Good morning. Stocks sold off Monday on news that a few banks and hedge funds had been dealing..
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 33,171.37 | +0.30% | | | | S&P 3,971.09 | -0.09% | | | | NASDAQ 13,059.65 | -0.60% | | | | *As of market close | | • | Stocks traded mixed on Monday, with all indices closing off their lows of the day. | | • | Oil prices rose 1 percent, last trading at $61.56. | | • | Gold declined 1.3 percent, changing hands at $1,710 per ounce. | | • | Cryptocurrencies moved higher, with Bitcoin last at $57,631. | | | | | | | | | | Disruptive Technologies Likely to Move Past Today's Choppy Markets | | | | Tech stocks spent the first six weeks of the year posting strong gains, then promptly gave them up in the next six weeks. Now, with tech trading around breakeven for the year, many are wondering on the market's next move. Not Cathie Wood. The found of ARK Investment, she's interested in investing in disruptive tech, particularly when it's out of favor. That included investments in Bitcoin and Tesla Motors (TSLA) at a time when those trades faced market derision.
» FULL STORY | | | | | | Insider Trading Report: Designer Brands Inc (DBI) | | | | Joseph Schottenstein, a director at Designer Brands Inc (DBI) recently picked up 273,099 shares. The buy increased his stake by nearly 25 percent, and came to a total purchase price of $3.8 million. He was joined by Executive Chairman Jay Schottenstein, who made a 902,600 share buy. That increased his stake by nearly 45 percent, and came to a total cost of $12.6 million. Insiders at the firm now own nearly 8 percent of shares. » FULL STORY | | | | | | Unusual Options Activity: Bank of America (BAC) | | | | An outsized rally in financial stocks has helped keep the overall market from dropping too much as tech stocks have sold off. Traders still see some upside in the space. That's based on the April 30th $42.50 calls on Bank of America (BAC). With 32 days until expiration, and with shares near $39, the bet has been made that shares will keep moving at least another 3 percent higher.
» FULL STORY | | | | | | • | Suez Canal Reopens
The container ship that blocked the Suez Canal for nearly a week was freed on Monday and is moving north. The cleared blockage allows for ship traffic immediately and an end to delays. The losses from this disruption will likely reverberate throughout the global supply chain for a few weeks. | | | | • | U.S. Covid Cases Rise
Despite a rise in vaccinations to more than 1 million per day, Covid cases are rising in the United States. The reason is partly due to new variations of Covid-19, but also due to rising travel levels and a reopening economy. Despite the level of cases creeping up, there have bene no calls to reimpose restrictions. | | | | • | Disney+ Raises Prices to Fund Future Content
Streaming service Disney+ raised the monthly subscription cost from $6.99 per month to $7.99 at the end of last week. The move is expected to created hundreds of millions of dollars in revenue over the next few years, which will be used to fund a series of films and TV shows for the streaming service. | | | | • | Southwest Places Massive Boeing 737 Max Order
Southwest Airlines (LUV) just placed a 100-plane order for Boeing's (BA) 737 Max jet. That's the largest order for the plane since it was grounded in 2019 following a series of fatal crashes. The airline also has options for an additional 155 planes. While the purchase price wasn't disclosed, it's likely that Southwest was able to obtain the jets from Boeing at a bargain price. | | | | • | Cazoo Plans SPAC Listing
Used car company Cazoo is looking to go public via a SPAC, or special purpose acquisition company. That could result in funding for the company for future growth, akin to that seen by Carvana (CVNA) following its 2017 IPO. The push to go public comes as the public has cooled on SPACs, or at least overpaying for the shell company before a merger is complete. | | | | | | TOP | | CNP | 3.095% | | | CARR | 3.042% | | | TAP | 2.998% | | | FB | 2.756% | | | TWTR | 2.742% | | | BOTTOM | | PENN | 7.853% | | | VIAC | 6.676% | | | ENPH | 6.53% | | | CZR | 5.815% | | | TPR | 5.526% | | | | | | | | | The market has felt like more of a grind lately, and this may become more of the norm as we enter year two of the recovery. These periods, like most, do not move in straight lines, as drawdowns will occur along the way. This is not troubling, but investors should expect some weakness and take advantage as it occurs. | | - Larry Adam, chief investment officer at Raymond James, on why the stocks market's choppy performance so far this year is on par with other post-bear market rallies. | | |
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