#MARKED SAFE FROM MEME CODE#
The search warrant for the Florida raid revealed Mr Trump was accused of violating 18 US Code 793 – part of the Espionage Act. “The question is does he engage the market with his assessment of the direction of inflation, the progress the Fed is making and offer any suggestion of the direction of rate hikes?” Krosby said.Former Trump lawyer Rudy Giuliani, the man who brought us the meme that is Four Seasons Total Landscaping, is now being ridiculed for claiming the ex-US president merely wanted to “preserve” classified documents at his Mar-a-Lago resort.ĭonald Trump’s residence was searched by the FBI earlier this month, with agents said to have seized documents marked ‘top secret’ from the property. Powell at an annual conference in Jackson Hole, Wyo. Wall Street will be keenly watching next week’s speech by Federal Reserve Chair Jerome H.
Forecasters currently expect a hike of half a percentage point at the board’s next meeting. The central bank has raised interest rates twice this year by 0.75 percentage points, triple its usual margin. Minutes of the Fed’s July meeting released this week said inflation is still too high and made clear the central bank will keep raising interest rates. But the central bank is treading a fine line between taming inflation in an already slowing economy and hitting the brakes too hard and veering the economy into a recession. The goal is to raise rates and slow down economic growth to cool inflation. The data from government and corporate reports are also being closely watched as investors try to determine how the Federal Reserve will continue with its plan to fight inflation by raising interest rates. Wall Street is trying to determine how stubbornly hot inflation is affecting businesses and consumers, and whether the economy can remain resilient and avoid a recession. Department store Macy’s will report its results next week.Ī report on retail sales this week showed that spending remains resilient as gasoline prices fall and help ease some pressure from inflation. Traders had no shortage of company and economic data to review this week, including the latest batch of earnings from retailers and updates on spending, home sales and the employment market.īig retailers including Walmart and Target have warned investors that inflation is crimping consumer spending. The yield on the 10-year Treasury rose to 2.97% from 2.89% late Thursday. Foot Locker soared 20% after replacing its chief executive and reporting earnings that beat Wall Street’s estimates.īond yields gained ground, reflecting expectations of further interest rate hikes. Pacific, according to CoinDesk.īright spots included General Motors, which rose 2.5% after reinstating its dividend. Meme stock Bed Bath & Beyond sank 40.5% after the high-profile activist investor Ryan Cohen confirmed that he’s sold his stake in the company.Ĭryptocurrencies fell broadly as bitcoin slumped more than 8.5% to $20,993.50 as of 4:40 p.m. Retailers, banks and communications companies also fell sharply amid the broad slide. Technology stocks had some of the biggest losses, and the sector’s dip weighed heavily on the broader market. The Russell 2000 gave up 43.38 points to close at 1,957.35.
It ended with a 1.2% loss for the week and is now down 11.3% so far this year.
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