Wall Street Today | Twitter Shares Surge 22% After Elon Musk Revives Deal to Buy Company at Original Price
MACRO
Fed Official Says Inflation Fight Will Take Time, Despite Signs of Progress
Bringing inflation down from 40-year highs is likely to take time and will require a slowdown in economic growth and reduced demand for workers by employers, a Federal Reserve official said Tuesday. Those efforts are showing tentative signs of progress, said Fed governor Philip Jefferson, in his first public remarks since taking office in May.
U.S. Job Openings Fell in August, Layoffs Up Slightly
U.S. employers pulled back sharply on job openings, while layoffs rose in August, adding to signs the labor market and overall economy are cooling. Employers' total job openings fell 10% in August to a seasonally adjusted 10.1 million from 11.2 million the month before, the Labor Department said Tuesday.
Wall Street Sees S&P 500 Falling Further After Bear-Market Bounce
Some of Wall Street's biggest banks aren't buying this stock-market rally. Firms from HSBC Holdings Plc to Credit Suisse Group AG are skeptical that the S&P 500 Index has reached its ultimate low and warning that US equity prices still don't fully reflect the risks of higher interest rates on earnings and valuations.
SECTORS
OPEC+ Considers Output-Limit Cut of as Much as Two Million Barrels a Day
OPEC+ is considering its biggest production cut since 2020 as it tries to stabilize oil prices, a move that risks cranking up tensions with Washington. The group is set to discuss a cut to its production limits of as much as 2 million barrels a day, using current baselines, delegates said.
Retail Real Estate Is Enjoying Its Biggest Revival in Years
U.S. retail vacancy fell to 6.1% in the second quarter, the lowest level in at least 15 years, while asking rents for U.S. shopping centers in the quarter were 16% higher than five years ago, according to real-estate services firm Cushman & Wakefield.
COMPANY
Twitter Shares Surge 22% After Elon Musk Revives Deal to Buy Company at Original Price
Elon Musk has reversed course and is again proposing to buy $Twitter (Delisted)(TWTR.US$ for $54.20 a share, according to a regulatory filing on Tuesday. Twitter shares closed up more than 22% on the news.
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Amazon Freezes Corporate Hiring in Its Retail Business
$Amazon(AMZN.US$confirmed a report that the company is freezing hiring for corporate roles in its retail business. Tech companies have announced layoffs, hiring freezes and cost cutting efforts amid fears of an economic downturn.
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Micron to Spend Up to $100 Billion on Chip Factory in New York State
$Micron Technology(MU.US$ has agreed to invest as much as $100 billion to build a semiconductor-manufacturing campus in upstate New York, adding to a wave of chip-making plans in the U.S. as Washington tries to boost domestic manufacturing of those critical components.
Bridgewater Founder Ray Dalio Hands Over Control of Firm
Bridgewater Associates founder Ray Dalio stepped down as co-investment chief of the largest U.S. hedge fund firm, nearly five decades after he started it in his Manhattan apartment.
Source: Bloomberg, Dow Jones, CNBC
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Ps126-5-6 : lol yeah that's what did it. I can't roll my eyes loud enough.
Giovanni Ayala :
Giovanni Ayala :
orange goat_1273 : It is a probable expectation that the present stock market gains will not continue and new lows are likely. The Fed's inflation reduction is far from finished. OPEC+ is planning to make the largest production cuts since 2020 angering Washington. Brick and mortar retail vacancy is lowest since 2007, while Amazon is freezing and laying off employees. Tech companies feeling the same as Amazon are also cutting employees and expenses. Musk is pressured by courts to buy Twitter at the original price, pushing Twitter's stock up more than 22%.
Good for upstate N.Y: Micron Technology is investing 100million upping the US microchip security. Bridgewater Associates founder, Ray Dalio is stepping down from the largest US hedge fund almost 50 years after he started it in his apartment.