US stocks edged lower on recession worries and as more CEOs voice concerns about the downturn that is coming. Layoff announcements are becoming more noticeable as Morgan Stanley is expected to cut about 2% of its global staff and BuzzFeed announced plans to reduce its workforce by 12%.
Goldman Sachs CEO Solomon warned of ‘bumpy times’ and that activity levels will likely be constrained in a ‘tougher economic environment.’ JPMorgan CEO Dimon focused on the possibility of a ‘mild to hard’ recession. The outlook is clearly darkening and that has many traders scaling down their risky bets.
Apple 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 great news for the competition, especially Tesla.
Bitcoin continues to hover around the $17,000 level, which is rather 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. Either we see decisive regulatory actions put in place to foster long-term growth or the busy cycle continues as other crypto companies go under.
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