Published on 19 Jul 2022 on InvestorPlace via Yahoo Finance
Quant Ratings Updated on 74 Stocks
The see-saw market action continued this week. Here’s a quick recap…
The broader market staged a stunning rally on Friday in the wake of the better-than-expected June retail sales report, and the market continued to bask in the glow of the strong retail sales report Monday morning. The fact is the numbers showed that consumers are still spending across many categories. So, some analysts think that the U.S. will be able to skirt a serious recession.
While the broader market surged more than 1% in early trading, that glow faded in afternoon trading as investors panicked over a Bloomberg report that Apple Inc. (AAPL) is planning to tap the brakes on hiring and spending to get ahead of a potential recession. Apple is not the first big tech company to slow down on hiring – an Alphabet Inc. (GOOG) employee memo last week revealed that Alphabet will be “slowing down the pace of hiring for the rest of the year.”