Wall Street Today | Bed Bath & Beyond Finance Chief Gustavo Arnal Found Dead
MACRO
No Soft Landing Ahead to Save Stocks, Goldman's Oppenheimer Says
The economic soft landing that stock bulls are hoping for is unlikely given persistently higher inflation and risks of a global economic slowdown, according to $Goldman Sachs(GS.US$'s Peter Oppenheimer.
US Stock Market Has Yet to Find a Bottom, Bank of America's Subramanian Says
The $S&P 500 Index(.SPX.US$ still hasn't bottomed yet despite its 7% plunge over the last three weeks, according to a group of strategists at $Bank of America(BAC.US$ led by Savita Subramanian.
SECTORS
Russia Signals Opposition to OPEC+ Oil-Production Cut
Russia doesn't support an oil-production cut at this time, and it is likely OPEC+ will keep its output steady when it meets Monday, people familiar with the matter said, as Moscow maneuvers to thwart Western attempts to limit its oil revenue following its invasion of Ukraine.
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No Escape From Biggest Bond Loss in Decades as Fed Keeps Hiking
Swaps traders are pricing in a slightly better-than-even chance that the central bank will continue lifting its benchmark rate by three-quarters of a percentage point on Sept. 21 and tighten policy until it hits about 3.8%. That suggests more downside potential for bond prices because the 10-year Treasury yield has topped out at or above the Fed's peak rate during previous monetary-policy tightening cycles.
U.S.-Stock Funds Are Down 17.3% So Far in 2022
The average U.S.-stock mutual fund or exchange-traded fund is down 17.3% for the year to date, through August, according to Refinitiv Lipper data. That includes a 3.5% average decline in August, reflecting the stock market's reaction to Fed Chairman Jerome Powell's comments that the central bank will keep raising interest rates to fight inflation, despite recession risk.
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COMPANY
Bed Bath & Beyond Finance Chief Gustavo Arnal Found Dead
$Bed Bath & Beyond Inc(BBBY.US$'s Chief Financial Officer Gustavo Arnal was found dead Friday after falling from a New York building. Mr. Arnal, 52 years old, died two days after he had briefed investors on the retailer's plans to secure new financing, slash jobs and close about a fifth of its namesake stores.
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Apple's 'Pro' Products Will Steal Show at iPhone 14 Launch Event
$Apple(AAPL.US$'s biggest event of the year is just a few days away, with the iPhone 14, Apple Watch Pro and new AirPods on tap. The regular iPhone 14 models will get some camera hardware changes, but the most significant upgrades will be reserved for the Pro line—and that could be a theme of the event.
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CVS Is in Advanced Talks to Buy Signify Health for Around $8 Billion
$CVS Health(CVS.US$ is in advanced talks to acquire the home-healthcare company $Signify Health(SGFY.US$ for around $8 billion, according to people familiar with the matter.
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U.S. Begins Antitrust Review of Amazon's Takeover of Vacuum Maker iRobot
The U.S. Federal Trade Commission has begun a review of $Amazon(AMZN.US$'s $1.7 billion takeover of robot vacuum maker $iRobot(IRBT.US$ Corp to decide if the deal violates antitrust law, Politico reported on Friday, citing people familiar with the matter.
Source: Bloomberg, Dow Jones, Yahoo Finance
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