Wall Street Today | U.S. Gasoline Prices Are Down 13 Weeks in a Row
MACRO
NY Fed Says Consumers Saw in August Steep Declines in Future Inflation
American consumers said in August that they are expecting notable declines in future levels of inflation, a report from the Federal Reserve Bank of New York said Monday. The bank said in its August Survey of Consumer Expectations that one year from now, households see inflation at 5.7%, down from the 6.2% they predicted in the July survey.
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US Inflation Data Will Determine If Stock Rally Continues
The S&P 500 Index is on a roll, posting its best four-day rally since early July. US consumer-price inflation is expected to show signs of moderating in August, with CPI forecast to have risen 8% in August from a year earlier versus 8.5% in July, according to economists surveyed by Bloomberg. Another rally could help propel the index above its 200-day moving average for the first time since April.
Sliding Earnings Forecasts Pose Next Test for Markets
Analysts have cut their estimates for third-quarter earnings growth by 5.5 percentage points since June 30, according to analyst John Butters. That is more than usual and marks the biggest cut since the second quarter of 2020.
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SECTORS
U.S. Gasoline Prices Are Down 13 Weeks in a Row
The average price of regular unleaded gasoline fell to $3.70 a gallon, the lowest since early March, according to OPIS, an energy-data and analytics provider, and is approaching the average price that predated Russia's invasion of Ukraine. Average gas prices have fallen 26% from the record above $5 a gallon set in June.
COMPANY
Twitter Shareholders Are Poised to Approve Elon Musk Takeover Deal
$Twitter (Delisted) (TWTR.US)$'s shareholders are poised to approve the $44 billion takeover that Elon Musk is now trying to exit, according to people familiar with the matter, putting the deal's fate in a Delaware judge's hands as the social-media company tries to force the billionaire to follow through with the purchase in court.
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Oracle Sales Top Expectations as Cloud Businesses Thrive
$Oracle (ORCL.US)$ sales topped expectations in the latest quarter, as its cloud businesses and integration of Cerner Corp. lifted results despite concerns about a slowdown among technology companies in response to economic uncertainty.
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Peloton Shares Drop As Co-Founders Step Down From Roles At Embattled Connected Fitness Company
$Peloton Interactive (PTON.US)$ shares were trading lower in Monday's after-hours session after the company announced that co-founders John Foley and Hisao Kushi will step down from their roles at the connected fitness company.
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Goldman Sachs Plans to Cut Hundreds of Jobs
$Goldman Sachs (GS.US)$ is preparing to lay off hundreds of staffers as soon as next week. The bank is reinstating a tradition of annual employee culls, which have historically targeted between 1% and 5% of lower performers, in positions across the firm, according to a person with direct knowledge of the situation.
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Apple Rallies Most Since May on Strong iPhone Pre-Order Data
$Apple (AAPL.US)$ shares rallied the most since May as pre-order data showed the iPhone 14 Pro Max was the best selling model, surpassing what the older version did in a similar timeframe. Shares of the tech giant rose 3.9%, their biggest one-day gain since May 27.
Source: Bloomberg, Dow Jones
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