After two days of Fed-driven selling, Wall Street remains stable.

BY THE NUMBERS

Wall Street attempted to halt a three-day losing streak on Thursday, as U.S. stock futures remained relatively stable. The previous day, the led the selling, with the Fed's more hawkish tone causing a 2.2% drop on Wednesday, following a 2.3% decline the day before. (CNBC)

The central bank's minutes from its March meeting revealed that a majority of Fed officials agreed to reduce its balance sheet by $95 billion per month in order to combat inflation. Additionally, the minutes indicated that larger-than-usual rate hikes of 50 basis points were being considered after a 25 basis point increase last month, marking the first increase in over three years. (Source: CNBC)

The yield on 10-year Treasury bonds rose on Thursday after the government reported fewer-than-expected initial jobless claims. The was trading around three-year highs above 2.6%, and was no longer inverted with the 3-month Treasury bill rate. However, the remained inverted, still higher than the 1-year Treasury bill rate. (Source: CNBC)

Janet Yellen, the Treasury Secretary, stated in a speech on Thursday that more government regulation is necessary to prevent the spread of cryptocurrency and other digital assets, as well as to prevent fraudulent and illegal transactions. (AP)

IN THE NEWS TODAY

Berkshire Hathaway, led by Warren Buffett, has become the largest shareholder in HP, purchasing nearly 121 million shares of the PC and printer maker, worth roughly $4.2 billion based on HP's closing stock price Wednesday. This stake represents about 11% of HP's outstanding shares. The value of this investment increased by 15% in Thursday's premarket, as HP's stock price jumped. (Source: CNBC)

Western oil giants that exited Russia following Moscow's unprovoked invasion of Ukraine may write off between $4 billion and $5 billion, according to an announcement made on Thursday. The impact of ongoing developments in Ukraine on these companies will be further detailed in Shell's first-quarter earnings report on May 5. Meanwhile, the EU is not expected to fully ban Russian coal imports until August, sources say. The UK is targeting more nuclear, wind power, and fossil fuels in a bid for energy security.

On Thursday, Ukraine requested more weapons from NATO to combat Russia and prevent future atrocities, such as those reported in Bucha, near Kyiv. Meanwhile, Russian forces, who were unable to quickly capture Ukraine's capital, are reorganizing for an offensive in eastern Ukraine, where Moscow recognized the Luhansk and Donetsk regions as independent states early in its invasion. (AP)

Tesla (TSLA) is set to launch its new Texas auto assembly plant in the Austin area on Thursday, just a month after opening a similar factory in Germany. The official opening ceremony, known as the "Cyber Rodeo," marks a return to the Austin area for Tesla, which moved its headquarters there from Palo Alto, Calif., last year. (WSJ)

The Chevrolet Bolt models, which were recalled due to several vehicles catching fire, are expected to achieve record sales in 2022, according to GM. Production and shipments of the Bolt EV and EUV version have resumed this week after a recall-related production shutdown.

Amazon is being investigated by federal securities regulators for how it discloses information about its business practices, including the use of third-party seller data for its private-label business, according to The Wall Street Journal. Tencent has shut down a rival to Amazon's Twitch after China blocked a key gaming merger, and the billionaire founder of JD.com has stepped down as CEO as Beijing's crackdown continues.

The FDA and CDC are rushing to approve a fourth round of Covid shots without sufficient public debate, giving vaccine makers too much control over the pace of distribution.

On Thursday, the Senate is predicted to approve Ketanji Brown Jackson as the first Black woman to serve on the Supreme Court, with three Republican senators already expressing their support for the nominee. This move will provide President Joe Biden with a bipartisan endorsement for his historic selection, as Jackson will replace the retiring liberal Justice Stephen Breyer on the conservative-majority high court. (AP)

STOCKS TO WATCH

After the White House announced an extension of the student loan payment moratorium, SOFI fell 5% in the premarket.

The food producer's results are being affected by higher transportation and raw materials costs, causing a 5.5% decline in the premarket after a weaker-than-expected forecast for the fiscal year ending in May.

Levi Strauss exceeded expectations by 4 cents with a quarterly profit of 46 cents per share, and its revenue also surpassed Wall Street predictions. The apparel company experienced strong demand for its jeans, tops, and jackets while successfully increasing prices and decreasing promotions. Levi Strauss increased by 3% in premarket trading.

Rite Aid's stock price dropped 18% in premarket trading after Deutsche Bank downgraded the drugstore operator to "sell" from "hold." Deutsche Bank stated that Covid has accelerated the decline of the retail pharmacy industry, and there is a possibility that Rite Aid may not be able to generate enough earnings to remain operational.

The stock of (W) slid 4.1% in the premarket after Wells Fargo downgraded it to "underweight" from "equal weight." Wells Fargo stated that the high-end furniture retailer will face challenges due to declining demand, overly optimistic forecasts, and other unfavorable circumstances.

The fashion rental company's price hike for its subscribers caused a 4% increase in the premarket value of RENT.

CDK, a provider of automotive retail technology, was acquired by Brookfield Business Partners for $54.87 per share in cash, which represents a 12% premium over CDK's Wednesday closing price.

WATERCOOLER

The 91st competitive round of Tiger Woods at the Masters will begin Thursday morning. Whether his surgically rebuilt right leg can withstand the test it will face during this round will be determined by what happens when he puts his driver back into his bag. (AP)