Stocks likely bottomed this month following the September inflation report as investors scramble to exit the bear market, analyst says
Carla Mozee Business InsiderOctober 21,2022 Stocks likely reached a bottom on the day of the S&P 500’s big swing sparked by the September inflation report, said Carson Group. “The action last Thursday had some of the hallmarks of a capitulation low,” chief market strategist Ryan Detrick said. October may still prove to be a bear-market […]
U.S. consumer is soldiering on despite soaring inflation and recession risk, credit card giants say
Yun Li CNBCOctober 21,2022 U.S. consumers have demonstrated a willingness to continue to pay higher prices in the face of a sluggish economy that could be tipped into a recession, according to credit card giants American Express and Bank of America. American Express on Friday reported stronger-than-expected third-quarter earnings and revenue, while raising its full-year […]
Treasury yields could be peaking soon and that could ease some pressure on stocks
Patti Domm CNBCOctober 19,2022 The closely watched 10-year Treasury yield has been setting new 14-year highs, but strategists expect it to ease from those levels in a matter of weeks, relieving pressure on the stock market. That may be a temporary phenomenon, but it could serve to fuel the year-end rally that many investors have […]
Fertilizer Prices Fall as Gluts Emerge After Farmers Pull Back
Elizabeth Elkin and Tarso VelosoBloombergOctober 18,2022 US, Brazilian growers are pulling back on nutrient purchases Some prices still trading nearly five times historical average (Bloomberg) —Fertilizer prices are falling as farmers balking at the high costs of nutrients hold off on purchases, driving down demand and causing gluts that are upending the market for crop […]
‘It didn’t need to be like this’: Top economist Mohamed El-Erian says the Fed was too slow responding to inflation and now the risk of a recession is ‘uncomfortably high’
Tristan BoveFortuneOctober 17,2022 “We should not be looking at this uncomfortable probability of a recession. But there’s a reason why we’re looking at it. And that is a Federal Reserve that is scrambling to play catch-up,” he said. The U.S. economy may be edging closer to a completely unnecessary recession, according to one top economist, […]
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 […]