Bank of America CEO says latest spending and savings data show that the U.S. consumer is healthy
Hugh SonCNBCOctober 17,2022 Bank of America’s customers continue to spend freely, using their credit cards and other payment methods for 10% more transaction volume in September and the first half of October than a year earlier, CEO Brian Moynihan said. Customers’ account balances remain higher than before the coronavirus pandemic struck in early 2020, Moynihan […]
Josh Brown says the Fed has ‘zero credibility’ after big miss on 2022 rate hike forecasts
Josh BrownCNBCOctober 11,2022 Ritholtz Wealth Management CEO Josh Brown said Tuesday that investors should put little weight on the Federal Reserve’s predictions about rate hikes after the central bank’s missteps over the past year. “This is a body of people who one year ago today were telling us, based on their forecasts, that there would […]
The earnings apocalypse has not yet materialized
Bob PisaniCNBCOctober 17,2022 The first crop of earnings reports was a disappointment, but most of the early bank reports on Friday were decent, and Bank of America also reported earnings above expectations Monday morning. Thirty- five companies have reported third-quarter earnings so far. Of that group, 68.5% have beaten estimates, lower than the prior four-quarter […]
The Fed’s Next Crisis Is Brewing in US Treasuries
Robert BurgessBloombergOctober 14,2022 (Bloomberg Opinion) –Markets have been whipsawed in recent weeks, first by talk that a cooling labor market would allow the Federal Reserve to “pivot” away from its aggressive interest-rate hiking campaign, and then by comments from central bankers that any such move would be premature — as Thursday’s hot consumer price index […]
US Immigration Rebounds But Remains Far From Plugging Labor Gaps
Jonelle Marte and Augusta SaraivaBloombergOctober 5,2022 Pandemic, visa-processing slowdown spurred new-worker dropoff – Lack of labor triggered wage increases, adding to inflation(Bloomberg) –Immigration to the US is rebounding after a sharp two-year slowdown, but the pickup is unlikely to plug the pandemic-induced gap in new arrivals amid persistent employee shortages in industries reliant on foreigners.Nearly […]
Looking for a Low: Capitulation Update Read Research Report: Stock-Market Checklist Shows Patient Is Flagging
Gina MartinBloombergOctober 17,2022 S&P 500 Capitulation Signals Have Emerged, Hinting at BottomContributing Analysts Gillian Wolff (Strategy)(Bloomberg Intelligence) — A short-term sentiment washout occurred with the recent rout in stocks, as breadth and momentum signals are joined by correlation and options positioning to build a body of evidence that a longer-term low may be in the […]
Oracle’s Stock Looks Cheap Again. ‘We’ve Got a Plan,’ CEO Says.
Eric J Savitz Barron’s October 14,2022 Safra Catz is feeling feisty, and for good reason. Over the past few years, the Oracle CEO has engineered an impressive turnaround at the enterprise software giant, which has bet the future of the company on cloud computing. As we outlined in a Barron’s cover story in February 2021, Oracle (ticker: ORCL) […]
After two years of shipping snarls, things are starting to turn around
Su-Lin Tan CNBC October 16,2022 After two years of port congestions and container shortages, disruptions are now easing as Chinese exports slow in light of waning demand from Western economies and softer global economic conditions, logistics data shows. “The retailers and the bigger buyers or shippers are more cautious about the outlook on demand and […]
Meta and Qualcomm strike deal to make custom virtual reality chips for metaverse applications
Arjun Kharpal CNBC October 16,2022 Meta and Qualcomm are teaming up to develop custom chipsets for virtual reality products. The two U.S. technology giants have signed a multi-year agreement “to collaborate on a new era of spatial computing,” powered by Qualcomm’s Snapdragon extended reality (XR) platforms. Since its rebrand in 2021, the Facebook parent has […]
Customers shop at the Apple Fifth Avenue store for the release of the Apple iPhone 14 in New York City
Andrew Kelly Reuters September 16, 2022 Apple would fare better than other technology companies in the event of a economic downswing, according to Morgan Stanley.Analyst Erik Woodring said the broader market will feel the impacts of a weakening economy and companies’ earnings per share will see double-digit slides for the rest of the year as […]