What we’re reading (1/13)
“S&P 500 Ends At Highest In Month, Indexes Gain For Week As Earnings Kick Off” (Reuters). “The S&P 500 and Nasdaq finished at their highest levels in a month on Friday, with shares of JPMorgan Chase and other banks rising following their quarterly results, which kicked off the earnings season.”
“America’s Biggest Banks Are Girding For A Recession But Aren’t Feeling One Yet” (Wall Street Journal). “The nation’s largest banks said rising interest rates are likely to push the U.S. into a recession this year, though they are only starting to feel the effects in their quarterly earnings.”
“RIP Meme Stocks. You Were Terrible Investments” (Fast Company). “When struggling retailer Bed Bath & Beyond announced last week that it was unsure it was going to be able to stay in business, and followed that news with a grim earnings report on Tuesday, it felt like the proverbial nail in the coffin of one of the strangest, and most pointless, bubbles in market history: meme-stock mania.”
“U.S. Will Hit Its Debt Limit Thursday, Start Taking Steps To Avoid Default, Yellen Warns Congress” (CNBC). “Treasury Secretary Janet Yellen on Friday notified Congress that the U.S. will reach its statutory debt limit next Thursday. After that, the Treasury Department this month will begin ‘taking certain extraordinary measures to prevent the United States from defaulting on its obligations,’ Yellen wrote in a letter to new House Speaker Kevin McCarthy, R-Calif.”
“Crypto.com Is Cutting 20% Of Its Workforce To Blunt The Blow From FTX's Collapse And The Crypto Winter, Broadening Layoffs In The Industry” (Insider). “Crypto.com said Friday it's letting go a fifth of its employees as the FTX implosion added a fresh layer of pain to an already slumping cryptocurrency market, with the crypto exchange's move the latest in headcount reductions in the industry and the wider tech space.”
