Wall Street Breakfast August 19: As Housing Weakens, Market Tilts Back to Smaller Fed Hike

Wall Street Breakfast

Seeking Alpha

Business, Investing, Business News, News

3.8 • 950 Ratings

🗓️ 19 August 2022

⏱️ 7 minutes

🔗️ Recording | iTunes | RSS

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Summary

As housing weakens, market tilts back to smaller Fed hike. Starbucks COO to exit company. Big Ten sets multibillion-dollar media deal with CBS, NBC, Fox. Nasdaq, S&P, Dow futures fall with market in danger of snapping win streak. Catch today’s WSB article here.

Transcript

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0:00.0	Welcome to Seeking Alpha's Wall Street breakfast, your daily source of market news and analysis.
0:06.8	Subscribe to this podcast on Apple Podcast, Spotify or Stitcher.
0:11.4	Good morning. Today is Friday, August 19th and I'm your host Julie Morgan.
0:16.0	Our Top Stories The Housing Crunch and Later, Starbucks, Elon Musk, Huric Dr Pepper, Qualcomm, The Big Ten, and Bed Bath and Beyond.
0:27.8	A lackluster session ended with mild gains on Thursday.
0:31.4	Seven of 11 S&P sectors ended higher, led by a 2.5% advance in energy.
0:37.0	Real estate in health care were among the segments to post narrow losses.
0:41.0	Rates pulled back a bit.
0:42.8	The 10-year Treasury yield slipped two bases points to 2.88 percent, and the two-year
0:47.8	yield dropped 8 bases points to 3.22 percent. In the earning spotlight today, Deer and Footlocker.
0:57.0	In our day watch is a standout decliner.
1:00.0	Cole's lost ground after reporting a disappointing Q2 profit and predicting a sales decline for the full year.
1:06.6	Weighed down by the quarterly update shares of the retailer dropped more than 7%.
1:11.6	The company's bottom line failed to meet expectations with
1:14.8	revenue dropping 8% from last year. For 2022 the company said it now expects a
1:20.3	sales decline of 5 to 6%.
1:23.0	KSS finished at $31.33, a decline of $2.62 on the day.
1:30.0	Now our top story.
1:32.0	This week's housing data did much to confirm a slowdown
1:35.2	sought by the Federal Reserve along with what may have been peak inflation last
1:39.2	week cooler housing data is another piece in the puzzle as the FOMC tightens conditions.
1:44.9	The outlier remains the labor market where jobless claims drop this week and payroll growth
	...

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