Wall Street Today | The Tech industry's epic two-year run sputters
MACRO
· With Higher Pay and Better Hours, Teens Jump Into the Job Market
Teens are now working in greater numbers than they have since before the 2008-09 financial crisis, when summer and part-time jobs were a more common rite of passage into adulthood, government statistics show. They have become particularly essential in the retail, tourism and hospitality industries, which many adults left behind during the pandemic.
· Port Labor Talks Pose New Complication for Supply Chain
The labor talks cover about 22,400 workers at 29 ports, including the big Southern California facilities that make up the country's busiest gateway for imported goods. Similar negotiations have been long and contentious in previous years, leading to extensive disruptions and delays in the flow of goods.
The risks have seldom been as high as they are this year.
· Dollar Strength Bucks Inflation Woes
Years ago, high U.S. inflation meant a weak dollar. So far, it is different this time, and many on Wall Street are betting it will stay that way.
The dollar is reaching multidecade highs against its trading partners, even with U.S. inflation at its highest level in nearly 40 years. The U.S. Dollar Index, which tracks the currency against a basket of others, is reaching highs unseen since 2002. The greenback's climb has sent the euro, British pound and Japanese yen tumbling.
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· Market's 2022 Slide Has Already Changed Investor Behavior
The 2022 pullback in U.S. stocks intensified last week, with stocks on Thursday staging their largest single-day decline since the onset of the pandemic. The plunge came just a day after Federal Reserve Chairman Jerome Powell appeared to clear the way for a stock rally by casting interest-rate increases larger than a half-percentage point as unlikely.
· Bill Gates Says Bears Have 'a Pretty Strong Argument' and Forecasts an 'Economic Slowdown'
Speaking on CNN's "Fareed Zakaria GPS" on Sunday, Gates said the combined impact of the war, pandemic and central bank monetary tightening policies are coming at a time when "government debt levels were already very high and there were already some supply chain problems." He said the rising inflation and ensuing interest rate hikes will "eventually result in an economic slowdown."
SECTORS
· The Tech Industry's Epic Two-Year Run Sputters
The technology industry, which powered the U.S. economy during the pandemic and grew at tremendous scale during a decade of ultralow interest rates, is confronting one of the most punishing stretches in years.
Global powerhouses and fledgling startups are feeling pain from a variety of economic, industry and market factors, spawning postpandemic turbulence in e-commerce, digital advertising, electric vehicles, ride-hailing and other segments.
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· Hospitals Look to Raise Treatment Costs as Nurses' Salaries Increase
Some hospitals grappling with rising nurse salaries are seeking to raise prices by up to 15%, touching off contract fights with health insurers and businesses and threatening higher premiums.
$HCA Healthcare(HCA.US)$ and $Universal Health Services(UHS.US)$ are among the hospitals asking health plans to pay them more for care to offset mounting nurse costs.
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COMPANIES
· Ford Is Selling 8 Million Shares Of Once High-flying EV Maker Rivian
$Ford Motor(F.US$ is selling 8 million of its $Rivian Automotive(RIVN.US$ shares, with the insider lockup for the stock of the once high-flying electric vehicle maker is set to expire on Sunday, sources told CNBC's David Faber.
The automaker currently owns 102 million shares of Rivian. Ford will be selling the shares through Goldman Sachs, sources said.
Source: Bloomberg, WSJ, CNBC
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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