In June, cocoa prices reached a seven-year high.Īnalysts at Citigroup on Monday raised their cocoa forecasts for the next six quarters, including 19% in the current third quarter, 23% in Q4 and another 22% in the first quarter of 2024. are almost 29% higher, second only to orange juice futures (up 33.5%) in year-to-date performance among all commodities: energy, base and precious metals and foodstuffs. So far this year, through Friday, cocoa futures in the U.S. That heightened some hopes the central bank may be able to tamp down inflation without tipping the economy into a recession.Ĭocoa is having one of those moments that make chocoholics wince. The moves came on the heels of solid big bank earnings and softer inflation reports that lifted investor sentiment. Now I think we're in a rolling recovery." "I've been thinking for quite some time that we're in a recession, but I argued that it's a rolling recession, not an economy-wide recession. "I think the market is kind of overjoyed with the disinflationary, soft landing scenario," Ed Yardeni, president of Yardeni Research said on CNBC's "Squawk Box" Monday. The S&P 500 and Nasdaq Composite added 2.4% and 3.3%, respectively. Stocks are coming off a winning week that saw the Dow Jones Industrial Average gain 2.3% to notch its best weekly gain since March. Traders anticipate a roughly 97% chance the central bank increases interest rates later this month, after pausing hikes in June, according to CME Group's FedWatch tool. This week also ushers in the Federal Reserve's "blackout period" ahead of its July policy meeting. Analysts forecast a more than 7% decline in S&P 500 earnings from a year ago, according to FactSet. Wall Street expects a gloomy season with lower profits. Results are also due from United Airlines, Las Vegas Sands and technology giants Tesla and Netflix.
The second-quarter earnings season gains steam this week with results from big financial institutions such as Bank of America, Morgan Stanley and Goldman Sachs. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower
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