Wall Street Today | Goldman, JPMorgan strategists see recession fears as overblown
MACRO
· Goldman, JPMorgan Strategists See Recession Fears as Overblown
$Goldman Sachs (GS.US)$'s David J. Kostin and $JPMorgan (JPM.US)$'s Marko Kolanovic say investor fears of imminent recession in the US are overblown -- leaving room for an equities recovery as the year progresses, in Kolanovic's view. The benchmark $S&P 500 Index (.SPX.US)$ has slumped 18% from its January record, approaching bear market territory.
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· Fed to Plow Ahead on Half-Point Hikes, Undeterred by Stock Slump
Don't count on Federal Reserve Chair Jerome Powell to ride to the rescue of a faltering stock market -- at least not yet.
That's not encouraging for investors betting on the imminent exercise of a "Fed put" -- in which the central bank alters policy to prop up equity markets after a sharp decline.
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· Yellen Rejects Idea of Fed Raising 2% Inflation Target
US consumer prices have surged by more than an 8% annual rate the past two months, and some economists have questioned whether the Fed will be able to bring gains down to the 2% target for years. That's in turn spurred speculation the Fed may need to boost its target.
"I don't immediately see that as a reason to change," the inflation target, Yellen told reporters Thursday in Bonn, Germany, referring to the potential for deglobalization to boost the trend rate of price increases. "The challenge is to meet the inflation targets that have been established."
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· What is a Bear Market?
If you're just tuning in or watching your retirement savings shrink, here's what you need to know about the grizzly decline.
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SECTORS
· In a Sour Market, Agricultural Commodities Are Still Tasty
Agricultural commodities may be one of the last options left on the menu for investors reeling from a global stock- and bond-market crash.
While the war in Ukraine, shipping disruptions and rising oil and fertilizer prices were an initial impetus for grain prices to rise, protectionism is showing up as a new threat.
· Gas Prices Hit New Highs Again With All 50 States Above $4 a Gallon
The average price for a gallon of regular unleaded gasoline in the U.S. hit a record of $4.59 on Thursday, according to AAA. It is the highest national average recorded by AAA since they began tracking fuel costs in 2000. On average, prices are about 50 cents more a gallon than they were a month ago. A year ago, the average cost of a gallon of gas was $3.04, according to the group.
COMPANIES
· Twitter Moves to Limit Spread of Misinformation in Crises
$Twitter (Delisted) (TWTR.US)$ said Thursday that it plans to slow what it deems misinformation around crises including armed conflicts, natural disasters and public health emergencies and elevate credible information.
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· Applied Materials Reports Weak Earnings. The Stock is Dropping
$Applied Materials (AMAT.US)$ forecast less revenue than expected for the July quarter and reported earnings below expectations, citing ongoing supply-chain issues.
Applied Materials fell 5.2% to $105 following the release Thursday. The company's key customers include $Intel (INTC.US)$ and $Taiwan Semiconductor (TSM.US)$.
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· Google, Meta Are the Targets of a New Senate Bill That Seeks to Break Up Online-Ad Businesses
As the clock ticks down on congressional attempts to rewrite antitrust laws in the tech industry this year, arguably the most aggressive bill yet emerged Thursday to rein in the digital advertising market.
The Competition and Transparency in Digital Advertising Act, supported by Senate Republicans and Democrats, targets the two most dominant online-ad players, $Alphabet-A (GOOGL.US)$ and Facebook parent company $Meta Platforms (FB.US)$, and could force each to splinter their labyrinth business operations.
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Source: Bloomberg, WSJ, MarketWatch
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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Always Hungryy : fully agree. earnings results are mostly great. lots of pent up demand after COVID.
71083229 : No Sh*t Sherlock! Now that their FUD has helped drive the markets into the ground screwing retail investors they can now cash in on their manipulated options and gain more money on the trampled backs of the individual investors. IMO
KingNY-Life : The words of these institutions are absolutely unbelievable; they are manipulators of the capital market