Stocks Down on Recession Worries; Apple Car Delayed, Bitcoin Trades Flat


US stocks edged lower on recession worries as more CEOs voiced concerns about the coming downturn. ​Layoff announcements are becoming more noticeable as Morgan Stanley (NYSE:) is expected to cut about 2% of its global staff, and BuzzFeed announced plans to reduce its workforce by 12%.

Goldman Sachs (NYSE:) CEO Solomon warned of ‘bumpy times’ and that activity levels will likely be constrained in a ‘tougher economic environment.’ ​JP Morgan (NYSE:) CEO Dimon focused on the possibility of a ‘mild to hard’ recession. The outlook is clearly darkening, with many traders scaling down their risky bets. ​

Apple

Apple (NASDAQ:) 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 excellent news for the competition, especially Tesla (NASDAQ:). ​

Cryptos

continues to hover around the $17,000 level, which is 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. ​ We see decisive regulatory actions in place to foster long-term growth, or the busy cycle continues as other crypto companies go under. ​

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