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Investing.com — The S&P 500 fell Wednesday as Nvidia continued to weigh on tech for a second-straight day ahead of quarterly results from Netflix (NASDAQ:) and Tesla (NASDAQ:) after markets close.
The fell 1.5%, and the fell 1.2%, and the rose 0.8% or 268 points.
Morgan Stanley closes out big bank earnings with a beat, but investment banking, wealth management units disappoint
Morgan Stanley (NYSE:) reported quarterly results that Wall Street estimates, but underperformance in its wealth management and investment banking division sent its shares more than 5% lower.
Revenue from the bank’s investment banking business fell 27%, while its wealth management unit reported a 5% rise in revenue.
New York Fed Williams reiterates higher for longer ahead of Powell
New York Federal Reserve president John Williams said Wednesday that the Fed will likely keep rates higher for longer for “some time” to rein in inflation toward its 2% target.
The remarks come just a day ahead of Fed chairman Jerome Powell’s remarks at week the Economic Club of New York on Thursday at 12pm ET.
Many are watching whether Jerome Powell will endorse recent remarks from fellow Fed members suggesting that the recent jump in Treasury yields could be substitute for rate hikes.
Another pause on rate hikes for November is nearly fully priced in, according to Investing’s . The odds of a December rate hike, however, jumped to 40% this week from 26% last week.
Nvidia warns of US curbs on AI chips to China will impact of production
NVIDIA Corporation (NASDAQ:) fell 4% after warning that the tighter U.S. curbs on exports of its A800 and H800 chips to China may impact its ability to complete development of products in a timely manner. The curbs could also weigh on its ability to “support existing customers of covered products, or supply customers of covered products outside the impacted regions,” it added.
Morgan Stanley cut its price target for Nvidia shares 5 Biden administration0 $600 from $630 as the curbs mark a “significant setback” for the company.
United Airlines gloomy outlook weighs; P&G shines on earnings stage
United Airlines Holdings Inc (NASDAQ:) reported better-than-expected Q3 results, but its guidance on profit fell short of estimates as higher fuel costs and suspended flights to Tel Aviv are expected to weigh. Its shares fell 9%.
Still some on Wall Street remain sanguine on United Airlines as the Q3 beat was delivered despite…
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