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The stock market reacted unfavorably on Wednesday as Republicans made modest gains in U.S. midterm elections but Democrats performed better than expected, as control of the Senate hinged on three races that were still too close to call. Also, Georgia’s senate seat winner will not be decided until the December 6th runoff election as neither candidate gained more than 50% of the votes. But as of today, Thursday, the world is a better place in the eyes of Wall Street traders as the market is in the midst of a huge rally. This may be the start of a traditional post-midterms rally as signs of cooling inflation emerge. Now that Tuesday’s election is over, and inflation looks to be heading in the right direction, strategists say the time could be right for a rally. But there is also the risk that the rally could be derailed by another hot inflation report or other factors, like a cryptocurrency meltdown. Thursday’s CPI report breaks a string of inflation surprising to the upside. The DOW jumped an impressive 1,140 points as of mid-afternoon. The links below show a broad based fear of the potential for a near to mid term economic slowdown across all important sectors in the US and the world. Only time will tell if today’s rally is here to stay. |
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World’s largest container shipping firm Maersk, a barometer for global trade, warns of ‘dark clouds on the horizon’ Wells Fargo mortgage – 90% decline from a year ago The U.S. housing market to see second biggest correction of the post-WWII era—when to expect the home price bottom Fed Seen Aggressively Hiking to 5%, Triggering Global Recession Home prices to decline in 2023, recession ahead: Fannie Mae forecast Mortgage demand falls even as rates slip from recent highs US diesel shortage hits crisis point Amazon sell-off pushes market cap below $1 trillion for first time since April 2020 Homebuilders say they’re on the edge of a steeper downturn as buyers pull back Saudi Arabia, U.S. on High Alert After Warning of Imminent Iranian Attack Sunken casino riverboat revealed by low water levels of Mississippi River Massive Fallout in the US Housing Market Right Now NYTimes: Food Prices Soar, and So Do Companies’ Profits NYTimes: Chip Makers, Once in High Demand, Confront Sudden Challenges NYTimes: Corporate America Has a Message for the Fed About Inflation The Biggest Crash in History as Bank Run Sparks Liquidity Crisis The Fed Is About To Drop The Hammer On The Stock Market Amazon warehouse site canceled and sold to rental apartments developers Pending home sales see big drop U.K. inflation pushes higher with food costs up 11.6% with the shop-price index hitting a 17-year high. OPEC+ two million barrel per day production cut started yesterday with oil prices rising. S&P 500 earnings estimates for 2023 take ‘complete U-turn’ as recession risks loom Carvana Stock Drops Salesforce to cut hundreds of employees The housing market is slowing. It’s time for homeowners to sit tight We’ve Reached the Point of No Return and the U.S. Will Soon Follow Unless… Consumer confidence in housing hits new low, says Fannie Maehttps://www.cnbc.com/2022/11/07/consumer-confidence-in-housing-hits-new-low-says-fannie-mae.html ‘If you don’t need it, don’t buy it right now’: Here’s where the latest Fed rate hike will hit you hardest and what you can do about it Norcold to shut down all U.S. refrigerator manufacturing Thousands of tech workers were laid off last week. Experts say it’s just the beginning. Biggest Housing Market Crash of The Decade! Wall Street: The layoffs are coming Brace for the Fed to steer the US into recession Bed Bath & Beyond Suppliers Pull the Plug Thousands of tech workers were laid off last week. Experts say it’s just the beginning. Housing inventory jumps as homes take longer to sell Amazon Becomes World’s First Public Company to Lose $1 Trillion in Market Value |
