STOCK MARKET NEWS: Bed Bath & Beyond shakeup, stocks choppy, Powell talks inflation
Expect stock market to continue to sink until at least mid-July: Expert
Seaport Securities founder Teddy Weisberg and Carnivore Trading CEO Dutch Masters discuss if there are any safe places for investors on ‘The Claman Countdown.’
Apple, Microsoft lift Dow as S&P, Nasdaq slip
U.S. stocks see-sawed ending the session mixed as gains in Apple and Microsoft helped the Dow Jones Industrial Average close higher, while the S&P and Nasdaq Composite ended little changed. In corporate news, Bed Bath and Beyond shares fell 23% after ousting CEO Mark Tritton. In commodities, oil rose 1.7% to $109.78 per barrel.
Powell’s soft-landing on inflation will be a ‘hard path’ to find: Expert
DataTrek Research co-founder Nicholas Colas discusses investors’ hesitancy about the Federal Reserve’s plan to tighten rates into a slowdown on ‘Making Money.’
Amazon limits sales of Plan-B contraceptives amid Supreme Court fallout
Amazon has placed a weekly purchase limit on Plan B or “morning after” pills as demand for contraceptives surges following the end of Roe v. Wade.
Amazon will limit customers to purchasing three Plan B pills per week, according to Business Insider. The move comes less than a week after the Supreme Court overturned Roe, allowing states to regulate abortion for the first time since 1973.More than a dozen states are poised to ban most or nearly all abortions in the coming months as “trigger laws” take effect.While the court allowed states to ban abortion procedures, contraceptives of all kinds remain available.
Former Thatcher foreign policy adviser praises ‘strong, united’ NATO
Former foreign policy adviser under Margaret Thatcher Nile Gardiner discusses NATO’s unity amid Russia’s invasion of Ukraine.
Apple, Microsoft and McDonald’s are top gainers for the Dow Jones Industrial Average.
Dow Jones Averages.
Biden, G7 shifting strategy on Russian oil
US refineries call on Biden to lift regulations
King Operating Corporation Founder and President Jay Young weighs in on domestic refineries and President Biden’s energy policies on ‘Varney & Co.’
Stocks slip after GDP sinks, oil rises to $113
U.S. stocks slipped in early trading after 1Q GDP contracted by 1.6%, slightly more than expected, as inflation eats away at consumer sentiment. Traders are also monitoring remarks from Federal Reserve Chairman Jerome Powell underway. In commodities, oil rose to $113 per barrel.
Bed Bath & Beyond CEO Mark Tritton is leaving company
Bed Bath & Beyond announced Wednesday that CEO Mark Tritton is leaving the company.
He will be replaced by Sue Gove, an independent director on the company’s board.
The company’s quarterly results
that were reported on Wednesday came in worse than expected.
Futures at a glance
U.S. stock futures are lower on Wednesday ahead of the release of the final revision of first-quarter gross domestic product.
Meanwhile, oil prices are higher, with West Texas Intermediate crude futures trading at around $112.80 a barrel while Brent crude futures traded at around $118.80 per barrel.
Mortgage refinancing remains depressed
Mortgage rates have eased
recently, but overall remain elevated, which has had an impact on parts of the mortgage industry, especially when it comes to refinancing.
The Refinance Index increased 2% from the previous week, but is way down from year-ago levels.
Demand for mortgage applications saw an overall increase over the prior week by 0.7%.
Stock futures choppy ahead of GDP report
U.S. equity futures were trading choppy ahead of the release of a key economic reading. On Wednesday morning, the final revision of first-quarter gross domestic product is expected to confirm a larger contraction of the U.S. economy than earlier readings.
GDP update to give fresh recession clues amid soaring inflation
The final revision of first-quarter gross domestic product due out Wednesday is expected to confirm a larger contraction of the U.S. economy than earlier readings, and the fresh GDP data may support the view that a recession is either in progress or coming.
Gas prices continue to decline
The price of a gallon of regular gasoline slipped on Wednesday morning to $4.868, according to AAA. The price on Tuesday was at $4.881. Gas has declined for 12 straight days. Diesel slipped as well to $5.780 down from $5.787.
Oil snaps three-day rally
Oil prices traded lower Wednesday morning following a three-day rally on concerns about the economy and oil supplies. U.S. West Texas Intermediate (WTI) crude traded at $111 a barrel.
Brent crude traded at $113 a barrel. Both contracts rose more than 2% on Tuesday as sanctions on Russia raised concerns about supply. Analysts have warned that political unrest in Ecuador and Libya could tighten supply further.
Data from American Petroleum Institute showed gasoline and distillates stocks rose while crude inventories fell for the week ending June 24.
Bitcoin slide continues
Bitcoin is trading around $20,000 after falling for two consecutive days. The cryptocurrency lost more than 5% during that period. Bitcoin is off more than 36% month-to-date and down more than 56% year-to-date. It is also down more than 70% from its all-time high of $67802.30 in November. Ether is trading around $1,100 and Dogecoin is at 6 cents.