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Federal Reserve Chairman Jerome Powell was sworn in for his second term, while Lael Brainaird was sworn in for her first term as Vice Chair.
U.S. stocks clocked Monday wins led by banks and brokers after JPMorgan boosted its outlook for interest income. Energy stocks also contributed to the gains lifting the S&P 500 further away from bear market territory as oil rose to $110.29 per barrel.
The Federal Reserve has sworn in Fed Chairman Jay Powell for a second term, FOX Business' Edward Lawrence reports. Also sworn in today Lael Brainard as Vice Chair of the Board of Governors.
Lisa Cook and Phillip Jefferson were also sworn in. The next board meeting on June 15th will have almost a complete board.
NewEdge Wealth chief investment officer Cameron Dawson and Simpler Trading director of options Danielle Shay provide insight on the stock market on 'Making Money.'
Twitter will hold its annual shareholders meeting on Wednesday 10 am PT.
Follow developments from the World Economic Forum in Davos HERE.
JPMorgan, the nation's largest lender, raised its outlook for net interest income to around $56 billion, up from $50 billion in January at its investor day.
The Dow Jones Industrial Average paced the early gains on Wall Street ahead of a busy week for economic news.
Calamos Investments CEO John Koudounis argued on Sunday that market volatility will continue for "a long time," but noted that the current situation presents buying opportunities.
"I don’t see it [market turbulence] going away," Koudounis told "Fox News Live" on Sunday. "It depends how the Fed tries to land this. It’s going to be very difficult to have a soft landing. It’s never been done."
"There will be some good times, there will be some bad times," the CEO of the global investment firm specializing in investment management added. "Our advice to our customers, you have to be in it because the upside comes around, and you have to be invested."
Koudounis provided the insight two days after the S&P 500, the broadest measure of the U.S. stock market, slipped into bear market territory before clawing back above that level.
The benchmark fell over 20% from its January high of 4,796.56 before erasing losses to close at 3,901.36. An official bear market would require the benchmark to close at or below 3,837.25.
The tech-heavy Nasdaq Composite, which entered a bear market earlier this year and has fallen 29% year to date.Koudounis stressed that the current situation "absolutely" presents "some value."
"There’s been a rotation between the growth and value stocks," he noted. "Now the growth stocks have been beaten up so much that active managers, the professionals, are starting to pick some and add to those positions. And the companies that are fundamental, have issues, they’ve lowered those positions."
Cryptocurrency was higher early Monday morning as Bitcoin, Ethereum and Dogecoin were all in positive territory.
At 4 a.m., Bitcoin was trading at more than $30,430 per coin, higher by almost 0.30%, or about $101.70. For the week, Bitcoin was trading about 2.70% lower and for the month, it was trading almost 24% lower.
Ethereum was trading at more than $2,065 per coin, up 1.09% or about $22.20 higher. For the week, the crypto was lower by 4.5% and for the month, it was down more than 31%.
Dogecoin was trading at $0.0876 cents per coin early Monday, or almost 2% higher. For the week, it was down almost 7% amd for the month, it was down almost 37.25%.
The average price for a gallon of gasoline in the U.S. rose to another record Monday morning after flattening the previous two days, according to the latest numbers from AAA.
Gasoline around the country was selling for an average of $4.596 per gallon, up $0.003 cents since Saturday. Gas prices were the same both Saturday and Sunday, AAA reported.
Just one week ago, a gallon of gasoline sold nationwide for $4.483, while a month ago, the price was $4.12.
One year ago, a gallon of gasoline sold nationwide for $3.03, AAA reported.
U.S. stocks were edging higher early Monday morning hours before the opening bell on Wall Street as another busy week of earnings reports for retailers was about to kick off.
Among the two dozen or so big-name retailers set to report quarterly earnings were Costco, Best Buy, Macy’s, Nordstrom, Gap and AutoZone.
There will be a lot of attention on the group, especially after disappointing numbers and forecasts from the likes of Walmart, Target and Ross Stores.Retail stocks got pummeled last week as inflation eroded profit margins and slammed consumers, with many cutting back on discretionary and big-ticket items just to make ends meet.
Target, whose shares plunged 25% Wednesday in the worst day since the crash of 1987, noted purchases of big TVs and appliances that consumers loaded up on during the pandemic have tailed off, which doesn’t bode well for Best Buy when it reports on Tuesday.
Investors were awaiting minutes from the latest policy setting meeting of the Federal Reserve and updates on consumer prices, due later this week.
On Friday the S&P 500 dipped more than 20% below its peak set early this year before buying late in the day gave it a tiny gain. It finished 18.7% below its record. That capped a seventh straight losing week, the longest since 2001, when the dot-com bubble was deflating.
Inflation and rising interest rates, the war in Ukraine, and China’s slowing economy are all punishing stocks and raising fears about a possible U.S. recession.
Many big tech stocks, seen as some of the most vulnerable to rising interest rates, have already fallen much more than 20% this year. That includes a 37.2% tumble for Tesla and a 69.1% nosedive for Netflix.
It’s a sharp turnaround from the powerful run Wall Street enjoyed after emerging from its last bear market in early 2020, at the start of the pandemic.
With inflation at its highest level in four decades, the Fed has switched from keeping interest rates super-low to support markets and the economy and is raising rates and making other moves to tamp down inflation. The worry is it might go too far or too quickly.
Goldman Sachs economists recently put the probabilty of a U.S. recession in the next two years at 35%.
Inflation has been painfully high for months. But the market's worries swung higher after Russia's invasion of Ukraine sent prices spiraling further at grocery stores and gasoline pumps, because the region is a major source of energy and grains.
Adding pressure onto stocks are signs corporate profits are slowing and finally may be suffering from inflation.
Meanwhile, shares were mostly higher in Asia in cautious trading after Wall Street rumbled to the edge of a bear market on Friday.
Tokyo and Sydney were higher Monday while Hong Kong and Shanghai were unchanged.
The Nikkei 225 in Tokyo gained 1% to 27,001.52.South Korea's Kospi was up 0.3%, at 2,647.38.
Australia's S&P/ASX 200 edged 0.1% higher to 7,148.90.
President Joe Biden tended to both business and security interests Sunday as he wraps up a three-day visit to South Korea, showcasing Hyundai’s pledge to invest at least $10 billion in electric vehicles and related technologies in the United States.
Before visiting U.S. and South Korean troops monitoring the rapidly evolving North Korean nuclear threat, Biden said the U.S. was ready for any provocation that Kim Jong Un might deliver.
Hyundai's investment includes $5.5 billion for an electric vehicle and battery factory in Georgia.
Appearing with Biden, Hyundai CEO Euisun Chung said Sunday his company would spend another $5 billion on artificial intelligence for autonomous vehicles and other technologies.
"Electric vehicles are good for our climate goals, but they’re also good for jobs," Biden said. "And they’re good for business.
"The major U.S. investment by a South Korean company is a reflection of how the U.S. and South Korea are leveraging their longstanding military ties into a broader economic partnership.
Oil prices gained on Monday with U.S. fuel demand, tight supply and a slightly weaker U.S. dollar supporting the market, as Shanghai prepares to reopen after a two-month lockdown fueled worries about a sharp slowdown in growth.
Brent crude futures rose 97 cents to $113.52 a barrel at 0651 GMT, while U.S. West Texas Intermediate (WTI) crude futures climbed 80 cents, or 0.73%, to $111.08 a barrel, adding to last week's small gains for both contracts.
"Oil prices are supported as gasoline markets remain tight amid solid demand heading into the peak U.S. driving season," said SPI Asset Management managing partner Stephen Innes.
"Refineries are typically in ramp-up mode to feed U.S. drivers' unquenching thirst at the pump."
The U.S. peak driving season traditionally begins on Memorial Day weekend at the end of May and ends on Labor Day in September.
Analysts said despite fears about soaring fuel prices potentially denting demand, mobility data from TomTom and Google had climbed in recent weeks, showing more people were on the roads in places like the United States.
A weaker U.S. dollar also sent oil higher on Monday, as that makes crude cheaper for buyers holding other currencies.
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