Good MorningEquities wobbled on Wednesday and showed some resilience in the face of aggressive FOMC policy action. The FOMC hiked rates by 75 basis points despite a pledge to keep the pace of hikes at 50 basis points per meeting. The move is only the latest in a string of evidence that suggests inflation is out of control. Based on the latest data and talk from the Fed we think it safe to assume there will be another 75 basis point hike in July.
In other news, the pace of retail sales fell by 0.30% in May, worse than expected. The decline is due in large part to rapidly rising prices and the high cost of fuel, neither of which are expected to decline over the summer. The takeaway is that an economic recession is already in the works and investors should expect the worst from the Q2 reporting season. Featured: Trump Just Gave the Green Light to Rewrite Social Security? (Ad) 
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Markets | | | Home Depot (NYSE: HD) is down significantly from its 52-week high and may have peaked for now. The company benefited from the pandemic as most of the population took advantage of being home-bound to work on home-related projects such as painting, remodeling, and replacing old appliances. Read the Full Story |
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Tech | | | U.S. stocks are rallying Wednesday, on track for their first gain in six days, but more turbulence may be ahead when the Federal Reserve announces in the afternoon how sharply it’s raising interest rates.
The S&P 500 was 1% higher as investors ready for the Fed’s rate hike, which... Read the Full Story |
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Stocks | | | The retail sector has had a hard time of it the last few months but now there are some opportunities emerging. Companies like Skechers (NYSE: SKX) and G-III Apparel (NASDAQ: GIII) corrected more than 35% on mounting fears of narrowing margins and slowing sales but those fears were misplaced. Read the Full Story |
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Politics | | | The Federal Reserve intensified its drive to tame high inflation by raising its key interest rate by three-quarters of a point — its largest hike in nearly three decades — and signaling more large rate increases to come that would raise the risk of another recession Read the Full Story |
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Politics | | | President Joe Biden on Wednesday called on U.S. oil refiners to produce more gasoline and diesel, saying their profits have tripled during a time of war between Russia and Ukraine as Americans struggle with record high prices at the pump.
“The crunch that families are facing deserves ... Read the Full Story |
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Markets | | | Blink Charging (NASDAQ: BLNK) just announced a deal to acquire SemaConnect for $200 million. This deal is a game-changing move for the company as it not only adds roughly 30% more charging stations to the network, it adds another 150,000 EV driver members to the network and has the company well set up to aid the Biden Administration. Read the Full Story |
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Markets | | | Global toy manufacturer the LEGO Group plans to invest more than $1 billion to build a factory in suburban Richmond, Virginia, Gov. Glenn Youngkin announced Wednesday.
The factory, expected to open in 2025, will feature a carbon-neutral design and will employ more than 1,760 people, a... Read the Full Story |
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Politics | | | The German government unveiled a bill Wednesday to resolve a long-running dispute between federal authorities and the country's 16 states over where to build land-based wind power plants.
Some German states have bristled at proposals that would require them to set aside at least 1.4% ... Read the Full Story |
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Tech | | |
Website development platform Wix.com (NASDAQ: WIX) stock has seen a dramatic (-64%) sell-off in shares year-to-date losing more than twice the NASDAQ drop. The world’s largest do-it-yourself (DIY) creation and development platform saw much volatility stemming from the falling GDP. However, t... Read the Full Story |
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Markets | | | RF Industries (NASDAQ: RFIL) has been a sleeper play on 5G for some time but that play is waking up. The company just announced a new order from a new client they describe as a “North American Wireless Carrier” whose working on building out its 4G/5G infrastructure. Read the Full Story |
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Thursday's Early Bird Stock Of The Day Companhia Brasileira De Distribuicao engages in the operation of supermarkets, specialized stores, and department stores in Brazil. It sells food products, including non-perishables, beverages, fruits, vegetables, meat, bread, cold cuts, and dairy products; and non-food products, such as cleaning supplies, disposable products, personal care products, and pet supplies under its private label and third-party brands. The company is also involved in the provision of ready-to-eat meals; rental of commercial spaces; and e-commerce sales. It operates its supermarkets under Pão de Açúcar, Mercado Extra, and Compre Bem banners; proximity and specialized stores through Mini Extra, Minuto Pão de Açúcar, Pão de Açúcar Adega, and Aliados Minimercado banners; and gas stations through the Pão de Açúcar, Mercado Extra, and Compre Bem banners, as well as sells its products through its websites. The company was founded in 1948 and is headquartered in São Paulo, Brazil. | | View Today's Stock Pick |
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