US stocks edged lower on recession worries and as more CEOs voice concerns about the downturn that is coming. Layoff announcements are becoming more noticeable as Morgan Stanley is expected to cut about 2% of its global staff and BuzzFeed announced plans to reduce its workforce by 12%.
Goldman Sachs CEO Solomon warned of ‘bumpy times’ and that activity levels will likely be constrained in a ‘tougher economic environment.’ JPMorgan CEO Dimon focused on the possibility of a ‘mild to hard’ recession. The outlook is clearly darkening and that has many traders scaling down their risky bets.
Apple
Apple Car seems like it will take a little longer to get ready for the showrooms. Autonomous driving is proving to be difficult as Project Titan gets scaled down. Apple Car always seemed like it was due to be ready towards the end of their 2024 to 2028 range. This latest report suggests Apple will be ready in 2026, which is great news for the competition, especially Tesla.
Cryptos
Bitcoin continues to hover around the $17,000 level, which is rather impressive given the recession-driven risk-off tone on Wall Street. Crypto traders are looking for something major to happen before they get back into this space. Either we see decisive regulatory actions put in place to foster long-term growth or the busy cycle continues as other crypto companies go under.
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Ed Moya
His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies.
Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Prior to OANDA he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news.
Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business, cheddar news, and CoinDesk TV. His views are trusted by the world’s most respected global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Seeking Alpha, The New York Times and The Wall Street Journal.
Ed holds a BA in Economics from Rutgers University.
Latest posts by Ed Moya (see all)
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