Amazon warning of 'cautious spending' as recession worries loom
source link: https://finance.yahoo.com/news/the-biggest-online-retailer-in-the-us-is-warning-of-cautious-spending-163914456.html
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.
The biggest online retailer in the US is warning of 'cautious spending'
a bleak outlook on cloud.
Amazon (AMZN) offered a downbeat outlook on domestic consumer spending, joining the likes of UPS (UPS) and 3M (MMM) amid growing concern that rising interest rates and tighter lending standards could lead to a recession in the US.
On an earnings call that discussed everything from artificial intelligence to slowdown concerns at Amazon Web Services, the e-commerce giant also flashed a warning about its longstanding retail business.
“The uncertain economic environment and ongoing inflationary pressures continue to be a factor and we believe, is continuing to drive cautious spending across consumers.” Amazon CFO Brian Olsavsky said on the company’s earnings call on Thursday. “This means our customers are looking to stretch their budgets further, and are focused on value."
While the company grew overall net sales in North America by 11%, Amazon’s online store revenue of $51.10 billion fell by about $30 million from the same period the year prior.
Amazon isn’t the only company sounding the alarm, either. 3M, the maker of everything from Scotch Tape to Post-it-Notes sees weakness in "consumer-facing markets." Procter & Gamble calls its end customer a ‘more careful’ consumer that might be going as far as conserving paper towels. And UPS, a key contributor to the box-recession indicator, notes “disposable income is shifting away from goods to services."
In large part, economic data is in agreement, too. UPS noted many of its declines are in line with monthly retail sales. The latest report saw sales falling 1% in March, double what economists had feared. Data out from the Conference Board on Tuesday showed Consumer Confidence for the next six months hit its lowest levels since July 2022.
“While consumers’ relatively favorable assessment of the current business environment improved somewhat in April, their expectations fell and remain below the level which often signals a recession looming in the short term,” said Ataman Ozyildirim, senior director of economics at the Conference Board.
- AP Finance
Marijuana job lands Oregon secretary of state in trouble
Oregon Secretary of State Shemia Fagan is in hot water, with Republican lawmakers calling for her resignation and the Democratic governor seeking investigations because Fagan took a consulting job with a marijuana firm. Fagan released a statement late Friday saying she welcomed the governor's inquiry. “I am relieved that the Governor has asked DOJ and the Government Ethics Commission to engage in fact finding because the facts will restore trust in our audits division and in me as your Secretary of State," Fagan said.
2d ago - Engadget
Ex-Apple employee sentenced to three years in prison after $17 million fraud scheme
A judge ordered Dhirendra Prasad to pay Apple back in full and to give the IRS $1.9 million.
2d ago - Benzinga
'An Anvil, Not A Shoe': Elon Musk Warns Of A Crushing Blow To Commercial Real Estate — Here Are The Companies Set To Benefit From The Market Collapse
From artificial intelligence to extraterrestrial life, Tesla Inc. CEO Elon Musk discussed a wide range of topics during his Fox News interview with Tucker Carlson. He also touched on commercial real estate — and the message is pretty dire. “We really haven’t seen the commercial real estate shoe drop. That’s more like an anvil, not a shoe,” Musk said. “So the stuff we’ve seen thus far actually hasn’t even – it’s only slightly real estate portfolio degradation. But that will become a very serious
2d ago - Barrons.com
West Coast Ports Went from Congested Chaos to Alarming Quiet. It’s a National Problem.
The rapid decline of key West Coast ports should be worrying for anyone hoping for a robust economy, writes Christopher Tang.
1d ago - American City Business Journals
Caterpillar headquarters relocation to Irving landmark tower 'in the best strategic interest of the company,' CEO says
Caterpillar Inc., the Fortune 500 maker of the familiar yellow heavy-duty construction and industrial equipment, relocated its global headquarters to Irving in 2022, continuing a long pattern of corporate migration to North Texas.
2d ago - Yahoo Finance
JPM, Bank of America consider First Republic bids as FDIC sets Sunday noon deadline
The FDIC is approaching some of the same banks that came to First Republic's aid in March.
15h ago - Investor's Business Daily
This Truck Giant Leaves Tesla Semi In The Dust As Breakout Nears
While Tesla slowly rolls out the Tesla Semi, commercial truck leader Paccar accelerates growth and drives toward a breakout.
2d ago - The Wall Street Journal
What’s Going On With First Republic Bank?
First Republic Bank teetered for weeks following the failures early in March of two large U.S. regional banks, Silicon Valley Bank and Signature Bank. First Republic’s deposits fell by $100 billion during the banking crisis. Its shares continued to fall during the week, and by Friday it appeared its fate was sealed: The Wall Street Journal reported that Federal regulators were poised to seize the bank and sell it to a larger lender.
11h ago - Business Insider
Here are the 6 factors that suggest the stock market bottomed last October and will continue to rally from here
Fundstrat's Tom Lee made the case that investors remain too pessimistic and should get on board with the idea that a new bull market has started.
13h ago - Reuters
Exxon, Chevron split over how to manage rising cash piles
The two largest U.S. oil companies - Exxon Mobil Corp and Chevron Corp - are minting cash from booming oil and gas operations, but are splitting over what to do next. Exxon's net hit $11.4 billion while Chevron earned $6.6 billion and with analysts expecting the strong results to continue this year. The result: huge cash reserves, far in excess of what they need for routine operations.
2d ago - TipRanks
Keep on Buying Nvidia Stock Ahead of Earnings, Says Morgan Stanley
Nvidia (NASDA:NVDA) has been on a remarkable run this year, with its shares surging by an impressive 89% year-to-date. The chip giant’s success can largely be attributed to this year’s hottest trend: Generative AI. The company is widely recognized as a leader in the field and seen as one set to benefit from increased adoption of the tech. In fact, with a view to next month’s F1Q earnings (May 24), Morgan Stanley analyst Joseph Moore thinks all the hoopla around AI should result in a strong repor
2d ago - Barrons.com
IBM, Raytheon, and MetLife Boost Dividends
International Business Machines stock is in the red so far this year, but the company just marked 28 straight years of dividend increases.
1d ago - TipRanks
Seeking at Least 7% Dividend Yield? Barclays Suggests 2 Dividend Stocks to Buy
The global economy has been sending mixed signals recently. On one hand, the US inflation rate dropped to 5% in March, marking its lowest point since May 2021, and China has shifted its strategy away from strict zero-COVID policies. Moreover, the world’s supply chains have managed to adjust to the impact of Russia’s invasion of Ukraine. On the other hand, interest rates remain high, and there are concerns about the possibility of a recession. In addition, the US banking sector is still feeling t
2d ago - Barrons.com
Amazon Earnings Are a Bad Omen for Big Tech Stocks. Here’s Why.
Eventually investors have to face reality: There are downsides to cutting costs and laying off staff.
1d ago - Business Insider
Here are the 4 issues that will determine the future of the global economy, according to Mohamed El-Erian
Markets have been on a rollercoaster ride and uncertainties around the global economy are mounting. Here's what El-Erian sees ahead.
1d ago - Investor's Business Daily
Apple Rising As Investors Bet On A Sunny March-Quarter Report
Apple stock has been rising ahead of the company's March-quarter earnings release as investors bet on a better-than-expected report.
2d ago - Investor's Business Daily
Cathie Wood Gets Crushed By An Investment That Costs 73% Less
Growth stocks in the S&P 500 are playing right into Cathie Wood's hands. But even the famed investor can't outperform a cheap index.
2d ago - Investor's Business Daily
Market Rally Shakeout May Be Bullish Signal; JPMorgan Eyes First Republic After FDIC Takeover
After a shakeout, the market rally may be ready for a bullish move. JPMorgan, other big banks may bid for First Republic after an FDIC takeover. FRC stock kept crashing.
12h ago - Investor's Business Daily
Amazon Leads 5 S&P 500 Stocks Near Buy Points After Earnings
Amazon is among S&P 500 stocks holding near buy points after surviving some volatility around earnings, removing a key risk.
20h ago - Reuters
US regulators auction First Republic; deal seen by Sunday -sources
U.S. regulators are trying to clinch a sale of First Republic Bank over the weekend, with roughly half a dozen banks bidding, sources said on Saturday, in what is likely to be the third major U.S. bank to fail in two months. Citizens Financial Group Inc, PNC Financial Services Group and JPMorgan Chase & Co are among bidders vying for First Republic in an auction process being run by the Federal Deposit Insurance Corp, according to sources familiar with the matter. US Bancorp was also among banks the FDIC had asked to submit a bid, according to Bloomberg.
15h ago - Benzinga
This REIT Just Bought $25 Million Of Quality Properties
Have you ever driven by one of those highway signs advertising the Powerball lottery and just for a moment fantasized about what you could buy if you won $25 million? Most people will never have a real opportunity to do that, except of course for those few moments on the highway when one may dream a little as they pass the sign. But many real estate investment trusts (REITs) with huge lines of credit can buy up lots of properties for millions of dollars. One in particular has been on a huge spen
2d ago - Business Insider
Nouriel Roubini says a hard-landing recession or entrenched inflation are the only 2 possible outcomes as the Fed battles a 'trilemma'
Solving the US economy's trilemma with just the Fed's rate hikes is looking like "Mission Impossible," Nouriel Roubini said, ringing recession alarms.
1d ago - Bloomberg
Fed Seen Boosting Rates Even as Economic Risks Build
(Bloomberg) -- Federal Reserve policymakers are about to extend their year-long campaign of raising interest rates to beat back still-stubborn inflation, even as risks to the US economy build.Most Read from BloombergFDIC Asks Banks for Final First Republic Bids Due SundayTwitter Co-Founder Dorsey Rues Musk Deal: ‘It All Went South’Harley-Davidson Says Repo Shortage Is Fueling Credit LossesA Century-Old Dynasty Overhauls Its Billions in Rare M&A BetSigns Are Mounting That a Debt Crunch is Looming
5h ago - SmartAsset
In Case You Missed It: Your Required Minimum Distributions (RMDs) Are Officially Pushed Back
The SECURE 2.0 Act, signed by President Biden in December 2022, includes dozens of changes to provisions related to tax-advantaged retirement accounts. Among the most important changes is a provision, which took effect Jan. 1 of this year, that delays … Continue reading → The post Your Required Minimum Distributions (RMDs) Have Officially Been Pushed Back appeared first on SmartAsset Blog.
2d ago - Business Insider
De-dollarization and global reserves dominance, explained by a top currency economist and the inventor of the 'dollar smile' theory
Insider's Phil Rosen interviews Eurizon SLJ economist and inventor of the dollar smile theory, Stephen Jen.
15h ago - Zacks
Plug Power (PLUG) Gains But Lags Market: What You Should Know
In the latest trading session, Plug Power (PLUG) closed at $9.03, marking a +0.67% move from the previous day.
1d ago - Yahoo Finance
Tech earnings suggest it's a stock picker's market
Before those Apple earnings on May 4, here's what you need to know from tech earnings this week.
21h ago - SmartAsset
Is $6 Million Enough to Retire Comfortably at 50?
If you save up $6 million by age 50, you'll position yourself for a long, comfortable retirement. However, you'll still need to navigate taxes, income calculations and economic forces, all of which can create financial pressure during your golden years. … Continue reading → The post Is $6 Million Enough to Retire at 50? appeared first on SmartAsset Blog.
20h ago - Barrons.com
Sell in May and Go Away. But Come Back Soon.
The financial weather looks unsettled, writes Jacques Cesar, but there's little reason to believe we're entering a secular bear market.
2h ago - Zacks
ConocoPhillips (COP) is Attracting Investor Attention: Here is What You Should Know
Recently, Zacks.com users have been paying close attention to ConocoPhillips (COP). This makes it worthwhile to examine what the stock has in store.
2d ago - Barrons.com
Artificial Intelligence Is Driving the Stock Market. It Has Some Advice for You.
Artificial intelligence like Microsoft-powered ChatGPT is a primary reason stocks up this year. As a result, stock market is being powered by the narrowest stock leadership since the 1990s.
1d ago - Zacks
Overstock.com's (OSTK) Q1 Earnings Beat, Revenues Fall Y/Y
Overstock.com's (OSTK) first-quarter 2023 earnings surpass the consensus mark. The top line suffers due to weak housing market and the company's strategy to shift completely online.
2d ago - Reuters
Wall Street Week Ahead: Recession worries simmer beneath US stock market rally
Economically sensitive areas of the U.S. stock market are flashing warnings over growth, even as major equity indexes edge higher. The S&P 500 is up 8.6% for the year after gaining 1.5% in April, thanks to roaring year-to-date rallies in shares of Microsoft, Amazon and Google-parent Alphabet and other growth and technology stocks that command heavy weightings in broader indexes. Investors cited growing caution among market participants faced with a thicket of concerns, from fears of a possible U.S. default this summer to worries that the Federal Reserve’s aggressive monetary tightening could bring on a recession.
1d ago - Investor's Business Daily
The Cream Of The Crop: 5 Biotech Stocks That Outrank Most Stocks
The top five biotech stocks today have several commonalities: strong ratings. Some also show promising charts and are Tech Leaders.
2d ago - SmartAsset
A $300,000 Annuity Pays This Much Monthly
When you need another stream of income for retirement, you might consider an annuity. You purchase the annuity from an insurance company and receive payments back at a later date. Before buying an annuity, it's important to consider how much … Continue reading → The post How Much Does a $300,000 Annuity Pay Per Month? appeared first on SmartAsset Blog.
2d ago - Barrons.com
JPMorgan and PNC Are Among a Handful of Banks Bidding for First Republic
A bidding process for the bank's assets could conclude as soon as Sunday. The FDIC would simultaneously place First Republic into receivership.
14h ago - The Telegraph
Joe Biden has created a slow motion bank crisis
From First Republic to Fallen Republic in a matter of weeks – no one said running a bank during a period of massive economic turmoil was easy.
2d ago - Zacks
Bear of the Day: Charles Schwab (SCHW)
Between rising costs and dwindling deposits, SCHW is stuck between a rock and a hard place.
2d ago - Zacks
Best Value Stocks to Buy for April 28th
GM, HDELY and BYD made it to the Zacks Rank #1 (Strong Buy) value stocks list on April 28, 2023.
2d ago - Barrons.com
Big Pension Exited First Republic Stock, Bought AMC and DR Horton
New Jersey’s state pension sold all its First Republic stock in the first quarter, a period that saw shares crater, and ahead of the April drubbing.
21h ago
Recommend
About Joyk
Aggregate valuable and interesting links.
Joyk means Joy of geeK