Investors are ‘desperate’ for a recession that forces the Fed to pivot but what happens to markets if the economy remains healthy this year ?
As 2023 gets underway markets are clinging to expectations that the U.S. economy will slide into a recession that effectively forces the Federal Reserve to start cutting interest rates, lower bond yields and borrowing costs, and perhaps help stock market valuations. U.S. economic data released over the past few months show that inflation has moderated, […]
The Fed has won its ‘war’ against inflation, says JPMorgan analyst. And now it needs to stop hiking interest rates.
“‘This is a war that [the Federal Reserve has] won, and now they are in danger of tipping the economy into recession and making the fiscal problem worse, so I wish they would be done.’” — David Kelly, JPMorgan Chase & Co. A top global markets strategist for JPMorgan Chase & Co.’s asset-management business said […]
Supreme Court investigators narrowing suspects in leak of Alito draft of decision overturning Roe v. Wade
WASHINGTON — Supreme Court investigators probing the May leak of Justice Samuel Alito’s draft opinion overruling Roe v. Wade have narrowed their inquiry to a small number of suspects including law clerks, but officials have yet to conclusively identify the alleged culprit, people familiar with the matter said. A day after the draft opinion was published last year […]
Still need a Mega Millions ticket? You might be able to buy one with your phone
Many Americans will be rushing today to grocery stores and gas stations to buy tickets for tonight’s big Mega Millions drawing with a $1.35 billion jackpot. But for Brandon Sansone, there’s no reason to head out in a last-minute panic: He can make all his lottery purchases without even looking up from his phone.Sansone is […]
Small-cap stocks outperform so far in 2023 as U.S. equities book second week of gains this year
Small-cap stocks are outperforming large-cap U.S. equities this year, in an upbeat start to 2023 after suffering steep losses last year. The Russell 2000 index, which tracks small-cap stocks in the U.S., was up 7.1% this year through Friday, according to FactSet data. That beats the 4.2% gain for the S&P 500, a gauge of […]
Oil futures score a weekly gain of more than 8% as China’s economic reopening boosts demand prospects
Oil futures on Friday posted a gain of more than 8% for the week, supported by optimism over demand from China as the country lifts its strict COVID-19 curbs and reopens its economy. Price action West Texas Intermediate crude for February delivery CL00, +1.94% CL.1, +1.94% CLG23, +1.94% rose $1.47, or 1.9%, to settle at […]
Drug companies plan to raise prices on vital medicines to fund R&D, but they already spend more on shareholder returns
Drug companies planning to raise prices on cancer drugs and other life-saving treatments are justifying the move by claiming it’s necessary to fund research and development, but the claim rings hollow given that they spend more on shareholder rewards than on R&D, according to a new study. Accountable.US, a liberal-leaning consumer-advocacy group, found that in […]
Tesla is a ‘soft-landing’ stock, says Goldman Sachs. Here are its picks for a gentle slide as well as a rough landing.
Pour one out for the beleaguered economists, who for once got an important indicator, the consumer price index, right on the nose, after CPI fell 0.1% in December, while core prices rose 0.3%. “The 2021 surge in durable goods demand normalized, and the resulting collapse in durable goods price inflation was stunningly fast,” says Paul […]
Genesis, Winklevoss twins’ Gemini crypto venture charged by SEC with selling unregistered securities
U.S. securities regulators on Thursday charged Genesis Global Capital and crypto exchange Gemini Trust Co. with offering and selling of unregistered securities to retail investors, bypassing disclosures and other requirements aimed at protecting market participants. Genesis and Gemini raised billions of dollars’ worth of crypto assets from hundreds of thousands of investors through unregistered offers, […]
‘Super lame,’ says Gemini co-founder Tyler Winklevoss about SEC charges
New charges against crypto platforms Genesis Global Capital and Gemini Trust Co. by the Securities and Exchange Commission are “disappointing,” said Tyler Winklevoss, co-founder of Gemini, in a Twitter thread on Thursday evening. Earlier Thursday, the SEC charged Genesis and Gemini with engaging in the offering and sale of unregistered crypto asset securities through Gemini […]