What we’re reading (9/7)
“Dow Closes More Than 400 Points Higher, Nasdaq Snaps 7-Day Slump As Wall Street Shakes Off Rate Hike Concerns” (CNBC). “Stocks rose Wednesday — trying to shake off a three-week slide — as rates and oil prices eased, cooling investor concerns about continued high inflation. The Dow Jones Industrial Average gained 481 points, or 1.55%. The S&P 500 rose 1.99% and the Nasdaq Composite ticked up 2.33%, attempting to break a seven-day losing streak.”
“The Period Of Abundance Is Over” (Jupiter Asset Management). “According to his [Jeffrey Gundlach’s] view, one of the biggest risks right now is that the Federal Reserve is doing considerable damage to the economy with its aggressive rate hikes: ‘The next shock is that we’re having to put in a big overreaction to the inflation problem which we created from our initial reaction of excess stimulus,’ Mr. Gundlach says. ‘My guess is that we will end up creating momentum that’s more deflationary than a lot of people believe is even possible.’”
“Summer Is Over. And The Battle To Get Workers Back To The Office Is Heating Up” (CNN Business). “Many companies experimenting with a hybrid work schedule have said they want employees to be in the office a set number of days each week. But thus far, they have not done much to enforce those mandates, even as employees remain adamant in their desire to work remotely for more days than many CEOs want. But now that summer vacations and Labor Day are behind us, more employers may start taking a harder line.”
“Apple Event Recap — iPhone 14, Apple Watch 8, New AirPods Pro And More” (Tom’s Guide). “That's plenty of product news for one afternoon, and if there was a common theme to all the new features, it's that Apple wants to make its devices as indispensable as ever. The new iPhones and Apple Watches have a crash detection feature, for example, and your iPhone will be able to send emergency messages via satellite connectivity.”
“Kim Kardashian’s Newest Business Venture: Private Equity” (Wall Street Journal). “Kim Kardashian and a former partner at Carlyle Group Inc. are launching a new private-equity firm focused on investing in and building consumer and media businesses. Ms. Kardashian is teaming up with Jay Sammons, who ran consumer investing at Carlyle, to launch SKKY Partners, they said in separate interviews. SKKY will make investments in sectors including consumer products, hospitality, luxury, digital commerce and media as well as consumer-media and entertainment businesses.”
