Slatestone Wealth chief market strategist Kenny Polcari provides an outlook on the stock market, the Federal Reserve slowing down rate hikes, and warns consumers on Black Friday retail discounts on ‘Varney & Co.’
This week kicks off with Cyber Monday in a year when retail has been hit hard by inflation. Investors will be keeping an eye on online retail to see if it can help make up the difference. The spectacular crash of cryptocurrency exchange FTX will also dominate financial news as hearings in Congress begin and bankruptcy proceedings continue.this week will also provide insight into the mindset of the Fed as they weigh further rate hikes to curb stubbornly high inflation.
Sam Bankman-Fried, founder and former chief executive officer of FTX Cryptocurrency Derivatives Exchange, speaks during an interview on an episode of Bloomberg Wealth with David Rubenstein in New York, US, on Wednesday, Aug 17, 2022. Crypto exchangeMonday kicks off Cyber Monday, the online retail equivalent of Black Friday.
Monday is also the last day for public comment on the Labor Department’s proposed rule addressing whether a worker is an employee or independent contractor under the Fair Labor Standards Act. Classifying gig-workers as employees could have a chilling effect on the gig-economy affecting companies like Lyft, Uber, and Fiverr.
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