Good MorningBearish momentum is building on Wall Street. Wednesday's market rebound was nothing more than a blip on the radar, possibly driven by short-covering, as traders and investors continue to move to cash. The move comes just a day before the fresh read of the PCE price index and put the S&P 500 at a new 22-month low. Assuming the PCE index comes out as expected, the sell-off could easily gain momentum and take the market down to the 3,500 level or lower.
The PCE index is expected to come in at 0.5% MoM and 4.7% YOY, which are both an acceleration from the previous month and a new high for the YOY comparison. The takeaway is the market is expecting the worst, and the data could be hotter than predicted. Regardless, the data is in support of the Hawkish FOMC, so investors should be prepared for at least another 50 basis points of interest rate hikes at the next meeting if not another 75. Featured: Most profitable less than $5 stock in the world? (Oxford Club) 
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Markets | | | Lithium-ion battery maker Freyr is breaking ground on a huge factory in Norway, and analysts are taking notice, boosting the price target The company is also looking to expand in the U.S. and Japan Freyr already struck a partnership with Volkswagen to develop lithium-battery techno... Read the Full Story >> |
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Stocks | | | Keurig Dr. Pepper raised its dividend in September The stock has returned more, year-to-date, than larger rivals Coca-Cola and PepsiCo Keurig Dr. Pepper is part of the S&P 500, and its recent price action is essentially tracking its index With the market continuing to hit the skid... Read the Full Story >> |
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Stocks | | | CarMax stock is dropping sharply after reporting a steep drop in profits. Consumers are voting with their wallets, which is consistent with the current monetary policy. If the worst is baked in, KMX stock is starting to look properly valued The used car dealership CarMax (... Read the Full Story >> |
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Tech | | | Micron Technologies is a blue-chip tech stock trading at a deep value. The company’s weak guidance may already be priced into the stock. Micron Technologies has a healthy balance sheet and is well-positioned for a slowdown. Shares of Micron Technology (NASDAQ: MU) are down n... Read the Full Story >> |
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Stocks | | | The latest revenue numbers are optimistic for a variety of reasons. Analysts are holding onto the stock, despite some evidence, and see it going higher. There's a lot less chance of a significant correction than there was going into the report. Labor market stocks like Paychex (NASDAQ: PAYX... Read the Full Story >> |
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Politics | | | Hong Kong's leader promised Saturday to revive its struggling economy following a campaign to crush a pro-democracy movement as China's ruling Communist Party marked its 73rd anniversary in power under strict anti-virus controls. In Beijing, crowds of spectators watched a 96-member ho... Read the Full Story >> |
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Politics | | | Ukraine's nuclear power provider said Saturday that Russian forces blindfolded and detained the head of Europe's largest nuclear plant, hours after Moscow illegally annexed a swath of Ukrainian territory in a sharp escalation of the war. The alleged kidnapping comes at a pivotal momen... Read the Full Story >> |
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Politics | | | The president of the European Union's executive arm traveled Saturday to Bulgaria for the opening of a natural gas link between the country and Greece, emphasizing the EU's determination to stop relying on Russian energy imports. Speaking at a ceremony in Sofia, European Commission P... Read the Full Story >> |
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Tech | | | Prime Minister Narendra Modi launched 5G services in India on Saturday, calling it a "step towards the new era." The launch in select cities will cover the entire country over the next couple of years, a government statement said. Modi launched the much-awaited service... Read the Full Story >> |
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Politics | | | A subsidiary of London-based oil giant BP agreed to finish its cleanup of a 300-square mile (776-square kilometer) site in Montana that's contaminated with arsenic and other pollutants from decades of copper smelting, and to repay the U.S. government $48 million in response costs. Un... Read the Full Story >> |
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