First day of Amazon Prime Day draws most online spending so far in 2021, Adobe says
The first day of Amazon’s 48-hour Prime Day event is expected to have driven the most online sales over a 24-hour period so far this year, according to new data released Tuesday. Sales during the first 24 hours of Amazon’s megasale, which kicked off at 3 a.m. ET on Monday, are set to surpass $5.6 billion, […]
Commodities from copper to corn tumble on China crackdown, rising dollar
The prices of commodities were falling sharply on Thursday, cutting into months of gains and weighing on equity markets, as China takes steps to cool off rising prices and the U.S. dollar strengthens. The decline in commodities was widespread, with futures prices for palladium and platinum falling more than 11% and 7%, respectively, along with declines of nearly 6% […]
Goldman Sachs says value stocks will outperform in the near term – but growth stocks will take the lead by end of 2021
The rotation into value stocks spurred by the global economic recovery is mostly over, but investors should expect near-term outperformance of value names before growth stocks regain market leadership by the end of 2021, according to Goldman Sachs. “History, valuations, positioning, and economic deceleration indicate that most of the rotation is behind us,” Goldman analysts […]
Fed Needs to Take Action Despite Its Framework
Tuesday, June 15, 2021 02:00 PM By Mohamed A. El-Erian (Bloomberg Opinion) –Federal Reserve officials, confronting developments and an outlook they seem to have not anticipated, face tricky decisions as they finalize their policy deliberations on Wednesday. These center on updating their individual projections and converging on whether — and if yes, how — to […]
Rents for single-family homes just saw the largest gains in nearly 15 years
Even as the coronavirus pandemic ebbs and Americans get back to work and play, they still want more space at home. But with home prices hitting record highs, demand for single-family rental homes is soaring – and so are the rents. Single-family rents were up 5.3% year over year in April, rising from a 2.4% increase in […]
Factory Output in U.S. Increased in May by More Than Forecast
Tuesday, June 15, 2021 06:31 AM By Vince Golle Manufacturing production rose 0.9% on strong vehicle output Excluding motor vehicles, factory production advanced 0.5% (Bloomberg) — Output at U.S. factories rose in May by more than forecast, signaling further improvement in the sector despite supply shortages, hiring difficulties and elevated materials prices. The 0.9% increase followed a revised […]
Producer prices climb 6.6% in May on annual basis, largest 12-month increase on record
Producer prices rose at their fastest annual clip in nearly 11 years in May as inflation continued to build in the U.S. economy, the Labor Department reported Tuesday. The 6.6% surge was the biggest 12-month rise in the final demand index since the Bureau of Labor Statistics began tracking the data in November 2010. On […]
Jamie Dimon says JPMorgan is hoarding cash because ‘very good chance’ inflation is here to stay
Jamie Dimon believes cash is king – at least for the time being. JPMorgan Chase has been “effectively stockpiling” cash rather than using it to buy Treasuries or other investments because of the possibility higher inflation will force the Federal Reserve to boost interest rates, Dimon said Monday during a conference. The biggest U.S. bank by assets […]
Paul Tudor Jones says ‘go all in on the inflation trades’ if Fed keeps ignoring higher prices
Billionaire hedge fund manager Paul Tudor Jones told CNBC on Monday he’s paying close attention to this week’s Federal Reserve policy meeting in light of recent economic data showing higher consumer prices. “If they treat these numbers — which were material events, they were very material — if they treat them with nonchalance, I think it’s just a […]
U.S. Inflation Expectations Rise to New Highs in N.Y. Fed Survey
Monday, June 14, 2021 08:00 AM By Matthew Boesler and Alex Tanzi Three-year expectations reached highest since 2013 in May Fed officials may discuss the results at this week’s meeting (Bloomberg) — U.S. consumers’ expectations for inflation over the medium term rose to an eight-year high in May, according to a Federal Reserve Bank of New York survey. […]