GDP shrank by 0.7 percent, revised from a 0.2 percent gain. And with that news, stocks opened lower today.
A majority of traders on Wall Street have never experienced a Fed hike before. According to Bloomberg, “almost one-thirds of the traders have known only near-zero interest rates.” So what does that mean for them? Going “old school”.
Apparently, supply will greatly outstrip demand for over two years — that’s what Fortune is saying.
JP Morgan is going to slash approximately 5,000 jobs from their roster amid $1.4 billion in cost cuts. That’s about 2% of their workforce.
In other news, Sepp Blatter was re-elected to his fifth consecutive terms as FIFA president. Are you really that shocked? I certainly am not.
American Express’ president unexpectedly passed away on a plane. Edward Gilligan, just 55-year-old, died on a New York-bound flight this morning. Read AmEx’s official statement here. Their share price dropped 0.45% after the news broke.