The Dow Jones Industrial Average tumbled 1,164 points as of midday Wednesday amid fears of inflation and a looming recession. Target’s shares dropped after it revealed that inflation-caused higher costs will hurt the retailer’s profitability for the rest of the year. A day before that, Walmart issued a similar profit report that it also blamed…
Dow Jones Plunges 1,100 Points as Retailers’ Profits Crushed by Rampant Inflation
Dow Jones Plunges 1,000 Points as Retailers’ Profits Crushed by Rampant Inflation
The Dow Jones Industrial Average tumbled 1,000 points as of midday Wednesday amid fears of inflation and a looming recession. Target’s shares dropped after it revealed that inflation-caused higher costs will hurt the retailer’s profitability for the rest of the year. A day before that, Walmart issued a similar profit report that it also blamed…
The Inevitable Coming Recession and How To Prepare for It
Former Goldman Sachs CEO Lloyd Blankfein added to recession talk after telling CBS on Sunday that an economic downturn is “a very, very high risk factor.” It is not only Blankfein warning about a GDP contraction. Many Wall Street analysts are increasingly becoming worried that a recession could turn into the base case for forecasts…
UK Inflation Hitting Living Standards of Poorest Households Most: Think Tank
New analysis shows how much the squeeze on budgets affected by inflation and energy prices is hitting the poorest in the UK, with continuing pressures expected in the year. Analysis from the economic think tank Institute for Fiscal Studies (IFS) on Wednesday indicated the bottom 10 percent of the population in terms of income faced…
‘There Might Be a Need for an Indictment’ of Baby Formula Producer Abbott: Speaker Pelosi
May 18, 2022
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Abbott Nutritionbaby formulaBusiness & EconomyCompaniesDemocratsPoliticsSpeaker of the House Nancy PelosiUS
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Speaker of the House Nancy Pelosi (D-Calif.) said on May 18 that Abbott Nutrition, the company at the center of the ongoing baby formula shortage, could face criminal charges. Over the past few weeks, parents across the country have found supermarket and grocery store shelves bare of any baby formula, a necessity for many mothers…
Audit Reveals Half of Biden’s Twitter Followers Are Fake as Musk Pauses Purchase: Newsweek
May 18, 2022
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Business & EconomyCompaniesElon Musk TwitterMedia & Big TechSocial Mediaspam botsTechTech NewsUS President Joe Biden
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Nearly half of President Joe Biden’s followers on Twitter, which number about 22.2 million, are fake accounts, according to an audit conducted by Newsweek. Using an audit tool provided by software firm SparkToro, Newsweek discovered 49.3 percent of all Biden followers to be “fake followers.” The analysis took into consideration multiple factors such as new…
Sharp Drop in Retailers Helps Pull Wall Street Indexes Lower
NEW YORK—Stocks fell in morning trading on Wall Street Wednesday, led by led by steep drops in retailers as Target plunged after issuing a grim quarterly earnings report. The S&P 500 fell 1.6 percent as of 10:23 a.m. Eastern. The Dow Jones Industrial Average fell 456 points, or 1.4 percent, to 32,197 and the Nasdaq…
Majority of US CEOs See ‘Bleak’ Outlook, Expect a Recession Ahead: Survey
A survey of CEOs found that executives of major firms are now expecting a recession in the near future, according to the Conference Board measure of CEO sentiment released Wednesday. About 57 percent of respondents expect inflation to come down “over the next few years,” while noting that the economy will suffer a “mild recession” that…
Energy Price Rises Push UK Inflation to 40-Year High
Rising energy prices have pushed the UK’s inflation rate to the highest level in four decades, adding to the financial pressure on millions of British households. The Consumer Price Index (CPI) inflation rose to 9 percent in the 12 months to April, up from an already high 7 percent in March, the Office for National…
Fed to Raise Interest Rates Without ‘Hesitation’ Till Inflation Eases, Says Powell
May 18, 2022
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Business & Economyeconomic policieseconomyFed Meetshigh inflationinflationjerome powellU.S. interest rate hikesUSUS News
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Federal Reserve Chairman Jerome Powell said that the central bank is committed to combating elevated inflation by raising interest rates till it comes down, according to an interview he gave to The Wall Street Journal’s Future of Everything Festival. “We will go until we feel like we are at a place where we can say,…
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