The daily business briefing: May 2, 2019

1. Fed sees no reason to change rates

The Federal Reserve on Wednesday concluded a two-day policy meeting by leaving its benchmark interest rate unchanged and saying it saw no strong reason to raise or lower interest rates in the near future. The patient approach reflects signs of a healthy economy, such as strong job growth, offset by unusually low inflation. "We think our policy stance is appropriate at the moment; we don't see a strong case for moving it in either direction," Fed Chair Jerome Powell said after the meeting. President Trump has called on the Fed to cut rates to boost the economy, but the decision to hold rates steady was widely expected.

Reuters The Associated Press

2. Carolina teachers protest low pay

Thousands of teachers walked out of schools in the Carolinas on Wednesday to protest low pay. The demonstrations in North and South Carolina followed similar actions over the last three months in West Virginia, Virginia, Kentucky, Colorado, and California. Teachers in some places have staged sick-outs, while those in others have marched or protested in picket lines. In South Carolina, where pay has not kept up with inflation since 2003, teachers took personal days so they could protest. "We know it is a sacrifice for educators to be out of their classrooms," the teachers' advocacy group SC for Ed said. "However, not participating in this event will only allow the cycle of detrimental education policy to continue."

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U.S. News & World Report CNN

3. Qualcomm forecasts up to $4.7 billion Apple payment under patent deal

Qualcomm said Wednesday it expected to receive a one-time payment between $4.5 billion and $4.7 billion in the next quarter under its patent settlement with Apple. The news, which came as the mobile chip maker reported quarterly earnings, provided the first concrete indication of the impact of the agreement. Qualcomm's stock was up by more than 50 percent recently as investors expressed relief over the terms of the deal to end the smartphone patent fight. Qualcomm's stock fell by about 3 percent in after-hours trading on Wednesday after Qualcomm's announcement suggested that, after Apple catches up on back royalties, future licensing fees under the agreement won't dramatically increase its revenue.

The New York Times

4. Stocks struggle to regain momentum after Fed statement

U.S. stock index futures made modest gains early Thursday, struggling to regain momentum lost after Federal Reserve Chair Jerome Powell dashed hopes of an interest-rate cut. Futures for the Dow Jones Industrial Average were up by 0.1 percent, while those of the S&P 500 and Nasdaq rose by 0.2 percent and 0.3 percent, respectively. On Wednesday, the three main U.S. indexes gave back early gains and closed down by 0.6 percent or more after Powell said the Fed saw no reason to raise or cut rates. The market also could get direction from another flurry of corporate earnings from such companies as Kellogg, Under Armour, CBS, and Expedia.

CNBC

5. GOP senator says fate of Trump Fed pick to be settled soon

The fate of President Trump's choice for a spot on the Federal Reserve Board, conservative commentator Stephen Moore, could be decided soon, Sen. John Thune, the Senate's No. 2 Republican leader, said Wednesday. Thune (R-S.D.) said Moore "has issues up here." Moore has faced opposition due to past disparaging writings about women. Also, he expressed regret this week for saying in 2016 that he loved a cartoon about Trump arriving and kicking former President Barack Obama and his family out of "public housing." Moore said his possible nomination remained on track. "As long as it's about my economic views and qualifications, I'll be easily confirmed," he said.

The Associated Press CNN