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Fed rate hike predictions, Alibaba’s seismic split, Walgreens earnings: 3 things to know

Yahoo Finance Live’s Brad Smith summarizes three key topics to watch for this morning.

Video transcript

BRAD SMITH: This is "Yahoo Finance Live." Let's get right to the three things that you need to know to start off your morning.

First thing you need to know, predictions already rolling in for the FOMC May meeting, and the outlook, yeah, it's split. Swaps traders are pricing in a 50% probability that the Fed will lift rates by a quarter point. The target-rate probability is also sitting around the 50/50 mark. BlackRock, they're taking a firm stance, arguing the banking-sector woes won't stop the Fed from continuing rate hikes.

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This as the Senate banking turmoil is heading and [? hearing. ?] That is set to start. Plus economic data out this morning provides visibility into consumer confidence.

Second thing you need to know, Alibaba is breaking up. The e-commerce giant announcing its $220 billion empire, it's going to be divided into six main units. Now, the news comes after last year's crackdowns by Chinese regulators weighed down Chinese tech stocks in 2022. Beijing has since signaled its renewed support of private-sector growth. All of this as Alibaba's billionaire cofounder Jack Ma, who left China and all but disappeared after publicly criticizing Beijing regulators, has returned after more than a year abroad.

And third thing you need to know, Walgreens quarterly earnings results were released this morning. The drugstore chain saw profit during the period sink by more than 20%. That's thanks to a sharp decline in COVID-19 vaccinations and over-the-counter test sales. Still, the drugstore chain topped Wall Street expectations, beat revenue estimates by more than a billion dollars, and Walgreens remains optimistic on its outlook ahead, projecting positive core business growth in the year to come.