Good morning. The latest Bank of America Fund manager Survey has had some big shifts in recent...
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.
 | | |  | DOW 32,824.90 | -0.39% | | | | S&P 3,962.64 | -0.16% | | |  | NASDAQ 13,471.57 | +0.09% | | | | | *As of market close | | | • | Stocks traded flat on Tuesday, closing off their highs of the day. | | | • | Oil dropped 1.1 percent, last trading at $64.70. | | | • | Gold traded flat, changing hands at $1,730 per ounce. | | | • | Cryptocurrencies were slightly down, with Bitcoin last at $55,733. | | | | | | | |
| | | Bitcoin Hits and Slips From Record Highs Again, But Traders Flock to Miners | | | | Even with increased volatility, most assets are near all-time highs. That includes the Dow and S&P 500, and the Nasdaq has nearly recovered from its brief correction. One other area is Bitcoin, which saw a surge in demand just as new stimulus checks started to hit bank accounts.
The cryptocurrency surged as high as $61,500 in weekend trading before slipping down during regular market hours. But traders are looking at this milestone and other trends that could fuel another rally.
» FULL STORY | | | | |
| | Insider Trading Report: Archer Daniels Midland (ADM) | | | | Jennifer Weber, a senior vice president at Archer Daniels Midland (ADM), recently picked up 5,905 shares. The buy increased her stake by nearly 8 percent, and came to a total purchase price of just under $298,000.
This marks the first insider buy since last September. Insiders are typically sellers of shares, even as prices of the agricultural giant have been trending higher. Overall, insiders own just under 0.4 percent of the company.
» FULL STORY | | | | |
| | Unusual Options Activity: Marathon Oil (MRO) | | | | Energy giant Marathon Oil (MRO) has had strong performance on rebounding oil prices in recent months. But one trader sees an end to the party.
That's based on the July $15 puts. With 121 days until expiration, 5,055 contracts traded against a prior open interest of 111, for a 45-fold rise in volume. With shares around $12, the option is already $3 in-the-money.
» FULL STORY | | | | |
| | • | Retail Sales Drop 3 Percent in February
Winter storms, supply chain disruptions, and a lack of stimulus spending led to a 3 percent drop in retail sales in February. That decline occurred after a big rise in January, but continues to show the slow pace of economic recovery for lower-wage workers. Manufacturing also dropped thanks to a semiconductor shortage. | | | | • | Google Play Drops Commissions in Half
Alphabet-owned (GOOG) Google Play will reduce its in-app commissions from 30 percent to 15 percent. This follows on a similar move made last year by Apple (AAPL). The drop is for the first $1 million in revenue earned each year, then rises to 30 percent. The company expects that 99 percent of developers will see a 50 percent drop in fees as a result of the move. | | | | • | Volkswagen Expands Battery Production
German carmaker Volkswagen is planning to massively expand its battery production. The move will allow it to benefit from its proposed lineup of electric and hybrid vehicles worldwide. The company announced a plan to build six gigafactories in Europe by 2030. Higher spending on batters should enable the carmaker to lower the cost of battery systems to the point of giving the company an edge in the space. | | | | • | Ford Unveils F-150 Pickup for Police
Ford Motors (F) has created a police version of its popular F-150 line of cars. It includes special options and is tuned to travel as fast as 150 miles per hour. Ford has been expanding its line into government commercial vehicles in recent years, particularly as law enforcement agencies have expressed an interest in pickup vehicles. | | | | • | GameStop Could Get Squeezed Again
Despite selling off in recent sessions, one analyst sees squeeze potential in GameStop (GME). That's due to high retail interest, and a willingness by those retail investors to hold onto their shares amidst the stock's large daily swings. With short data still showing a large percentage of the shares being held short, it's off the high level that prevailed before the first big move higher in January. | | |
| | | | TOP | | | FOXA | 3.466% | | | | FOX | 3.342% | | | | AMAT | 3.151% | | | | ALLE | 3.023% | | | | DISCA | 2.905% | | | | BOTTOM | | | NOV | 10.337% | | | | MAC | 5.614% | | | | F | 5.379% | | | | FCX | 5.33% | | | | RCL | 5.32% | | | | |
| | |  | | By having an exceptionally accommodative policy coming into the pandemic, the FOMC had to respond with record levels of asset purchases to supply liquidity during the crisis. The Fed has supplied so much liquidity that it has created multiple concurrent asset bubbles. | | - Mike O'Rourke of Jones Trading on why the Fed's rapid response to the outset of the pandemic a year ago helped stem the stock market crash, but has also started new speculation that may end poorly. | |
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