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click here. URGENT: Read This Before the Next Market Crash The Fed’s pumping easy money into the economy at breakneck pace, interest rates are near 0%, and stocks are hitting record highs… But the party can only go on for so long before it all comes crashing down. If you have just a few minutes to spare… This “special market crash report” will show you how you could grow your portfolio when the bubble bursts. >>>Go here to grab your special report before the market crashes... |
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JPMorgan Warns “Mild Recession” is Inevitable This Year Hello traders. After yesterday, markets seem to be settling down a little. Major indexes aren’t moving much, the Dow Jones is unchanged, while the S&P 500 and Nasdaq are both down 0.1% or so. Crude oil is continuing to rally amidst cold weather forecasts across America, up 1.2% to just under $80/barrel. Gold bullion is up to $1,920 this morning, up 1.1% and closing in on its former all-time high. Bitcoin’s up 2.5% today as well. Bank earnings are taking center stage today as investors react to the first major batch of earnings for this quarter. While yesterday’s inflation results were a much-needed piece of good news, mixed results from America’s largest banks are dampening some of that optimism. In no particular order, JPMorgan (JPM) saw profits rise 6% and revenue up 18%. This was better than Bank of America (BAC), whose profits inched up just 2% while revenues rose 11%. More worrying is that JPMorgan said it’s putting aside $1.4 billion to prepare for potential loan losses from what it's calling a “mild recession” next year. The smaller Wells Fargo (WFC) fared perhaps the worst. Revenues fell by 6% while earnings dropped by over 50%. The main cause for this drop was a $3.7 billion settlement with regulators. (...continued below...) |
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Citigroup’s (C) Q1 figures weren’t that great either. Profits fell by 21% for Q1, although the bank actually managed to beat expectations as revenues grew by 6%. Amongst all banks, however, dealmaking activity is still in a drought. Both JPMorgan and CitiGroup saw investment banking fees fall 58% as IPO and fundraising activity dries up. In stock news, Tesla (TSLA) is dragging down the auto sector after announcing massive price cuts. The EV giant slashed U.S. car prices by 6-14% depending on the model to make up for weakening demand. The base Model Y was slashed by $13,000, or 20%. Shares were down 6% on the news. As always, Bed Bath & Beyond (BBBY) is as volatile as ever. Shares are down around 10.5% this morning, but rumor on the street is that private equity firm Sycamore Partners is in talks to buy out BBBY as part of the restructuring bankruptcy process. Other big movers today include Newegg Commerce (NEGG). The online PC parts seller rose 45%, although there’s no clear catalyst at the moment for why this is happening. Overall, despite the choppy start today, markets are still set to end the week on a positive note. The S&P 500 is still up 1.7% since Monday, while the Nasdaq’s up 3.2%. Going forward, if bank earnings are a barometer for the broader economy, what we’ve seen so far suggests Q1 earnings season could see much more mixed results from Fortune 500 companies. To your success, Drew Day |
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