Wall Street Today | Tesla deliveries dipped in quarter, snapping two-year streak
MACRO
JPMorgan Cuts US Economic Growth Forecasts 'Perilously Close' to Recession
The Wall Street bank reduced its estimate for annualized gross domestic product growth to 1% for the second quarter, down from 2.5% previously. This quarter is also seen at 1%, down from 2%. Growth will tick up to 1.5% in the final three months of the year, helped by stronger car production and lower inflation, the bank's economists said.
Atlanta Fed's GDPNow Model Dragged Down Further to -2.1% for Q2
The Atlanta Fed's GDPNow model estimate for Q2 real GDP growth has been revised down further to -2.1% on Friday vs. -1.0% on June 30. That would be an even bigger contraction from the first quarter, which saw real GDP contract 1.6%. Note that back-to-back quarters of negative GDP growth is defined by some as a technical recession.
SECTORS
Wall Street Profit Expectations for Megabanks Cooled Only Slightly Despite Deep Freeze in Stocks
The disconnect between healthy business performance and ailing share prices in 2022 will likely continue for megabanks through this year's second-quarter earnings season, amid bear market conditions for stocks. Major banks including $JPMorgan(JPM.US)$and $Morgan Stanley(MS.US)$ are slated to report earnings next week.
Chipmakers' Struggles Have Wall Street Worried About a Recession
The $PHLX Semiconductor Index (.SOX.US)$ dropped as much as 4.6% after $Micron Technology (MU.US)$, the largest maker of memory semiconductors in the US, flagged that demand was cooling for chips used in computers and smartphones. Troubling reports from semiconductor companies ahead of their second-quarter earnings are spurring fears that demand will exceed supply for even longer.
COMPANY
Tesla Deliveries Dipped in Quarter, Snapping Two-Year Streak
$Tesla (TSLA.US)$ delivered 254,695 cars worldwide in the three months to June, snapping a two-year streak of quarter-on-quarter gains, as shutdown at its major factories crimped production. Chief Executive Officer Elon Musk had warned of a 'very tough quarter' in an internal memo, but he also expected production in the third and fourth quarters to be 'substantially higher'.
Google Says It Will Delete Users' Location History for Abortion Clinic Visits
$Alphabet-A (GOOGL.US)$ said on Friday it would delete its members' location history whenever they visit an abortion clinic, domestic violence shelter, fertility center, or other similarly-sensitive places, after the U.S. Supreme Court overturned Roe v. Wade the previous week.
Meta Platforms to End Digital Wallet Novi Pilot on Sept. 1
Novi, the company's digital wallet designed around its Libra digital currency, will no longer be available on the app or through WhatsApp starting in September. Users withdrawing from the digital wallet's account can choose to transfer their balance to their bank account or withdraw it as cash. $Meta Platforms (META.US)$
Exxon Sees $5.5 Billion Refining Windfall as Gas Prices Soar
$Exxon Mobil (XOM.US)$'s second-quarter refining earnings surged by as much as $5.5 billion, signaling a season of windfall profits for the fuel-making sector as consumers bear the burden of near-record gasoline prices. Exxon has the largest refining footprint of the major oil companies at a time of soaring margins around the world.
Source: Bloomberg, Dow Jones, Seeking Alpha
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