Coin Collaboration(by Bill McColl) - 趙永祥的數位歷程檔

U.S. equities are flat ahead of tomorrow’s July nonfarm payroll report. This morning, the Labor Department reported initial jobless claims rose to 260,000, only the second time they’ve been at that level since last November. The Dow and S&P 500 are down slightly, while the Nasdaq is positive.

Shares of fossil fuel providers are dropping as the price of oil falls below $90 a barrel for the first time since February. Walmart (WMT) shares are declining with the giant retailer cutting jobs about a week after reducing its profit outlook because of inflation. Shares of eBay (EBAY) and Booking Holdings (BKNG) are losing ground following those companies’ earnings reports. Lucid Group (LCID) shares are sinking as the EV maker slashed its 2022 production estimate.

Coinbase Global (COIN) shares are spiking after the crypto trading platform announced a deal with BlackRock (BLK) allowing its institutional clients to buy Bitcoin. Ceridian HCM Holding (CDAY) is the best-performing stock in the S&P 500 as the human resources software and services company boosted its full-year profit and sales forecasts. Shares of MGM Resorts International (MGM) are advancing after the casino and hotel operator posted record earnings in Las Vegas. Visa (V) shares are up 2.5%, and shares of American Express (AXP) are 1% higher.

Bank of England Rate Hike

The U.S. dollar is falling against the euro and yen, but it's gaining against the pound as the Bank of England (BoE) boosted interest rates the most since 1995 (more below). The yield on the 10-year Treasury note is falling. Major cryptocurrencies are trading lower.

TradingView

1/ QUICK HITS

Editor's Picks

Equifax Error Results in Denied Loans, Higher Interest Rates

Michael Saylor Steps Down As MicroStrategy CEO

Virgin Galactic Earnings: What to Look For

5 Largest Companies in Taiwan

What Is a Commodity ETF?

More News

Mortgage rates drop below 5% for first time since April (CNN)

Coinbase, BlackRock ink crypto trading partnership targeting institutional clients (Reuters)

Job cuts and smaller bonuses loom for Wall Street amid collapse in IPOs and stock issuance (CNBC)

2/ CHART OF THE DAY

Inflation and Recession

Bank of England

The Bank of England (BoE) raised interest rates the most in 27 years and warned already-soaring inflation will continue to rise, driving the U.K. into a recession by the end of the year.

The central bank increased its benchmark borrowing rate 50 basis points (bps) to 1.75%, the biggest jump since 1995, as it tries to bring down prices that rose at an annual rate of 9.4% in June.

However, policymakers said they expect peak inflation to jump to 13.3% in October because of surging natural gas prices, which they blamed on cutbacks by Russia related to the war in Ukraine. They added that inflation will likely remain high throughout 2023, and are ready to “act forcefully in response” if necessary.

Recession Ahead

The BoE statement indicated members anticipate the U.K. will fall into a recession in the fourth quarter, and it will run through all of 2023. They noted that real household post-tax income is projected to drop sharply this year and next, while consumption growth turns negative.