Good MorningEquity markets retreat for the third day running and momentum is building in the wake of the FOMC statement. The FOMC hiked rates by an historic 75 basis points on Tuesday and aims to hike by another 150 to 175 basis points by next summer. The move has the rate on the 30-year mortgage up to 7.0% and rising which is sure to cut even deeper into home building activity. Reports from Lennar and KB Home show demand is still strong but starting to fall off under the pressure of rising prices and higher rates. At the pace the FOMC is going, the housing industry is facing a contraction in revenue and earnings that could begin early next year and lead to a deepening recession in America.
The S&P 500 fell about 0.85% extending the downdraft that began two weeks ago. The move is driven by inflation, the FOMC, and their impact on the outlook for earnings which is in decline. The technical signals are clear, the S&P 500 is in a major correction and it could be another 2 to 3 quarters before the selling is over. Featured: INVESTOR ALERT: Tiny “$3 AI Wonder Stock” on the Verge of Blasting Off (Ad) 
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Markets | | |
Small-cap Compass (NYSE: COMP), which runs an end-to-end platform for buying, selling, and renting real estate, lost its way Thursday, drifting more than 6% lower in heavy volume after announcing layoffs.
Compass has been in a death spiral since its IPO in April, 2021. Soon after it went public a... Read the Full Story |
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From Our Partners | | How to Collect Up To $5,917/mo From Trump's Made In USA Boom
Thanks to President Trump's America-First policies, a historic wave of investment is flooding back into the United States: Apple committing a colossal $500 billion to build new U.S. factories. Microsoft injecting $80 billion into domestic manufacturing. Nvidia moving critical chip production back to America.
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Tech | | | Cybersecurity specialist Crowdstrike (NASDAQ: CRWD) had a terrific run in 2020 and into 2021, but along with other techs, this former growth-stock favorite has been languishing.
But much of that decline is due to interest-rate increases, along with the broader market pullback.
What’s t... Read the Full Story |
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Tech | | |
After recent boom years, investors in the semiconductor industry have experienced a rough year so far in 2022. You only need to look at the VanEck Semiconductor ETF (NASDAQ:SMH) to see how punishing this year has been to chip investors. A leading chip stocks fund with more than $6 billion in net a... Read the Full Story |
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From Our Partners | | It’s Crypto Week at the White House — and the sector is moving from fringe to full-scale adoption.
With Bitcoin hitting $123,000 and giants like BlackRock and Fidelity pouring in, one expert believes a lesser-known coin could soon be vaulted to the top — possibly even landing in the government’s digital reserve. | | See the coin positioned to win from Washington’s crypto push |
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Markets | | | Stocks fell on Wall Street in afternoon trading on Thursday and added to weekly losses for major indexes as central banks around the world hiked interest rates to fight inflation.
The S&P 500 fell 0.8% as of 2 :12 p.m. Eastern. The Dow Jones Industrial Average fell 75 points, or 0... Read the Full Story |
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Markets | | | Costco (NYSE: COST) put in a strong quarter, but there are two things wrong with the report that means the strength was already priced into the market. The first is a similar report from BJ’s Wholesale Club (NYSE: BJ) last month, a report that indicated strength in the membership club arena as... Read the Full Story |
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From Our Partners | | Washington is running out of money…And guess where they'll look next?
When governments go broke, they take from the people.
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The Department of Justice just admitted that cash isn't legally YOUR property. | | Get your free guide now by clicking here >> |
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Markets | | | Steelcase (NYSE: SCS) stock is dropping following a mixed earnings report. In this case, the company beat on earnings but missed on revenue.
Normally, higher profits would be a cause for celebration. In this earnings season, however, investors are paying more attention to the company’s... Read the Full Story |
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Markets | | | The Detroit auto show has returned after a three-year absence with a roar. And a soar.
Visitors to the prestigious North American International Auto Show, which kicked off last week, can lay eyes on the latest offerings from some of the world's biggest automakers, as they've been able... Read the Full Story |
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Politics | | | The CEOs of the nation’s biggest banks returned to Capitol Hill for a second day Thursday, and Senate Democrats strongly urged them to do more to help and protect their customers, while Republicans questioned whether banks should weigh in on hot-button social issues Read the Full Story |
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Tech | | | Federal regulators failed to show that UnitedHealth Group’s purchase of technology company Change Healthcare will likely hurt competition, a judge explained in a memo outlining his rejection of a lawsuit over the deal Read the Full Story |
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Politics | | | The CEOs of the nation’s biggest banks were in for a second day of tough questioning from lawmakers Thursday, as Americans face inflation not seen since the early 1980s and a midterm election is only weeks away Read the Full Story |
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Friday's Early Bird Stock Of The Day Nikola Corporation operates as a technology innovator and integrator that develops energy and transportation solutions in the United States and internationally. The company operates in truck and energy units. It commercializes battery electric vehicles (BEV) and hydrogen fuel cell electric vehicles (FCEV) to the trucking sector. In addition, it develops a network of hydrogen fueling stations; and offers BEV charging solutions for its FCEV and BEV customers, as well as other third-party customers. Further, its products include Nikola Tre Class 8 truck and the Nikola's Class 8 FCEV. Additionally, the company assembles, integrates, and commissions its vehicles in collaboration with its business partners and suppliers. Nikola Corporation founded in 2015 and is headquartered in Phoenix, Arizona. | | View Today's Stock Pick |
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