A20 EZ RE THEWASHINGTONPOST.WEDNESDAY,MAY 25 , 2022
THEMARKETS6 Monitoryour investmentsatwashingtonpost.com/markets Dataand graphicsby
GGaaiiinneerrssaannddLLoosseerrssffrroommtthheeSS&&PP 11550000 IInnddeexx
CCoommppaannyy CClloossee11 DD%%
CChhgg
Amer'sCar-Mart/TX99.98 30.
SITE CentersCorp 15.41 6.
uniQureNV 14.20 6.
AutoZoneInc 1910.2 2 5.
NWestNatrl Hld Co 55.115.
Hedrck&StrgglsInt 33.69 5.
O'ReillyAutomotive 608.18 5.
H&R BlockInc 34.58 4.
TootsieRoll Indst 33.59 4.
SproutsFarmersMarket 24.69 4.
UnitedTherapeutics 218.95 4.
ComfortSystemsUSA 87.48 4.
Coca-ColaCons 564.20 3.
AlliantEnergyCorp61.32 3.
CoreCivicInc 12.91 3.
SBA Communications 347.07 3.
LumenTechnologies 11.88 3.
QuakerChemicalCorp 143.50 3.
CareTrustREIT Inc18.00 3.
AmericanTowerCorp 258.52 3.CCoommppaannyy CClloossee
11 DD%%
CChhgg
Abercrombi&Ftch Co 19.09 -28.
CuteraInc 41.31 -19.
OraSureTechnologies 4.51 -19.
DigitalTurbineInc 22.15 -13.
Guess?Inc 16.67 -13.
CavcoIndustriesInc 196.63-12.
NorwegianCruiseLine 13.29 -12.
Dave &Buster'sEnt 30.72 -11.
DexcomInc 288.13-11.
NeoGenomicsInc 7.77 -10.
CaesarsEntertainment 43.14 -10.
LivePersonInc 14.32 -10.
8x8 Inc 6.85 -10.
CarnivalCorp 11.76 -10.
RoyalCaribbeanCrss 49.73 -10.
DieboldNixdorfInc 2.76 -9.
EmergentBioSolutions 33.33 -9.
CrocsInc 48.73 -8.
AcadmySprts &Otdrs 27.61 -8.
Bloomin'BrandsInc 17.32 -8.LIBOR3-Month
11 .. 5522 %%New Car Loan Natl
44 .. 4444CClloossee
11, 22664 .. 455
DOWJONES
MJ JASONDJFMAM3,4,4,
'66 - -mmoonntthhbbiiillll
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11 .. 4488 %%Japan ¥
12266 .. 8822MMaarrkkeettss YYYTTTDD%%CChhgg
AAmmeerriiccaass CClloossee
DDaaiillyy
%%CChhgg
- 55 .. 55 %% ++ 55 .. 55 %%
BRAZILIBOVESPAINDEX 110580.79 0.
S&P/TSXCOMPOSITEINDEX 20286.20 0.
S&P/BMVIPC 51304.04 -0.
- 55 .. 55 %% ++ 55 .. 55 %%
55 - -yyrrnnoottee
YYieelldd:
22 .. 7744 %%$1000investedover 1Year
30-Yr Fixed mtge
55 .. 3388 %%CCuurrrreennccyyEExxcchhaannggee
' 21
CClloossee
33 , 994411 .. 4488
5Yr CD Natl
11 .. 166EU €
00 .. 9933CCoonnssuummeerrRRaatteess
Note: Bank primeis from 10 majorbanks.FederalFundsrate is the market
rate, whichcan vary from the federaltargetrate. LIBORis the London
InterbankOfferedRate. Consumerrates are from Bankrate.All figuresas of
4:30 p.m. New York time.Canada$
1 .. 2288Mexico$
1199 .. 8855MJ JASONDJFMAM
31,
34,
36,
'22 - -yyrnnoottee
YYiiieelldd:::
22 .. 488 %%Britain£
00 .. 8800MoneyMarketNatl
00 .. 0088MJ JASONDJFMAM
1 1,
1 3,
1 7,
'11 DD%%CChhaannggee
00 .. 22 %%11 DD%%CChhaannggee
- 22 .. 33 %%
1Yr CD Natl
00 .. 7788Bank Prime
44 .. 0000 %%Data and graphicsby:
6Mo CD Natl
00 .. 339911 DD%%CChhaannggee
- 00 .. 88 %%
YYYTTTDD%%CChhaannggee
- 1177 .. 33 %%
SS&&PP 550000 IInndduussttrryyGGrroouuppSSnnaappsshhoott
IInndduussttryyGGroouupp
DDaaiiillyy%%
CChhgg
- 3366 %% CChhgg%% 1 YYr ++ 3366 %%
Tobacco 22 .. 88
DiversifiedTelecomm 22 .. 1
ElectricUtilities 22 .. 11
Gas Utilities 22 .. 1
Multi-Utilities 22 .. 11
Automobiles -- 66 .. 33
Airlines -- 55 .. 66
LeisureEquipment&Prod -- 33 .. 99
Internet&CatalogRetail -- 33 .. 22
HouseholdDurables -- 33 .. 11INTERNATIONALSTOCKMARKETS
1100 - -yyrrnnoottee
YYiiieelldd:::
22 .. 755 %%AAssiiaaPPaacciiffiicc -- 199 .. 99 %% +1 99 .. 99 %%
S&P/ASX200 INDEX 7128.83 -0.
CSI 300 INDEX 3959.15 -2.
HANGSENGINDEX 20112.10 -1.
NIKKEI 225 26748.14 -0.COMMODITIES
15-Yr Fixed mtge
44 .. 6677 %%FederalFunds
11 .. 0000 %%YYYTTTDD%%CChhaannggee
- 2288 .. 00 %%
CClloossee
3311 ,, 992288 .. 6622
RATES
YYYTTTDD%%CChhaannggee
- 1122 .. 11 %%%
BBlloooommbbeerrgg
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((TTiiicckkeerr)) 11 DD%%CChhgg
$$ 777777 $$ 22883388
Coffee(COFF.L) -1.
Copper(COPA.L) -1.
Corn (CORN.L) -1.
Cotton(COTN.L) -1.
CrudeOil (CRUD.L) -0.
Gasoline(UGAS.L) -1.
Gold (BULL.L) 0.
NaturalGas (NGAS.L) 4.
Silver(SLVR.L) 1.
STANDARD&POOR'S
Fuuttuureess CClloossee 1 DD%%CChhgg
Copper 4.31 -0.
CrudeOil 109.77 -0.
Gold 1871.40 0.
NaturalGas 8.80 0.
OrangeJuice 1.78 1.
FFuuttuureess CClloossee 11 DD%%CChhgg
Silver 22.06 1.
Sugar 19.75 -0.
Soybean 16.93 0.
Wheat 11.55 -3.
Corn 7.72 -1.EEuurrooppee -- 1122 .. 66 %% ++ 1122 .. 66 %%
STXE 600 (EUR)Pr 431.58 -1.
CAC 40 INDEX 6253.14 -1.
DAX INDEX 13919.75 -1.
FTSE 100 INDEX 7484.35 -0.1-Yr ARM
33 .. 2255 %%HomeEquityLoan Natl
66 .. 8866DoowwJJoonneess 3300 IInndduussttriaallss
CCoommppaannyy CClloossee^11 DDCChh%%gg CChhYYYggTTT%%DD
3M Co 145.75 0.9 -17.
AmerExpCo 155.63 -2.1 -4.
AmgenInc 251.89 1.1 11.
AppleInc 140.36 -1.9 -20.
Boeing 119.40 -3.8 -40.
Caterpillr 205.65 0.7 -0.
Chevron 172.64 0.5 47.
Cisco Sys 43.77 1.0 -30.
Coca-Cola 64.02 1.8 8.
Dow Inc 67.07 -0.6 18.
GldmanSchs 313.95 -0.8 -17.
HnywllInt 189.96 0.2 -9.
HomeDepot 287.92 0.7 -30.
IBM 133.80 2.0 0.
Intel Corp 41.67 -0.8 -18.
CCoommppaannyy CClloossee^1 DDCChh%%gg CChhYYYggTTT%%DD
J&J 181.40 1.1 6.
JPMorgan 126.36 1.4 -20.
McDonald's 244.52 2.7 -8.
Merck&Co94.64 0.9 23.
Microsoft 259.62 -0.4 -22.
NIKE Inc 107.29 -1.2 -35.
Prcter&Gmbl 147.63 1.8 -9.
Salesforce 156.93 -2.1 -38.
Travelers Cos I173.91 1.1 11.
UntdHlthGr 497.56 1.1 -1.
VerznComm 50.68 2.0 -2.
Visa Inc 202.63 -2.4 -6.
Walgreens 42.08 -0.2 -19.
Walmart 124.13 1.2 -14.
Walt Disney 101.59 -4.0 -34.BrazilR$
4 .. 8822$1000investedover 1Month
NASDAQCOMPOSITEINDEXBYABHABHATTARAIdavos,switzerland—Thean-
nualsummitof the world’s finan-
cial elite is often amix of bragga-
docioand cocktails,withfinance
ministersand billionaires rub-
bingelbowsand trying to one-up
eachotheron the next big thing.
This year,though, manyare
worried the “next big thing”
mightbe “the next big recession.”
Beyondthe mandatorycorona-
virustests, the moodis decidedly
somber,weighedheavily by con-
cernsof the covid-19 pandemic,
continuing war,widening eco-
nomicinequalityand fearsof a
globaleconomicslowdown.
“We’ve never had aDavos like
thisone,”RichLesser,globalchair
of Boston ConsultingGroup,said
in an interview. “The challenges
of the worldfeel prettyimmense.
There is alot of uncertaintyand
anxiety about the tightropegov-
ernmentsneedto walkto contain
inflation withoutpushingecono-
miesinto recession.Howwillthe
warplayout?Whatwillhappenin
China?We’restaringintoall of
that.”
After monthsof solidgrowth,
the U.S. economyunexpectedly
shrank earlythis year,inlarge
partbecauseof awideningtrade
gap.Americans’insatiableappe-
tite for goodssuch as cars,appli-
ancesand furnitureduringthe
pandemichas led to soaringim-
ports thathavefar outpacedex-
ports to othercountries,where
the pandemicrecoveryhas been
less robust.
But increasingly,business
leadersand economists fear the
outlookabroad —withwar in
Ukraineand majorworldecono-
mieslikeEuropeand China flash-
ing warningsigns—coulddrag
downthe economyathome.The
U.S. stock market has nosedived
in recentweeksoverfearsof a
recession,withthe S&P 500, Nas-
daqand Dow Jones industrial
averageall downat least6per-
cent in the pastmonth.
“When inflationgets intothe
system,it takes awhile to getin,
but it takes alot longer to getout,”
David M. Rubenstein,co-founder
and co-chairmanof the Carlyle
Group,said in apanel discussion.
“It’staken acoupleof yearsto get
it in; it’s goingtotakeawhileto
getitout.”
“All recessionsare not equal...
and recessionsaren’t the end of
the earth,”headded.“Itshouldn’t
be agreat causefor alarmif it’s a
mildrecession.”
But thereare also signsof con-
tinuingeconomic momentum.
Americanconsumers,whohave
been spendingheavily on big-ticket items,have so far beena
brightspotin the economy. But
some executivessaythatmomen-
tumis beginningto subsideas
households workthrough the
moneytheysaved up earlyin the
pandemic.Averagesavings ac-
countsrose to roughly$2,000,up
from$400,in largepartbecause
of government stimulus, Dan
Schulman,chiefexecutiveof Pay-
Pal, saidduringapanelat the
forum.But if inflationremains
whereit is, and spendingcontin-
ues, thoseextrasavings could be
gone by the end of the year,he
warned.
“Weare alreadyseeingareduc-
tion in spendingat lower-income
levels for sure,and it’s movingup
to middle-income right now,”
Schulmansaid,addingthatinfla-
tion posesyetanotherchallenge
to consumerspending.“Basedon
my conversations withleading
retailersaroundthe world,none
of us thinkthingsare going to
comebackby the end of this year.
We’reall planningfor inflation to
remainhigh.”
Inflation,whichremainsstub-
bornlyat 40-yearhighs,has liftedprices8.3percentin the pastyear
andwiped out wagegainsfor
almostall Americans. Soaring
pricesfor goods suchas foodand
fuelhave dramaticallycutinto
householdand businessbudgets.
Gas priceshave risenmorethan
50 percentin the pastyear to a
recordhighof $4.60per gallon,
accordingto AAA.
“If consumerconfidencereally
continuesto go south,the mar-
kets continueto showalot of
wobblinessandalackofafounda-
tion ...and thatconfidencecon-
tinuesto drop,thattomecan
becomeself-fulfillinginto reces-
sion,”AdenaFriedman,chiefex-
ecutiveof Nasdaq,said in apanel
discussion.“That’swhereIseethe
nonzero[recession]risk.”In an outlookreportreleased
Monday, the World EconomicFo-
rum cautionedthat“highorvery
high”inflation will cutintopeo-
ples’spendingpower,particular-
ly in low-incomeeconomies,and
worsen food insecurityinthe
MiddleEast, Africa andSouth
Asia. Many also raised concerns
that growinginequalitycould
worsen in comingmonths.An
estimated 657millionpeoplelive
in extreme poverty,upfrom
641 millionbefore the pandemic,
accordingto projectionsfromthe
World Bank.
“The pandemic and war in
Ukraine have fragmented the
globaleconomyand created far-
reachingconsequencesthatrisk
wipingout the gainsof the last
years,”SaadiaZahidi,managing
director of the World Economic
Forum,saidin astatementthis
week. “Leaders face difficult
choicesandtrade-offs domesti-
callywhenit comesto debt,infla-
tion and investment.”
ChristineLagarde,presidentof
the European Central Bank,
pushedbackagainstthe idea of
an imminentrecessionand said
the central bankwas poisedto
beginraisinginterestrates this
summer.
“Weare not in apanicmode,”
she said in an interviewfrom
Davos with Bloomberg TV on
Thursday. “Weare now at astage
where thereis everycertainty
thatwewillstop netassets pur-
chasesveryearly in July ...which
will thenclearthe wayfor rate
hikes thatwillcomereasonably
shortly after that.”
Theconference, which was
held virtually lastyear and
pushed backfourmonths this
year,has longbeensynonymous
withwealth,prestigeand power,
and all thattheyrepresent.But
this week,muchof thathas been
scaleddown—inpartbecauseof
globalandeconomicturmoil.Par-
ties are less ostentatious,dinners
are smallerand manycompany
executivesreportcutting theirat-
tendancelistbyone-third to one-
half.Celebritiessuchas Angelina
Jolie, Matt Damonand Bono,all
of whomhave attendedin the
past, aren’t on this year’s roster.
Several big-nameDavos main-
stays, includingthe chiefexecu-
tivesof GoldmanSachs,JPMor-
ganChase andBlackRock,are
also conspicuouslyabsent.Presi-
dentBidenis in Japan instead,
thoughU.S. CommerceSecretary
Gina Raimondo is attending.
There are fewer representatives
fromChina, and nonefromRus-
sia, whichhas beenshutout fol-
lowing the country’sattack on
Ukraine.Economic uncertainty and ongoingwar cast cloud over Davos summit“Wheninflationgetsinto the system,it takesawhile to get in, but ittakesalot longer to getout. It’staken acoupleof yearsto get it in; it’sgoingto take awhile toget it out.”
DavidM. Rubenstein,co-founder
and co-chairmanof the CarlyleGroupHAPPYBlissful momentsaren’t planned.P
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tners Agr
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