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Stocks mixed ahead of key inflation data, IMF forecasts weakest global growth since 1990, Bitcoin rallies past $30K, Money supply growth is collapsing, Tupperware may go out of business, Whole Foods closes SF store citing crime, and more financial news.
Stocks were mixed on Tuesday as investors are concerned over the looming inflation report later this week that is expected to set the pace for the future of interest rate hikes, which many are already predicting will go up half a percentage point, CNBC reported.
The S&P 500 rose from earlier declines by +0.37 points or +0.01%, while the Dow advanced 32.2 points or +0.10%, as the NASDAQ dipped -18.46 points or -0.15%, as of 9:34 AM EDT, Yahoo Finance reported.
The benchmark US 10-Year Treasury was up +0.009 for a yield of 3.424%, while the 2-Year Treasury was up +0.002 for a yield of 4.012% as of 9:39 AM EDT on Tuesday.
In oil futures, the benchmark Brent crude was up +0.30% and trading at $84.43 a barrel, while WTI crude was up +0.54% and trading at $80.17 a barrel as of 8:38 AM CDT.
The International Monetary Fund (IMF) released a report on Tuesday expecting global growth to be around 3 percent – the lowest medium-term forecast from the IMF since 1990, CNBC reported.
For the first time since June 2022, Bitcoin has rallied past $30,000. The crypto coin is now up 82% since December 31, easily beating the 19% gained by the NASDAQ 100 tech index, as well as over gold’s 9.6% climb, Yahoo Finance reported. Bitcoin was up +6.55% to $30,140.51 as of 9:28 AM EDT. Ethereum was also up +3.32% at $1917.75.
Britain’s money supply economists are sounding the alarm, noting that the money supply growth is collapsing in the UK, the eurozone, and the US – a situation they read as a warning of recession and deflation. These same economists are noteworthy for correctly predicting sky-high inflation before anyone else, Yahoo Finance reported.
Tupperware stock plunged nearly 50 percent on Monday after the company warned it doesn’t have enough cash to fund its operations if it is unable to secure additional money. The impending shutdown for Tupperware came in a regulatory filing late Friday, which said there was “substantial doubt about the company’s ability to continue as a going concern.” The company said it is exploring potential layoffs while also reviewing its real estate portfolio for potential ways to save money, CNN reported.
One year after opening an enormous flagship store in downtown San Francisco, Whole Foods announced it will temporarily close the location, citing the rampant crime in the area as the reason for the forced shutdown. A company spokesperson said the move was to “ensure the safety” of its employees, adding that the store at 8th and Market streets will not open Tuesday, and the store’s website has also disappeared, CNN reported.
