High inflation moderated a wee little bit in April, satisfying nobody. President Biden now says fighting inflation is his top priority, but markets don’t seem to believe him. Stocks are manic, gas prices are at new record highs, homes are getting more expensive and something weird is happening in crypto that may or may not spill into the broader economy. Inflation in April was 8.3%, down from 8.5% in March. Okay sure, it went down, not up, great, but economists thought it would drop by… Source link
Read More »Stock futures struggle for direction
Stock futures traded mixed Wednesday morning as investors considered more mixed data on the U.S. economic recovery and a resurgence in the social media-fueled “meme stocks.” Contracts on the S&P 500 ticked higher. The index closed out Tuesday’s regular session within half a percent of its all-time high, with traders searching for new catalysts to send the broader market higher. Worries over heightened inflation lingered, and concerns over supply-side shortages were fanned further after new… Source link
Read More »Oil Prices Are Only Going in One Direction
(Bloomberg Opinion) — This was supposed to be a time when things were getting closer to normal for OPEC. A recovery in oil demand after the first wave of the pandemic, coupled with a deep slump in U.S. production, was meant to leave the world needing more of its members’ crude. But it isn’t turning out like that. Two things have conspired against the Organization of Petroleum Exporting Countries. The coronavirus outbreak is threatening to put an already stalling recovery in oil demand… Source link
Read More »Florida tops 400,000 coronavirus cases after governor says state is moving in ‘better direction’
Florida surpassed 400,000 total coronavirus cases on Friday, one day after Gov. Ron DeSantis said the state had “clearly stabilized with the cases.” As of 9:25 a.m. ET Friday, Florida had recorded some 402,312 cases of COVID-19, according to data compiled by the state Department of Health. The state logged an average of 10,700 cases per day over the last seven days. In all, some 5,653 people have died of COVID-19 in Florida, according to the state health department. The somber milestone follows… Source link
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