U.S. stock index futures fell on Wednesday after warnings of a looming recession from major Wall Street bankers offset any optimism over the CCP’s easing of strict zero-COVID restrictions in China that hampered the global supply chain.
Top executives at Goldman Sachs Group Inc., JPMorgan Chase & Co., and Bank of America Corp. said on Tuesday that inflation would erode consumer spending power and a mild to more pronounced recession was likely ahead.
Mega-cap technology and other growth stocks such as Microsoft Corp., Apple Inc., Meta Platforms Inc., Nvidia Corp, and Tesla Inc. dropped between 0.4% and 1.9% in premarket trading.
Concerns around a steep rise in borrowing costs have boosted the dollar and dented demand for risk assets such as equities this year, with the S&P 500 snapping a three-year winning streak and sinking 17.3% so far in 2022.
MacDailyNews Take: We’ll have a double dip with sprinkles!
Please help support MacDailyNews. Click or tap here to support our independent tech blog. Thank you!
Shop The Apple Store at Amazon.
Inflation… recession… great combo, Joe!
And when Joe Biden was asked by a reporter what he would do differently in the next two years as he contemplates running in 2024, the current idiot in the White House said “Absolutely Nothing”.
So, count on 4 years of zero return on your Apple stock investments you gullible American fools that think this doofus knows what he is doing and that he got 81 million votes.
Maybe the Administration will change the definition of Recession yet again.
Where’s my soft serve. I hope it has sprinkles. Would you like to lick my cone little eight year old girl?
Reading your writing tells me your cone is likely absolutely nothing at all.