US economy contracts again, fueling recession fears

US economy contracts again, fueling recession fears

CNN  —  The US economy shrank again in the second quarter, the Bureau of Economic Analysis said Thursday. Gross domestic product, a wide-ranging measure of economic activity, fell by 0.9% on an annualized basis from April through June. That decline marks a key symbolic threshold for the most commonly used — albeit unofficial — definition … Read more

Stock market’s post-Fed bounce is a ‘trap’, warns Morgan Stanley’s Mike Wilson

Stock market's post-Fed bounce is a 'trap', warns Morgan Stanley's Mike Wilson

“‘Ultimately, this will be a trap.’” — Mike Wilson, chief U.S. equity strategist and CIO, Morgan Stanley Morgan Stanley’s Mike Wilson, who correctly called the stock market’s 2022 swoon, isn’t convinced the lows are in after major U.S. indexes scored a big gain following Wednesday’s Federal Reserve decision to raise rates by another 75 basis … Read more

Was Fed’s Powell dovish or not? 4 key takeaways from Wednesday’s press conference

Was Fed's Powell dovish or not? 4 key takeaways from Wednesday's press conference

Investors reacted as if Fed Chairman Jerome Powell’s press conference Wednesday was dovish, but many economists think it was on the hawkish side of the street. Here are some of the key takeaways from Powell’s hour-long discussion with reporters about the state of the economy and central bank policy: Read: Fed jacks up rates to … Read more

Opinion: Is Mark Zuckerberg taking the first step toward turning Facebook into Yahoo 2.0?

Opinion: Is Mark Zuckerberg taking the first step toward turning Facebook into Yahoo 2.0?

Yahoo was once the most popular website on the planet, the only place that everyone on the internet seemed to touch at least once an online session. After an ignominious slide, however, Yahoo is just another site that has some fans in certain parts of Asia and offers some niche products. Has Mark Zuckerberg launched … Read more

GM reports strong sales but says it’s prepared for possible recession

GM reports strong sales but says it's prepared for possible recession

New York CNN Business  —  General Motors said strong sales and demand for vehicles doesn’t suggest any signs of an economic slowdown, but the company is preparing for a possible recession — just in case. GM reported a sharp drop in earnings Tuesday, but that was caused by Covid lockdowns in China, one of its … Read more

‘Big Short’ investor Michael Burry blasts WH for calling recession ‘unlikely’

'Big Short' investor Michael Burry blasts WH for calling recession 'unlikely'

“Big Short” investor Michael Burry ripped the Biden administration on Monday after officials claimed a US recession is “unlikely” even if the economy shrinks for a second consecutive quarter. Burry accused the White House of attempting damage control ahead of the closely watched release of the second-quarter GDP report later this week. While two straight … Read more