Wall Street Today | U.S. GDP fell at 0.9% annual rate in second quarter; recession fears loom over economy
MACRO
U.S. GDP Fell at 0.9% Annual Rate in Second Quarter; Recession Fears Loom Over Economy
Gross domestic product, a broad measure of the goods and services produced across the economy, fell at an inflation and seasonally adjusted annual rate of 0.9% in the second quarter, the Commerce Department said Thursday.
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Yellen Says US Economy Is Not Seeing Recession Conditions Now
Treasury Secretary Janet Yellen gave a glass-half-full assessment of the US economy, rejecting the notion the country had entered a recession.
"We do see a significant slowdown in growth," Yellen said at a press conference on Thursday. But a true recession is a "broad-based weakening of the economy," she said. "That is not what we're seeing right now."
SECTORS
Dollar's Strength Likely to Last Several Months, Lazard CEO Says
Lazard Ltd. Chief Executive Officer Ken Jacobs said the strong dollar might persist for several months, something that his top banker believes may cause severe stress among sovereign clients.
Solar Stocks Jump as Schumer, Manchin Announce Climate Spending Deal
Solar stocks jumped Thursday after Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Joe Manchin, D-W.V., said they've reached a deal on climate spending. The package earmarks a record $369 billion for climate and clean energy provisions. The $Invesco Solar ETF(TAN.US$ added 9.6% on Thursday morning. Residential solar installers $Sunrun(RUN.US$ and $Sunnova Energy International(NOVA.US$ jumped 26% and 33%, respectively.
COMPANY
Amazon Jumps on Revenue Beat and Rosy Guidance for Third Quarter
$Amazon(AMZN.US$ shares climbed more than 13% in extended trading on Thursday after the company reported better-than-expected second-quarter revenue and gave an optimistic outlook. Revenue growth of 7% in the second quarter topped estimates. Amazon said it expects to post third-quarter revenue between $125 billion and $130 billion, representing growth of 13% to 17%. Analysts were expecting sales of $126.4 billion, according to Refinitiv.
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Apple Beats on Revenue and Profit, Expects Growth to Accelerate Despite 'Pockets of Softness'
$Apple(AAPL.US$ reported fiscal third-quarter earnings on Thursday that beat Wall Street expectations for sales and profit but showed slowing growth for the iPhone maker. Apple stock rose over 3% in extended trading. "In terms of an outlook in the aggregate, we expect revenue to accelerate in the September quarter despite seeing some pockets of softness," Apple CEO Tim Cook said.
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Intel Posts Sharp Drop in Sales, Issues Muted Outlook
Chip maker $Intel(INTC.US$ Corp. reported a surprise quarterly loss and cut its full-year outlook, reflecting a slump in personal-computer purchases and product delays. Intel shares sank as much as 10% in extended trading on Thursday after the chipmaker reported second-quarter results.
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Roku Swings to Second-Quarter Loss on Slower Ad Spending
$Roku Inc(ROKU.US$ said it expected two of its main revenue drivers—advertising and sales of streaming hardware—to come under further pressure during the second half of the year, sending the company's shares down 25% in after-hours trading.
Beyond Meat Stock Falls After Conclusion of McDonald's McPlant Test
Shares of $Beyond Meat(BYND.US$ fell 6% in morning trading after J.P. Morgan said McDonald's ended its U.S. test of the McPlant burger, which uses Beyond's meatless patties. Analyst research reported lackluster demand for the meatless burger, which is made using Beyond Meat patties.
Source: Bloomberg, Dow Jones, CNBC
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70185181 : All walks of life in the US are at a standstill. There is no business, they are all laying off employees. I'm afraid another month of hard work will force the people to reverse.
71403390 : Fears? We are in a recession it’s just begun, wait until “real pricing” shows up. Give me a break more trash articles as always.
wkedjosh : so when the 1st quarter goes down, then the 2nd quarter goes down. isn't that the definition of recession? but now we get to redefine all the words.
dynamic Finch_9836 : $Turning Point Therapeutics (TPTX.US)$@moomoo Event