Federal Reserve, European Central Bank, and others raised interest rates last week. Wednesday’s moves come after a volatile session Tuesday that followed a hawkish move by the Bank of Japan – seen as the last of central banks with easy money policies – to raise the cap on its 10-year government bond yield after the U.S. Screens on the floor at New York Stock Exchange (NYSE) show Federal Reserve Chair Jerome Powell during a news conference, December 14, 2022. Meanwhile, Rite Aid's ( RAD) stock tanked about 17.5% after the drugstore chain reported losses in the fiscal third quarter, weighed down by a drop-off in COVID vaccinations and testing. CEO Raj Subramaniam said FedEx identified an additional $1 billion in savings beyond the forecast it gave in September as part of its "ongoing transformation while navigating a weaker demand environment.” FedEx sparked a deep sell-off in September when it issued a warning about its outlook for the U.S. Shares of FedEx Corporation ( FDX) jumped 3.4% after the company revealed its aggressive cost saving efforts. While the pileup was still up year-over-year, Nike CEO John Donahoe said he believed the company was past its inventory peak. Nike ( NKE) shares soared 12.2% after the retailer handily beat second-quarter profit and revenue expectations and reported a decline in inventories from the previous period. Economists expected a figure of 101, per Bloomberg consensus estimates. The Conference Board’s Consumer Confidence Index rose to 108.3 this month - the highest since April - from an upwardly revised 101.4 reading in November, data released Wednesday showed. ![]() An upbeat gauge of consumer confidence helped raise the mood on Wednesday.
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