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U.S. stocks drop as weak data fuels recession fears



Wall Street dropped amid concerns the Federal Reserve’s campaign to rein in decades-high inflation may cause a deep downturn

U.S. stocks dropped on Tuesday after economic data came in weaker than predicted. That raised worries that the Federal Reserve’s moves to rein in decades-high inflation may cause a deep downturn.

The Dow lost 6-tenths of one-percent. The S&P 500 fared about the same while the Nasdaq slipped half of one percent.

Job openings in February fell to their lowest level in nearly two years which raised concerns about the health of the economy, according to RiverFront Investment Group Chief Investment Officer Kevin Nicholson.

“The markets are being driven by the JOLTS report that came out this morning that showed that we were under 10 million jobs for the first time since May of 2021. And so that gave the market the impression that the, you know, the labor market was slowing and that the Fed would have to take that into consideration and probably not raise rates”

Also, factory orders fell more than anticipated, their second straight monthly decline.

Bank stocks took a hit after JPMorgan Chase CEO Jamie Dimon warned in a letter to shareholders that the U.S. banking crisis is ongoing and that its impact will be felt for years.

Other stocks making moves included Virgin Orbit Holdings, which sunk 23-percent after the satellite launch company filed for Chapter 11 bankruptcy after it failed to secure long-term funding.

Shares of AMC Entertainment also fell. Its stock plummeted 23-percent after the movie theatre chain said it agreed to settle litigation and proceed with converting its preferred stock into common shares. #trending #featured

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Debt limit dispute: Will America default?



Can U.S. lawmakers agree on the debt limit before the fast approaching deadline to avoid default?

The executive branch and Congress are trying to strike a deal about the debt limit as the country marches closer to defaulting.

But can President Joe Biden and Republicans come to an agreement on fiscal policy in time?

The federal government could run out of money as early as June 1. Without borrowing more there is a risk that the United States will begin defaulting on its financial obligations.

Negotiations between Speaker Kevin McCarthy and President Joe Biden at the White House continue as lawmakers are staring down a swiftly approaching deadline.

The Treasury has been warning that the government would likely default on some bills in June if Congress does not raise the debt ceiling.

Democrats have insisted on raising the debt limit without preconditions. But Republicans say President Biden and the Democrats are playing Russian roulette with America’s economy after a two-year spending binge that brought 40-year high inflation and pushed the nation’s debt to over $31-trillion.

While both sides have agreed that action is needed to reduce the deficit—each have extremely different ideas about how to do it.

Republicans are looking to cut spending levels, while Democrats have called to increase tax revenue from the ultra-wealthy and large corporations.

So, can Washington D.C. politicians broker a deal and prevent the American economy from falling off a cliff?

Mitch Roschelle, Managing Director at Madison Ventures and a Visiting Research Fellow at the University of San Diego School of Business joined us to discuss. #U.S. Politics #Mitch Roschelle #debt ceiling #Capitol Hill #Washington D.C.

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Qantas leadership change takes full flight as airfares skyrocket



The next CEO of Australia’s high-profile airline, Qantas has a huge task ahead

After the long reign of her predecessor Alan Joyce, Vanessa Hudson inherits an airline with some key challenges ahead.

The challenges facing any CEO at the moment are high. Rising costs, tough competition, and cash-strapped customers are all part of the package when it comes to running an airline.

Qantas is one of the world’s most famous airlines.

At the height of the pandemic, the company’s results see-sawed.

However, it survived in part due to the actions of CEO Alan Joyce, and his right-hand CFO Vanessa Hudson.

Now, Alan Joyce is stepping down and Vanessa Hudson beat a field of 40 contenders for his job.

While Alan Joyce kept shareholders happy in recent times, some analysts believe he skimped on capital expenditure, leaving a multi-billion dollar hit to the new CEO.

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Why aren’t more U.S. banks failing?



The U.S. has witnessed one of the biggest bubbles of the past 100 years

Three U.S. banks have collapsed in a matter of months.

It could spell trouble for the world’s biggest economy as inflation soars.

It is part of a phenomenon known as an economic bubble, where current asset prices exceed their intrinsic valuation.

Silicon Valley Bank and Signature Bank are among those to fall apart.

Gregory Becker is the former CEO of the collapsed SVB, who says he’s “truly sorry” for what’s happened.

He says the bank was responsive to regulator concerns about managing risk and working to address issues.

Governments are grappling with the most rapid increase in interest rates across four decades. #featured #business #politics #banking

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