US Economy Faces Uncertainty Amid Bank Crisis, Consumer Spending, and Dollar Strength
Originally Published 2 years ago — by Benzinga
The US economy faces challenges with continuing bank crisis and company bankruptcies, but the S&P 500 saw a weekly gain due to encouraging inflation data and weaker-than-expected Q1 economic growth. First Republic Bank's deposits dropped nearly 41% in Q1, causing concern among investors. Bed, Bath & Beyond filed for Chapter 11 bankruptcy protection and will be delisted from Nasdaq. Meta Platforms reported positive revenue growth, while Chipotle Mexican Grill beat analyst expectations. More quarterly reports from Ford, Uber, AMD, and Apple are expected. S&P 500 net profit margins are on track to decline for the seventh consecutive quarter. The Federal Reserve will release its latest interest rate decision and the Labor Department will release the April US jobs report.