(Reuters) – Federal Reserve Chair Jerome Powell said this week he’s looking for compelling signs that inflation is cooling before the U.S. central bank will let up on what’s so far been its most aggressive set of interest rate hikes in decades. In data released on Friday, he largely got the opposite. Inflation by the …
Continue reading “Feds Agressive rate hike plan bolstered by new inflation and wage data”
WASHINGTON (Reuters) -U.S. labor costs increased strongly in the second quarter as a tight jobs market continued to boost wage growth, which could keep inflation elevated and give the Federal Reserve cover to continue its aggressive interest rate hikes. Other data on Friday showed consumer spending accelerating in June, though the uptick was tied to …
Major stocks on Wall Street closed on Thursday above the flatline after recording a volatile session following the release of the report that revealed the US economy slumped by 0.9% in the second quarter, indicating the country may be facing an economic downturn. Meanwhile, investors received corporate earnings by Merck & Co. Inc., Pfizer, and …
Continue reading “Wall Street closes with gains amid recession woes”
June low not the ‘final move’ for bear market Morgan Stanley’s Mike Wilson, who correctly called the stock market’s 2022 swoon, isn’t convinced the lows are in after major U.S. indexes scored a big gain following Wednesday’s Federal Reserve decision to raise rates by another 75 basis points, or three-quarters of a percentage point, to …
Continue reading “Stock market’s post-Fed bounce is a ‘trap’, warns Morgan Stanley’s Mike Wilson”
Intel Corporation revealed on Thursday that its revenue in the second quarter of 2022 reached $15.3 billion, plummeting by 22% from the same time span a year earlier, below the market expectations. Diluted earnings per share (EPS) dropped by 109% year over year to $0.11 in the second trimester, with the net income also falling …
(Bloomberg) — The drumbeat of recession grew louder after the US economy shrank for a second straight quarter, as decades-high inflation undercut consumer spending and Federal Reserve interest-rate hikes stymied businesses and housing. Gross domestic product fell at a 0.9% annualized rate after a 1.6% decline in the first three months of the year, the …
Continue reading “US Economy Shrinks for a Second Quarter, Fueling Recession Fears”
Chair Jerome Powell said the Federal Reserve will press on with the steepest tightening of monetary policy in a generation to curb surging inflation, while handing officials more flexibility on coming moves amid signs of a broadening economic slowdown. Policy makers again raised the benchmark US interest rate 75 basis points on Wednesday to …
Continue reading “Powell Signals More Fed Hikes Coming, Leaves Out Details This Time”
McDonald’s Corp (NYSE: MCD) reported a second-quarter FY22 sales decline of 3% year-on-year to $5.72 billion, missing the consensus of $5.82 billion. Global comparable sales rose 9.7%, with a 3.7% growth in the U.S. Systemwide sales increased 4%. Digital Systemwide sales in the company’s top six markets exceeded $6 billion, representing nearly a third of total Systemwide sales. Sales …
Continue reading “McDonald’s Q2 revenue hit by inflation and slowing economy”
See the interview… Talk about putting perfume on a skunk! Boeing Co. reported a smaller second-quarter profit that fell short of Wall Street expectations as its defense business weakened and it remained unable to deliver any of its 787 Dreamliner planes. The giant aircraft manufacturer reported a profit of $193 million Wednesday, down 67% from …
Fed funds rate well below inflation weakens odds of a pause Bank has doubts that profit forecasts are realistic, too The July stock-market rebound has emboldened bulls hoping prices will defy the gravity of the Federal Reserve’s escalating fight against inflation.Don’t be fooled, though, Morgan Stanley Wealth Management’s Lisa Shalett said: It’s just another false …
Continue reading “Morgan Stanley Warns Stock Bulls Deluded by ‘Wishful Thinking’…… REPRINT!”