As we approach the end of October, the S&P 500 Index, a reasonable barometer of the broader equity markets, is up nearly 7 percent since the end of September. The normally more staid Dow Jones Industrial Average is up 11.5 percent over the same period. While both are still down, 16 percent and 10 percent,…
Pending Home Sales Plunge as US Housing Market Gets Rocked by High Mortgage Rates
The number of pending home sales plunged in September due to soaring mortgage rates, according to data released on Friday by the National Association of Realtors. The group’s pending home sales index declined 10.2 percent last month, far exceeding what analysts had predicted for September. Pending transactions fell 31 percent year-over-year, it found. It noted…
Wall Street Loses Over $200 Billion in Value After Report From Amazon
October 28, 2022
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Over $200 billion in U.S. stock market value went up in smoke in extended trade on Thursday, after a weak forecast from Amazon added to a string of downbeat quarterly reports from Big Tech companies. Amazon’s stock tumbled 17 percent after the bell, wiping out $190 billion in market capitalization after the retail and technology…
Fed Seen Hiking Rates Aggressively to 5 Percent, Sparking a Recession: Bloomberg Survey
The U.S. Federal Reserve is expected to maintain its hawkish stance on interest rates during the upcoming meeting in November, according to a group of economists surveyed by Bloomberg. The policy-making arm of the Fed, the Federal Open Market Committee (FOMC), is scheduled to meet on Nov. 2. The survey found that economists expect the…
US Core Inflation Accelerates as Price Pressures Percolate
October 28, 2022
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2022 Midterm ElectionsBiden administraitonBusiness & Marketsconsumer priceseconomic policieseconomyinflationMidtermspersonal financePoliticsrecessionUS
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A key measure of inflation in the United States that is closely monitored by the Federal Reserve accelerated once again in September, as the price of goods and services rose upward, The Personal Consumption Expenditures (PCE) Index showed that core prices, excluding the volatile food and energy prices, rose 0.5 percent from the previous month,…
Don’t Call It a Recession but a ‘Mitigation’ in Growth: Bank of America CEO
Bank of America CEO Brian Moynihan said Friday that the current state of the economy doesn’t meet the definition for a recession—thanks in part to robust consumer spending and a tight labor market—and instead should be understood as a “mitigation of the rate of growth.” Moynihan’s remarks, made during an appearance on CNBC’s “Squawk Box…
Yellen Doesn’t ‘See Signs of a Recession’ as Another Business Activity Gauge Drops Into Recession Zone
Secretary of the Treasury Janet Yellen does not believe there are any signs of the U.S. economy slipping into a recession, despite the fact that business activity indicators have been signaling dismal performance. “I don’t see signs of a recession in this economy at this point … We have unemployment at a 50-year low. There…
Nasdaq Opens Lower as Warnings From Amazon, Apple Weigh
The Nasdaq opened lower on Friday as gloomy forecasts from megacaps Amazon and Apple outweighed data that showed U.S. consumer spending increased more than expected in September. The Nasdaq Composite dropped 26.47 points, or 0.25 percent, to 10,766.20 at the opening bell. The Dow Jones Industrial Average rose 171.03 points, or 0.53 percent, at the…
Euro Slips Below Parity, Yen Steady Ahead of BOJ
SINGAPORE—The euro held below parity on Friday as investors eyed a potential slowdown in future rate hikes by the European Central Bank, while the yen was on track for its best week in over two months ahead of a key central bank policy decision. The euro was last 0.05 percent lower at $0.9960, following a…
Economist Dubbed ‘Dr. Doom’ Says We’re Back in Great Financial Crisis Territory but This Time It’s Worse
Economist Nouriel Roubini, who’s been dubbed “Dr. Doom” for his gloomy-yet-correct prediction of the 2008 market meltdown, told Bloomberg in a recent interview that the United States is back in Great Financial Crisis territory, except now there are even more problems and cause for worry. Roubini, CEO of Roubini Macro Associates and author of “MegaThreats,”…
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