Page 6 - Arkets Wrap News Today

Of the 145 S&P 500 companies that have reported earnings so far, 68% beat profit estimates by a median of 5%, according to Fundstrat.

Of the 145 S&P 500 companies that have reported earnings so far, 68% beat profit estimates by a median of 5%, according to Fundstrat.

About 25% of S&P 500 companies are scheduled to release their fourth-quarter earnings results this week.

The Treasury took extraordinary measures on Thursday to meet its obligations after the US officially hit the debt ceiling set by Congress.

Fed President Esther George said on Thursday that she believes the Fed should hike interest rates above 5% and hold them at that level well into 2024.

Through Thursday, the S&P 500 was down 19% for the year, the Dow was off 8.6%, while the Nasdaq has plunged 33%.

Nike jumped 13% in early Wednesday trades after the company said footwear and apparel sales rose 25% and 4% in the quarter, respectively.

Investors still seem worried about the prospect of further Fed tightening as it prioritizes inflation over a potential recession.

"It is entirely possible the December hike of 50 basis points could be the last hike," Fundstrat's Tom Lee said of Fed Chair Jerome Powell's speech.

Q3 GDP growth was revised to 2.9% from 2.6%, while the ADP payroll report showed 127,000 jobs added in November, below estimates for 190,000 jobs.