BofA's Hartnett says 'inflation hedges back on'

Employment Cost Index (2Q) 1% vs 1.1% Expected

July 28, 2023 8:31 AM EDT

(Updated - July 28, 2023 8:39 AM EDT)

Employment Cost Index (2Q) 1% vs 1.1% Expected

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Personal Income (Jun) 0.3% vs 0.5% Expected, Spending 0.5% vs 0.4%

July 28, 2023 8:31 AM EDT

Personal Income (Jun) 0.3% vs 0.5% Expected, Spending 0.5% vs 0.4%

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BofA not convinced the Federal Reserve is done

July 28, 2023 8:03 AM EDT

In a note to clients Friday, BofA analyst Michael Gapen told investors that they are not convinced the Federal Reserve is done lifting rates.

This week the Fed raised rates by 25bp after a pause in June. However, they left the door open for another hike in September.

Gapen said they think the Fed will continue to hike... More

Wall Street ends week higher on US soft landing hopes

July 28, 2023 6:17 AM EDT

By Carolina Mandl and Bansari Mayur Kamdar

(Reuters) - All three major U.S. indexes ended the week with gains, after a slew of Big Tech earnings, economic data and central bank announcements boosted investor confidence in a soft landing for the U.S. economy.

U.S. annual inflation slowed considerably in June, likely pushing the Federal Reserve closer to ending its fastest interest rate hiking cycle since the 1980s, data showed on Friday.

In the 12 months through June, the PCE price index advanced 3.0%. That was the smallest annual gain since March 2021 and followed a 3.8% rise in... More

We are not convinced the Fed is done - BofA

July 28, 2023 5:48 AM EDT

Bank of America economist Michael Gapen: "We continue to believe that financial markets are underestimating the amount of tightening the Fed will need to do to moderate a resilient economy and engender sufficient confidence among FOMC members that inflation is on a sustainable and durable path to 2.0% inflation... More

Companies that are beating estimates so far are being rewarded less than typically - JPM

July 28, 2023 5:44 AM EDT

JPMorgan analyst Mislav Matejka on the Q2 earnings season so far: "Nearly 40% of companies have reported so far in the US, and 42% in Europe. 80% of companies are beating EPS estimates in the US, with a larger-than-usual magnitude of surprise. However, the beats so far have failed to translate... More

Global S&P Futures mixed in premarket

July 28, 2023 5:16 AM EDT

Global S&P Futures mixed in premarket, Nikkei mixed, DAX mixed, WTI Crude oil recently at $80, natural gas lower, gold at $1984

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Fed Weekly Balance Sheet $8.29 Trillion vs $8.32 Trillion Last Week, Reserve Balances for Depository Institutions $3.17 Trillion vs $3.22 Trillion Prior

July 27, 2023 4:33 PM EDT

Fed Weekly Balance Sheet $8.29 Trillion vs $8.32 Trillion Last Week, Reserve Balances for Depository Institutions $3.17 Trillion vs $3.22 Trillion Prior

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S&P 500 turns lower as financials, airline weigh despite Meta surge

July 27, 2023 3:28 PM EDT

Investing.com -- The S&P 500 turned lower after giving up early-day gains Thursday as rally in Meta was offset by weakness in financials and airline stocks amid underwhelming quarterly results.

The S&P 500 fell 0.4%, the Dow Jones Industrial Average fell 0.5%, or 180 points, Nasdaq was down 0.4%.

Meta Leads Charge Higher in Tech, eBay Falters

Meta Platforms (NASDAQ: META) rallied more than 5% after the social media giant reported guidance and second-quarter results that topped Wall... More