Wall Street Today | Apple joins fellow tech giants in putting a lid on hiring

Moomoo Recap US wrote a column · Jul 18, 2022 18:56

Wall Street Today | Apple joins fellow tech giants in putting a lid on hiring

MACRO

Morgan Stanley, Goldman Say Stocks Have Yet to Find a Bottom

A rally in stock markets may prove to be short-lived as inflation pressures remain high and a recession seems increasingly likely, according to strategists at $Morgan Stanley(MS.US)$ and $Goldman Sachs(GS.US)$.

For Morgan Stanley, the odds of a US recession continue to increase, with the broker's model showing a 36% probability in the next 12 months, while other warnings include rising jobless claims and falling job openings.

US Homebuilder Sentiment Gauge Falls to Lowest Since May 2020

The National Association of Home Buyers/Wells Fargo gauge decreased to 55, the lowest level since May 2020, figures showed Monday. The 12-point decline from the prior month was the largest since the start of the pandemic and worse than all estimates in a Bloomberg survey of economists.

SECTORS

Bank ETF Sees Record Outflow Streak as Recession Fears Mount

The $28.4 billion $Financial Select Sector SPDR Fund(XLF.US)$ has seen outflows for 16 straight weeks, the longest such streak in its 23-year history, according to data compiled by Bloomberg. Almost $11 billion has been wiped away in that span, shrinking the fund's total assets by roughly 28%.

Iraq Oil Minister Sees Crude Over $100 a Barrel This Year

Oil will trade at more than $100 a barrel for the rest of the year and stay high for the next several years, requiring the continued efforts of the OPEC+ producers' group to manage supply and demand, according to Iraq's energy minister.

Recession Fears, Trade Shifts Whipsaw Global Grain Markets

Growing fears of a global recession and easing concerns over world food shortages are reversing a sharp rally in grain markets, but pressure on food supplies could linger for years, executives and agricultural economists say.
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COMPANY

Apple Joins Fellow Tech Giants in Putting a Lid on Hiring

$Apple(AAPL.US)$ is the latest major technology company to rein in hiring and spending plans, adding to the evidence that even Silicon Valley stalwarts are worried about a recession in the coming months.

IBM Second-Quarter Earnings Advance on 9% Sales Growth

$IBM Corp(IBM.US)$ reported 9% sales growth in second-quarter results that also reflected some of the wider concerns tech investors confront as the sector kicks off its earnings season. IBM shares fell more than 4% in after-hours trading.
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Twitter Says Elon Musk's Opposition to Expedited Trial Is a Tactical Delay

$Twitter (Delisted)(TWTR.US)$ Inc. called Elon Musk's opposition to a speedy trial for its case against the billionaire a tactical delay and said his proposed timeline is "calculated to complicate and obfuscate."
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Starbucks CEO Says More Stores to Close for Security Reasons

In a video posted on Twitter, Schultz said Starbucks is closing stores that are "not unprofitable" due to an uptick in safety-related problems including crime, homelessness and drug use in bathrooms. The company earlier announced plans to close 16 locations due to security issues. $Starbucks(SBUX.US)$

Source: Bloomberg, WSJ

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