user counts which ballooned during the pandemic ignored “the contribution of widespread fraudulent accounts and payments.”

Hindenburg Research said its research involved dozens of interviews with former employees, partners, and industry experts, extensive review of regulatory and litigation records, and FOIA and public records requests.

This Passover Dish Always Has a Place at the Table

But this recipe for egg and onion, from a founder of Australia’s Monday Morning Cooking Club, is delicious any time of year.

Send any friend a story

As a subscriber, you have 10 gift articles to give each month. Anyone can read what you share.

By Joan Nathan

Oil Futures Settle Lower On Demand Concerns

Oil prices drifted lower on Thursday amid concerns the interest rate hikes by several central banks could slow down economic growth and impact the outlook for energy demand.

Federal Reserve Chair Jerome Powell highlighting banking sector credit risks, and larger than expected increase in U.S. crude inventories weighed as well on oil prices.

Optimism about higher demand from China helped limit oil’s downside.

West Texas Intermediate crude oil futures for May ended lower by $0.94 or about 1.3% at $69.96 a barrel.

Brent crude futures were down $1.11 or 1.44% at $75.58 a barrel a little while ago.

“Many energy traders remain unconvinced that the demand will be improving enough to bring down stockpiles,” says Edward Moya, Senior Market Analyst at OANDA.

“The key takeaway from the FOMC meeting for energy traders is that the Fed is probably going to send this economy into a recession. China’s reopening story remains subdued and that is keeping oil grounded around the low $70s,” he adds.

European Economic News Preview: Eurozone Final Inflation Data Due

Final consumer prices from the euro area and monetary policy decision from Russia are the major economic news due on Friday.

At 3.00 am ET, unemployment data from Sweden is due.

At 5.00 am ET, Italy’s Istat is set to issue foreign trade data for January. The trade surplus totaled EUR 1.067 billion in December.

At 5.30 am ET, the Bank of England/Ipsos Inflation Attitudes Survey results are due.

At 6.00 am ET, Eurostat releases euro area final consumer prices data. The statistical office is expected to confirm the flash inflation estimate of 8.5 percent in February, down from 8.6 percent in January.

Half an hour later, Russia’s central bank announces its monetary policy decision. Economists expect the bank to hold its key rate at 7.50 percent.

Scholastic Corp Q3 Loss Increases

Scholastic Corp (SCHL) released Loss for its third quarter that increased from last year

The company’s bottom line came in at -$19.2 million, or -$0.57 per share. This compares with -$15.3 million, or -$0.44 per share, in last year’s third quarter.

The company’s revenue for the quarter fell 5.7% to $324.9 million from $344.5 million last year.

Scholastic Corp earnings at a glance (GAAP) :

-Earnings (Q3): -$19.2 Mln. vs. -$15.3 Mln. last year.
-EPS (Q3): -$0.57 vs. -$0.44 last year.
-Revenue (Q3): $324.9 Mln vs. $344.5 Mln last year.