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Welcome to MarketBites! Here's all you need to know about yesterday's market news.
"It isn't the mountains ahead to climb that wear you out; it's the pebble in your shoe.”
- Muhammad Ali
PORTFOLIO MANAGER COMMENTARY
Stocks wavered Tuesday as investors are watching for data coming later this week on topics such as gross domestic product and jobs for insight into how the economy is performing. They are also waiting for Fed Chair Jerome Powell’s scheduled speech on Fiscal and Monetary Policy on Wednesday for clues into whether the central bank will slow or stop interest rate hikes.
In corporate news, shares of United Parcel Service rose 2.7%. The company would likely be affected by any potential strike by rail-worker unions. In Washington, the Biden administration called on Congress to pass legislation that would avert a rail shutdown. Shares of AMC Networks fell 5.3% after Chief Executive Christina Spade stepped down from the role after less than three months. The company said its board is finishing work to name a replacement.
Normally, longer-term bonds have higher yields. But currently, the yield on the 10-year note is further below the two-year yield than at any time in decades. Such a so-called inverted yield curve is often seen as a red flag that a recession is looming.
CHART OF THE DAY
One of the biggest roadblocks to the mass adoption of electric vehicles is the troubled business model for the commercial chargers that power them. The government is pouring billions of dollars into developing a national highway charging network. But businesses aren’t sure how they will make money, and the growing industry looks messy. Utility companies and gas stations are at war with each other over who will own and operate EV chargers. Rural states say some charging stations could operate at a loss for a decade or more. There are more than 145,000 places to refuel a gas-powered vehicle. So far, the U.S. has 11,600 points where any EV can charge quickly, according to the research group Atlas Public Policy.
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