Wall Street Today | Bullard Says Oil Surge Might Make Fed's Job More Difficult
MACRO
US Factory Gauge Falls to Lowest Since 2020, Employment Measure Drops
US factory activity contracted in March by more than expected, with a closely watched gauge dropping to its lowest level since May 2020 as measures of new orders and employment retreated.
The Institute for Supply Management's gauge of manufacturing activity decreased to 46.3 in March. Readings below 50 indicate contraction. Excluding the pandemic, last month's reading was the worst since 2009.
Bullard Says Oil Surge Might Make Fed's Job More Difficult
Federal Reserve Bank of St. Louis President James Bullard said OPEC's decision to cut output was unexpected and an increase in oil prices could make the Fed's job of lowering inflation more challenging.
Morgan Stanley Strategist Says US Tech Stocks' Rally Is Overdone
Morgan Stanley's Michael Wilson — among the most prominent bearish voices on US equities — warns the rally in tech stocks that's exceeded 20% isn't sustainable and that the sector will return to new lows.
SECTORS
Energy Sector Notches Its Best Day Since October on OPEC+ Cut
Energy stocks rallied Monday to achieve their best day in six months as OPEC+'s surprise production cut boosted the price of oil. The S&P 500's Energy Index climbed 4.9%, the most since October 2022.
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COMPANY
Apple to Make Small Number of Job Cuts in Some Corporate Retail Teams
$Apple (AAPL.US)$ is eliminating a small number of roles within its corporate retail teams, according to people with knowledge of the matter, marking its first known internal job cuts since it embarked on a belt-tightening effort last year.
Blackstone's BREIT Saw $4.5 Billion of Withdrawal Requests
$Blackstone (BX.US)$'s $70 billion real estate trust for wealthy individuals faced higher withdrawal requests in March and restricted redemptions for a fifth straight month.
Shareholders asked to redeem $4.5 billion last month from Blackstone Real Estate Income Trust "in a month of tremendous market volatility and broad-based financial stress," the company said Monday in a letter. BREIT allowed about $666 million to be withdrawn, or about 15% of what was requested.
Tesla Shares Drop After Deliveries Report Raises Investor Concern That More Price Cuts Are Coming
$Tesla (TSLA.US)$ shares closed down 6% on Monday after the company's quarterly deliveries report led some investors to worry that more price cuts will be needed to drive sales, eating into margins.
Google to Cut Down on Employee Laptops, Services and Staplers for 'Multi-Year' Savings
In a rare companywide memo from CFO Ruth Porat, $Alphabet-A (GOOGL.US)$ kicked off "multi-year" employee service cuts. The company is cutting back on laptops and equipment, according to more detailed internal documents.
FDIC Plans to Offer $60 Billion of Signature Loans in the Coming Months
The portfolio includes mainly commercial real estate loans, commercial loans and a small pool of single–family residential loans, the FDIC said in a statement. The CRE loans include a concentration of multifamily properties, mostly in New York City, it said. $Signature Bank (SBNY.US)$
Source: Bloomberg, Dow Jones, CNBC
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