(Bloomberg) — The late Nobel Prize-winning economist Paul Samuelson once quipped that Wall Street had predicted nine out of the last five recessions. This time, the stock market may be right. The US economy is starting to show signs of strain under the weight of decades-high inflation and climbing interest rates — raising the risk […]
Read More(Bloomberg) — Target Corp. is on pace for its worst stock drop since 1987’s Black Monday crash after becoming the second big retailer in two days to trim its profit forecast. A surge in costs during the first quarter shows little sign of easing, said Chief Executive Officer Brian Cornell. Operating profit will amount to […]
Read More(Bloomberg) — A mass exodus of money, an $11 trillion wipeout, and the worst losing streak for global stocks since the 2008 financial crisis. The bad news is that it may not be over yet. The selloff in the MSCI ACWI Index has dramatically lowered valuations of companies across the US and Europe, but strategists […]
Read More(Bloomberg) — The outlook for U.S. stocks isn’t particularly bright, even if an outright recession is avoided, according to Goldman Sachs Group Inc. strategists. “The best case scenario for the economy — and, eventually, for equity prices — probably involves a continued period of constrained equity market returns,” the strategists led by David Kostin wrote […]
Read More(Bloomberg) — The U.S. economy unexpectedly shrank last quarter for the first time since 2020 as the trade deficit ballooned, adding to political headaches for President Joe Biden but unlikely to sway the Federal Reserve from hiking interest rates aggressively to combat inflation. Gross domestic product fell at a 1.4% annualized rate as surging imports […]
Read More(Bloomberg) — Insurance executives who oversee more than $13 trillion in assets expect the U.S. to enter a recession in the near future, according to an annual survey conducted by Goldman Sachs Group Inc. Of 328 chief investment officers and chief financial officers polled, more than 60% anticipate the world’s largest economy will experience a […]
Read MoreFed tightening programs, like the one about to begin in part to combat rising prices, usually clobber the economy, two economists note. Robyn Beck/AFP/Getty Images “Something that everyone knows isn’t worth knowing,” as the famed financier Bernard Baruch once observed. And so I was reminded by a long discourse in the New York Times this […]
Read More(Bloomberg) — The firebreak between mounting economic threats and a continuation in the global recovery: an imposing concrete and glass structure in the heart of Beijing’s financial district, elephant statues guarding the door, the Chinese flag flying above. That’s the headquarters of the People’s Bank of China which, in contrast with the U.S. Federal Reserve, […]
Read MoreThe emergence of a new COVID variant spooked markets on Friday, forcing some Fed watchers to question if the Federal Reserve will change course on its plans to slow its monetary support to the U.S. economy. “Policy normalization already looked like it was going to be gradual but the developments that we see, the growth […]
Read MoreAthletic gear retailer Dick’s Sporting Goods (DKS) reports third-quarter earnings on Tuesday before the market open. DKS stock edged higher on Monday. The company reports as it grapples with limited product availability caused by a manufacturing shutdown in Vietnam hitting companies like Nike (NKE). Dick’s Sporting Goods Earnings Estimates: Wall Street expects Dick’s to earn […]
Read MoreYou might have noticed that your options at the store are more limited than usual. This is because of the supply chain issues we all hear about every day. And don’t bother asking sales reps if they have more of anything in the backroom or the warehouse. Inventory levels across all industries are depleted. According […]
Read MoreSince mid-June, the broad market has pushed above a consolidation range that lasted the better part of two months and has spent the summer extending its upward trend. This week some of that momentum has waned just a bit, but at the same time the S&P 500 Index has continued to establish new, all-time highs […]
Read MoreThe Technology sector has been a bright spot throughout the COVID-19 pandemic. One of the reasons the sector has led the market for most of the past year and a half is because so much of the shift to remote, work-from-home operations for corporate America, and contactless sales and delivery methods now being used by […]
Read MorePlus, Fed Chair Jerome Powell said the central bank is likely to begin tapering before the end of this year, Apple announced App Store updates, and Rivian Automotive confidentially filed to go public.
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