U.S. stock indexes edged lower on Monday with Tyson Foods falling on disappointing quarterly results, while investors re-assessed their predictions on when the U.S. Federal Reserve would start cutting rates. The Dow Jones Industrial Average fell 51.57 points, or 0.15 percent, at the open to 33,874.44. The S&P 500 opened lower by 16.91 points, or…
Dollar Surges on Robust US Jobs Data, While Lira, Yen Slump
LONDON—The dollar surged to a three-week high against the euro on Monday, with traders expecting the U.S. Federal Reserve to lift its benchmark rate above 5 percent to squeeze inflation after data showed the labor market remains strong. An earthquake in central Turkey and northwest Syria and a strong U.S. dollar added pressure on emerging…
Oil Prices Edge Higher, Interest Rate Outlook Limits Gains
February 6, 2023
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LONDON—Oil prices inched higher on Monday, recovering from an 8 percent fall last week to more than three-week lows, driven by expectations slower growth in major economies may limit fuel use. Brent crude futures rose 17 cents, or 0.2, to $80.11 a barrel at 0946 GMT, while U.S. West Texas Intermediate (WTI) crude futures slipped…
Global Shares Slide as Interest-Rate Risk Rises and Geopolitics Heat Up
February 6, 2023
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LONDON—Global shares tumbled on Monday, after a run of upbeat economic data suggested interest rates will have to rise further and stay higher for longer, while a stronger dollar and political turbulence hit risk-linked assets. Last week’s blockbuster U.S. jobs report sent investors scurrying to load up on dollars to the detriment of emerging market…
Recession Signal as Consumers Struggle to Pay Bills
I recently discussed the recession signals from the National Federation Of Independent Business (NFIB) and the inverted yield curve. “As in 2019, we see many of the same recession signals from the NFIB survey again combined with a high percentage of yield curve inversions. Notably, out of the ten yield spreads we track, which are…
ECB Set to Raise Rates Again in May, Policymakers Say
VILNIUS/PRAGUE—The European Central Bank is likely to raise interest rates again in May after an already signaled hike in March, two policymakers said on Friday, with one arguing that the peak or “terminal” rate is at least starting to appear on the horizon. The ECB raised rates by a half a percentage point to 2.5…
Hardship Withdrawals From Retirement Accounts Surge as Americans Battle Rising Prices
February 3, 2023
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Last year, a higher proportion of Americans with 401(k) accounts carried out hardship withdrawals—emergency removal of funds from a retirement plan—as many people financially struggled under decades-high inflation rates. “A record 2.8 percent of the 5 million people in 401(k) plans run by Vanguard tapped their retirement savings in 2022 to cope with hardships such…
US Layoffs Reach Two-Year High as Big Tech Cut Thousands of Jobs in January
February 3, 2023
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American companies announced last month the largest number of layoffs since September 2020, after tech firms cut positions at the second-highest pace on record as they prepare for a potential recession. The layoffs included 102,943 workers in January, more than twice the amount in December and up 440 percent from the same month in 2022, according…
Wall Street Tumbles at Open as Jobs Data Fans Higher Rate Worries
February 3, 2023
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Wall Street’s main indexes opened lower on Friday after data showed the economy added jobs at a rapid pace last month, feeding into fears that the Federal Reserve could keep interest rates higher for longer in its fight against inflation. The Dow Jones Industrial Average fell 127.64 points, or 0.37 percent, at the open to…
US Economy Adds 517,000 New Jobs in January as Fed Tightening Fails to Cool Labor Market
The U.S. economy created 517,000 new jobs in January, up from an upwardly revised 260,000 in December, according to the Bureau of Labor Statistics (BLS). This is also higher than economists’ expectations of 185,000. The unemployment rate dipped to 3.4 percent, down from 3.5 percent and below the market estimate of 3.6 percent. Average hourly…
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