Wall Street Today | Economists Place 70% Chance for US Recession in 2023
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Economists Place 70% Chance for US Recession in 2023
Economists say there is a 7-in-10 likelihood that the US economy will sink into a recession next year, slashing demand forecasts and trimming inflation projections in the wake of massive interest-rate hikes by the Fed.
The probability of a downturn in 2023 climbed from 65% odds in November and is more than double what it was six months ago, according to the latest Bloomberg monthly survey of economists.
Bank of America Clients Pour the Most Cash Into ETFs Since 2017
$Bank of America (BAC.US)$ clients poured the most money into ETFs since 2017 after five straight weeks of single-stock inflows. The biggest outflows for the week ended Dec. 16 were from technology stocks, which BofA clients sold for the first time in six weeks, followed by health care, while consumer staples and consumer discretionary saw the biggest inflows.
SECTORS
US Housing Starts, Permits Fall on Slide in Single-Family Homes
Residential starts decreased 0.5% last month to a 1.43 million annualized rate, according to government data released Tuesday. Single-family homebuilding dropped to an annualized 828,000 rate, the lowest since May 2020.
COMPANY
Big Oil Stages a Big Comeback as Exxon's Valuation Passes Tesla
The largest US oil company, $Exxon Mobil (XOM.US)$, has surpassed electric-vehicle giant $Tesla (TSLA.US)$ in market value for the first time since 2020 as investors sell high-growth stocks and buy up value stocks in the energy sector.
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Nike Reports Robust Sales Amid Sustained Inventory Pileup
$Nike (NKE.US)$ posted another quarter of inventory buildup, but quarterly sales exceeded Wall Street's estimates, alleviating investor concern and sending the shares up 12% in late trading.
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Amazon Avoids Multibillion-dollar Fine as It Reaches EU Antitrust Settlement
$Amazon (AMZN.US)$ on Tuesday made a series of commitments to address allegations from the European Union that the company was using independent sellers' data to its advantage. The company could have faced a fine of up to 10% of its global annual revenues, which for Amazon could have been as high as $47 billion.
FedEx Earnings Fall as Package Shipments Decline Again
$FedEx(FDX.US)$ said it continues to encounter weak demand for packages, resulting in another quarter of lower profit and fresh plans to cut more costs from its operations.
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Source: Bloomberg, Dow Jones, CNBC
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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