Tag Archives: Wall

(Reuters) – Wall Street’s main indexes opened mixed on Friday after a brutal selloff triggered by the Federal Reserve and other major central banks raising interest rates heightened recession fears. The Dow Jones Industrial Average fell 14.37 points, or 0.05%, at the open to 29,912.70. The S&P 500 opened lower by 0.87 points, or 0.02%, at 3,665.90, while the Nasdaq Composite gained 51.45 points, or 0.48%, to 10,697.55 at the opening bell. (Reporting by Devik Jain in Bengaluru) Source link

(Bloomberg) — Analysts increasingly see a recession looming in the US following the Federal Reserve’s biggest increase in interest rates since 1994 and signs of weaker consumer spending. Most Read from Bloomberg The Fed hiked its policy rate by 75 basis points Wednesday to a range of 1.5% to 1.75%, as officials intensified their battle against inflation that’s remained stubbornly high. Wells Fargo & Co. now forecasts a “mild recession” starting in mid-2023, as inflation becomes more… Source link

Inflation continued to surge in May, increasing at the quickest pace in 40 years as consumers face rising challenges at the gas station and grocery store. The Consumer Price Index (CPI) published Friday by the Bureau of Labor Statistics rose 8.6% from a year ago, up from April’s reading of 8.3% and higher than economists had projected. Federal Reserve policymakers tasked with bringing prices back down to earth are likely to take cues from May’s CPI report on how aggressively they need to… Source link

The stock market is suddenly looking up. Or is it? Equities whipsawed throughout the month of May as investors contemplated falling economic growth projections and less-than-stellar earnings forecasts from retailers. Despite the bearish news, ongoing volatility, and consistent predictions of an impending recession, the S&P 500 ended the month roughly unchanged after mounting a recovery over the last few weeks. The rebound has some on Wall Street arguing that it’s time to be opportunistic and… Source link

(Bloomberg) — Cisco Systems Inc. spooked investors with a warning that Chinese lockdowns and other supply disruptions would wipe out sales growth in the current quarter, renewing broader concerns about tech spending in a shaky economy. Most Read from Bloomberg The outlook sent Cisco shares down as much as 19% in late trading and weighed on stocks of other networking companies, dealing a fresh blow to an already-battered sector. Even before Cisco’s latest plunge, its stock was down 24% this… Source link

Goldman Sachs emerged as one of the strongest advocates of a post-pandemic return to the office this year, but the fight for talent could be forcing the investment bank to reverse course and offer employees more time away from their desks instead. In an internal memo seen by the Financial Times, the investment bank said it would offer junior staff a minimum of two extra days off each year. But senior staff will get an even bigger perk—one more commonly associated with Silicon Valley than… Source link

Getty Images; Chris Ratcliff | Bloomberg | Getty Images Shares of Amazon and Google parent Alphabet just closed out their steepest monthly drops since the 2008 financial crisis. The internet giants both reported weaker-than-expected quarterly results this week, hurt by a combination of macroeconomic factors, the war in Ukraine and tough comparisons to blowout numbers during the pandemic. Amazon tumbled 23.8% in April, its biggest decline since falling 25.4% in November 2008, the same month… Source link

War in Ukraine, raging inflation and a clouded economic outlook were top of mind for executives at financial firms last week as they recapped an underwhelming quarter on Wall Street in their post-earnings calls with investors. But another widely-cited topic in those conferences went largely under the radar: heavy talk of imminent blockchain plans from some of the industry’s biggest firms. BlackRock (BLK), JPMorgan Chase (JPM) and Goldman Sachs (GS) were among the major financial institutions… Source link

Jordan Belfort attends the premiere party for “The Wolf of Wall Street” at the Roseland Ballroom in New York.Evan Agostini/Invision/AP Jordan Belfort, the real-life “Wolf of Wall Street,” is now marketing himself as a crypto mastermind. Last week, he hosted a $40,000 cryptocurrency workshop at his Miami estate, NYT reported Friday. Three years ago, the former stockbroker and convicted felon said Bitcoin was a “mass delusion.” Jordan Belfort, the real-life inspiration behind “The Wolf of Wall… Source link

The U.S. economy added nearly half a million jobs in March. The Dow Jones industrial average is within 6% of its record high. And U.S. households accumulated roughly $2.5 trillion in excess savings throughout the pandemic. Still, despite all the good news, predictions of an impending recession are widespread on Wall Street. Billionaire investors, former Federal Reserve officials, and now even investment banks have repeatedly warned that the economy may hit a wall in 2023. What’s driving the… Source link