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MarketWatch
Citi just lowered its S&P 500 price target. Here’s how likely it finds a severe recession, and what it expects from corporate earnings
Strategists at Citi have reduced their year-end S&P 500 target to 4,000 from 4,200, and produced a 2023 target of 3,900. Put another way, they expect a bit of a recovery this year, and a meandering market next year.
SmartAsset
7 Genius Ways to Protect Your Wealth from Lawsuits
As you build wealth, you increasingly become a target for lawsuits. Lawyers often see wealthy investors as “deep pockets” that can financially right the wrongs that a plaintiff feels they’ve suffered. While you can’t stop someone from suing you, you … Continue reading → The post How to Protect Your Assets From Lawsuits appeared first on SmartAsset Blog.
SmartAsset
Are Your Assets Safe if You or a Spouse Go into a Nursing Home?
While so many people are financially prepared for the amount they will need in retirement, many fail to consider how their situation might change due to a disability. Unfortunately, a disability is the most common reason for nursing home placement. By … Continue reading → The post Asset Protection If a Spouse Goes into a Nursing Home appeared first on SmartAsset Blog.
Reuters
Porsche shares fall below IPO pricing
Shares in sports car brand Porsche fell below its listing price on Monday, the third day of trading since its $72 billion listing by parent company Volkswagen. The closely watched initial public offering (IPO) was the largest listing in Germany in more than 25 years despite a backdrop of volatile global markets. On Monday Porsche shares fell to 81 euros, 1.8% below the IPO pricing of 82.50 euros.
Reuters
Fed’s Williams says central bank has more work to do to cool inflation
Federal Reserve Bank of New York President John Williams said on Monday that while there have been nascent signs of cooling inflation, underlying price pressures remain too high, which means the U.S. central bank must press forward to get inflation under control. “Clearly, inflation is far too high, and persistently high inflation undermines the ability of our economy to perform at its full potential,” Williams said in the text of a speech to be delivered before an audience in Phoenix. “Tighter monetary policy has begun to cool demand and reduce inflationary pressures, but our job is not yet done.”
Reuters
Wall Street closes with sharp gains as final quarter begins
Wall Street’s three major indexes rallied to close over 2% on Monday as U.S. Treasury yields tumbled on weaker-than-expected manufacturing data, increasing the appeal of stocks at the start of the year’s final quarter. The U.S. stock market has suffered three quarterly declines in a row in a tumultuous year marked by interest rate hikes to tame historically high inflation, and concerns about a slowing economy. “The U.S. yield markets (are) pulling back – that’s been a positive … and that connotes a more risk-on environment,” said Art Hogan, chief market strategist at B. Riley Wealth in Boston.
Politico
Weak rural turnout could hurt GOP in November
A POLITICO analysis of turnout in this year’s special elections suggests that since Dobbs, rural voters are less motivated to cast ballots than others.
Reuters
Rivian produces over 7,000 vehicles in third quarter, maintains full-year target
The company also reiterated its full-year production target of 25,000 vehicles, sending shares up 9% in post-market trade. The Amazon.com Inc-backed electric vehicle company produced 4,401 and delivered 4,467 vehicles in the preceding quarter. Rivian’s rival and the world’s most valuable automaker Tesla Inc missed market expectations for deliveries in the third quarter.
Bloomberg
Porsche Shares Drop Below IPO Price Within Days of Making Debut
(Bloomberg) — Porsche AG stock traded below the price it debuted at last week, succumbing to the market pressures Volkswagen AG defied by going ahead with Europe’s biggest initial public offering in more than a decade.Most Read from BloombergCredit Suisse Turmoil Deepens With Record Stock, CDS LevelsTesla Slumps as Deliveries Disappoint Due to Shipping SnarlsOPEC+ Set to Discuss 1 Million-Barrel Output Cut as Demand SlowsUkraine Latest: Zelenskiy Says Lyman ‘Fully Cleared’ of RussiansStocks Cli
Reuters
Right-wing wins in Brazil’s Congress show staying power of ‘Bolsonarismo’
A strong election night for allies of President Jair Bolsonaro have given his party the most seats in both chambers of Congress, highlighting the enduring strength of his conservative movement even if he falls short of re-election. His right-wing Liberal Party (PL), won 99 seats in the 513-member lower house, up from 77, and right-leaning parties allied with Bolsonaro now control half the chamber. The bigger surprise in Sunday’s voting was in the Senate where Bolsonaro’s party won 13 of the 27 seats up for grabs, with two more possible in second-round runoffs, a party spokesman said.
Bloomberg
Morgan Stanley’s Wilson Says Fed Pivot Won’t End Profit Pain
(Bloomberg) — Michael J. Wilson, one of Wall Street’s biggest equity bears, says that while the Federal Reserve’s dovish pivot is becoming more likely amid falling money supply, this doesn’t remove the risk of a sharp contraction in earnings. Most Read from BloombergCredit Suisse Turmoil Deepens With Record Stock, CDS LevelsCredit Suisse Market Turmoil Heightens After Memo BackfiresStocks Catch a Bid After Drawdown as Yields Tumble: Markets WrapTesla Falls Most Since June as Quarterly Deliverie
SmartAsset
$500,00 Earns This Much In Interest Annually
The savings and fixed income landscape grows more diverse every day and individuals have many options at their fingertips. When making an investment, you will want to consider how much money you could get in return. Here’s a breakdown of how … Continue reading → The post How Much Interest Can $500,000 Earn Per Year? appeared first on SmartAsset Blog.
Bloomberg
Gold Extends Rally to Surge the Most Since March; Silver Soars
(Bloomberg) — Gold soared the most since March, helped by a continued decline in Treasury yields, as traders weighed concerns that central banks’ monetary tightening will lead to recession and the possibility that bond rates may have reached a peak.Most Read from BloombergCredit Suisse Turmoil Deepens With Record Stock, CDS LevelsStocks Rise From the Ashes in Best Day Since July: Markets WrapCredit Suisse Market Turmoil Heightens After Memo BackfiresTrump Asks to Push Special Master Appeal Hear
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