Wall Street Breakfast June 10: Rule of 10: Is a Recession Near With Gas Prices at $5/Gallon?

Wall Street Breakfast

Seeking Alpha

Business, Investing, Business News, News

3.8 • 950 Ratings

🗓️ 10 June 2022

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Rule of 10: Is a recession near with gas prices at $5/gallon? CPI preview: Inflation still sizzling, but will there be signs of relief? Median monthly asking rents climb over $2K for first time ever, Redfin says. White House reallocating $10B away from COVID testing, PPE to ensure vaccine preparedness. 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.
0:11.3	Good morning. Today is Friday, June 10 10th and I'm your host Julie Morgan.
0:15.6	Our top stories, gas prices, rent, COVID treatments, and a CPI preview.
0:21.2	First, let's take a look at the market futures. Dow, S&P, and NASDAQ futures are
0:26.4	mixed. The dial down a quarter of a percent. The S&P down a small fraction and the NASDAQ
0:31.6	up a quarter of a percent.
0:33.4	We'll take another look at futures as well as the world markets crude oil and
0:38.4	commodities in a few minutes. In the earning spotlight today, Aries Pharmaceuticals.
0:45.0	On our day watch, Stitch Fix.
0:48.0	The company added to a deep drop on Thursday by missing earnings estimates after hours.
0:53.7	The online personalized shopping business reported a net loss of 72 cents per share,
0:59.1	quadrupling the loss in the prior year, while revenue slipped 8% from 2021 to hit 492.9 million dollars.
1:08.3	Both figures missed estimates, though the revenue figure was only narrowly behind analyst's expectations.
1:14.5	Alongside earnings management announced that 15% of salaried positions or about 4% of total
1:20.9	head count will be laid off. The move is expected to result in cost savings of 40 to 60 million dollars in fiscal year 2023.
1:30.0	Now our top stories. According to Gas Buddy, the national average for a gallon of gas is more than five bucks a gallon.
1:37.0	The average from AAA is also likely to reach that level this weekend,
1:41.0	with prices standing at 498 a gallon at the time of this
1:44.9	recording. An economist with Moody's analytics says if we get to 5.50 or 6
1:50.1	a gallon for gas it would be consistent with $150 per barrel of oil, and it would be a
1:56.8	recession, too much to bear.
	...

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