Wall Street Today | Falling commodity prices raise hopes that inflation has peaked
MACRO
At Least 7 Major Economies Will Hit Recession in the Next 12 Months, Nomura Says
Six major economies will join the U.S. in falling to recession in the coming year, according to new research by Nomura. The euro area, the U.K., Japan, South Korea, Australia, and Canada will also see economic growth contract due to tightening monetary policy, faster inflation, and worsening financial conditions.
The Worst Stock Selloff in Half a Century Might Not Be Done Yet
Coming off the worst first-half since 1970, US equities now face a triple whammy of sticky inflation, recession risks, and the threat to corporate profits from sinking consumer confidence. Investors expect the stocks tale will probably have more twists and turns before the year ends.
SECTORS
Falling Commodity Prices Raise Hopes That Inflation Has Peaked
A slide in all manner of raw-materials prices -- corn, wheat, copper and more -- is stirring hopes that a significant source of inflationary pressure might be starting to ease. Natural-gas prices closed the quarter 3.9% lower, while crude slipped from highs above $120 a barrel to end around $106.
Chip Boom Loses Steam on Slowing PC Sales, Crypto Rout
The pandemic-era boom in semiconductors that spurred a global shortage is showing its first signs of weakness, driven by a slump in personal-computer sales and a rout in cryptocurrency markets. Chip giants $Intel(INTC.US)$and$NVIDIA(NVDA.US)$are both warning of rockier months ahead, pointing to a chillier consumer climate.
COMPANY
Tesla Pauses Plants After Ending Shaky Quarter With a Production Milestone
The electric-car maker will halt most production on its Model Y assembly line in Shanghai for the first two weeks of July, then stop the Model 3 line for a 20-day stretch starting July 18. The carmaker's plant near Berlin will also take a two-week break starting July 11. $Tesla(TSLA.US$
The iPhone Is Taking a Back Seat to the Mac in Chip Upgrades
When it comes to $Apple(AAPL.US$'s chip advancements, the company's iPhone and watch are taking a back seat to the Mac. This year, for the first time since Apple starting designing its own processors, the company won't be upgrading the chip inside of its main new iPhone. This fall's entry-level iPhone 14 models will retain the A15 chip from last year, with only the Pro version getting a new A16 processor.
Microsoft Azure Data Centers Are Operating With Limited Server Capacity
The server capacity at more than half a dozen Azure data centers will likely remain limited until early 2023. It included a facility in central Washington state and others in Europe and Asia. $Microsoft(MSFT.US$'s struggle to fill its data centers with hardware comes after a surge in cloud demand at the outset of the pandemic.
Kellogg's Loses Bid to Block New UK Rules to Tackle Obesity
$Kellanova(K.US$ lost its bid to block the UK's new curbs on the promotion of unhealthy foods after a London judge threw out the suit as he called the moves to fight obesity "compelling". The legislation hopes to reduce childhood obesity and will restrict where some types of food are displayed in stores and when they are advertised online.
Source: Bloomberg, Dow Jones, Benzinga
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