Good morning. Interest rates have been rising at their fastest level in 35 years. Coming off of...
It's the monthly jobs numbers today and they're not going to be pretty and will be possibly the tip of the iceberg as we head into May.
| | | | DOW 29,635.23 | -1.34% | | | | S&P 3,583.12 | -2.36% | | | | NASDAQ 10,321.39 | -3.08% | | | | *As of market close | | • | Markets slid lower on Friday, giving up early morning gains. | | • | Oil dropped 3.7 percent, closing at $85.80 per barrel. | | • | Gold dipped 1.7 percent, last going for about $1,649 per ounce. | | • | Cryptocurrencies trended lower, with Bitcoin at $19,182 at the stock market close. | | | | | | | | | | • | Retail Sales Flat in September
Retail sales came in flat for the month of September. Economists were expecting a 0.2 percent rise. While disappointing, sales are still 8.2 percent higher compared to a year ago. Given the slowing economy, flat sales overall may still be a sign of consumer strength, and may last into the holiday season. | | | | • | Kroger Makes Offer for Albertsons
Grocery chain Kroger (KR) has made a $25 billion offer to buy rival chain Albertsons (ACI). The deal is expected to close in 2024, and would have a combined footprint of 5,000 stores with more than $200 billion in sales nationwide. The consolidation is occurring as dollar chains and box stores have provided strong competition for grocers. | | | | • | Banks Report Lower Profits
Slowing merger deals on Wall Street are impacting big banks this earnings season. Morgan Stanley (MS) reported a 29 percent drop in profit compared to a year ago. Other big banks, like JPMorgan Chase (JPM) have likewise reported a decline in earnings from reduced trading activity this quarter. | | | | • | Beyond Meat to Cut 19 Percent of Staff
Plant-based meat alternative producer Beyond Meat (BYND) will cut about 200 employees. That's about 19 percent of the company's workforce. The move comes as sales have declined, and shares are down nearly 80 percent in the past year. A number of company executives are also departing. | | | | • | Meta Struggles with Leg Avatars
Meta Platforms (META) is working on providing avatars in its Horizon Worlds metaverse with legs. Currently, leg animations have been made via motion capture technology, rather than VR-based tracking, and avatars on the platform currently stop at the torso. Meta has spent an estimated $15 billion on developing the platform so far. | | | | | | TOP | | USB | 3.36% | | | DAL | 2.304% | | | WFC | 1.864% | | | JPM | 1.664% | | | VNO | 1.293% | | | BOTTOM | | FRC | 16.433% | | | MOS | 9.885% | | | CF | 8.4% | | | SIVB | 7.911% | | | TSLA | 7.546% | | | | | | | | | Maybe we get this last gasp higher in inflation and from here we start to decelerate. I think there's still plenty of things that could drive volatility and intraday swings are just the nature of the beast right now.
| | - Liz Ann Sonders, chief investment strategist at Charles Schwab, on the latest inflation read and why the market may remain volatile both up and down for several months, even if inflation starts to permanently come down. | | |
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