The Federal Reserve is predicted to increase interest rates by a quarter of a percentage point and also likely indicate that it will continue to remain cautious in its efforts to combat inflation, even as it decreases the magnitude of its hikes. On Wednesday at 2 PM ET, the Fed will announce its latest rate … Read more
Big Tech companies are facing a tough start to 2023 as they continue to lay off thousands of employees following a difficult 2022. Companies like Meta, Amazon, and Intel announced significant job cuts last year due to high interest rates, inflation, a hawkish Fed, and slowdowns in advertising and consumer spending. Google’s parent company, Alphabet, … Read more
(Bloomberg) — Meta Platforms Inc. Chief Executive Officer Mark Zuckerberg said the company will cut more than 11,000 jobs in the first major round of layoffs in the social media giant’s history. The reductions, equal to about 13% of the workforce, were disclosed Wednesday in a statement. The company will also extend its hiring freeze … Read more
There’s a head-spinning amount of news for markets to navigate in the week ahead, the biggest of which will be the Federal Reserve’s midweek meeting. The two largest U.S. companies — Microsoft and Apple — report Tuesday and Thursday, respectively. Google parent Alphabet releases results Tuesday, and Amazon reports Thursday. Meta Platforms, formerly Facebook, reports Wednesday. In all, more than a third … Read more
Earnings season is entering full swing on Wall Street, and CNBC’s Jim Cramer said Monday that investors would be wise to take a wait-and-see approach toward shares of companies that are about to report quarterly numbers. “In this environment, it’s always going to be fragile on the upside and easy on the downside, because the bears … … Read more
JPMorgan Chase said Thursday that second-quarter profit slumped as the bank built reserves for bad loans by $428 million and suspended share buybacks. The actions reflect Chairman and CEO Jamie Dimon’s increasingly cautious stance. “The U.S. economy continues to grow and both the job market and consumer spending, and their ability to spend, remain healthy,” he … Read more
Shoppers paid sharply higher prices for a variety of goods in June as inflation kept its hold on a slowing U.S. economy, the Bureau of Labor Statistics reported Wednesday. The consumer price index, a broad measure of everyday goods and services, soared 9.1% from a year ago, above the 8.8% Dow Jones estimate. That marked another month … Read more
June’s big payroll jump helped clear away some of those recession clouds for a U.S. economy that nonetheless faces some stormy weather ahead. Job gains of 372,000 convinced most Wall Street economists that the idea of a first-half recession is “fanciful,” as one put it. A 3.6% unemployment rate is hardly consistent with an economic downturn, at … Read more
Agriculture experts are calling this season one of the most important crop years in recent history. The supply chain has barely improved, exports are expensive, and we must rely on domestically grown and raised food more than ever. Everything is connected, as are the ongoing crises. The energy crisis is adding to rising food prices … Read more
The Fed is now telling us that it can avoid a recession… or engineer a “soft landing.” It’s a pretty stunning argument… and it raises questions as to whether the Fed actually believes this stuff… of if it’s simply saying this for political purposes so people won’t panic. Consider what the Fed has done so … Read more
