The First Slice for Thursday, June 20, 2022

U.S. stock indexes end mixed Wednesday, as investors focused on remarks by central bankers and corporate executives while fretting that soaring inflation is damaging the world’s biggest economy.

  • The Dow fell +82.32 or +0.27%
  • The S&P 500 dropped -2.72 or -0.07%
  • The Nasdaq shed -3.65 or -0.03%

Earlier gains for U.S. stock benchmarks mostly faded Wednesday, as investors monitored corporate earnings and remarks from central bankers looking to battle high inflation by tightening financial conditions. 

Investors were focused on a mixed bag of corporate earnings results trickling out ahead of the mid-July quarterly deluge for insights into whether bulging inventories of goods and sharp inflation pressures pinch profit margins.

On U.S. economic data, the first-quarter GDP was revised to show a 1.6% decline, compared with the prior 1.5% drop. 

Economists at JP Morgan Chase and Co. said on Wednesday that they now see a U.S. economic recession this year as a reasonable risk to consider, given the GDP contraction and aggressive moves planned by the Fed to fight high inflation through higher rates. They also didn’t rule out a risk of a global economic slowdown…….Full Loaf Hot Link[read more]

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