The past week has been a rollercoaster ride for investors, with potential policy changes, economic warning signs, and market slowdown predictions making headlines. Here’s a quick recap of the top stories that kept the financial world buzzing over the weekend.
Kamala Harris’ Economic Plans Could Impact Corporate Profits
Investors are closely watching the potential market implications of a Kamala Harris presidency. The possibility of a Harris administration has become a key focus at the Democratic convention this week, following her late entry into the race after President Joe Biden’s withdrawal. According to Frank Kelly, senior political strategist at DWS Group, Harris appears to be “more aggressive than Biden” on consumer issues that directly impact the market.
Economic Warning Signs Emerge, But No Recession Yet
Neil Irwin, Chief Economic Correspondent at Axios, has identified various economic “warning signs” such as credit card and auto loan delinquencies, low hiring rates, and price sensitivity among consumers. However, he assures that these signs do not necessarily indicate an impending recession.
Peter Schiff Warns Of Potential Dollar Collapse
Economist and gold bull Peter Schiff has warned of a potential total collapse of the U.S. dollar, as rising rate cut bets have weakened the greenback against a basket of major global currencies. Despite the U.S. dollar index trading at its lowest level since late December 2023, Schiff believes further weakness could be ahead.
Jim Cramer Predicts Market Slowdown
Jim Cramer, the host of CNBC’s “Mad Money,” has suggested that the recent market surge may be coming to a pause. He attributed the market’s pullback to overbuying and a shift from optimism to reality. Cramer believes that the market may need time to recharge before another rally.
US Economy Adds Fewer Jobs Than Initially Reported
According to government data, the U.S. economy experienced a downward revision of 818,000 non-farm payrolls between April 2023 and March 2024. This adjustment represents a 0.5% decrease in overall job gains for the year, a greater fall than major U.S. investment banks like Goldman Sachs and JPMorgan Chase anticipated.
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This story was generated using Benzinga Neuro and edited by Ananya Gairola
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