Wall Street Today | Big money in stock market is in mad dash to get out of Fed's way
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Big Money in Stock Market Is In Mad Dash to Get Out of Fed's Way
Hedge funds have been expeditious, selling equities at the fastest rate on record over two days through Monday, according to $Goldman Sachs(GS.US$ prime brokerage data. They're pulling out as implied volatility across assets sits at levels not seen for any pre-Fed session in more than a decade.
Leon Cooperman Tells CNBC That a Recession Will Hit in 2023
Leon Cooperman, chairman of Omega Advisors, said that he believes oil or the Fed will send the US into a recession sometime in 2023, during live comments on CNBC. Cooperman added that stocks could fall 40% from their peak and the 4100 level on the S&P 500 that he had mentioned in December will be the high for some time.
US Producer Prices Rise at a Brisk Pace, Adding to Fed Pressure
The producer price index for final demand increased 0.8% from April and 10.8% from a year earlier, Labor Department data showed Tuesday. That followed a 0.4% advance in the prior month. Nearly two thirds of the May increase was due to an advance in goods prices, especially energy.
SECTORS
Natural-Gas Prices Plunge After Extended Outage at Texas LNG Facility
Natural-gas futures for July delivery fell more than 16% to end Tuesday at $7.189 per million British thermal units, the latest whipsaw move in the market for the power-generation and heating fuel. Futures prices for deliveries through February shed at least 10% on the day, suggesting greatly diminished fears about shortages this coming winter.
OPEC Oil Output Fell in May, Adding to Pressure on Cartel
Oil production among the Organization of the Petroleum Exporting Countries slumped in May, adding pressure on the cartel after it pledged to stabilize an undersupplied market by pumping more crude.
Output among the 13 countries that make up OPEC dropped by 176,000 barrels a day last month to average roughly 28.5 million barrels a day, data from the cartel released Tuesday showed.
COMPANIES
Apple, Major League Soccer Strike 10-Year Streaming Deal for All MLS Games
The 10-year agreement unveiled Tuesday will make the Apple TV app the home of all MLS matches, available to fans through a variety of programming options. $Apple(AAPL.US$
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Coinbase to Lay Off 18% of Workers as Crypto Winter Worsens
$Coinbase(COIN.US$ announced Tuesday would lay off 18% of its workforce in another sign of a worsening crypto downturn that's shaved off trillions of the total cryptocurrency market value.
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SoftBank Plans Additional London Listing for Arm IPO
$SOFTBANK GROUP CORP(SFTBF.US$ is planning to list some of its stake in chip designer Arm Ltd. on the London Stock Exchange, switching from an earlier plan to only use the US market, according to people familiar with the matter.
Last Warren Buffett Lunch Auction Fetches $3 Million Early Bid
A last chance for bidders to dine with Warren Buffett has garnered a $3 million early bid, as the 91-year-old billionaire auctions a final lunch to raise money for a San Francisco charity. This year's auction began on Sunday night on $eBay(EBAY.US$ and will end on June 17. $Berkshire Hathaway-A(BRK.A.US$ $Berkshire Hathaway-B(BRK.B.US$
Source: Bloomberg, WSJ, CNBC, Reuters
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