Wall Street Today | U.S. banks’ pandemic hot streak is coming to an end
MACRO
• Asia Stocks Set for Cautious Open as Oil Tops $100
Stocks in Asia look set for a cautious open Wednesday after oil jumped back above $100 a barrel.
Equity futures signaled muted starts for Japan, Australia and Hong Kong. Contracts on the $S&P 500 Index(.SPX.US$ and $NASDAQ 100 Index(.NDX.US$ made modest gains after U.S. shares erased an advance to close lower.
Stocks in Asia look set for a cautious open Wednesday after oil jumped back above $100 a barrel.
Equity futures signaled muted starts for Japan, Australia and Hong Kong. Contracts on the $S&P 500 Index(.SPX.US$ and $NASDAQ 100 Index(.NDX.US$ made modest gains after U.S. shares erased an advance to close lower.
• U.S. Inflation Accelerated to 8.5% in March, Hitting Four-Decade High
U.S. inflation surged to a new four-decade high of 8.5% in March from the same month a year ago, driven by skyrocketing energy and food costs, supply constraints and strong consumer demand.
U.S. inflation surged to a new four-decade high of 8.5% in March from the same month a year ago, driven by skyrocketing energy and food costs, supply constraints and strong consumer demand.
• Fed's Best Path Is to Hike Rates to Neutral Rapidly, Barkin Says
"The best short-term path for us is to move rapidly to the neutral range and then test whether pandemic-era inflation pressures are easing, and how persistent inflation has become. If necessary, we can move further." Barkin said.
"The best short-term path for us is to move rapidly to the neutral range and then test whether pandemic-era inflation pressures are easing, and how persistent inflation has become. If necessary, we can move further." Barkin said.
• U.S. Crude Output Will Rise at Slower-Than-Expected Pace, EIA Says
Production in 2022 is now expected to average 12.01 million barrels a day compared to the previous forecast of 12.03 million barrels a day, according to the Energy Information Administration.
Production in 2022 is now expected to average 12.01 million barrels a day compared to the previous forecast of 12.03 million barrels a day, according to the Energy Information Administration.
SECTOR
• In Ukraine, a 'Full-Scale Cyberwar' Emerges
Ukrainian and Western intelligence officials feared Moscow's elite corps of state-sponsored hackers would launch crippling cyberattacks to complement its invasion of Ukraine. Instead the cyberwar has been something closer to Internet trench warfare: a grinding conflict of relentless, if sometimes unsophisticated attacks that have taken casualties but had limited impact on the course of the fight.
Ukrainian and Western intelligence officials feared Moscow's elite corps of state-sponsored hackers would launch crippling cyberattacks to complement its invasion of Ukraine. Instead the cyberwar has been something closer to Internet trench warfare: a grinding conflict of relentless, if sometimes unsophisticated attacks that have taken casualties but had limited impact on the course of the fight.
• U.S. Banks' Pandemic Hot Streak Is Coming to an End
After outperforming the market over much of the past two years, the $KBW Nasdaq Bank Index(.BKX.US$ is down about 9% so far this year. Banks' underperformance in the stock market coincides with falling first-quarter profit expectations. Analysts now expect banks in the S&P 500 to report earnings of about $28 billion, down 36% from a year ago, according to FactSet.
After outperforming the market over much of the past two years, the $KBW Nasdaq Bank Index(.BKX.US$ is down about 9% so far this year. Banks' underperformance in the stock market coincides with falling first-quarter profit expectations. Analysts now expect banks in the S&P 500 to report earnings of about $28 billion, down 36% from a year ago, according to FactSet.
COMPANY
• Lululemon Launches a Trade-in and Resell Program as Shoppers Grapple with Inflation
The rollout of $Lululemon Athletica(LULU.US$'s “Like New” program comes after the retailer tested the so-called re-commerce platform for customers in Texas and California, which started last May.
The rollout of $Lululemon Athletica(LULU.US$'s “Like New” program comes after the retailer tested the so-called re-commerce platform for customers in Texas and California, which started last May.
• Walmart Hires PayPal Executive as Its Chief Financial Officer
Rainey currently holds the same post at the financial technology company and will step in as CFO at $Walmart(WMT.US$ on June 6. He will take the reins from longtime CFO Brett Biggs, who announced in November that he would step down.
Source: WSJ, Bloomberg, CNBC
Rainey currently holds the same post at the financial technology company and will step in as CFO at $Walmart(WMT.US$ on June 6. He will take the reins from longtime CFO Brett Biggs, who announced in November that he would step down.
Source: WSJ, Bloomberg, CNBC
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
Read more
Comment
Sign in to post a comment
Moomoo News Official Account
In 10 minutes it’s history. At four I’m a dinosaur!
37KFollowers
26Following
38KVisitors
Follow
71108618 : Ionq
Bandidos : Banks not making money then who is making.? some old geeks at wall street.
Zequalizer : The true inflation i’m hearing from small business owners is closer to 20%