The Week's Top Stories is a guided tour through the biggest market stories of the week, from winning stocks to brutal dips to the facts and forecasts generating buzz on Wall Street.

BANKS REPORT EARNINGS

Some of the biggest U.S. banks released their quarterly earnings Friday morning, marking the unofficial start to earnings season. Overall, the banks, including Wells Fargo, Bank of America, and JPMorgan Chase, performed relatively well.  JPMorgan Chase, Bank of America, and Wells Fargo all beat Wall Street estimates, while also signaling that 2023 could bring economic headwinds in the form of a recession and higher unemployment. Stock prices fluctuated after the release but are on track for a winning week. 

DECEMBER DEFLATION 

Consumers and investors alike rejoiced after the latest consumer price index showed prices falling 0.1 percent in December. While inflation has trended down for months, this is the first negative month-over-month read since prices started climbing in 2021. The report helped along the rally that began earlier in the week in anticipation of the data, which was roughly in line with Wall Street's estimates. For context, the year-over-year rate remains historically high at 6.5 percent, and the Federal Reserve is still expected to move forward with more rate hikes. 

BED BATH & BUMPIN'  

Looming bankruptcy? No problem, say gung-ho Bed Bath & Beyond investors. Shares of the embattled home goods retailer shot up as much as 300 percent this week, before losing some steam on Friday. The stock is still up over 200 percent in the last five days though, and it appears that retail investors are behind the rally. Just last week the company admitted that bankruptcy was on the table as cash flow was beginning to fall behind expenses. The retailer has struggled through the pandemic to keep shelves filled and draw in customers, while at the same time seeing successive retail investor-fueled rallies sparked by the meme stock craze. 

COINBASE CLIMBS

Shares of Coinbase are up around 40 percent for the week, despite the dismal state of the crypto market. That's largely because Cathie Wood-led investment firm Ark Invest has spent $7.5 million on shares. Why the bullishness? It's one of the last major crypto exchanges left in the market, and it recently announced plans to expand into Europe.

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Trump Administration Shutters Consumer Protection Agency
The Trump administration has ordered the Consumer Financial Protection Bureau to stop nearly all its work, effectively shutting down the agency that was created to protect consumers after the 2008 financial crisis and subprime mortgage-lending scandal. Russell Vought is the newly installed director of the Office of Management and Budget. Vought directed the CFPB in a Saturday night email to stop work on proposed rules, to suspend the effective dates on any rules that were finalized but not yet effective, and to stop investigative work and not begin any new investigations. The agency has been a target of conservatives since President Barack Obama created it following the 2007-2008 financial crisis.
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