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Asia-Pacific markets trade mixed as banking sector stress lingers CNBCAsian stocks rise ahead of Fed interest rate decision AP ArchiveStock Market Today: Dow, S&P Live Updates for March 27, 2023 BloombergStock futures are up as Wall Street looks to build on winning week: Live updates CNBCMorning Bid: Weighing up the global banking crisis Reuters.com
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U.S. stocks ended a volatile week higher on Friday, a week that saw the Federal Reserve raise rates another 25 basis points and risks in the U.S. and European banking sectors remain in key focus. The Dow Jones Industrial Average DJIA rose about 132 points, or 0.4%, ending near 32,238, Friday, boosting its weekly gain to 1.2%, according to preliminary FactSet data. The S&P 500 index SPX climbed 0.6% Friday and 1.4% for the week, while the Nasdaq Composite Index COMP closed up 0.3% for a 1.7% weekly gain. Investors have been concerned about a potential credit crunch and its likely toll on the economy, after the failure earlier in March of Silicon Valley Bank and Signature Bank. Fed Chairman Jerome Powell on Wednesday said he expected credit conditions to tightening further, doing some of the central bank's work for it, in terms of bringing down inflation. One worry is that high rates and tighter credit could lead to a wave of defaults. Goldman Sachs this week raised its default forecast for the U.S. high-yield, or junk-bond, market to 4% from 2.8% for 2023. The junk-bond market is considered an earlier harbinger of potential stress in credit markets since it finances companies already considered at an elevated risk of buckling. European banks also were in focus, including on Friday as shares of Deutsche Bank DB came under pressure after costs of insuring it against a credit default jumped. Still, the S&P 500 and Nasdaq posted back-to-back weekly gains, according to Dow Jones Market Data. Before Friday, the Dow had two weekly declines in a row.
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Intel Corp. INTC co-founder Gordon Moore died on Friday at his home in Hawaii, according to a statement on the company's website. He was 94. He and his colleague Robert Noyce founded Intel in 1968. Known for Moore's Law — or the idea that the number of transistors in a chip will roughly double every two years — Moore served a variety of executive roles at the chip maker, and retired from the company in 2006. In 2000, he and his wife established the Gordon and Betty Moore Foundation in 2000. He is survived by his wife, Betty, and sons Kenneth and Steven and four grandchildren.
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Ford Motor Co. F will now report its results by three new global business segments rather than by geographic regions, the company announced Thursday. The results will be reported by Ford Blue, encompassing gas and hybrid vehicles, Ford Model e, or electric vehicles, and Ford Pro, which is commercial products and services. Ford's stock, which ended Wednesday's session down 2.1%, rose 1.2% premarket. "We've essentially ‘refounded' Ford, with business segments that provide new degrees of strategic clarity, insight and accountability to the Ford plan for growth and value," said Ford CFO John Lawler, in a statement. "It's not only about changing how we report financial results; we're transforming how we think, make decisions and run the company, and allocate capital for highest returns." Ford also reconfirmed its late-2026 margin targets of 10% for company adjusted EBIT and 8% for Ford Model e, with the latter "driven by ambitious scaling of EV production run rates," according to the company. Additionally, the company reaffirmed its full-year 2023 adjusted EBIT guidance of $9 billion to $11 billion.
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