Good MorningEquity markets pulled back on Thursday after the reality of the FOMC's latest rate hike was digested. The hike, another 25 basis points, puts the base rate at over 550 basis points and the highest level in over 2 decades. The full effect of the already implemented hikes has yet to be felt, which means that economic headwinds will persist for at least another year. In this scenario, more banks will fail, leading to consolidation within the industry and ever-tightening credit conditions.
The S&P 500 fell more than 0.65% at the session's low and formed a Bearish Attack Pattern. The pattern suggests a top to the market and could lead to a correction. The question is how deep the correction will be; investors should expect to see the market fall 1% to 3% at least before it hits bottom. If today's PCE price index confirms the need for additional interest rate hikes the sell-off could be monumental. Featured: Jeff Bezos’ honeymoon humiliation (Ad) 
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Stocks | | | Wall Street's rally got back on track Friday following more encouraging profit reports and the latest signal that inflation is loosening its chokehold on the economy.The S&P 500 rose 1% to its highest close in more than 15 months. The Dow Jones Industrial Average climbed 176 points, or 0.5% afte... Read the Full Story |
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The price action in Tractor Supply Company (NASDAQ: TSCO) experienced a mild correction earlier this year, and they may move lower within a trading range. That said, there are reasons to believe the stock has solid support and will be able to hit new highs this year and next.
While the Q2 results... Read the Full Story |
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Markets | | | The German economy is still failing to grow, figures showed Friday, as the country that should be the industrial powerhouse for all of Europe struggles with high energy prices, rising borrowing costs and a lagging rebound from key trading partner China. Economic output in Germany stagnated in the Ap... Read the Full Story |
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Markets | | | Union Pacific has hired the CEO candidate favored by a hedge fund that's been pressuring the railroad to improve amid disappointing results driven by weakening consumer demand and higher labor costs. The Omaha, Nebraska-based railroad said its former chief operating officer Jim Vena will take over a... Read the Full Story |
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Markets | | | C3.ai (NYSE: AI) has been one of the standout artificial intelligence performers of the year. Year-to-date shares of AI are up 269%, significantly outperforming the overall market and competitors. As the stock shrugs off negative catalysts, continuing to trade higher and form attractive technical se... Read the Full Story |
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Markets | | | McDonald’s Corporation (NYSE: MCD) continues to deliver value to consumers even as the company faces margin pressure at the franchisee level. That’s the key takeaway from a solid earnings report that highlights the fast-food giant’s continued leadership in the sector.
On the... Read the Full Story |
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Markets | | | Southwest Airlines said second-quarter earnings dropped 10% to $683 million as labor costs soared, offsetting record revenue at the start of the peak summer travel season.The airline also warned Thursday that a key revenue ratio will drop and non-fuel costs will rise in the third quarter.The shares ... Read the Full Story |
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Markets | | | Dozens of people protested in front of the Central Bank of Iraq in Baghdad and bank owners called for official action to stem a sharp increase in the dollar exchange rate Wednesday, after the United States blacklisted 14 Iraqi banks.Over the past two days, the market rate of the dollar jumped from 1... Read the Full Story |
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Shares of Chipotle Mexican Grill (NYS: CMG) are down about 10% following the Q2 earnings report, but this is not the time to head for the exit. The company’s report was mixed but not worth 10% given the growth outlook, which includes an international expansion. Some takeaways from the report... Read the Full Story |
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Friday's Early Bird Stock Of The Day Symbotic Inc., an automation technology company, engages in developing technologies to improve operating efficiencies in modern warehouses. The company automates the processing of pallets and cases in large warehouses or distribution centers for retail companies. Its systems enhance operations at the front end of the supply chain. The company was founded in 2006 and is headquartered in Wilmington, Massachusetts. | | View Today's Stock Pick |
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