Stock indexes ended lower Friday after surprisingly strong jobs data sparked concerns about aggressive FED action, while investors digested a mixed bag of megacap company earnings reports. The data suggests an economy that is running cooler than half a year ago. That is good!
There is an old saying: Be careful what you root for - you just might get it. In this case, investors wanted lousy news, as it might get the FED to back off from blowing up an economy that is already on the back foot. Now that the news is going from bad to worse. 2023 hobbles.
Markets are soaring Thursday in reaction to Federal Reserve Chairman Jerome Powell explaining yesterday that the central bank is making progress in battling inflation, despite his remarks of ongoing rate increases being appropriate. Now we await today's Payroll report! WhataWeek!
The Crypto contagion deepens: Coinbase to lay off about 950 employees
Coinbase Global said it will cut about 950 jobs, or 20% of its workforce, as part of a restructuring plan that marks the third round of layoffs for the cryptocurrency exchange since last year. It looks bad...
On the U.S. economic calendar, the Commerce Department in its advance estimate is expected to show gross domestic product likely increased 2.6% in the fourth quarter. Orders for durable goods likely rose 2.5% in December after dropping 2.1% in the prior month. Data thick now!
Monday, stocks ended lower, dragged down by tech and mega caps. Treasury yields edged higher. Oil prices slumped on demand concerns and signals of strong Russian exports. The FED is scheduled to begin its 2-day meeting on interest rate policy in Washington. It's a BUSY NEWS WEEK.
