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Today in the Market (10/14/2022)

Good Evening. U.S. stocks lost gains on Friday, the most recent reversal for markets after a week of turbulent swings in both directions.

The S&P 500 fell 2.35%, whilst the Dow Jones fell 1.33%. The Nasdaq Composite Index dropped 3.08%.

BANKS ARE PREPARING FOR A SLOWDOWN

Third-quarter profits fell at Wall Street’s largest banks as they braced for a worse economy and investment banking was hit hard, but investors saw a silver lining as some banks exceeded expectations.

The net income of JPMorgan Chase & Co, Morgan Stanley, Citigroup Inc, and Wells Fargo & Co decreased after unstable markets stifled investment banking activity and lenders set aside additional emergency funds to cover losses from delinquent borrowers.

Globally, central banks have been combating rising inflation, which is anticipated to create an economic slowdown. Rising interest rates have a tendency to boost bank earnings, but the greater risk of an economic slowdown brought on by high inflation, supply-chain bottlenecks, and the conflict in Ukraine may weigh on future earnings.

Going Forward… In the face of headwinds such as inflation, increased interest rates, and higher mortgage rates, the CEO of JPMorgan Chase warned that people’s checking account balances will likely be depleted by the middle of the following year.

GROCERY STORE MERGE

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According to Bloomberg, the second-largest US grocery store chain, Kroger, may acquire its fourth-largest competitor, Albertsons, as early as today. It would be one of the largest retail mergers in recent years and the largest supermarket deal since Supermarket Sweep was revived.

Your neighborhood produce store is likely controlled by one of these two grocery conglomerates.

  • Kroger’s 25 grocery store brands, including Harris Teeter and Roundy’s, comprise around 2,800 locations in 35 states.
  • Albertsons owns twenty brands and about 2,200 stores in 34 states.
  • Together, the stores would account for approximately 16% of the US grocery market, inching closer to industry leader Walmart, which holds 21% of the market.

So why the merge? The past few years have been pricey for grocery retailers due to rising labor and logistics costs. Linking could result in cost savings by increasing their combined purchasing power.

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