Good MorningThe updraft in equity markets took the S&P higher on Thursday despite confirmation that we are, in fact, in a recession. The first estimate for 2Q GDP came in at -0.9% and more than 100 basis points shy of the expected 0.6% predicted by analysts. This reading marks the 2nd quarter in a row of negative GDP which is the textbook definition of recession. The question that needs to be answered is how deep and how long the recession will last and it could go on for some time. The FOMC is set to increase interest rates by at least another 100 basis points by the end of the year and that is having an impact on activity at all levels.
Next week, the market will be bracing for another round of important economic data and earnings reports. The economic data includes Construction spending and the Non-farm payrolls report, a report that is expected to show steady job creation and rising wages. On the earnings front, reports from more than 20% of the S&P 500 are expected. Featured: Volatility Is Rising—But These 2 AI Stocks Could Thrive (Ad) 
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Politics | | | Asian shares were mostly higher on Friday following a broad rally on Wall Street, but Hong Kong’s benchmark sank more than 2%.
Investors appear to have grown more convinced that the Federal Reserve may temper its aggressive interest rate hikes aimed at taming inflation after the Comm... Read the Full Story |
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Politics | | | Asian shares were mixed Friday, as Chinese shares sank after leaders acknowledged the official 5.5% growth target for this year won't be met.
Investors appear to have grown more convinced that the Federal Reserve may temper its aggressive interest rate hikes aimed at taming inflation... Read the Full Story |
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International Business Machines (NYSE: IBM) has been sold off recently which has put the stock on investors' radars. Adding to the bearish sentiment for the stock is the fact that insiders at the company are selling shares. $311.11M shares were sold last quarter. Despite this, the company retains ... Read the Full Story |
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Politics | | | China’s leaders effectively acknowledged the struggling economy won’t hit its official 5.5% growth target this year and said Thursday they will try to prop up sagging consumer demand but will stick to strict anti-COVID-19 tactics that disrupted manufacturing and trade.
The announcemen... Read the Full Story |
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Markets | | | It’s been an unpredictable kind of year for most tech companies, and Alphabet, known to many as Google (NASDAQ: GOOGL), is no exception. The search engine behemoth managed to tag an all-time high this past February but has fallen as much as 30% in the six months since. Rising interest rates, s... Read the Full Story |
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Tech | | | Meta Platforms says it will no longer pay U.S. news organizations to have their material appear in Facebook’s News Tab as it reallocates resources in the face of the economic downturn and changing user behavior.
The company said Thursday that most people “do not come to Facebook for ... Read the Full Story |
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Markets | | | For more than a decade, US Bank pressured its employees to open fake accounts in their customers’ names in order to meet unrealistic sales goals, the Consumer Financial Protection Bureau said Thursday, in a case that is deeply similar to the sales practices scandal uncovered at Wells Fargo last decade Read the Full Story |
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Adobe (NASDAQ: ADBE) was featured recently by MarketBeat where we discussed the company’s strong fundamentals as a diversified software company. Adobe appeared with two other mega-cap stocks, and it was highlighted for its above-industry growth and potential share appreciation in the future.... Read the Full Story |
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CVS Health (NYSE: CVS) has been caught in a couple of controversies over the last month. CVS was recently sued by the New York Attorney General for allegedly breaching antitrust laws. Additionally, laxatives sold by the company have been recalled after a suspected contamination of the products. Th... Read the Full Story |
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ETSY (NASDAQ: ETSY) is an American e-commerce company focused on handmade, vintage, and craft-related items. They sell a wide range of products including, jewelry, bags, clothing, home décor, and art. Etsy's shares were up 10% during market hours and up another 1.7% in after-hours trading, ... Read the Full Story |
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Friday's Early Bird Stock Of The Day Health Sciences Acquisitions Corporation 2 does not have significant operations. It intends to effect a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or related business combination with one or more businesses in the biopharma and medical technology sectors in North America or Europe. Health Sciences Acquisitions Corporation 2 was incorporated in 2020 and is based in New York, New York. | | View Today's Stock Pick |
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