Thursday, December 10, 2020

🔥 Markets Burn as Congress Fiddles on Stimulus Yet Again

Good morning. We knew that the market's ups and downs would, in the short-term, be dependent on..
It's the monthly jobs numbers today and they're not going to be pretty and will be possibly the tip of the iceberg as we head into May.
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Good morning. We knew that the market's ups and downs would, in the short-term, be dependent on stimulus talks. With yesterday's frustrations came a market selloff. But it's not the end of the world. Markets have largely priced in a stimulus package, and it's only a matter of time before politicians give the voting population what they want.

Of course, not every stock will go along for the ride. The news that the FTC, as well as 48 state attorneys general, are suing Facebook for running a monopoly brings back the days of the government's antitrust case against Microsoft. That may weigh on some big tech shares, so expect more volatility than usual in the tech space.


Now here's the rest of the news:

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MARKETS
DOW 30,067,75 -0.35%
S&P 3,672.72 -0.80%
NASDAQ 12,338.95 -1.94%
*As of market close
Stocks dropped on Wednesday, with the biggest losses in the tech-heavy Nasdaq.
Oil prices traded flat, closing at $45.63 per barrel.
Gold declined 1.8 percent, ending at $1,841 per ounce.
Cryptocurrencies generally declined, with Bitcoin changing hands at $18,340.

Today's TOP TIPS
Toymakers Get a Holiday Upgrade
While toys sell throughout the year, the holiday season tends to see the biggest volume of sales. That's a boon to toymakers in general. So it's no surprise that this sector is seeing a holiday upgrade, courtesy of analysts at Citigroup.

But the analysis has one key trend this year. Toymaking has gone beyond simply manufacturing physical products. It also involves being in the entertainment industry, integrating its toys with intellectual property and technologies to create a bigger experience.

» FULL STORY

Insider Trading Report: Dollar Tree (DLTR)
Lemuel Lewis, a director at Dollar Tree (DLTR) recently added 1,000 shares to his holdings. The buy increased his stake by over 4 percent, and came to a total purchase price of over $112,000. This marks the first insider buy at the company since March. Company insiders have generally been sellers of shares, ranging from other directors to the company's CEO and COO. Insiders have sold at prices as much as 16 percent higher than the current price.

» FULL STORY

Unusual Options Activity: Apple (AAPL)
Shares of consumer tech giant Apple (AAPL) have been rising in recent sessions, but are still well under the all-time high set in early September. One trader sees the current rally ending.

That's based on the January 8th 2021 $125 put options, expiring 29 days from now. Over 8,185 of the contracts traded hands, a 21-fold rise in volume over the prior open interest of 388. The option is at-the-money, with shares trading just a hair under $125.

» FULL STORY

IN OTHER NEWS
Job openings drop slightly in early December, another sign of an economic pullback.
42 percent of Americans say their income is still below pre-pandemic levels.
Pension funds are considering taking on higher risk or debt amidst the pandemic.
China reports its first drop in consumer prices since 2009.
AT&T looks at offers over $15 billion for its DirecTV auction.
Apple makes a change in iOS to meet privacy regulations in the EU.
Tesla Motors CEO Elon Musk moves to Texas from California
Blue Origin submits a proposal for a lunar landing system.
In earnings, Campbell Soup beats and raises its dividend.
Smartsheet jumps on higher earnings and analyst price targets.

S&P 500 MOVERS
TOP
NLSN 9.132%
LOW 5.878%
LLY 5.827%
BIDU 4.552%
GE 3.923%
BOTTOM
FTNT 4.8%
SWKS 4.814%
QRVO 5.637%
PAYC 4.17%
DXCM 4.242%

Quote of the Day
Covid is raging and still no stimulus package? Never mind, with vaccinations already underway, it may be impossible to keep this stock market from rising through the holidays.
- Jim Paulsen, chief investment strategist at the Leuthold Group, on why the market is likely to continue its seasonal holiday rally this year in spite of some significant headwinds like a slowing economy and lack of stimulus measure.

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