Stocks Down on Recession Worries; Apple Car Delayed, Bitcoin Trades Flat
2022.12.07 19:03
US stocks edged lower on recession worries as more CEOs voiced concerns about the coming downturn. Layoff announcements are becoming more noticeable as Morgan Stanley (NYSE:) is expected to cut about 2% of its global staff, and BuzzFeed announced plans to reduce its workforce by 12%.
Goldman Sachs (NYSE:) CEO Solomon warned of ‘bumpy times’ and that activity levels will likely be constrained in a ‘tougher economic environment.’ JP Morgan (NYSE:) CEO Dimon focused on the possibility of a ‘mild to hard’ recession. The outlook is clearly darkening, with many traders scaling down their risky bets.
Apple
Apple (NASDAQ:) Car seems like it will take a little longer to get ready for the showrooms. Autonomous driving is proving to be difficult as Project Titan gets scaled down. Apple Car always seemed like it was due to be ready towards the end of their 2024 to 2028 range. This latest report suggests Apple will be ready in 2026, which is excellent news for the competition, especially Tesla (NASDAQ:).
Cryptos
continues to hover around the $17,000 level, which is impressive given the recession-driven risk-off tone on Wall Street. Crypto traders are looking for something major to happen before they get back into this space. We see decisive regulatory actions in place to foster long-term growth, or the busy cycle continues as other crypto companies go under.
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