Wall Street Today | Stock market bottom remains elusive despite deepening decline
MACRO
· Stock Market Bottom Remains Elusive Despite Deepening Decline
Market selloffs have long stumped strategists trying to predict when they were close to done. Some have concluded with bursts of panicked selling. Others, such as the one lasting from 1973 to 1974, ground to an end after days of subdued trading volumes.
Many investors and analysts looking back at historic pullbacks believe that the current slump that has put the $S&P 500 Index (.SPX.US)$ on the cusp of a bear market still has a way to go.
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· More Horrors Await After $550 Billion Retail Earnings Meltdown
Soaring costs and swollen inventories have retailers on the ropes, and investors fear that the punishment won't ease anytime soon.
With companies from $Costco (COST.US)$ to $Dollar General (DG.US)$ and $Best Buy (BBY.US)$ set to report earnings this week, investors are bracing for more bad news after a disastrous few days that sent giants like $Walmart (WMT.US)$ and $Target (TGT.US)$ to their worst stock-price drops since 1987.
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· After $5 Trillion Rout, Emerging Markets Seek Turnaround Signal
The wreckage of a $5 trillion rout in emerging markets is starting to look like a buying opportunity to some intrepid investors.
The pain points are all too obvious: Stocks have fallen below their average valuations of the past 17 years. Local-currency bond yields have soared through a range that's held since the 2008 crisis. Spreads on dollar bonds are close to thresholds seen only during times of distress.
SECTORS
· Oil Steadies as Traders Weigh Tight Gasoline Market, Weak Growth
Oil steadied at the start of the week's trading as investors weighed tight product markets against concerns over slowing global growth.
West Texas Intermediate traded above $110 a barrel following four consecutive weekly gains, the longest such run since February. Gasoline and diesel prices have rallied to records ahead of the start of the US summer driving season, which begins in about a week.
COMPANIES
· Amazon Aims to Sublet, End Warehouse Leases as Online Sales Cool
$Amazon (AMZN.US)$, stuck with too much warehouse capacity now that the surge in pandemic-era shopping has faded, is looking to sublet at least 10 million square feet of space and could vacate even more by ending leases with landlords, according to people familiar with the situation.
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· Nvidia to Slow Hiring Amid Inflationary Environment
$NVIDIA(NVDA.US)$is slowing the pace of hiring, the company confirmed on Sunday.
The chip maker joins several other major technology companies that have decided to be more prudent with their operating budgets in recent weeks.
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· Broadcom in Talks to Acquire Cloud Company VMware
$Broadcom (AVGO.US)$ is in talks to buy cloud-computing company $Vmware (VMW.US)$, according to people familiar with the matter.
Talks are ongoing and there is no guarantee they will lead to a deal, said the people, who asked not to be identified because the matter isn't public.
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Source: Bloomberg, WSJ,FT
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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