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Here are the most important news items that investors need to start their trading day:
1. Bounce back
Stocks are looking to bounce back from a rough session Wednesday. The Dow Jones Industrial AverageS&P 500Nasdaq Compositelive market updates.
2. Marching on
Fed Chair Jerome Powell said Wednesday that the Federal Reserve will likely not institute a March rate cut, disappointing traders who wanted the central bank to start dropping rates to stave off potential recession. “I would tell you that I don’t think it’s likely that the committee will reach a level of confidence by the time of the March meeting to identify March as the time to do that. But that’s to be seen,” Powell said. The Fed chief said the central bank wasn’t taking further rate hikes off the table, but noted that economic growth has been “solid” as the central bank sees decelerating inflation. The next policy date is scheduled for March 20, with calculations leaning toward the Fed staying put in the next meeting.
3. Tech on deck
It’s a big day for tech earnings. AppleAmazonMetaMicrosoftAlphabetthey weren’t good enough. Tech hasn’t been immune to the cost pressures and cautionary environment that’s been weighing on profits and stocks. That dynamic could show up in Thursday’s reports, too.
4. Tossed out
A judge dismissed a federal lawsuit filed by Disneylawsuit alleged DeSantis and other defendants retaliated against the company after it publicly criticized the state’s controversial law limiting discussion of sex and gender in public schools — dubbed “Don’t Say Gay” by its opponents. Disney on Wednesday said it planned to appeal the decision. The entertainment company reports its fourth-quarter earnings next week.
5. Finding the fairway
A U.S. consortium called Strategic Sports Group announced it will invest up to $3 billion into the PGA Tour, with an initial investment of $1.5 billion. The deal garnered unanimous support from player directors. The money will reach the professional golf organization after its talks with the Saudi Public Investment Fund conclude. The PGA Tour is at a crossroads as it figures out its future, with critics arguing its deal with the PIF could hand the country — often the subject of human rights violations allegations — more influence in the U.S.
– CNBC’s Sarah Min, Jeff Cox, Jesse Pound, Ashley Capoot, Ari Levy, Dan Mangan and Jessica Golden contributed to this report.
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