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- ๐Is The Economy Running Out Of Steam?
๐Is The Economy Running Out Of Steam?
Good morning. US stock futures moved higher in Friday morning trading as investors digest big tech corporate earnings.
S&P 500 | Dow | Nasdaq |
---|---|---|
+0.69% | +0.10% | +0.95% |
๐ US economic growth underwhelms in first quarter

๐ Our report: Looks like the US economy hit the snooze button last quarter, growing at a sluggish pace that left Wall Street scratching its head. The Bureau of Economic Analysis unveiled its latest GDP numbers, revealing growth of just 1.6%, way below the 2.5% prediction expected by economists surveyed by Bloomberg.
๐ Key points:
Along with the GDP numbers, the "core" Personal Consumption Expenditures index, which excludes the volatile food and energy categories, grew by 3.7% in the first quarter, above estimates of 3.4% and significantly higher than 2% gain in the prior quarter.
Economists pointed out that a large reason GDP for the first quarter came in softer than expected was weaker data in trade and exports, which together weighed on GDP growth for the quarter by about 1.2 percentage points.
The data's release comes as investors try to gauge when the Federal Reserve will start cutting interest rates and if the central bank can achieve a soft landing, where inflation comes down to its 2% target without a significant economic downturn.
๐ก So what: The implications of slowing US GDP growth in the first quarter could be significant. It might indicate a weakening economy, potentially leading to decreased consumer and business confidence. Additionally, it could prompt policymakers to reassess their economic stimulus and monetary policies to stimulate growth. Overall, addressing the factors contributing to the slowdown becomes crucial to maintaining economic stability and fostering sustained growth.

Friday - Consumer Sentiment

๐ธ Investing icon John Bogle shares these 9 investing tips!
๐ฐ Avoid these money misconceptions to be financially better off!
๐ณ Credit card application denied? Hereโs what you should do

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๐ป Spotify, Apple tango over app EU update
WHAT: Apple just gave Spotify's new iOS app the ol' thumbs-down, refusing to play ball with its in-app pricing info for EU users. Apple said it will approve the new version of the app after Spotify accepts the terms of the Music Streaming Services Entitlement in the European Economic Area (EEA), and resubmit it for review.
WHY: In March, the European Commission fined Apple with 1.84 billion euros ($1.97 billion) for thwarting competition from music streaming rivals via restrictions on its App Store.
๐ Big pharma company sues over vaccine tech
WHAT: GlaxoSmithKline just threw down the patent gauntlet, suing Pfizer and BioNTech in Delaware federal court over alleged infringement of GSK's mRNA technology patents in their COVID-19 vaccines. GSK said in the lawsuit that Pfizer and BioNTech's Comirnaty vaccines violate the company's patent rights in mRNA-vaccine innovations developed "more than a decade before" the outbreak of the COVID-19 pandemic.
WHY: The lawsuit adds to a web of high-stakes U.S. court cases involving Pfizer, BioNTech and Moderna over patent royalties for technology used in their vaccines, including a case brought by Moderna against Pfizer in 2022.
โ๏ธ Consulting firm under investigation
WHAT: McKinsey & Co finds itself in a bit of a pickle, facing a criminal investigation in the US over allegations that they had a hand in fueling the opioid epidemic. The probe, led by the Justice Department, is focused on whether McKinsey engaged in a criminal conspiracy when advising Purdue and other pharmaceutical manufacturers on marketing strategies to boost sales of prescription painkillers that led to widespread addiction and fatal overdoses.
WHY: The Justice Department probe underscores how McKinsey's past work advising drugmakers on opioids continues to follow the near-century-old consulting firm. McKinsey has reached separate agreements totaling nearly $1 billion to settle widespread opioid lawsuits and other related legal actions brought by all 50 states, Washington, D.C., U.S. territories, various local governments, school districts, Native American tribes and health insurers.
โ๏ธ DMB Insider Quiz โ๏ธ
Which consulting firm is under investigation by the US Justice Department? |
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