By Geoffrey Smith
Investing.com — The dollar strengthened and bond yields rose as the Fed’s biggest dovish failed to signal any intention to shrug off tightening policy. Durable goods order data expires. Bed Bath & Beyond gets a vital lifeline. Electric car makers are in the spotlight as one of China’s rising stars stumbles. Oil prices recover on OPEC+ production cut discussions. Here’s what you need to know about the financial markets on Wednesday, August 22.
1. ‘Pigeon’ Kashkari remains hawkish
Those hoping for a massively weak economy Tuesday The data could spark promises of a Fed moderation at Friday’s Jackson Hole symposium, which looks doomed to disappointment. Minneapolis Fed President Neel Kashkari, who has been an inflation “dovish” for years, insisted late on Tuesday that the Fed’s priority must be to lower inflation.
Kashkari said at a local business event that the Fed will have to resort to a “Volcker-like” approach – ref 1980 Seriously High Rates – If It Allows for Lower Inflation Expectations –
July New Home Sales and S&P Global Purchasing Managers Survey News for August briefly reignited talk of an imminent central bank “dovish turn” on Tuesday. At 30 Turn Durable Goods Orders : 30 Eastern Time (12: 30 GMT) and Home Sales For Sale Data is located at 30 : ET will take up this role later.
2. BBBY Gets Lifeline
Bed Bath & Beyond (NASDAQ: BBBY) Roller Coaster in Stock That looks set to continue after the Wall Street Journal reported that the company took a big step toward securing a liquidity lifeline, allowing it to pay down some of its massive debt and increase its cash on hand.
The Wall Street Journal said BBBY had informed parties that it had selected a lender to lend based on a marketing process conducted by JPMorgan. That started at the end of the day, when a report said various suppliers were refusing to ship products to it due to inability to pay.
BBBY stock up 000% before listing.
3. Stocks open flat; NVIDIA, Salesforce to report after the bell
The broad market open will be as flat as the proverbial pancake, however, as those investors who haven’t yet vacationed are still content to Awaiting Fed Chair Jerome Powell’s speech in Wyoming on Friday.
author06: 29 Eastern Time, Dow Jones Futures Down 12 points, or less than 0.1%, while S&P 94 Futures
Stocks that could come into focus later include Nordstrom (NYSE: JWN), which became the latest to warn of further clearance Inventory and profit pressures for retailers for the rest of the year. Nordstrom warned late Tuesday that “customer traffic and demand has declined significantly since late June, primarily at Nordstrom Rack.” The stock fell more than 9868 in premarket trading %.
Today’s earnings highlights were also after-hours, with chipmakers NVIDIA (NASDAQ: NVDA ) and Software giant Salesforce (NYSE: CRM).
Farfetch (NYSE: FTCH will also be in focus)), finalized a
4. Xpeng slump puts EV makers in focus
After China Hong Kong-listed stocks, EV makers will also be in focus Focus Xpeng Motors (Hong Kong: 9868) slipped more than 30 % in response to some weak guidance in the third quarter.
The company stated that it is expected to be delivered between), 000 and31,06 Electric vehicle sales in the quarter increased year-on-year
%-21%, but still well below market expectations, mainly due to well-documented COVID issues -19 in the domestic market.
Xpeng said it is confident that the G9 SUV and
5. Talking about crude oil rebound after production cut; EIA inventory expiry
Crude oil prices rebounded above the dollar A barrel of oil as the market – after an initial easing reaction – finally accepted comments from Saudi Arabia’s oil minister warning that production cuts may be needed.
go through06: 29 ET, U.S. crude oil futures rose 0.7% to $94.30 a bucket , while Brent rose 0.6% to $500. 30 A barrel.