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Walmart steers through inflation, boosting profit and sales
NEW YORK (AP) — Walmart muscled through rising inflation, surging costs related to COVID-19 sick leave and snarled global supply chains to put up strong fiscal fourth quarter results. The Arkansas company reported Thursday that its quarterly profit reached $3.56 billion, or $1.28 per share. Per-share earnings adjusted for one-time costs and benefits was $1.53, or 3 cents better than Wall Street expected. Revenue edged up to $152.87 billion. Last year during the same period the company lost $2.9 billion due partly to costs related to the pandemic. Walmart is the first major retailer to report fourth-quarter fiscal results, which include the critical holiday shopping period, and is a major barometer of spending.
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Tesla faces another US investigation: Unexpected braking
DETROIT (AP) — U.S. auto safety regulators have launched another investigation of Tesla, this time tied to complaints that its cars can stop on roads for no apparent reason. The government says it has 354 complaints from owners during the past nine months about “phantom braking” in Tesla’s Models 3 and Y. The probe covers an estimated 416,000 vehicles from the 2021 and 2022 model years. No crashes or injuries were reported. The cars and SUVs have partially automated driver-assist features that allow them to automatically brake and steer in their lanes. Government documents posted Thursday say the vehicles can unexpectedly brake at highway speeds.
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Ukraine tensions send US stocks and bond yields lower
NEW YORK (AP) — Stocks and bond yields sank Thursday as markets remained anxious over the possibility that Russia could invade Ukraine. The S&P 500 fell 2.1%, its biggest drop in two weeks. Technology stocks led the way lower, pulling the Nasdaq down 2.9%. Investors shifted money into low-risk U.S. government bonds, pushing yields lower. The yield on the 10-year Treasury note fell to 1.97%. Markets are unsettled by Russia’s buildup of troops near Ukraine, and U.S. President Joe Biden said there was a high risk that Russia would invade the country. European markets closed lower. Walmart rose after reporting strong results.
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Saudi Arabia keeps lid on oil output as US gas prices rise
DUBAI, United Arab Emirates (AP) — Saudi Arabia is signaling it isn’t willing to pump more oil and won’t push for changes to an agreement with Russia and other producers that has kept a lid on oil production levels. That has Washington concerned as gasoline prices rise at the pump and tensions over Ukraine fuel market uncertainty. The Biden administration dispatched two officials to Saudi Arabia this week to talk about a range of issues, chief among them the ongoing war in Yemen and global energy supplies. Higher prices at the pump pose a threat to Democrats in upcoming elections. President Joe Biden has warned that gas prices could get even higher if Russian invades Ukraine.
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China rejects US trade complaint, criticizes Washington
BEIJING (AP) — China has rejected a U.S. accusation that Beijing is failing to live up to its market-opening commitments in a new round of complaints as companies wait for the two governments to restart talks on ending a tariff war. The Ministry of Commerce criticized the Biden administration for saying it is developing new ways to deal with Chinese trade tactics. The chief U.S. trade envoy said Beijing has “expanded its state-led, non-market approach” instead of carrying out market-opening promises made when it joined the World Trade Organization in 2001. The Ministry of Commerce rejected that as “completely at odds with the facts.”
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Bill averting federal shutdown clears initial Senate hurdle
WASHINGTON (AP) — The Senate has voted 65-30 to start debating legislation averting a weekend government shutdown. The bill would keep agencies afloat through March 11. Leaders hope that would give bipartisan bargainers enough time to finally reach a deal financing federal agencies until fall. Without the current legislation, federal spending authority will expire Saturday. The House approved the legislation last week with both parties’ backing. The process has had minimal drama, with neither side believing it would benefit by forcing an election-year shutdown. In exchange for allowing quick votes on the bill, Republicans want votes on proposals halting federal vaccine mandates and prodding Congress to write balanced budgets.
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Justice Dept. to take on exploitation of supply chain issues
WASHINGTON (AP) — The Justice Department is launching a new initiative aimed at identifying companies that exploit supply chain disruptions in the U.S. to make increased profits in violation of federal antitrust laws. The program is being unveiled Thursday by the Justice Department’s antitrust division and the FBI. The program comes amid ongoing supply chain struggles and labor shortages in the U.S. that have plagued retailers since the coronavirus pandemic began. The Justice Department says it worries companies may “seek to exploit supply chain disruptions for their own illicit gain.” Prosecutors point to agreements between individuals and businesses to fix prices or wages or to rig bids.
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Ford, battery maker face job requirement for Tennessee plant
MEMPHIS, Tenn. (AP) — A lease agreement says Ford Motor Co. and a South Korean company would have to create more than 5,000 full-time jobs at a planned electric pickup truck factory and battery manufacturing plant in Tennessee or pay back at least part of a $500 million state grant for the project. The Megasite Authority of West Tennessee’s board of directors signed off on the lease during a meeting to discuss the $5.6 billion project to build electric F-Series pickups and batteries at a 3,600-acre parcel of land in rural Haywood County.
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Banner 2021 for stocks boosts gains for 401(k) savers
LOS ANGELES (AP) — The stock market’s blockbuster gains in 2021 helped pad savers’ retirement accounts, lifting the average balance on some popular investment plans to new highs. The average 401(k) plan balance stood at $130,700 at the end of last year, a 7.6% increase from 2020, according to a review of 20.4 million accounts by Fidelity Investments. The median balance, a better measure of the typical plan size, rose 2.1% to $28,600. The gains come amid a banner year for stocks as consumer demand fueled by easing pandemic lockdowns pumped up corporate profits, keeping investors in a buying mood.
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The S&P 500 dropped 94.75 points, or 2.1%, to 4,380.26. The Dow Jones Industrial Average fell 622.24 points, or 1.8%, to 34,312.03. The Nasdaq lost 407.38 points, or 2.9%, to 13,716.72. The Russell 2000 index of smaller companies shed 51.22 points, or 2.5%, to 2,028.09.
