Market Update for June 29, 2022

The stock market is down a bit this morning but nothing too serious. Bitcoin briefly dropped below $20,000.

The Q1 GDP report was revised downward to -1.6%. That’s for the first quarter which began nearly six months ago and ended three months ago. We’ll get the initial report on Q1 GDP towards the end of July.

Yesterday, Loretta Mester, the head of the Cleveland Fed, said she would support another 0.75% increase at the July meeting if the economic conditions warranted it. Traders are strongly leaning towards the idea of a 75-point hike.

A few items I saw:

Morgan Stanley lowered its price target on Upstart (UPST) from $88 to $19. In October, it was at $400 per share.

Bed Bath & Beyond (BBBY) is down 20% to about $5 per share. The company just reported terrible results. Sales plunged and the CEO was shown the door. Years ago, this used to be a favorite of mine. How things have changed!

From Bloomberg: Jupiter CEO Quits $68 Billion Firm to Sit at the Beach and ‘Do Nothing’

Posted by on June 29th, 2022 at 12:49 pm


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