Stocks Slip as Markets Brace for Fed and Earnings Week
Stocks fell as Wall Street prepared for a busy week with Fed decisions and earnings reports from Apple, Amazon, and Google's parent company. The S&P 500 slid 1.3 percent, Dow dropped 260 points, and Nasdaq declined 2 percent amid inflation and rate-hike uncertainty. Morgan Stanley strategists warned tougher times ahead and urged not to fight the Fed.
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Treasury Plans Higher Borrowing In First Quarter 2023
The Treasury Department announced a plan to borrow 932 billion dollars in the January to March quarter, 353 billion more than prior projections, amid a 31.4 trillion dollar debt limit. The move comes as Democrats press to raise the debt ceiling while Republicans seek spending cuts and as Treasury uses extraordinary measures to avert a default. Janet Yellen warned Congress to act promptly, noting cash and measures may last until early June. Kevin McCarthy to meet Biden this week to discuss a path to balance and debt relief.
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Nissan Renault tie up stake swap as cross holdings equalize
Nissan and Renault announced an agreement to equalize their crossholdings, transferring shares to a French trust so each holds 15 percent in the other. Voting will be neutralized while economic rights stay with Renault, with board approvals and future sale terms still to be decided. The move aims to strengthen the alliance amid past tensions and Ghosn era fallout. Meanwhile Ford cuts Mach-E prices by up to 6000 dollars, tightening a broader EV price war sparked by Tesla. Volvo Group North America faces a 130 million dollar penalty for slow recalls, overseen by NHTSA under a three year consent order with a possible extension.
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