Wall Street Today | US Business Activity Contracts Again, Weakest Since May 2020
MACRO
Powell Is Not About to Go All Volcker on Rates at Jackson Hole, Goldman's Hatzius Says
The message from markets this past week has been that Federal Reserve Chairman Jerome Powell will channel his inner Paul Volcker and deliver the fire and brimstone of large, inflation-crushing interest-rate increases in remarks at Jackson Hole on Friday. Not so fast, says Goldman Sachs Group Inc. Chief Economist Jan Hatzius.
US New-Home Sales Plummet to Slowest Pace Since Early 2016
Sales of new US homes fell in July for the sixth time this year to the slowest pace since early 2016, extending a months-long deterioration in the housing market fueled by high borrowing costs and a pullback in demand. Purchases of new single-family homes decreased 12.6% to a 511,000 annualized pace from a revised 585,000 in June, government data showed Tuesday.
US Business Activity Contracts Again, Weakest Since May 2020
US business activity contracted for a second straight month in August, reflecting softer demand at both manufacturers and service providers and adding to concerns about the health of the overall economy. The S&P Global flash composite purchasing managers output index slid 2.7 points to 45, the weakest reading since May 2020, the group reported Tuesday.
SECTORS
Endless Demand Spurs U.S. Natural-Gas Prices to Shale-Era Highs
The 14-year highs reached this week by U.S. natural-gas futures show the unceasing demand for U.S. shale gas across the Atlantic—and likely point to rising prices and market volatility ahead. Heating-season gas futures double last winter's price and analysts see even higher prices ahead.
US Gasoline Prices Have Fallen Every Day Since Mid-June
US pump prices are averaging $3.892 a gallon after reaching a record high of $5.016 a gallon in mid-June and have fallen for 70 straight days, according to auto club AAA. Prices haven’t fallen that many days since January 2015.
COMPANY
Twitter's Ex-Security Head Files Whistleblower Complaint on Spam, Privacy Issues
A whistleblower complaint by $Twitter (Delisted) (TWTR.US)$'s former head of security alleging widespread mismanagement spurred new scrutiny of the social-media company, adding to its challenges as it prepares for its legal battle with Elon Musk.
>> Read more
>> Read more
Intel, Brookfield Sign $30 Billion Deal to Finance Chip Factories
$Intel (INTC.US)$ has struck an unusual $30 billion funding partnership with $Brookfield Asset Management (BAM.US)$ to help finance its factory-expansion ambitions, signaling some big investors are upbeat about the long-term demand for semiconductors.
>> Read more
>> Read more
Legendary Short Seller Jim Chanos Says He Started New Short in AMC and Zoom
Famed short seller Jim Chanos said he initiated a new short position in meme stock $AMC Entertainment (AMC.US)$ on Monday. Chanos also disclosed that he's short $Zoom Video Communications (ZM.US)$. Zoom shares plunged 15% after the company reported second-quarter results that missed estimates and provided soft guidance.
Nordstrom Cuts Full-year Forecast, Citing Slowing Customer Demand
$Nordstrom (JWN.US)$ on Tuesday slashed its financial forecast for the full year as the department store chain faces a glut of inventory and slowing demand. The retailer's lowered forecast came even as it reported fiscal second-quarter earnings and sales ahead of analysts' estimates. Its shares were down 14% in extended trading. Earlier in the day, $Macy's (M.US)$ also slashed its full-year outlook.
>> Read more
>> Read more
Source: Bloomberg, Dow Jones, CNBC, Seeking Alpha
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
Read more
Comment
Sign in to post a comment
Moomoo News Official Account
In 10 minutes it’s history. At four I’m a dinosaur!
38KFollowers
26Following
43KVisitors
Follow