On Wednesday, the Federal Reserve kept its federal funds interest rate target range between zero and 0.25%, but said it would start cutting its monthly asset purchases by $ 15 billion per month from November. The Fed has said it could adjust the pace of its reduction if economic conditions change, but a monthly cut of $ 15 billion would completely end the Fed’s buying program in June 2022. The US economy created 531,000 jobs in October, exceeding economists’ estimates of 450,000. Jobs. The Labor Department reported on Friday that the US unemployment rate fell to 4.6% in October, while year-over-year wage growth rose to 4.9% in a labor market that tightens.
Pfizer shares jumped 8% on Friday after the drugmaker announced its COVID-19 pill, in combination with a popular HIV drug, reduced the risk of hospitalization or death from COVID by 89%. -19 in high-risk adults. Merck’s own antiviral pill for COVID-19 treatment was approved by UK regulators on Thursday.
Shares of real estate technology company Zillow fell more than 30% after the company reported an unexpected third-quarter loss and said it was ending its home buying business, Offers. The announcement came just days after Bloomberg reported that Zillow had recently sold 7,000 homes in its inventory.
Pedal to the medal
Shares of car rental company Avis have gained more than 50% after the company’s third-quarter earnings triggered a brief squeeze on the stock.
The third quarter earnings season continues into the coming week with reports from AMC Entertainment and PayPal on Monday, Coinbase on Tuesday and Walt Disney on Wednesday.
According to FactSet, a near-record 82% of S&P 500 companies reported higher third-quarter profits.
This week, investors will receive more key economic updates on Wednesday when the U.S. Department of Labor releases its monthly Consumer Price Index reading and on Friday when the University of Michigan releases its monthly Consumer Price Index reading. Michigan consumer confidence.
Benzinga is a financial information and data company headquartered in Detroit.
News Business Highlights
- Zillow shuts down home buying activity and sees inventory collapse
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