As Expected

In this buzz:❗Meta & Zuck; Layoffs for FedEx, Rivian, PayPall, DraftKing, Pinterest, REI and more…

25-basis point hike:
The Fed delivered a 25-basis point hike in the fed funds rate as expected and the market appreciated it. – J Powell hinted another 25 bps is coming before the FOMC takes a breather to assess the impact its rate increases have had on fighting inflation.
– Equities moved higher after the Fed statement and continued their trek higher overnight.

Meta gave a boost to the market as well, delivering
– a fourth quarter earnings beat,
– a stock buy-back announcement and
– the results of cost cutting and efficiencies.
This was everything investors wanted to hear from the Zuck and more as its shares rallied almost 20% following its earnings release.

With the Fed meeting out of the way, let’s do a quick roundup of what else is going on in the markets.
– FedEx joined the growing list of companies announcing layoffs; it announced its laying odd 10% of its global management team.
– EV maker Rivian is losing 6% of its workforce, and
– PayPal, DraftKings, Pinterest, and REI are among the companies conducting RIFs.

Meanwhile,
… job openings surged to a five-month high which confounds concerns about slower growth in the U.S. There are about 1.9 job opening for every worker but be careful, they may want you to come into the office!