Powell speech, Apple results, OECD growth - what's moving markets
Investing.com -- Fed chief Jerome Powell appears to have calmed nerves on Wall Street, with futures looking positive. Apple is set to report results after the close, and a drop in revenue is expected, while the OECD has lifted its forecast for global growth this year.Federal Reserve Chair Jerome Powell’s comments at the conclusion of the central bank’s latest policy meeting soothed nerves, with the central bank maintaining its easing basis.
“The most notable aspect of the press conference was Powell’s strong pushback against the possibility of rate hikes,” said analysts at Goldman Sachs. iPhone sales, which account for about half of Apple's revenue, are seen falling an expected 10.4% in the first three months of 2024, according to LSEG - the steepest drop in more than three years - as the company faces strong competition, especially in China.
Fed chair Jerome Powell’s ruling out of rate hikes has boosted sentiment after the previous month saw the benchmarkThe Organisation for Economic Cooperation and Development has lifted its forecast for global growth, driven largely by resilient U.S. activity. Boosted by fiscal stimulus, China's economy was also expected to grow faster than expected with its growth now forecast at 4.9% in 2024 and 4.5% in 2025, up from 4.7% and 4.2% respectively in February.Crude prices edged higher Thursday, rebounding after three losing days, helped by a weaker dollar in the wake of the Fed meeting.
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