Here is a rundown of Cheddar News' top trending market stories of the day.
MARKETS REACT TO RATE HIKE
The Federal Reserve on Wednesday raised its benchmark interest rate by a quarter-of-a-percent. The move was in line with Wall Street's expectation, but nonetheless caused some turbulence for markets. Stocks initially fell but then bounced back, as investors seemed to respond positively to the fact that this was the smallest hike from the central bank in almost a year.
TIKTOK HEARING UPDATE
TikTok CEO Shou Zi Chew is scheduled to testify before Congress for the first time in March. In the meantime, lawmakers continue to put pressure on U.S. companies to separate themselves from the controversial Chinese company. Sen. Michael Bennet (D-Colo.) has written a letter to the CEOs of Apple and Google urging them to remove TikTok from their app stores.
BED BATH & BEYOND CLOSURES
Bed Bath & Beyond has announced plans to close an additional 87 stores as well as all Harmon health and beauty locations. The closures come as the retailer struggles to stay solvent. Bankruptcy is one option on the table, but for the moment the company is trying to stay above water by cutting costs and shrinking its footprint.
FedEx is laying off more than 10 percent of its management staff as part of broader cuts. The company is trying to become more efficient following a lowered profit outlook in September that sent shares plummeting. The layoffs account for about 2 percent of FedEx's total workforce.