The Federal Reserve is set to meet on March 20 to make a decision on interest rates, with expectations leaning towards no changes in rate policy for now. Recent reports on U.S. inflation have dampened hopes for a rate cut by June, causing ripples in the equity markets.
In other news, Nike and FedEx are gearing up to report their Q3 earnings on March 21. Nike is facing challenges, with analysts lowering their EPS forecasts due to various issues such as excess inventory, high promotional activities, and increased competition from rivals like Adidas. On the other hand, FedEx’s Fair Value analysis suggests a potential upside, despite concerns about softness in B2B activities and global economic weakness.
Meanwhile, the U.S. House of Representatives has passed a bill that requires ByteDance, the Chinese owner of TikTok, to sell the platform within six months or face a ban in the United States. The bill now heads to the Senate, where its fate remains uncertain. President Biden has indicated his intention to sign the bill, giving ByteDance a 165-day window to challenge the decision.
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