Wall Street Rollercoaster🎢
Dec 22nd 2022, 1:40 pm
What Should Traders Hope For?
- A Santa Rally occurs five trading days before the end of the year, so the markets may be in for rougher seas in 2023 if one doesn't begin on Friday.
- But this has resulted in a general lack of optimism in the markets since a recession could be on the horizon, corporate profits are dropping, and the Fed is continuing to raise interest rates.
Source: Photo by Maxim Hopman on Unsplash
There is a Grinch in town
- Christmas is soon approaching, but even though the market may have turned around, stocks have not yet experienced their customary holiday rise. However, the S&P 500 is down 19% for the year, which may impact equity returns in the coming months. Therefore, what the Fed decides to do next will significantly impact how the stock market performs in 2023.
Source: Yahoo Finance
US Consumer Confidence Increases
- Due to lower inflation and gasoline prices, US consumer confidence reached its highest level since April. The Conference Board's index increased to 108.3 in December, above expectations.
- In addition, the most significant decline in gasoline prices in five weeks improved consumer confidence.
- $NKE and $FDX both recorded strong EPS surprises of 30.8% and 14.8% in their after-market earnings announcements on Tuesday, which caused their shares to surge by 12.2% and 3.43%, respectively, yesterday.
- With a smaller-than-expected loss, $CCL third-quarter performance exceeded expectations, and CEO Josh Weinstein said December bookings appear promising for 2023. As a result, investors were encouraged by the overall outlook even if revenue fell short of expectations.
- $BB shares fell 9% as the company reported a quarterly loss, even though revenue exceeded expectations. With $106 million in revenue as opposed to the projected $111.8 million, its cyber business underperformed.
- As China experiences a substantial unemployment spike due to the COVID-19 outbreak, Xiaomi has reduced employment there. As a result, employees in marketing and other areas have been let go by the internet behemoth.
- According to a federal prosecutor in Manhattan, two of FTX founder Sam Bankman-closest Fried's friends have admitted to fraud and promised to assist US authorities in the collapse of the bankrupt cryptocurrency exchange.
In the race for new and dependable, clean, green, and renewable energy of all forms, businesses and nations are investing billions of dollars (and even trillions). And for many years to come, it seems to be one of the most lucrative investment sectors. As a result, the world is attempting to understand how alternative energy may replace fossil fuels and power the future rather than attempting to wean itself off it like it is doing with fossil fuels.
Source: Photo by Appolinary Kalashnikova on Unsplash