Home buyers dreading another rate increase by the Federal Reserve on Wednesday can take heart: The move is probably already priced into current mortgage rates.
The Fed is expected to raise interest rates another quarter-percentage point, lifting the benchmark federal-funds rate to a 16-year high as part of its continuing campaign to stamp out inflation. The Fed doesn't set mortgage rates, but rate increases push up the yield on the Treasury note higher, which in turn pushes up the cost of a mortgage.
Warren Buffett's 'Secret Sauce' Involves One of Investing's Most Basic Strategies
What has made Warren Buffett's stock portfolio so successful over time?
One answer is an uncanny knack for picking good businesses. Another, according to Mr. Buffett, is something more understated: an appreciation of dividend-paying stocks.
European Economies Are Finding New Ways to Pay for War on Their Doorstep
COPENHAGEN-Denmark, a founding member of NATO, has no artillery, submarines or air-defense system. The small Nordic nation didn't think it needed them because a ground war in Europe seemed far-fetched-until Russia's invasion of Ukraine.
The conflict in its neighborhood has set it and similar European nations scrambling to plug gaps in their armory. Denmark, one of the richest nations per capita in the Western world, has pledged to boost military spending from about 1.4% of gross domestic product to the North Atlantic Treaty Organization's target of 2% by 2030.
House Democrats Try to Force Vote on Debt Ceiling
WASHINGTON-House Democrats took a step Tuesday toward trying to force a vote on a debt-ceiling increase if they can win over some Republicans, as GOP leaders and the White House remained in a standoff with just weeks to go until the U.S. faces a possible default.
Democrats said they would seek to use a discharge petition, which allows a majority of House lawmakers to bring a bill directly to the floor without the cooperation of leadership. But it is time-consuming and rarely successful, and Democrats earlier this year said they had shelved the idea as too difficult.
Biofuel Stocks Are Sputtering. They Could Soon Get a Jump Start.
Billions of gallons of fuel refined from cooking oil, french fry grease, landfills, and farm byproducts are being pumped into the engines of American vehicles every year. As long as people keep planting corn and eating fast food, there's no imminent shortage of oil to pump into tanks. But there has been a shortage of cash to pay for it lately, stalling the industry's growth and raising questions about its future.
Following a selloff in the industry that has pushed several stocks down more than 20% in the past year, some analysts now see buying opportunities. Among the names that are receiving positive buzz are Darling Ingredients (ticker: DAR) and Opal Fuels (OPAL).
Biden to Send 1,500 Troops to Mexican Border as Fears of Migrant Surge Grow
WASHINGTON-President Biden is sending 1,500 active-duty troops to the southern border, while cities across the country are declaring states of emergency and asking for federal support as the country prepares for a surge of migration expected to accompany the lifting of Title 42 border restrictions next week.
A large number of migrants have already been illegally entering El Paso, Texas, in recent days. Hundreds unable to find spots in shelters gathered in the past few days around downtown churches in the border city looking for help, according to photos and videos of the scene.
Lawmakers Grapple Over Whether Supreme Court Needs an Ethics Code
WASHINGTON-Senate Democrats on Tuesday faulted the Supreme Court's ethics rules following news reports that Justice Clarence Thomas accepted luxury vacations from and sold real estate to a billionaire friend, as Republicans said that scrutiny of the justices was grounded in the court's conservative supermajority overturning precedents such as Roe v. Wade.
The forum was the Senate Judiciary Committee, where Chairman Richard Durbin (D., Ill.) moved ahead with a hearing on Supreme Court ethics even after Chief Justice John Roberts declined an invitation to testify. The chief justice instead sent a statement signed by all nine justices saying that while they have no binding code of conduct or internal compliance office, they nonetheless "follow the same general principles and statutory standards as other federal judges."
Write to paul.larkins@dowjones.com TODAY IN CANADA
Earnings - 1Q unless stated otherwise:
5N Plus
Acadian Timber
Andlauer Hlthcare
AutoCanada
Barrick Gold
Bausch + Lomb
Brookfield Infra
Canfor
Canfor Pulp Products
Capstone Copper
Centerra Gold
Ceridian HCM
Dundee Precs 2Q
Fortis
Gear Energy
Gildan Activewear
IGM Fincl
Info Svcs
Ivanhoe Mines
Kinaxis
Loblaw Companies
Lundin Mining
Parkland
PHX Energy
Spin Master
Stelco Hldgs
Surge Energy
Taseko Mines
Tourmaline Oil
Vermilion Energy 1Q .59
Westrn Forest Pdcts (WEF.T) 1Q
Economic Calendar (ET):
0815 Apr Official International Reserves
Stocks to Watch:
CubicFarm Systems 4Q Loss C$29.8M; 4Q Rev C$0.2M
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EQB Raises Dividend to C$0.37; 1Q EPS C$2.56
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FLINT 1Q Rev C$150.5M
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Melcor REIT 1Q FFO C$0.20/Shr; REIT 1Q EPS C$0.09
Expected Major Events for Wednesday
08:00/ITA: Mar Unemployment
11:00/US: 04/28 MBA Weekly Mortgage Applications Survey
12:15/CAN: Apr Official International Reserves
12:15/US: Apr ADP National Employment Report
13:45/US: Apr US Services PMI
14:00/US: 1Q U.S. Housing Vacancies
14:00/US: Mar Metropolitan Area Employment and Unemployment
14:00/US: Apr ISM Report On Business Services PMI
14:30/US: 04/28 EIA Weekly Petroleum Status Report
18:00/US: U.S. interest rate decision
23:01/UK: 2Q CBI SME Trends Survey
All times in GMT. Powered by Onclusive and Dow Jones.
Expected Earnings for Wednesday
Avient Corp (AVNT) is expected to report for 1Q.
BGC Partners (BGCP) is expected to report $0.05 for 1Q.
Berry Corp (bry) (BRY) is expected to report $0.05 for 1Q.
Blackbaud (BLKB) is expected to report $0.11 for 1Q.
BrightSpire Capital Inc (BRSP) is expected to report for 1Q.
Brookfield Infrastructure Partners LP (BIP,BIP.UN.T) is expected to report for 1Q.
Bunge Ltd (BG) is expected to report $3.37 for 1Q.
CVS Health Corp (CVS) is expected to report $1.84 for 1Q.
Chefs' Warehouse Inc (CHEF) is expected to report $0.07 for 1Q.
Conduent Inc (CNDT) is expected to report $0.01 for 1Q.
Drive Shack Inc (DSHK) is expected to report $-0.06 for 4Q.
Driven Brands Holdings Inc (DRVN) is expected to report for 1Q.
Estee Lauder (EL) is expected to report $0.47 for 3Q.
Euronet Worldwide Inc (EEFT) is expected to report $0.52 for 1Q.
Fortis Inc (FTS,FTS.T) is expected to report $0.86 for 1Q.
Freddie Mac (FMCC) is expected to report for 1Q.
GlycoMimetics Inc (GLYC) is expected to report $-0.36 for 1Q.
Griffon Corp (GFF) is expected to report $0.62 for 2Q.
Harsco Corp (HSC) is expected to report $-0.37 for 1Q.
Janus Henderson Group plc (JHG,JHG.AU) is expected to report $0.49 for 1Q.
Landsea Homes Corp (LSEA) is expected to report for 1Q.
Lindblad Expeditions Holdings Inc (LIND) is expected to report $-0.29 for 1Q.
Loblaw Cos Ltd (L.T,LBLCF) is expected to report $1.45 for 1Q.
Louisiana-Pacific Corp (LPX) is expected to report $0.07 for 1Q.
Mastech Digital Inc (MHH) is expected to report $0.17 for 1Q.
Materion Corp (MTRN) is expected to report $1.22 for 1Q.
Murphy Oil (MUR) is expected to report $1.01 for 1Q.
Phillips 66 (PSX) is expected to report $3.57 for 1Q.
Propetro Holding Corp (PUMP) is expected to report $0.45 for 1Q.
Radware Ltd (RDWR) is expected to report $0.05 for 1Q.
Scotts Miracle-Gro Co (SMG) is expected to report $3.72 for 2Q.
Sinclair Broadcast Group (SBGI) is expected to report $-0.58 for 1Q.
Standard Motor Products Inc (SMP) is expected to report $0.55 for 1Q.
TVI Pacific Inc (TVI.V,TVIPF) is expected to report for 4Q.
The Kraft Heinz Co (KHC) is expected to report $0.60 for 1Q.
Timken Co (TKR) is expected to report $1.77 for 1Q.
Tupperware Brands Corp (TUP) is expected to report $0.92 for 1Q.
Turning Point Brands Inc (TPB) is expected to report $0.46 for 1Q.
Wingstop Inc (WING) is expected to report $0.45 for 1Q.
YUM! Brands Inc (YUM) is expected to report $1.13 for 1Q.
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ANALYST RATINGS ACTIONS
Annaly Capital Raised to Overweight From Neutral by Piper Sandler
Centerspace Raised to Buy From Neutral by Colliers Securities
Chegg Cut to Hold From Buy by Jefferies
Chegg Cut to Market Perform From Outperform by Barrington Research
Chegg Cut to Market Perform From Outperform by Northland Capital Markets
Cummins Cut to Buy From Strong Buy by CFRA
E2open Cut to Hold From Buy by Craig-Hallum
E2open Cut to Underperform From Buy by B of A Securities
E2open Raised to Neutral From Underperform by Credit Suisse
FIGS Cut to Underweight From Equal-Weight by Barclays
IVERIC bio Cut to Neutral From Buy by HC Wainwright & Co.
Microsoft Corp. Cut to Hold From Buy by Fundamental Research
Molson Coors Beverage Raised to Buy From Hold by CFRA
National Vision Cut to Equal-Weight From Overweight by Barclays
Okta Raised to Mixed From Negative by OTR Global
Paccar Cut to Hold From Buy by Argus Research
Penn National Gaming Raised to Buy From Neutral by Roth MKM
Premier Cut to Market Perform From Outperform by Raymond James
Quest Diagnostics Cut to Neutral From Buy by B of A Securities
Roper Technologies Raised to Outperform From Market Perform by Bernstein
Shoals Technologies Cut to Underweight From Equal-Weight by Barclays
SoFi Technologies Cut to Neutral From Outperform by Wedbush
Under Armour Cut to Equal-Weight From Overweight by Barclays
Victoria's Secret Cut to Equal-Weight From Overweight by Barclays
(MORE TO FOLLOW) Dow Jones Newswires
05-03-23 0620ET
