Stocks down on recession worries, Apple Car delays, bitcoin flat

[PocketOption]

Stocks down on recession worries, Apple Car delays, bitcoin flat

US stocks edged lower on recession worries and as more CEOs voice concerns about the downturn that is coming. ​ Layoff announcements are becoming more noticeable as Morgan Stanley is expected to cut about 2% of its global staff and BuzzFeed announced plans to reduce its workforce by 12%.

Goldman Sachs CEO Solomon warned of 'bumpy times' and that activity levels will likely be constrained in a 'tougher economic environment.' ​ JPMorgan CEO Dimon focused on the possibility of a 'mild to hard' recession. The outlook is clearly darkening and that has many traders scaling down their risky bets. ​

Apple

Apple Car seems like it will take a little longer to get ready for the showrooms. ​ Autonomous driving is proving to be difficult as Project Titan gets scaled down. ​ Apple Car always seemed like it was due to be ready towards the end of their 2024 to 2028 range. ​ This latest report suggests Apple will be ready in 2026, which is great news for the competition, especially Tesla. ​

Cryptos

Bitcoin continues to hover around the $17,000 level, which is rather impressive given the recession-driven risk-off tone on Wall Street. ​ ​Crypto traders are looking for something major to happen before they get back into this space. ​ Either we see decisive regulatory actions put in place to foster long-term growth or the busy cycle continues as other crypto companies go under. ​

Source: Stocks down on recession worries, Apple Car delays, bitcoin flat