Wall Street Today | Powell Has Chance to Reset Market Expectations at Jackson Hole

Moomoo Recap US wrote a column · Aug 21, 2022 19:15

MACRO

Powell Has Chance to Reset Market Expectations at Jackson Hole

Powell speaks on the economic outlook at 10 a.m. Washington time Friday and is expected to re-state the Fed's resolve to keep raising interest rates to get inflation under control, though he'll probably stop short of signaling how big officials will go when they meet next month.

97% of Corporate Execs Think Us Economy is in Recession or Headed for One, Survey Shows

Findings published by Stifel Financial show that 18% of corporate executives, business owners and private equity investors believe the economy has already contracted and is in a recession. That compares to about 79% of whom expect a downturn within the next 18 months.

SECTORS

Cheap-Clone ETFs Are Sucking Billions Away From Bigger Siblings

Attracted to cheaper alternatives, a cohort of Wall Street investors are increasingly eschewing the most liquid products on the planet. The proximate cause: $SPDR S&P 500 ETF(SPY.US)$ charges a comparatively beefy 10 basis points versus just 3 for its younger clone known as the $15 billion $SPDR Portfolio S&P 500 ETF(SPLG.US)$.

COMPANY

Elon Musk Says Tesla Will Hike the Price of FSD Driver Assistance Software by 25% in September

$Tesla(TSLA.US)$ plans a 25% price increase for its premium, driver assistance system marketed in the U.S. as the Full Self-Driving, or FSD, option. FSD currently costs $12,000 with subscriptions at $199 per month. Tesla CEO Elon Musk did not immediately specify whether subscription prices will also increase.
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Warren Buffett Not Expected to Bid for Control of Occidental Following Approval for Bigger Stake

Warren Buffett's bid to boost his big stake in $Occidental Petroleum(OXY.US)$ even further isn't expected to serve as a prelude to a full takeover of the resurgent energy company by the widely watched billionaire, at least for now, according to The Wall Street Journal.
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Ryan Cohen's Stock Sale Is No Problem for Bed Bath & Beyond's True Believers

Even as $Bed Bath & Beyond Inc(BBBY.US)$ slumped last Friday in its worst one-day pullback ever, individual investors continued to cheer the stock on social-media platforms like Reddit, Discord and Twitter. Many posted emojis of diamonds and hands—internet shorthand for someone who holds steadfast to their investments even when there is rising pressure to sell.
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Amazon Among Bidders for Signify Health

$Amazon(AMZN.US)$ is among the bidders for healthcare company $Signify Health(SGFY.US)$, joining other heavy hitters vying in an auction for the home-health services provider, according to people familiar with the matter.
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13F Tracking: Berkshire, Invesco, Tiger Global, and Temasek

Among the big-name disclosures, Warren Buffett's Berkshire Hathaway boosted its stake in $Activision Blizzard(ATVI.US)$ to 68.4M shares from 64.3M. It also exited its stake in $Verizon(VZ.US)$.