Wall Street Today | Stock Traders Brace for a Steeper Dive as Fed Ups Recession Fear
MACRO
Fed Will Try to Avoid 'Deep, Deep Pain' for U.S. Economy, Bostic Says
The Federal Reserve is trying to engineer an economic slowdown to try to bring inflation under control, but will try to avoid a protracted recession, Atlanta Fed President Raphael Bostic said Sunday.
Stock Traders Brace for a Steeper Dive as Fed Ups Recession Fear
A hawkish Fed crushed whatever hope investors had, plunging the stock market into a doom spiral last week and sparking traders' fears that even more losses are on the way. S&P 500 has dropped more than 3% in four of the last five weeks and Goldman Sachs strategists cut their 2022 view for S&P 500.
Buying the Stock-Market Dip Is Backfiring. Investors Keep Piling In Anyway
Instead of rebounding after a tumble, stocks have continued to fall, burning investors who stepped in to buy shares on sale. The $S&P 500 Index(.SPX.US$ has dropped 1.2% on average this year in the week after a one-day loss of at least 1%, according to Dow Jones Market Data. That is the biggest such decline since 1931.
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SECTORS
Slide in Transportation Stocks Flashes Warning About Economy
Shares of transportation companies are falling twice as fast as the hard-hit U.S. stock market, reflecting investors' expectations that a recession is likely ahead. Historically, declines in transportation stocks have indicated rough economic times ahead amid lower demand for goods, materials and travel.
Commodities Gauge Slumps to Lowest Since July Amid Broad Selloff
The Bloomberg Commodity Spot Index, which tracks futures contracts for everything from oil to copper and cotton, settled 3.1% lower on Friday to a level not seen since July. The measure has lost more than 20% since peaking in June.
COMPANY
Amazon, Berkshire Hathaway Could Be Among Top Payers of New Minimum Tax
A handful of large companies, such as $Berkshire Hathaway-B(BRK.B.US$ and $Amazon(AMZN.US$ could bear most of the burden from a 15% corporate minimum tax President Biden signed into law last month.
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Microsoft, Accenture, and American Tower Boost Dividends
$Microsoft(MSFT.US$, $Accenture(ACN.US$, and $American Tower Corp(AMT.US$ declared dividend increases last week in a fairly quiet stretch for such announcements among large U.S. companies.
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Toyota Softens Toward Critics of Its EV Push
$Toyota Motor(TM.US$ wants to meet with critics who say it is behind rivals in the race for greener cars, nearly a year after the auto maker pledged to spend billions of dollars expanding its electric-vehicle lineup.
Google CEO Pichai Tells Employees Not to 'Equate Fun with Money' in Heated All-Hands Meeting
$Alphabet-A(GOOGL.US$ CEO Sundar Pichai spent much of last week's all-hands meeting addressing employee concerns about company cost-cutting measures. Pichai, who expressed some annoyance during the meeting, said, "I remember when Google was small and scrappy," and added that, "We shouldn't always equate fun with money."
Source: Bloomberg, Dow Jones, CNBC
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