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White House official: Trump has discussed with oil companies plans to extend the blockade of Iran for several months if necessary.1. Wells Fargo: Still expects the Fed to cut rates twice this year, by 25 basis points, in September and December respectively. 2. ANZ: The Fed is very likely to restart its rate-cutting cycle in the third quarter of this year, most likely at the September meeting. 3. Goldman Sachs: Expects the Fed to cut rates by 25 basis points each in September and December, and believes the possibility of a rate hike this year is very small. 4. Bank of America: Downside risks to economic growth lead us to continue to predict a 50 basis point rate cut by the Fed later this year. 5. TD Securities: By the September decision, the market will have accumulated enough evidence to support the Feds gradual return to an easing cycle. 6. Standard Chartered: Once Warshs nomination is confirmed, the Fed will likely shift its focus to reviving the weak job market and resuming rate cuts. 7. Commerzbank: In the medium to long term, the Fed will be unable to resist pressure from the US president and may cut rates for the first time by the end of the year, followed by two more rate cuts in 2027. 8. Danske Bank: Expects the Federal Reserve to keep interest rates unchanged throughout the summer and eventually resume rate cuts in September and December. 9. Barclays: If inflation falls as expected, the Fed is expected to gain sufficient confidence to begin easing policy around September. 10. ING: Maintains its forecast that the Fed will cut rates twice this year, in September and December. 11. BNY Mellon: Assuming the Strait of Hormuz reopens, the Fed will cut rates twice in the fourth quarter.April 29 - International crude oil futures continued to climb as the standoff in the Middle East is expected to drag on, with the US and Iran continuing their respective blockades of the Strait of Hormuz. "The continued stalemate in negotiations between the US and Iran makes it increasingly unlikely that supplies through the Strait of Hormuz will return to normal in the short term," said Linh Tran, an analyst at XS.com, in a report. She added, "The market is no longer just anticipating risk, but a prolonged period of supply disruption."With the 60-day deadline approaching, US Republicans are discussing whether to authorize a war against Iran.According to Saudi media outlet alhadath, Israeli Prime Minister Benjamin Netanyahu has not received an invitation to travel to Washington.

S&P 500 Set to Snap Four-week Win Streak as Growth Stocks Slide

Cory Russell

Aug 22, 2022 14:49

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Large Growth/Tech Stocks Drive Friday's Drop

Big tech/growth stocks were what drove down US equity markets on Friday. Companies including Apple (-1.3%), Microsoft (-1.4%), Alphabet (-2.3%), Amazon (-2.9%), Tesla (-2.7%), and Meta Platforms (-3.7%) all suffered amid a strong increase in long-term US government yields. The latest rally in US yields was attributed to a jump in German producer price inflation in July to new record highs and recent hawkish remarks from Fed policymakers. As a result, the US 10-year yield climbed to its highest levels in almost a month at just under 3.0%, nearly 50 basis points higher than earlier monthly lows.


Whatever the reason for the increase in US bond yields, it means that owning growth stocks—whose values are based disproportionately on expectations for future profits growth than actual earnings—now has a higher opportunity cost. Unsurprisingly, the Nasdaq 100, which is highly weighted toward big technology and growth stocks, had the poorest performance on Friday, down 2.0%.


That brought its losses for the week to slightly over 2.4%. While the S&P 500 is still comfortably above 4,200, it lost around 1.2% on Friday, bringing its weekly losses to about 1.1%. With Friday's decline, both indices are likely to end their four-week gain streak. The Dow, on the other hand, fell by slightly more than 0.7% on Friday and was still trading level for the week.


In terms of the S&P 500 GICS sectors, Energy (+0.5%), Utilities (+0.2%), and Healthcare (+0.7%) increased, while Consumer Staples remained unchanged and the other seven all decreased, with Consumer Discretionary stocks leading the way with a 2.0% fall.


DE Falling on Weak Earnings, GM Reinstating Dividends, and Cohen Selling Shares Dropping BBBY 40%


Regarding specific stock news, after the business reported lower-than-expected earnings per share for the previous quarter, citing persistent supply chain issues, Deere's share price fell as much as 4.0% intraday before rising. Following General Motors' announcement that it would resume the quarterly dividend payments that had been suspended in 2020, the company's stock price increased by almost 2.0%.


Following the revelation that billionaire investor Ryan Cohen had sold his shares in the struggling business and made a $60 million profit, Bed Bath & Beyond's share price fell by over 40% on Friday.


The last price of BBBY stock was just under $12. BBBY had previously reached weekly highs of $30 and had increased by roughly 500% month-over-month. Recent price movement has been compared to the meme stock mania of early 2021.


The revelation that DoorDash had ended its grocery deal with Walmart, whose shares were last down slightly more than 1.0% on the day, caused it to drop 3.0% on Friday.

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