The chief of the Philadelphia Federal Reserve on Monday said one reduction in interest rates “would be appropriate by year’s end” based on the current trajectory of inflation and the U.S. economy.
As Big Tech stocks pushed higher last week while the rest of the market lagged, the gulf between the performance of S&P 500 and its equal-weighted sibling reached a notable new extreme.
The bearish significance of current market concentration may be exaggerated
Best Buy’s stock now appears “fully charged” for a rally, said UBS’s Micheal Lasser, who on Monday became Wall Street’s most bullish analyst covering the consumer-electronics and appliances retailer.
Economists are divided between a first cut in September or waiting for December. Traders in derivative markets see the Fed cutting interest rates twice starting in September.
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GameStop Corp.’s stock shed early gains to trade flat on Monday, as investors braced for the company’s annual shareholder meeting which will take place at 11.30 a.m. Eastern after it was delayed by technical issues last week.
Cannabist, the parent of Columbia Care, to shed workers as part of a plan to save $10 million.
