**__ Diplomatt’s Daily Digest – May 5, 2022__**
Good morning and happy Thursday, everyone! Stock futures fell in early morning trading, putting Wall Street on track to give back some of sharp gains seen in the previous session after the Federal Reserve raised rates by half a point. Stocks rose for a third straight day to start the month, after the Fed increased its benchmark interest rate by 50 basis points, as expected, and said it would begin reducing its balance sheet in June. However, investor sentiment, which has been bogged down since the start of the year, flipped during Powell’s news conference, when he clarified that the Fed is “not actively considering” a larger 75 basis point rate hike. Some Wall Street strategists had suggested markets could see a relief rally after the rate increase. After Powell’s comments, investors seemed at ease about the central bank’s ability to slow inflation without triggering a recession. Even after stocks rallied to finish the day, the market saw big moves on the down side after hours as companies continued reporting financial results for the last quarter. Earnings continue on Thursday, with Shell, Shopify and ConocoPhillips set to report before the bell. Block, DoorDash, Shake Shack, Zillow and other big names will report after the market closes.
Quote of the week: „Successful people do what unsuccessful people are not willing to do. Don’t wish it were easier; wish you were better.“ – Jim Rohn
• Intuit, the owner of popular tax filing software TurboTax, will pay $141 million in restitution to millions of low-income Americans who were “unfairly charged” for services that should have been free.
• Oil giant Shell reported its highest quarterly profit since 2008 on soaring commodity prices, fueling calls for a one-off windfall tax on oil and gas companies to help U.K. households with spiraling energy bills.
• GE Renewable Energy has signed a deal that will see it carry out upgrades to the 14 gigawatt Itaipu hydropower plant, a vast facility straddling the border between Brazil and Paraguay.
• Oil producer group OPEC+ is seen as likely to rubber-stamp another small production increase for June, amid persistent concerns over weaker Chinese demand and shortly after the world’s largest trading bloc outlined proposals for new sanctions against Russian crude.
• Facebook parent Meta is slowing the pace of hiring as it reckons with its weakest revenue growth on record and ongoing business challenges, such as Apple’s privacy changes and the war in Ukraine.
• Etsy and eBay reported better-than-expected first-quarter results after the bell on Wednesday, but the companies gave weak guidance for the current quarter that suggests the e-commerce sector is cooling off after a pandemic-fueled boost.
• Bath & Body Works CEO Andrew Meslow is set to step down due to health reasons.
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