Wall Street Today | Consumer Confidence in the US Declines Ahead of Debt-Ceiling Deal
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Consumer Confidence in the US Declines Ahead of Debt-Ceiling Deal
US consumer confidence fell to a six-month low of 102.3 as views about the current state of the labor market and the outlook for business conditions slipped ahead of a deal to raise the debt ceiling.
The confidence gauge remains well below pre-pandemic levels and highlights the growing uncertainty about the economy. The share of respondents expecting more employment opportunities in the coming six months fell to the lowest since 2016, and the labor market has been the lynchpin supporting household spending.
US Home Prices Climb as Tight Market Collides With Demand Uptick
Home prices rose for a second straight month as buyers returning to the market competed over few homes for sale. A measure of prices nationally increased 0.4% in March from a month earlier, according to seasonally adjusted data from S&P CoreLogic Case-Shiller.
Demand is picking back up in parts of the US as buyers start to adjust to much higher borrowing costs that shot up starting last year. But transactions remain relatively slow as homeowners are often reluctant to sell and give up lower rates, keeping inventory for previously owned homes tight.
SECTORS
U.S. Oil Futures Settle Below $70 a Barrel, at Lowest in Nearly 4 Weeks
U.S. oil futures declined on Tuesday, settling below $70 a barrel for the first time since early May.
“We’ve seen oil prices slide back again as investors look towards the next stage of the U.S. debt ceiling saga and concerns that sticky inflation will likely act as a brake on demand and ergo the wider global economy,” said Michael Hewson, chief market analyst at CMC Markets UK. “Output levels, which were expected to get tightened during the months of April and May, haven’t been as tight as expected meaning that supplies are higher than expected.”
Big Tech Rally Will Only Grow Further as Recession Worries Reign, Investors Say
The Big Tech rally of this year has further to run as the risk of a US recession drives investors into stocks that offer profitable growth in lean times, according to the latest Markets Live Pulse survey. Some 41% of 492 market participants surveyed said the highest returns this year would come from buying quality stocks focused on profitability, while selling those that disappoint on those factors.
COMPANY
Nvidia Touches $1 Trillion Mark After Beating Rivals to AI
$NVIDIA (NVDA.US)$’s market valuation crossed the $1 trillion threshold on Tuesday after its artificial intelligence prospects vaulted the chipmaker into an elite club of just five American companies.
Company Insiders Made Billions Before SPAC Bust
The SPAC boom cost investors billions. Insiders in the companies that went public were on the other side of the trade.
Executives and early investors in companies that went public via special-purpose acquisition companies sold shares worth $22 billion through well-timed trades, profiting before share prices collapsed.
Broadcom’s AI Chip Deals Excite Wall Street. It’s About More Than Apple
$Broadcom (AVGO.US)$ is scheduled to report earnings Thursday, and analysts are optimistic about the semiconductor maker’s orders from major tech companies such as Apple , Meta Platforms and Google.
The company and $Apple (AAPL.US)$ announced a new multibillion-dollar agreement to make 5G radio frequency components and wireless chips. The deal and others, most notably with Google, have Wall Street mostly positive coming into earnings.
Goldman Sachs Is Cutting Jobs Again Amid Wall Street Deals Slump
Goldman Sachs is preparing for its third round of layoffs since September as Wall Street firms adjust to a slump in deals activity. The company is expected to trim fewer than 250 jobs in the coming weeks, a person with knowledge of the New York-based bank’s plans said Tuesday.
Source: Bloomberg, Dow Jones, CNBC
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JasonDezmall : 77
Scorched earf : Simple analysis. Play the market according to the party in power. How many times do we have to all go through the same cycle before we finally get it? Remember those Obama years? That was a shorters paradise as well. Deal with reality. Ideas and feelings don’t really work here. But you do you.
Scorched earf : Everybody remember Solyndra? Read this. This is the Dipshit running the US.
Scorched earf : Went bankrupt two years later
SaotAd Scorched earf : Wouldn't it be
MichelleHo : New energy has replaced the traditional gas industry!