Good MorningThe rally in equities began to fizzle out on Thursday following another day of commentary from the Fed. Fed Chair Jerome Powell completed the second day of testimony on Capitol Hill, raising the fear of recession once again. In his comments, he says a recession is possible although the evidence suggests a recession is already underway. The textbook definition of a recession is two consecutive quarters of tepid or negative GDP growth and we've already logged one negative quarter this year. Based on the latest reading of the Leading Indicators, the 2nd quarter GDP will most likely be negative as well.
The next big hurdle for the market will come next week with the PCE price index. The index should moderate on a month-to-month and YOY basis but there is no guarantee it will. The most likely scenario is that month-to-month inflation moderated slightly but YOY gains are still robust and will cement the need for aggressive 75 basis point rate hikes from the FOMC. Featured: Early Movers to Reap Biggest Gains on This Crypto (Millionaire Pub) 
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Stocks | | | Copper stocks are cheap Despite the issues weighing on copper prices, copper stocks may still provide some upside as valuations remain reasonable and earnings are likely to continue to rise during the year. Read the Full Story |
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Politics | | | Stocks shook off a midday slump and ended higher Thursday, keeping the market on track for its first weekly gain after three weeks of punishing losses.
Trading was wobbly throughout the day as investors remained focused on another round of testimony before Congress by Federal Reserve... Read the Full Story |
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Politics | | | Shares were higher in Asia on Friday, despite data suggesting economies are slowing. The advance tracked gains on Wall Street, where the market is headed for its first weekly gain after three weeks of punishing losses.
Tokyo's Nikkei 225 index added 1.2% to 26,491.97 and the Kospi in... Read the Full Story |
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Politics | | | Shares were higher in Asia on Friday, tracking gains on Wall Street, where the market is headed for its first weekly gain after three weeks of punishing losses.
Tokyo's Nikkei 225 index added 0.9% to 26,411.64 and the Kospi in Seoul jumped 1.8% to 2,356.38. Hong Kong's Hang Seng adva... Read the Full Story |
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Politics | | | Groups representing the oil industry and refiners say a meeting with Energy Secretary Jennifer Granholm was productive and should send a signal to markets that the United States is committed to long-term investments in the oil and refining industry Read the Full Story |
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Tech | | | Toyota is recalling 2,700 bZ4X crossover vehicles globally for wheel bolts that could become loose, in a major setback for the Japanese automaker’s ambitions to roll out electric cars.
Toyota Motor Corp. said Friday the cause is still under investigation, but the whole wheel could com... Read the Full Story |
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Markets | | | Adaptive network solutions provider Ciena Corporation (NYSE: CIEN) stock has lost (-43%) in the 2022 bear market falling for 11 straight weeks. The optical fiber maker is instrumental in the deployment of 5G infrastructure and growth in wireless and accelerated cloud adoption at the edge of the netw... Read the Full Story |
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Markets | | | Commercial stage global biotech company Zai Lab (NASDAQ: ZLAB) stock has cratered (-82%) from a 52-week high of $178.91. The biotech generates revenues from licensing established medications to market in China in addition to its own cancer treatment pipeline of medications. The model of licensing dr... Read the Full Story |
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Markets | | | Steelcase (NYSE: SCS), a maker of office and industrial purpose furniture, has been struggling over the past few years but those times are changing. Postponed demand and a return to in-person operations at many businesses have reinvigorated the company and have it set up to outperform in 2022. Read the Full Story |
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Markets | | | -Reported net sales of $1.5 billion for the first quarter during the fourth quarter.-Net earnings came in at $80.3 million, or $1.61 per diluted share.-Despite inventory holding losses, Worthington continues to produce strong results as the building and consumer products segments outperformed.-Worth... Read the Full Story |
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Friday's Early Bird Stock Of The Day Virgin Group Acquisition Corp. II does not have significant operations. It focuses on effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization, or other similar business combination with one or more businesses. Virgin Group Acquisition Corp. II was incorporated in 2021 and is based in New York, New York. | | View Today's Stock Pick |
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