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Top News in Finance for May 2, 2023

by 2. May 2023 @ 1:58News, Top Market Insights for Today

 

KEY POINTS

Stay ahead of the curve with our rapid-fire roundup of today’s most impactful financial news, tailored to keep you informed and ready to seize opportunities.”

  • US debt limit could be reached by June 1
  • Pfizer profits exceed expectations despite Covid sales drop
  • Fed anticipated to increase benchmark rate in upcoming meeting
  • IBM evaluates AI to replace back-office jobs
  • Uber reports strong revenue and narrower losses

US Debt Limit Approaching Faster Than Anticipated

Treasury Secretary Janet Yellen informed Congress that the US government might reach its debt limit by June 1, a month earlier than previously estimated. To address the situation, President Biden has invited leaders from both parties to discuss raising the $31.4 trillion borrowing cap.

Pfizer Beats Forecasts Despite Declining Covid Sales

Pfizer reported higher-than-expected profits and revenue, although its top line dropped nearly 30% from last year due to waning Covid product sales. Despite the decline, Pfizer is maintaining its outlook for the year, anticipating revenue growth in 2023 without Covid products.

Fed Expected to Hike Benchmark Rate

As the Federal Reserve’s policy-making board begins its two-day meeting, most expect the central bank to increase its benchmark rate. This would be the tenth rate hike since last year, as the Fed tightens policy to combat inflation. Chairman Jerome Powell’s post-announcement press conference may provide further insight.

IBM Considers Hiring Freeze for AI Evaluation

IBM is contemplating a hiring pause for 7,800 back-office jobs that could be replaced by AI in the coming years. The company estimates that 30% of non-customer-facing roles, such as human relations, may be replaced by AI and automation within five years.

Uber Exceeds Expectations with Strong Revenue

Uber shares rose after the company reported better-than-expected revenue and a smaller loss than anticipated. With gross bookings increasing for both its mobility and Uber Eats businesses, the number of active platform users and rides completed also surged.

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