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☆ A 'perfect storm' of recession, debt, and out-of-control inflation is coming for markets this year, 'Dr. Doom' Nouriel Roubini says
  + stars: | 2023-03-02 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +3 min
A recession, debt crisis, and stagflation trifecta is going to strike the US economy this year, according to Nouriel Roubini. Roubini, known for his doomsayer predictions on Wall Street, has warned for months that another financial crisis will hit markets. Roubini, one of the first economists to call the 2008 recession, has been warning for months of a stagflationary debt crisis, which combines the worst aspects of 70s-style stagflation and the '08 debt crisis. The result would be a steep recession anyway, followed by more debt and inflation problems. "Now we're facing the perfect storm: inflation, stagflation, recession, and a potential debt crisis," Roubini warned.
☆ Analysts say the US housing market will avoid a 2008-style crash and prices will only drop by 5% in 2023
  + stars: | 2023-03-02 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +2 min
The US housing market isn't going to see a 2008-sized crash, according to a Reuters poll of analysts. Meanwhile, mortgage rates were expected to ease to 6.35%, down from the current level of 6.5%. Meanwhile, mortgage rates were expected to fall slightly from current levels. Some experts are still warning that a 2008-sized crash is in order, given how hot the housing market has been in the past three years. Goldman Sachs has warned that housing prices could plummet in some cities, and prices could fall as much as 20%, according to Dallas Fed economists.
☆ Shark Tank investor Kevin O'Leary says energy stocks are the new gold and touts optimism for the US economy
  + stars: | 2023-03-01 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +3 min
Energy stocks are gold in the market, according to "Shark Tank" investor Kevin O'Leary. "If you didn't own energy in the last 18 months, you missed the market," he said in a recent interview. O'Leary is bullish on the market this year, despite warnings of a recession and a stock crash from commentators. He previously made the case that the US could still sidestep a recession in 2023, despite warnings of an impending downturn from other Wall Street forecasters. That's contrary to what other Wall Street experts have said, warning of an impending downturn and market crash as the economy shows signs of stress.
☆ The stock market could retest October lows by midyear as a looming recession hits the US economy, Evercore's Julian Emanuel says
  + stars: | 2023-02-28 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +2 min
Stocks could slide 10% back to October lows over the next three to six months, according to Evercore's Julian Emanuel. The Fed will keep raising interest rates, Emanuel warned, lowering the odds of a soft landing. But that's unlikely as central bankers will keep on tightening interest rates, Emanuel said, which could mean more downside for stocks. Fed officials raised interest rates 425 basis-points last year to tackle rising inflation, a move that caused the S&P 500 to lose 20%. "The Fed's going to just keep going until something either softens, or invariably, as it has through most of history, breaks," Emanuel warned.
☆ Ark Invest's Cathie Wood says markets are wrong to fear inflation and the bursting of the tech bubble
  + stars: | 2023-02-28 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +3 min
Investors are wrong to fear high inflation and rising rates, according to Ark Invest's Cathie Wood. Though investors are skeptical of the boom in tech stocks, Woods said it wasn't a repeat of the dot-com era. But it's wrong to fear inflation and higher rates, Woods said, pointing to the steady decline in inflation from the highs of 2022, when price jumped at the fastest pace in 41 years. It was the same thing, but those who bet on lower inflation and interest rates long term were the winners." While investors have fled high growth tech names amid the Fed's rate hike cycle, the moment is not reminiscent of the dot-com bubble, Wood argued.
☆ Morgan Stanley's chief stock strategist warns that the 2023 rally is a 'bull trap' and pain is coming for investors in March
  + stars: | 2023-02-28 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +3 min
The rally in stocks is a "bull trap" and investors have more pain coming, Morgan Stanley warned. The downside could come as soon as March, as the S&P 500 is at a critical testing point. "With the equity market showing signs of exhaustion after the last Fed meeting, the S&P 500 is at critical technical support. "Ultimately, we think this rally is a bull trap," the note later added. Bottom line, the US Dollar and rates could determine the short term path of stock prices while earnings will ultimately tell us if this is a new bull market or bull trap," strategists warned.
☆ US stocks edge higher as investors try to recover from the worst weekly sell-off of 2023
  + stars: | 2023-02-27 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +1 min
US stocks rose on Monday, bouncing back after the worst weekly sell-off of 2023. All three indexes ended the day higher, recovering some of the losses after the Federal Reserve's preferred inflation measure came in higher than expectations on Friday. Stubborn inflation is fueling the market's expectations for future rate hikes, which could continue to weight on stocks. Durable goods orders also declined 4.5% in January — a potential sign of economic weakness, as Americans are spending less on high-cost items. Investors are eyeing earnings reports this week from retail giants Target, Costco, and Macy's to serve as additional barometers of economic health.
☆ The stock market bubble has burst and investors betting on a rally are in denial, investment manager says
  + stars: | 2023-02-27 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +2 min
The speculative era in stocks is over, and investors are in denial over the burst of the pandemic stock market bubble, Richard Bernstein Advisors said. The investment firm said liquidity in the market was shrinking faster than in 2000 and 2008, when the dot-com and the housing bubbles burst. Investors buying into the current rally are ignoring changing market conditions, the firm warned. "The stock market rally so far this year seems based largely on speculation rather than fundamentals," the investment management firm said note on Monday. "The speculative rally so far this year seems a perfect example of investors' denial of a changing economy," RBA warned.
☆ Soft, hard, or no landing at all: Here's what 5 Wall Street experts are saying about the fate of the US economy in 2023
  + stars: | 2023-02-25 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +7 min
Here's what five Wall Street experts are saying about the fate of the economy this year. Here's what five Wall Street experts are saying about the fate of the economy this year. Jamie Dimon, JPMorgan CEOJamie Dimon REUTERS/ Larry DowningA soft landing is possible, but markets are facing some "scary stuff" ahead, according to the JPMorgan boss. Kevin O'Leary, "Shark Tank" investorKevin O'Leary Mark Davis / Staff / Getty Images"Shark Tank" investor Kevin O'Leary remained optimistic on the market in 2023, and made the case for a soft landing. "We may actually get what people keep saying is impossible … a soft landing.
☆ 'Dr. Doom' Nouriel Roubini says stocks and bonds will suffer for years to come as inflation hovers close to 6%
  + stars: | 2023-02-24 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +3 min
Stocks and bonds are in for more severe losses for years to come, according to Nouriel Roubini. Roubini, who was among commentators who accurately predicted the 2008 crisis, warned investors that inflation could hover close to 6% despite the Fed's scramble to bring down high prices. Over the last year, central bankers have raised interest rates 450 basis-points to tame high inflation, a move that's weighed heavily on stock and bonds. That's because central bankers will be torn between raising interest rates to fight inflation, and lowering interest rates to alleviate debt burdens, he warned. Roubini urged investors to move away from "traditional" investments like bonds and equities, and to instead invest in inflation hedges, including short-term bonds, inflation indexed bonds, commodities, and precious metals such as gold.
☆ Authorities seek arrest of man who allegedly mined crypto under a high school and stole $18,000 of electricity
  + stars: | 2023-02-24 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +2 min
In December 2021, a town found a secret crypto mining operation underneath a Massachusetts high school. Police are looking to arrest Nadeam Nahas, the town's former assistant facilities director. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. The town discovered 11 computers, electrical wiring, and ductwork in the crawl space of Cohasset High School in December 2021. According to court documents, authorities concluded a cryptocurrency mining operation was "unlawfully attached to the school electrical system," and alleged Nahas stole $17,492.57 of electricity from the school by running the computers nonstop from April to December of 2021.
☆ Tesla will be the winner of the electric vehicle market by leading the charge on AI and energy, Ark Invest's Cathie Wood says
  + stars: | 2023-02-23 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +2 min
Tesla will be the leader of the EV market, as the company is leading the charge in key areas, Cathie Wood said. Wood predicted Tesla stock would jump to $1,500 in five years, implying a 650% increase from current levels. They're focused on autonomous," Wood said in a Bloomberg Intelligence webinar posted on Thursday. In addition to robotics and artificial intelligence, which will power autonomous electric vehicles, she also pointed to energy storage, saying advances in battery technology will give electric vehicles lower costs than typical gas-powered vehicles. That's because they aren't focusing enough on autonomous vehicles, and Tesla models are also of higher quality, she said.
☆ Billionaire investor Cliff Asness says stocks are 'woefully' unprepared for a macro shock in the event inflation doesn't come down as expected
  + stars: | 2023-02-23 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +3 min
Stocks could face a macro shock if inflation doesn't come down the way markets are expecting, according to Cliff Asness. The billionaire investor said stocks were still expensive, and had more downside to come. I wouldn't call the overall market a bubble anymore, I would just say it's a very expensive market," he added. Over the past year, central bankers raised interest rates 450-basis-points to tame inflation – a move that could overtighten the economy into a recession, experts warn. That would be the highest range interest rates have been since 2007, causing Wall Street analysts to sound the alarms for an impending stock crash.
☆ The US housing market could be close to bottoming out as existing home sales plunge to their lowest level since 2010, National Association of Realtors says
  + stars: | 2023-02-21 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +2 min
The housing market could be close to bottoming as existing home sales are continuing to fall, National Association of Realtors said. Monthly existing home sales slipped another 0.7% in January, bringing sales to their lowest level since 2010. Monthly existing home sales slipped 0.7% in January to a seasonally adjusted rate of 4 million units a year, the organization said in a note on Tuesday. The latest drop brings existing home sales to their lowest level since October 2010, when housing activity was still reeling from the mortgage crisis of 2008. Meanwhile, other market commentators have warned the US housing market is on the verge of a crash akin 2008.
☆ Driver in Brooklyn U-Haul Attack Charged With Murder
  + stars: | 2023-02-14 | by ( Jimmy Vielkind | ) www.wsj.com   time to read: 1 min
A 62-year-old man was charged with murder Tuesday after he was accused of striking multiple pedestrians with a U-Haul truck in Brooklyn during what police called a mental-health episode that left one person dead. Weng Sor, of Las Vegas, was charged with second-degree murder and seven counts of attempted murder, police said. One person died and seven others were injured Monday after Mr. Sor allegedly drove the truck onto sidewalks and around the Brooklyn neighborhoods of Bay Ridge, Sunset Park and Dyker Heights, officials said.
☆ Man hit by truck driver in Brooklyn rampage dies of head injury
  + stars: | 2023-02-14 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/Shannon StapletonNEW YORK, Feb 14 (Reuters) - One of the nine people struck by a man driving a U-Haul truck in New York City has died from his injuries, police said Tuesday. One of the driver's victims was a 44-year-old man who suffered head injuries and was declared dead at a nearby hospital, police said. The suspect is being held in a city jail and is expected to make his first appearance in court on Tuesday. The son said his father had been living in Las Vegas and was surprised when he appeared in New York City last week. Reporting by Jonathan Allen in New York; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.
☆ New York U-Haul truck strikes 8 people, driver arrested
  + stars: | 2023-02-13 | by ( Tyler Clifford | ) www.reuters.com   time to read: +3 min
NEW YORK, Feb 13 (Reuters) - Police in New York City have arrested a U-Haul truck driver accused of deliberately plowing into pedestrians on Monday, injuring at least eight people before officers chased him down and stopped the vehicle, authorities said. But the New York Times, citing two senior law enforcement officials speaking on condition of anonymity, gave the driver's name as Weng Sor. [1/3] A New York Police Department vehicle blocks a U-Haul rental vehicle, where according to media reports a man struck multiple people and the NYPD took the driver into custody, near the Battery tunnel in the Brooklyn borough of New York City, U.S., February 13, 2023. A video clip aired on WABC-TV showed a truck narrowly missing a pedestrian on a sidewalk, with a police cruiser in pursuit. Attorneys at the Saipov penalty proceedings briefly discussed the Brooklyn U-Haul rampage while the jury was out of the courtroom.
☆ Sorry investors, the AI hype that's gripped the stock market is premature and the bubble will probably burst this year
  + stars: | 2023-02-11 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +5 min
Tschosik says frenzied investing in obscure AI companies reminds him the 2001 dot-com boom and bust. The rally in AI stocks will probably run until about mid-year before stock prices return to earth, he said. This means some obscure artificial intelligence companies could easily be getting overvalued. In an experiment, Tschosik asked ChatGPT to list the best artificial intelligence stocks. With such a small pool, obscure AI stocks have been getting outsized attention from Wall Street investors, helping boost prices higher than they might otherwise go if the sector was more developed.
☆ Sex workers are feeling the financial pain of an economic downturn — and adding emotional support for clients to their job descriptions
  + stars: | 2023-02-11 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +8 min
From stripping to webcam modeling, sex workers are feeling the pain of a precarious economy. It's taking an emotional — in addition to financial — toll, since sex workers are often expected to lend their clients a compassionate ear. "Unfortunately, as sex workers, we do take the brunt of people's own stress of whatever is going on in our own lives," he added. Legal arenas of sex work are also showing signs of struggle as customers pull back from one of the world's oldest industries. Sex work saw a particular diaspora during the pandemic recession, Jungleib said, which saw a huge influx of people interested in online sex work.
☆ Inflation has a 75% chance of rebounding or staying high, and the Fed could crush the economy in its attempt to fight it, Mohamed El-Erian says
  + stars: | 2023-02-09 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +3 min
Inflation has a 75% chance of rebounding, according to top economist Mohamed El-Erian. El-Erian warned inflation could remain sticky at 4%, and the Fed could spark a recession. But that optimism is premature, El-Erian warned, as inflation has a significant chance of rebounding or remaining elevated. He estimated that there was only a 25% chance of inflation steadily declining from here, and a 25% chance that prices would bounce back sharply, causing a "U inflation" scare. Bank of America also warned of rebounding inflation, which could flip the stock market upside down, analysts said.
☆ The Fed has caused a recession every time it's tried to weaken the labor market, and a 'soft-landing' of the economy is unlikely, former New York Fed chief Bill Dudley says
  + stars: | 2023-02-08 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +3 min
The Fed has sparked a recession every time it's tries to tackle a hot labor market, former Fed official Bill Dudley said. Powell has repeatedly cited a tight labor market as to why interest rates need to remain restrictive. Dudley believes a soft-landing is unlikely, and a recession is looming in the medium-term. Prices are still well-above the Fed's 2% target, and the labor market is still hot, with the US adding a stunning 517,000 new jobs in January. That suggests the Fed needs to continue its efforts, despite having already hiked interest rates 450-basis-points to lower inflation.
☆ The stock market has runway to continue its rally until April - and then investors should expect to feel the pain of weak corporate earnings, veteran strategist says
  + stars: | 2023-02-08 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +3 min
Stocks will continue their rally until April - and then start feeling the pain of weak corporate earnings, Joe Terranova said. The veteran market strategist warned of the lagged effect of Fed rate hikes. "I think the market has a runway though leading up to the next earnings report." "I don't view the Federal Reserve right now as the adversary of the market," Terranova said, though he warned investors weren't completely in the clear. "The first half of the year is going to be better than the second half of the year," Terranova warned.
☆ US stocks rise as Powell says inflation is falling, but warns of higher interest rates
  + stars: | 2023-02-07 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +2 min
US stocks rose in a volatile trading session on Tuesday after Powell reiterated that inflation was falling. Investors also shrugged off Powell's warning that interest rates could rise, with all three stock indexes ending the day higher. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. Stocks jumped shortly after the remarks at the Economic Club of Washington, but then fell mid-afternoon as he warned interest rates would likely rise higher. Stocks then whipsawed before the end of the day, with all three benchmark indexes finishing solidly in positive territory.
☆ Nobel economist Paul Krugman says doomsday economic predictions were wrong, and the Fed risks a recession if it tries to respond to 'imaginary' stagflation
  + stars: | 2023-02-07 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +3 min
Predictions of a steep recession and runaway inflation are wrong, Paul Krugman said in an op-ed. The Fed, however, still risks causing a recession if it tries to respond to "imaginary" stagflation. He previously predicted that the "true" rate of inflation was hovering around 4%, instead of the 6.5% recorded in December. "Will policymakers, especially at the Fed, who understated inflation risks in 2021 be flexible enough to accept that they overcompensated in 2022? Because if they don't, the policy response to imaginary stagflation may yet produce an unnecessary recession," Krugman warned.
☆ Skyrocketing natural gas prices should be investigated for market manipulation, California Governor Gavin Newsom says
  + stars: | 2023-02-07 | by ( Jennifer Sor | ) www.businessinsider.com   time to read: +2 min
California residents are paying nearly a 600% premium on natural gas prices, according to recent estimates. "It is clear that the root causes of these extraordinary prices warrant further examination," Governor Gavin Newsom said in a letter. While overall US gas prices have plunged to $2.80 per million British thermal units, down over 70% from their highs in August of last year, California's gas prices averaged $19.40 per million BTUs in early January, according to the Wall Street Journal. He added that natural gas prices affect the state's industrial, agricultural, and water utilities, and urged regulators to look into the market's price pressures in the west. I therefore ask that FERC immediately focus its investigatory resources on assessing whether market manipulation, anticompetitive behavior, or other anomalous activities are driving these ongoing elevated prices in Western gas markets," Newsom said.
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