Major Wall Street indices closed in the green on Wednesday after the Federal Reserve dialed down the pace of its rate hike to 25 basis points on expected lines and Chairman Jerome Powell acknowledged inflation has begun declining. “We can now say for the first time that the disinflationary process has started. We can see that and we see it really in goods prices so far,” Powell said at a post-meeting conference according to CNBC. Following are the five stocks that are drawing investors’ attention:
1. Tesla Inc TSLA: Shares of Tesla ended 4.73% higher on Wednesday and gained 1.42% in extended trading. The company is planning to increase output at its Shanghai plant over the next two months to meet demand stoked by aggressive price cuts on its best-selling models, reported Reuters, citing a planning memo and a person with knowledge of the plan.
Also Read: Everything You Need To Know About Tesla Stock
2. Amazon.com, Inc. AMZN: Shares of Amazon closed 1.96% higher on Wednesday and gained another 3.47% in extended trading. The company is scheduled to announce its latest quarterly earnings report on Thursday. Analysts estimate it will report earnings per share of $0.19.
3. Meta Platforms Inc META: Shares of Facebook’s parent gained 2.79% on Wednesday and rose 19.58% in extended trading after the company’s fourth-quarter revenue topped estimates, while the company also announced a $40 billion stock buyback. Meta reported fourth-quarter revenue of $32.17 billion, down 4% year-over-year. The revenue figure came in ahead of a Street estimate of $31.53 billion.
4. Carvana Co CVNA: Shares of Carvana rose 33.33% on Wednesday and rose another 24.56% in extended trading. The online used car retailer’s stock gained following the Federal Reserve’s monetary policy announcement and acknowledgment of disinflation as rate-sensitive sectors benefit when interest rate hikes slow down or stop.
5. Silvergate Capital Corp SI: Shares of the company closed 14.04% higher and gained another 8.07% in extended trading on Wednesday after BlackRock disclosed an increased stake in the firm at 7.2%, according to CNBC.
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