Wall Street Today | JPMorgan Says Too-Hot CPI Would Put Stocks at Risk of 5% Tumble
MACRO
Fed's Mester Says More Restrictive Policy Needed to Cool Prices
Federal Reserve Bank of Cleveland President Loretta Mester said officials need to keep raising interest rates and cannot get complacent as they work to battle the strongest inflation in a generation. Mester sees inflation moving down to about 3.5% next year.
JPMorgan Says Too-Hot CPI Would Put Stocks at Risk of 5% Tumble
With a dovish Fed pivot seemingly off the table after last week's employment report, risks for speculators are running high before Thursday's release of the consumer price index. Anything above the prior reading of 8.3% would be big trouble for the stock market, according to $JPMorgan(JPM.US$'s trading desk.
SECTORS
JPMorgan's Michele Warns Mighty Dollar May Trigger Next Crisis
Bob Michele, the outspoken chief investment officer of J.P. Morgan Asset Management, has a warning: rising greenback could spark upheaval in derivatives market. Michele has been in de-risking mode, sitting on a pile of cash which is near the highest level he has held in 10 years.
COMPANY
Meta CEO Mark Zuckerberg Debuts Meta Quest Pro Vr Headset That Will Cost $1,500
$Meta Platforms(META.US$ CEO Mark Zuckerberg said on Tuesday that his company's newest virtual reality headset, dubbed the Meta Quest Pro, will cost $1,500 and start shipping on Oct. 25. $Microsoft(MSFT.US$ CEO Satya Nadella joined Meta's Mark Zuckerberg to discuss bringing the company's apps like Teams into VR.
Uber, DoorDash Plunge After Labor Department Proposes Change to Gig Worker Classification
The Biden Labor Department released a proposal Tuesday that could make it possible for gig workers to be reclassified as employees, rather than contractors. The proposed rule, if adopted, could raise costs for companies like $Lyft Inc(LYFT.US$, $Uber Technologies(UBER.US$ and $DoorDash(DASH.US$.
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Intel Plans Thousands of Job Cuts in Face of PC Slowdown
$Intel(INTC.US$ is planning a major reduction in headcount, likely numbering in the thousands, to cut costs and cope with a sputtering personal-computer market, according to people with knowledge of the situation.
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Google Selects Coinbase to Take Cloud Payments with Cryptocurrencies and Will Use Its Custody Tool
$Alphabet-A(GOOGL.US$ said Tuesday that it will rely on Coinbase to start letting some customers pay for cloud services with cryptocurrencies early in 2023. In addition, Google said it would explore using Coinbase Prime, a service for storing and trading cryptocurrencies. $Coinbase(COIN.US$ will move some of its applications to Google's cloud from Amazon Web Services.
Credit Suisse Faces US Tax Probe, Senate Inquiry Over Accounts
The Justice Department is investigating whether $Credit Suisse(CS.US$ continued to help US clients hide assets from authorities, eight years after the bank paid a $2.6 billion tax-evasion settlement and pledged to tackle the issue. Bank says it's cooperating, set 'high standards' for employees.
Source: Bloomberg, Dow Jones, CNBC
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70507948 : good article. can publish earlier. whats the point to publish now?
mommymoney : Nice mini tutorial
Ajonesthing20 70507948: Lol always publishing After hours
Stephenjay200 : noice