Business report on ait news hour 12am

AIT News Hour 12am Business Report

Date: March 12, 2023

Market Overview:

The global markets experienced a mixed bag of performances overnight, with the Dow Jones Industrial Average closing 0.2% higher, while the S&P 500 index slipped 0.1%. The tech-heavy Nasdaq Composite Index, however, fell 0.5%. The European markets were also mixed, with the Stoxx Europe 600 Index rising 0.3%, while the UK's FTSE 100 Index declined 0.2%.

Top Gainers:

1. Tesla Inc. (TSLA) - 4.5% gain: The electric vehicle maker's shares surged after it announced plans to increase production capacity at its Gigafactory in Shanghai.
2. Microsoft Corp. (MSFT) - 2.8% gain: The software giant's shares rose after it reported strong quarterly earnings and announced a new cloud-based gaming service.
3. Amazon.com Inc. (AMZN) - 2.2% gain: The e-commerce giant's shares climbed after it announced plans to expand its same-day delivery service to more cities.

Top Losers:

1. Facebook Inc. (FB) - 3.5% decline: The social media giant's shares fell after it reported weaker-than-expected quarterly earnings and announced a decline in daily active users.
2. Alphabet Inc. (GOOGL) - 2.5% decline: The parent company of Google's shares slipped after it reported slower-than-expected revenue growth and announced a decline in its core advertising business.
3. Johnson & Johnson (JNJ) - 2.2% decline: The healthcare giant's shares fell after it reported weaker-than-expected quarterly earnings and announced a decline in its pharmaceutical sales.

Economic News:

• The US Commerce Department reported that the country's gross domestic product (GDP) grew at an annualized rate of 2.1% in the fourth quarter of 2022, slightly below expectations.
• The European Central Bank (ECB) kept interest rates unchanged and announced plans to continue its asset purchase program to support the region's economy.
• The UK's Office for National Statistics reported that the country's economy contracted by 0.2% in the fourth quarter of 2022, worse than expected.

Upcoming Events:

• The US Federal Reserve is set to release its latest monetary policy decision on Wednesday, with many expecting a rate hike.
• The European Union is set to hold a summit on Thursday to discuss the region's economic outlook and potential responses to the ongoing pandemic.
• The UK is set to release its latest inflation data on Friday, which is expected to show a slight increase.

Conclusion:

The global markets experienced a mixed bag of performances overnight, with the Dow Jones Industrial Average closing higher, while the S&P 500 index slipped. The tech-heavy Nasdaq Composite Index fell 0.5%. The European markets were also mixed, with the Stoxx Europe 600 Index rising 0.3%, while the UK's FTSE 100 Index declined 0.2%. The top gainers were Tesla, Microsoft, and Amazon, while the top losers were Facebook, Alphabet, and Johnson & Johnson. The US GDP growth rate was reported at 2.1% in the fourth quarter of 2022, slightly below expectations. The European Central Bank kept interest rates unchanged and announced plans to continue its asset purchase program. The UK's economy contracted by 0.2% in the fourth quarter of 2022, worse than expected.