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    Remy Blaire

    Remy Blaire

  • Market rally faces dark cloud of debt ceiling debate

    Wall Street is keeping a close eye on debt ceiling negotiation updates ahead of the weekend. The major equity averages posted two consecutive sessions of gains, lifting the Nasdaq and S&P 500 to the best weekly performance since March. Fed Reserve Chair Jerome Powell says interest rates may not have to climb as much as expected to keep inflation in check. Powell’s comments come on the heels of recent indicators from Fed officials that the June rate decision could point to more of a cliffhanger than initially anticipated. In a week full of earnings from U.S. retailers that showed a pullback of discretionary consumer spending, Farfetch Limited (NYSE: FTCH) reported an increase of 8% in revenue for fiscal Q1 2023. The London-based luxury fashion retailer posted a narrower-than-expected quarterly loss and reiterated its gross merchandise volume outlook for the full-year. Shares soared above $15 a share in Friday morning trade. Berkshire Hathaway upped its stake in Occidental Petroleum Corp. (NYSE: OXY), raising its total stake above $12 billion to over 20% of the energy producer. At Berkshire’s annual shareholder meeting, Warren Buffett made clear that the Nebraska-based conglomerate has no intention of taking control of the company. Occidental shares hovered right below $60 a share ahead of the weekend.

  • Bath & Body Works entices loyal customers

    Wall Street traded mixed on a cocktail of economic data and earnings reports, as investors keep an eye on the progress of ongoing debt ceiling negotiations.The latest U.S. data releases reflected economic uncertainty across the nation as higher inflation and interest rates affected the consumer.April existing home sales declined 3.4% from March, to a seasonally adjusted annual rate of 4.28 million – but the reading was not as dire as expected. The National Association of Realtors report showed that sales tumbled 23.2% compared to a year earlier, while the national median price of existing homes posted its biggest annual decline in over a decade.Other data releases included the Conference Board’s Leading Economic Index that showed a decline for the 13th consecutive month in April, while weekly jobless claims fell to 242,00 in the week ended May 13. Earnings from retailers on Thursday showed a divergence from results earlier this week. Walmart (NYSE: WMT) shares ticked higher on strong sales in the recent quarter as the bellwether upped its full-year outlook. Bath & Body Works (NYSE: BBWI) shrugged off negative expectations for an easing of discretionary spending among consumers as it launched innovative new products and special drops of limited-time items. The maker of fragranced body care products and candles reported fiscal Q1 earnings that topped forecasts and boosted its guidance. Shares advanced 10% following the earnings release.