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Dow and S&P 500 updates: Stock market news today
  + stars: | 2023-02-03 | by ( Paul R. La Monica | ) edition.cnn.com   time to read: +1 min
A week that has been chock-full of economic data will be capped off Friday with the first US jobs report of 2023. That would be a considerable drop from the 504,000 jobs added in January 2022 and the 520,000 added in January 2021. It also would nearly match the 183,000 monthly average between 2010 and 2019, Bureau of Labor Statistics data shows. America’s unemployment rate dipped back down in December to 3.5%, once again matching a 50-year low. Layoff announcements — led by large tech firms — are picking up steam: The 43,651 job cuts announced in December jumped to 102,943 in January, according to a new data released Thursday morning by Challenger, Gray & Christmas.
Paul Roth used to fire up his belt sander when he was building something. Now he does it to make something disappear. Mr. Roth, a 34-year-old home-remodeler from Hazelwood, Mo., has TikTok and YouTube channels in which he feeds toys, cellphones, candy and other items into his sander until they vanish against the grit. Viewers grimace but can’t stop watching. When he sanded the face off a Thomas the Tank Engine, one commenter said: “Well, there goes my childhood down the drain.”
So will Fed Chair Jerome Powell dampen expectations and reiterate that the fight against inflation still has a way to go, or will the Fed show signs that they’re ready to ease up on rate hikes? Wall Street analysts also expect the Fed will stop hiking altogether by the spring. This will leave the market hanging on the future of how many rate hikes we will see.”He’s preparing for a volatile market reaction. But now, investors may be a bit too eager to end treatment, even as Fed officials warn that doing so would be premature. Stocks close out a jubilant JanuaryThe greatest comebacks of all time: Rocky Balboa, JNCO jeans, Apple and now… the US stock market.
New YorkFashion designers love the jump from homo sapiens to home, which liberates them from necklines, hemlines, and everything in between. One thinks of the über-modernist Halston, the floors and furniture in his Paul Rudolph townhouse sheathed in lean industrial gray, flocks of white orchids sailing in the stillness. Or of the changeless Bill Blass , the masculine classicism of his poised Sutton Place living room an escape from the WASP shmattes demanded by his East Side clientele. Or of the quixotic Karl Lagerfeld , chasing one period vision after another through serial homes decorated to the nth degree, costly statements of style that bored him once done. These postwar men were actually following in female footsteps.
My research found that Pelosi eats ice cream for breakfast, hot dogs for lunch, pasta, and chocolate. Chocolate ice cream for breakfast, rich and creamy pasta, and lots of snacking chocolate. She claims she does not exercise; her daughter once arrived home to find her mother eating chocolate ice cream while using a stationary bike. I save the ice cream for later to avoid a massive sugar crash and start out with a cup of black tea instead. However, I don't want to slack off after the ice cream episode, so I slather it on.
Brutally high oil and gas prices were the talk of the town and one of the largest contributing factors to sky-high inflation. That was bad news for drivers, but ended up being great for the energy industry as oil prices and energy stocks are closely interlinked. As markets fell under the pressures of economic uncertainty, geopolitical chaos, elevated inflation and a hawkish Fed, the energy sector thrived. The S&P ended 2022 down nearly 20%, while the energy sector grew by about 60%. But analysts say US oil companies can’t keep winning for much longer.
New York CNN —New year, new attitude on Wall Street. Wall Street is also eagerly awaiting earnings from four key Nasdaq-listed giants later this week: Facebook owner Meta Platforms, Apple (AAPL), Amazon (AMZN) and Google parent Alphabet (GOOGL). Stocks have rallied this month due to hopes that inflation pressures are starting to abate. That should allow the Fed to issue smaller rate increases – and possibly even pause them later this year. Others argue that the Fed is likely to keep raising rates until it is certain inflation is no longer a problem.
The Covid sales boom is over for Pfizer
  + stars: | 2023-01-31 | by ( Paul R. La Monica | ) edition.cnn.com   time to read: +3 min
New York CNN —Pfizer generated nearly $57 billion in combined sales last year from its Comirnaty Covid-19 vaccine and Paxlovid antiviral pill. Pfizer (PFE) told Wall Street Tuesday that it expects Covid-related sales to plunge to $21.5 billion this year… below Wall Street’s forecasts. Pfizer noted that it now expects to sell just $13.5 billion of its vaccine and $8 billion of the Paxlovid pill this year. Wall Street was expecting vaccine revenue of $14.4 billion and $10.3 billion of Paxlovid for 2023, according to estimates tracked by Refinitiv. Pfizer reported Comirnaty sales of $37.8 billion last year and revenue of $18.9 billion from Paxlovid.
Dominion is scheduled to depose Paul Ryan in its lawsuit against Fox News. The company alleges Fox News pushed false conspiracy theories about its role in the 2020 election. Ryan joined the Fox Corporation board of directors in 2019 after choosing not to run for re-election in the 2018 midterms. A Friday court filing also shows that Dominion is soon scheduled to depose Raj Shah, another Fox Corporation executive. Dominion deposed Fox Corporation chairman Rupert Murdoch over two days, on January 19 and 20, court records show.
We’re currently in the thick of fourth quarter earnings reports, but traders don’t seem to care about how companies fared during the final months of 2022. These slowdowns have been partially factored into stock prices, he said, “but not necessarily in full.”The upside: Market reaction appears to go both ways. Gas prices are surging this month. Gas prices are rocketing higher. Why are gas prices jumping?
2022's stock losers are this year's winners so far
  + stars: | 2023-01-30 | by ( Paul R. La Monica | ) edition.cnn.com   time to read: +4 min
But it’s still been a solid start to the year for the market — and many of last year’s losers have led the way on Wall Street so far in January. Discovery, which plunged nearly 60% last year, has surged 55% so far in 2023 and is the best performer in the S&P 500. Rising market tide lifting questionable boatsStill, some investors are worried this year’s market rally is eerily reminiscent of prior market bubbles. GameStop (GME) is up nearly 25%. “Most investors don’t realize the Fed has to fight the inflation in the stock market, too,” Trainer added.
[1/3] Jan 28, 2023; Boston, Massachusetts, USA; Los Angeles Lakers forward LeBron James (6) reacts during the second half against the Boston Celtics at TD Garden. Paul Rutherford-USA TODAY SportsJan 28 (Reuters) - The Los Angeles Lakers were furious after match officials admitted they missed a foul on a potential game-winning lay-up from LeBron James against the Boston Celtics, which allowed their rivals to snatch a 125-121 overtime win on Saturday. The Celtics eventually sealed victory in overtime at the TD Garden despite James' 41-point effort which moved him to within 116 points of all-time leader Kareem Abdul-Jabbar. "At the time, during the game, we did not see a foul. Reporting by Rohith Nair in Bengaluru; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.
Investors will get another clue when the January jobs report is released on Friday. Economists predict that 185,000 jobs were added last month, a slowdown from the gain of 223,000 jobs in December and 263,000 in November. A further deceleration in the labor market would likely please the Fed, as it would show that last year’s rate hikes are successfully taking some air out of the economy. Along those lines, average hourly earnings, a measure of wages that is also part of the monthly jobs report, are expected to increase 4.3% year-over year. So far, tech earnings season is not off to an inspiring start, with Microsoft (MSFT), Intel (INTC) and IBM (IBM) all reporting weak results.
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Price increases are also moderating: December brought the sixth consecutive monthly fall in consumer price index (CPI) inflation to 6.5%. That’s a change from 2022 when the Fed and the market tended to move in unison. This could mean that the upcoming Fed meeting will generate a lot of market disappointment, said Christian Scherrmann, an economist at DWS Group. The Fed flagged investors’ persistent belief in a pivot away from elevated rates as something that could hurt efforts to restore price stability. But even though the lawsuit drives at the heart of Google’s revenue machine, it could take years to play out.
The airline was forced to cancel more than 16,700 flights between December 21 and 29, roughly half its schedule during that period. Thursday, Southwest said that resulted in an adjusted net loss in the quarter of $226 million. Still it managed to report an adjusted annual profit of $723 million, a turn around from $1.3 billion it lost in 2021. It said it expects another loss in the first quarter due to the continued impact and costs associated with meltdown. The first quarter is typically the slowest and least profitable period for US air travel.
CNN —The end could be near for struggling retailer Bed Bath & Beyond, as it warned in a regulatory filing Thursday that it received a notice of default from its lender, JPMorgan Chase. Shares of Bed Bath & Beyond (BBBY) plunged more than 20% on the news, to about $2.56 a share. Bed Bath & Beyond could be forced to file for Chapter 11 bankruptcy reorganization due to its financial woes. Founded in 1971, Bed Bath & Beyond became a staple for affordable home decor, kitchenware and college dorm room furniture. As of February 2022, Bed Bath & Beyond had 950 stores and 32,000 workers.
CNN —The US could be approaching a 2011-style debt ceiling market meltdown, but worried investors shouldn’t abandon ship, Wall Street analysts say. That means that if Congress doesn’t raise the debt ceiling by then, the US could default on its debt. But lawmakers remain in a deadlock about whether to lift their self-imposed borrowing limit: Democrats want Congress to pass a debt ceiling increase without conditions but Republican leadership says that any debt limit increase should be accompanied by spending cuts. Wall Street’s response: A debt ceiling meltdown creates serious risk for investors. Even if the debt ceiling debates are resolved, it’s not a bad idea to have some money invested abroad just in case of upheaval.
Paying taxes with a credit card to earn a big sign-up bonus or reward points only makes sense if the value exceeds the credit card fee you will be charged. Paying TurboTax convenience fee with a credit cardYou can also pay taxes with a credit card using tax-preparation tools like TurboTax Tax Software. In that case, you won't have the option to pay by credit card through TurboTax; just select "pay by check" and proceed to your preferred IRS-approved payment processor to pay your taxes by credit card. Quick tip: When you pay taxes with a credit card, the transaction is processed as a purchase, not a cash advance — so you'll still earn credit card rewards. How to pay taxes with a credit cardPaying your taxes with a credit card is easy and only takes a few minutes.
WASHINGTON — Conservative hard-liners are consolidating power in the narrow new House majority, presenting early challenges for Republicans in swing districts ahead of the 2024 election as Democrats seek to paint the entire party as beholden to extremists. Twenty House GOP hard-liners have set the tone, extracting a series of concessions from Speaker Kevin McCarthy, R-Calif., to change House rules while securing plum committee assignments and winning assurances about advancing their legislative priorities. “If you can’t win independent voters, you can’t win elections.”Democrats are targeting 25 districts to win back the House majority next year, including 18 Republican-held seats that Biden carried in 2020. In the narrow Republican majority, McCarthy has only four votes to spare before he requires Democratic support to pass measures. Lance, the former congressman, argued that renominating former President Donald Trump could cost Republicans the House.
JB and I are not on speaking terms these days," said Ken Griffin, the billionaire hedge-fund manager, referring to JB Pritzker, the Democratic governor of Illinois. As Florida rolled back pandemic restrictions more quickly than Chicago, even more Citadel employees migrated south. Ken Griffin's hedge fund has had a run of eye-popping returns since 2020. Others worry that it gives Griffin's hedge fund an unfair advantage. Hundreds of Citadel employees, partners, and families gathered at the Orange County Convention Center in Orlando Florida.
New York CNN —Software giant Salesforce (CRM), one of the 30 stocks in the venerable Dow Jones Industrial Average, had a miserable 2022. Now the company is under attack from a big hedge fund that wants to shake things up at the company that owns Slack. A source close to the situation said that Elliott Management took a multi-billion dollar stake in Salesforce. Elliott would not divulge the size of its position in Salesforce to CNN Business, but the company did confirm its investment. Salesforce also has to contend with tough competition from the likes of Oracle (ORCL), German software giant SAP (SAP) and Microsoft (MSFT), which has a top Slack rival in Teams.
Did the economy end 2022 with a bang or a whimper?
  + stars: | 2023-01-22 | by ( Paul R. La Monica | ) edition.cnn.com   time to read: +7 min
But the United States economy still seems to be chugging along just fine after experiencing a hiccup in the first half of 2022. Despite worries about weaker consumer spending during the holidays, economists are forecasting solid growth for the fourth quarter. Yearning for earningsMore blue chip companies will report fourth quarter results (and perhaps give guidance about the first quarter of 2023 and beyond) this week. But according to FactSet senior earnings analyst John Butters, earnings for the tech sector are expected to fall nearly 10% in the fourth quarter compared to the fourth quarter of 2021. Verizon (VZ), Johnson & Johnson (JNJ), Travelers (TRV), 3M (MMM), Boeing (BA), Dow (DOW), Visa (V), Chevron (CVX) and American Express (AXP).
Tech firms went on a hiring spree. “Over the past two years we’ve seen periods of dramatic growth,” CEO Sundar Pichai said in an email to employees. The crypto brokerage announced in early January that it’s cutting 950 people – almost one in five employees in its workforce. Departments from human resources to the company’s Amazon (AMZN) Stores will be affected. They’re not in heavy people expansion mode every year,” CEO Andy Jassy said in a memo to employees.
JESÚS MARÍA, Mexico—In the predawn hours of Jan. 5, hundreds of Sinaloa cartel gunmen raced to this dusty town to try to rescue their boss from Mexican soldiers who had laid siege to his ranch, according to residents, gang members and Mexico’s military. But the small army of gunmen proved no match for Mexico’s military, which used gunships to strafe the convoy of pickup trucks rigged with makeshift armor and high-caliber guns in the capture of Ovidio Guzmán, the son of former Sinaloa cartel boss Joaquín “El Chapo” Guzmán, witnesses said.
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