U.S. household wealth suffers record drop in second quarter - Doo Prime News
Doo Prime News > Industry Dynamics > U.S. household wealth suffers record drop in second quarter

Sept 9 (Reuters) – U.S. household wealth fell by a record $6.1 trillion in the second quarter to its lowest in a year as a bear market in stocks far outweighed further gains in real estate values, a Federal Reserve report showed on Friday.

Household net worth tumbled to $143.8 trillion at the end of June from $149.9 trillion at the end of March, its second consecutive quarterly decline, the Fed’s quarterly snapshot of the national balance sheet showed. Through June, Americans’ collective wealth had fallen by more than $6.2 trillion from a record $150 trillion at the end of 2021.

Full coverage: REUTERS

Slumping U.S. Stock Market Technical Indicators Flash Warning Sign

NEW YORK, Sept 9 (Reuters) – Indicators that investors use to gauge the health of the U.S. stock market have taken a turn for the worse, fueling worries that the benchmark index may revisit its mid-June bear market low.

The S&P 500 (.SPX) is down 7% since mid-August following a sharp summer rally, battered by expectations that the Federal Reserve will raise rates higher than previously anticipated in its fight to bring down consumer prices from their 40-year highs.

Full coverage: REUTERS

Wall Street Set For Weekly Gain, Boosted By Growth Stocks

Sept 9 (Reuters) – Wall Street’s main indexes rose on Friday and were set to snap a three-week losing streak, as investors piled into technology and high-growth stocks ahead of key U.S. inflation data next week.

The gains came on the back of a sharp sell-off beginning in mid-August that was triggered by concerns about the impact of tighter monetary policies and signs of an economic slowdown in Europe and China.

Investors are awaiting an August consumer prices report due next Tuesday for any signs that inflation may be easing. It is expected to show that prices rose at an 8.1% pace over the year in August, compared with an 8.5% print for July.

Full coverage: REUTERS

Oil Rises Over 3% On Supply Threats, Still Set For Weekly Drop

NEW YORK, Sept 9 (Reuters) – Oil prices rose over 3% on Friday supported by real and threatened cuts to supply, although futures were set for a second weekly decline as aggressive interest rate hikes and China’s COVID-19 curbs weighed on the demand outlook.

Russian President Vladimir Putin has threatened to halt oil and gas exports to Europe if price caps are imposed and a small cut to OPEC+ oil output plans announced this week also supported prices.

Full coverage: REUTERS

Bitcoin Leaps Above $21,000 As U.S. Dollar Sags

SINGAPORE, Sept 9 (Reuters) – Bitcoin surged past the $20,000 barrier and was potentially heading for its best day in six months on Friday as the U.S. dollar fell broadly and markets found reasons to be cheerful at the end of a dour week.

Bitcoin , the biggest cryptocurrency by market value, rose more than 9% to $21,254, a two-week high. If it holds, the daily percentage gain would be the largest since late February.

Ether, the second-biggest, rose more than 5% to hit a three-week peak at $1,746. Bitcoin had been as low as $18,540 on Wednesday.

Full coverage: REUTERS

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