- Reuters/Toby Melville
Here is what you need to know.
The Federal Reserve says it could speed up interest-rate hikes because of Donald Trump’s tax cuts. Members of the central bank still think there will be three interest-rate hikes in 2018, according to minutes released Wednesday from the December Federal Open Market Committee meeting.
The S&P 500 has gone 382 days without a 5% pullback. The benchmark index is just over two weeks from eclipsing the record of 394 days without a 5% drop, according to Goldman Sachs.
Intel was aware of the chip vulnerability when its CEO sold $24 million of stock. Intel CEO Brian Krzanich sold $24 million worth of stock and options in late November, several months after the company learned of its chip vulnerability.
Tesla misses its Model 3 deliveries by a mile. The electric-car maker delivered 1,550 Model 3 sedans in the fourth quarter, shy of the 2,917 that Wall Street was anticipating.
Tesla slashed its Model 3 production target for the first quarter. The company expects to produce 2,500 Model 3s a week by the end of the first quarter, half of its previous estimate.
Spotify has reportedly filed for its IPO in secret. Spotify confidentially filed for its initial public offering in December and is aiming to list in the first quarter, the news website Axios reports.
US auto sales slip off record highs in 2017. US auto sales totaled 17.2 million in 2017, according to Kelley Blue Book, down a bit from the record years of 2015 and 2016.
Google wants to sell Zagat. Google has held informal talks with multiple companies about selling Zagat, the restaurant guide it acquired for $151 million in 2011, people familiar with the matter told Reuters.
Stock markets around the world gain. Japan’s Nikkei (+3.26%) led in Asia, and Germany’s DAX (+0.97%) is out front in Europe. The S&P 500 is set to open little changed near 2,714.
US economic data keeps coming. ADP Employment Change will be released at 8:15 a.m. ET, and initial claims will cross the wires at 8:30 a.m. ET before Markit PMI is announced at 9:45 a.m. ET. The US 10-year yield is up 2 basis points at 2.47%.