Wall Street Today | Amazon sells more than 300 million items during prime day
MACRO
Fed's Waller Says CPI Was 'Major League Disappointment,' Leaves Door Open for 100 Basis Move
Federal Reserve Governor Christopher Waller on Thursday said he supports a 0.75 percentage point interest rate hike in July, but he left the door open for a larger move if data over the next two weeks comes in strong.
Treasury 5-to-30 Year Curve Inverted for First Time Since June
Yields on the longest US bond moved below the rate on five-year Treasuries on Thursday, the latest in a series of so-called curve inversions that could well herald an economic slump. The 30-year yield traded as low as 3.0775% on Thursday. The premium of the five-year rate over the 30 at one point reached as much as 0.8 basis point.
SECTORS
Oil Extends Its Fall Below $100 as Fears of Recession Intensify
Oil continued its decline as record US inflation and disappointing earnings from Wall Street intensified fears of a recession. West Texas Intermediate settled below $96 a barrel on Thursday. Earlier, futures breached $91 a barrel, hitting the lowest level since late February when crude began its ascent into triple digits.
Gold Briefly Below $1,700 to 27-Month Low as U.S. Dollar Soars
Gold for August delivery on New York's Comex settled down $29.70, or 0.6%, at $1,705.80 per ounce on Thursday, after briefly reaching a bottom since March 31, 2020. Analysts largely blamed the strong U.S. dollar, which has weighed on precious metals prices since gold peaked above $2,000 per ounce earlier this year.
From Gap to Dollar General, Retail Chiefs Exit as Challenges Grow
Many U.S. retailers are opting for new leadership or moving ahead with pandemic-delayed succession plans as the industry adapts to challenges beyond the Covid-19 health crisis. On Monday, $Gap Inc(GPS.US)$ replaced Chief Executive Sonia Syngal after more than two years on the job. On Tuesday, $Dollar General(DG.US$ said its longtime CEO would step down.
COMPANY
Amazon Sells More Than 300 Million Items During Prime Day
$Amazon(AMZN.US$ said in a statement Thursday morning that customers purchased more than 300 million items during the event, adding that some of the bestselling items were premium beauty products, Apple Watches, diapers and kitchen items.
JPMorgan Sees Economic Turmoil Brewing, but Few Signs of Recession So Far
$JPMorgan(JPM.US$reported a 28% decline in its second-quarter profit Thursday, as the nation's biggest bank set aside another $428 million to cover potential future loan losses, a signal it has grown more dour on the U.S. economic outlook. Chief Executive Dimon said he saw an "economic hurricane" on the horizon, but he wasn't sure how serious it would be.
Pinterest Shares Jump 15% After Reports of Elliott Management Stake
$Pinterest(PINS.US)$ shares jumped 15% to $20.25 in after-hours trading Thursday, as activist investor Elliott Management Corp. has taken a big 9% stake in $Pinterest(PINS.US)$, according to people familiar with the matter.
Google Parent Alphabet Names Goldman Sachs Veteran to Board
Wall Street veteran Marty Chavez is joining the board of Google parent $Alphabet-A(GOOGL.US$, adding significant finance muscle to the technology giant. Chavez, a vice chairman and partner with Sixth Street Partners, is best known for his 20-year tenure at $Goldman Sachs(GS.US$. His appointment marks the first change to the Alphabet board since 2020.
Source: Bloomberg, Dow Jones, Yahoo Finance
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