Stanley Druckenmiller fears a recession but isn’t betting on stocks. Here’s why.

Sometimes it’s hard to get the workers of a particular generation to do much of anything at all.

This one: “Currently, I’m just going every day, looking at my screen, but I’m pretty much taking a break.”

Sure, that’s not a 20-year-old awake, but Stanley Druckenmiller, the 68-year-old investment legend who runs the Duquesne family office and manages money for George Soros. He has a reason to be inactive.

He said, according to a clip from the Sohn Investment 2022 conference that was broadcast on CNBC.

Druckenmiller said, according to a Bloomberg News account, that the first phase of the bear market is likely to be over. “But I think it’s highly likely that the bear market has ways to run.” His reasoning is simple enough – there was no soft landing at all when inflation was above 4.5%.

At the end of the first quarter, its top position was the South Korean online market Coupang CPNG,
-2.44%And the
Microsoft MSFT,
-3.09%And the
Freeport McMorran FCX ​​miner,
-1.27%And the
amazon.com AMZN,
-3.75%
and chevron CVX,
-0.41%And the
According to his 13-F filing. Freeport-McMoRan’s and Chevron’s holdings are consistent with his comment that he owns major commodities including oil, gold and copper this year, while betting on fixed income and stocks.

According to Bloomberg, Druckenmiller will be looking to bet against the DXY dollar,
+ 0.80%
Sometime in the next six months, when he also expects to sell shares again.

commotion

The Labor Department reported Friday that US consumer price growth accelerated to 1% in May, beating expectations. Core price growth remained at 0.6%. Over the past 12 months, prices have risen by 8.6%, the fastest rate of inflation since 1981.

US stock futures ES00,
-1.79%

NQ00,
-2.18%
It fell after the report was released, with the S&P 500 contract losing nearly 2%, while the 10-year Treasury yield TMUBMUSD10Y,
3.091%
It increased to 3.09%.

Shortly after the opening, the University of Michigan Consumer Sentiment Index is scheduled to be released.

Japan’s Ministry of Finance, the Bank of Japan and the Financial Services Agency on Friday expressed concerns about the US dollar against the Japanese yen,
-0.14%
Recent rapid weakness.

Netflix NFLX,
-4.93%And the
Roblox RBLX,
-4.62%And the
and eBay eBay,
-2.93%
It was among a handful of online stocks that Goldman Sachs downgraded for sale. Netflix, eBay, Frontdoor FTDR,
-3.92%And the
which were also reduced, each down 4%.

The UK Competition and Markets Authority said it was consulting on launching an investigation into Apple’s AAPL,
-2.66%
and Google from Google,
-2.62%
Market power in mobile browsers. The regulator said that Apple has also prevented cloud gaming services from appearing on its App Store, while the regulator is launching an enforcement action against Google over how users can make in-app payments.

DocuSign DOCU,
-21.91%
Shares tumbled 26% in pre-market activity, as the electronic documents company missed fiscal first-quarter earnings and slashed billing routing.

The most important indicators

Below are the most active stock market index symbols as of 6 AM ET.

ribbon

Safety name

TSLA,
-1.71%

Tesla

GME,
+ 0.53%

Jim Stop

AMC,
-2.03%

AMC Entertainment

NIO,
+ 0.11%

NIO

Baba ,
+ 0.61%

Ali Baba

AMZN,
-3.75%

Amazon.com

AAPL,
-2.66%

apple

AMD,
-0.85%

Advanced Micro Devices

IMPP,
+ 8.65%

Imperial Petroleum

NVDA,
-3.17%

nvidia

graph

David Rosenberg, a veteran Wall Street strategist who has been pessimistic about the markets for some time, is turning a little more positive. The Rosenberg Research founder wrote that a mixture of euphoric sentiment, tight focus and excessive valuations is being shaken off, although he expects stocks to continue to slide. Its equity model has improved to a level indicating above-average returns of 13.8% over the next 12 months. “As such, for investors who are starting the year off weighting US stocks (as recommended by our model), we think it makes sense to increase exposure somewhat,” he says.

random readings

Here’s a look at why it’s expensive to build a nuclear power plant.

McDonald’s MCD relaunch,
-1.57%
Restaurants in Russia, under a new yet undisclosed name, are set for Sunday.

Baby formula is one thing, but now there’s a looming shortage of Sriracha sauce.

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