Truncated

In this buzz: Private payrolls; Equities; ADP reports; More layoffs; Charlie Javice and Frank; and more…

It’s a short week as the stock market will be closed for Good Friday.
Happy Passover to all those celebrating tonight as well.
There’s no shortage of news this week though, so far, not much has been very impactful for the markets.

① Equities snapped their four-day winning streak yesterday and are opening flat today.
② Private payrolls slowed in March, rising just 145,000 according to ADP data. March is down from February’s revised (up) 261,000 figure and well below estimates.
③ The ADP report is another potential sign that the economy is slowing or at risk of a recession.
④ Layoffs have expanded beyond the tech sector; hiring has slowed and pay growth is falling slightly.

In the second biggest indictment story of the day.
❗Charlie Javice, founder of the college funding platform Frank and Forbes 30 Under 30 member, was charged by the DOJ with defrauding JPMorgan Chase of $175 million.
✳ She is accused of inflating the number of customers Frank had in a scheme to fraudulently induce JPM to acquire the startup. JPMorgan discovered something was fishy when 70% of Frank’s emails allegedly bounced back. I would not have wanted to be the person who had to break that news to Jamie Dimon. Yikes. Javice is being charged with four separate counts, each carrying a max sentence of 30 years.

🧠 Box:
Personal Consumption Expenditures Price Index A measure of the prices that people living in the United States, or those buying on their behalf, pay for goods and services.

The PCE price index is known for capturing inflation (or deflation) across a wide range of consumer expenses and reflecting changes in consumer behavior. It’s a major indicator of inflation in the U.S. economy.


source:Yahoo Finance