Chevron Corp CVX.N posted record 2022 profit, but its fourth quarter earnings fell short of expectations, dragging the stock down 4.1%. The Commerce Department's hotly anticipated personal consumption expenditures (PCE) report arrived largely inline with consensus, showing softening demand and cooling inflation - which is exactly what the Federal Reserve's restrictive interest rate hikes are intended to accomplish. Financial markets still believe the central bank will hike the Fed funds target rate by another 25 basis points at the conclusion of next week's policy meeting.