Good morning. The bank stocks have been one of the top-performing sectors lately, holding up even..
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 31,483.47 | +1.81% | | | | S&P 3,841.40 | +1.94% | | | | NASDAQ 12,920.15 | +1.55% | | | | *As of market close | | • | Stocks rallied higher on Friday, shaking off an intraday dip. | | • | Oil prices rose 3.7 percent, hitting $66.18. | | • | Gold was flat, with the metal trading at $1,696 per ounce. | | • | Cryptocurrencies moved slightly higher, with Bitcoin last at $49,150. | | | | | | | | | | Chipmaking Shortage Continues to Point to Profits | | | | With the stock market in full meltdown mode, companies reporting great earnings numbers are being totally ignored. The chipmakers are one such place, where great earnings have been met with massive hits to share prices. While valuations may have been high going in to this correction, for growing companies dealing with more demand than can be met in the short-term, this looks like one of the first places in tech likely for a strong rebound.
» FULL STORY | | | | | | Insider Trading Report: Dominion Energy (D) | | | | Robert Blue, President and CEO of Dominion Energy (D) recently picked up 14,402 shares. The buy came to $1 million. He was joined by director Mark Kington, who bought 2,000 shares a day later. Insiders have largely been sellers of shares in prior months. However, the share price has now slid over 20 percent from its peak, and this may be the start of a new policy of insiders taking advantage of volatile moves in the market. » FULL STORY | | | | | | Unusual Options Activity: Advanced Micro Devices (AMD) | | | | Tech stocks have gone into full meltdown mode in the past week. That's created some huge bargains as many names have given up year-to-date gains… or even further back. One trader sees a rebound in shares of Advance Micro Devices (AMD) by May. The activity is in the $92.50 calls. Over 7,500 contracts traded recently, a 45-fold jump in volume from the prior open interest near 166. The buyer paid about $2.20 to make the trade on average.
» FULL STORY | | | | | | • | Unemployment Drops to 6.2 Percent
The economy added 379,000 jobs in February, per the latest numbers. That pushed the unemployment rate down from 6.3 percent to 6.2 percent. It also beat expectations of 210,000 jobs created. While the numbers beat expectations, some have pointed out that most of the jobs created were in lower-wage industries such as bartending and wait staff. | | | | • | Bond Investors Get Riskier as Yields Rise
The 10-year Treasury bond finally broke over 1.5 percent last Thursday. As bond yields rise, prices drop. Investors in the bond space now need to offset those declining prices, and they appear to be moving towards corporate bonds, and potentially even dividend-yielding stocks to offset the loss, even as bond yields rise. | | | | • | Ford Picks Up Market Share in the EV Market
The electric Ford (F) Mustang Mach-E is a hit. And that means that an old-line automaker is starting to take profits away from Tesla Motors (TSLA) in the EV space. Tesla's market share stood at 81 percent a year ago, and now has dropped to under 70 percent, even with rising sales. The Mach-E alone appears to be the overwhelming reason for the drop in Tesla sales numbers. | | | | • | Oil Industry Looks at Net Zero Carbon by 2050
The American oil industry is looking at a number of ways to reduce its carbon emissions, with the goal of being net zero carbon by 2050. Those goals include strategies such as hydrogen power, carbon capture, and other innovations. Most major industry players are on board, even as conventional energy price have been on the rise yet again. | | | | • | Virgin Galactic Chairman Sells Remaining Stake
Chamath Palihapitiya, chairman of Virgin Galactic (SPCE), has sold off his remaining personal stake. He still owns some shares in a partnership, accounting for about 6.2 percent of the space tourism company. Virgin Galactic was one of the first SPAC investments, which has now become a massive source of interest to the markets. | | | | | | TOP | | NOV | 12.127% | | | APA | 10.82% | | | DVN | 8.425% | | | NXPI | 8.142% | | | HAL | 7.971% | | | BOTTOM | | NCLH | 12.31% | | | RCL | 5.567% | | | CCL | 4.781% | | | ENPH | 4.223% | | | TSLA | 3.78% | | | | | | | | | If you want to be able to bottom fish at lower levels, make sure you've got a little cash to be able to do it with ... because the real rally can't begin until we work through these five stages of grief. "Once that happens, though, you don't want to miss it. | | - CNBC analyst Jim Cramer on why the selloff in tech stocks—particularly story-driven stocks—is real, and why investors may want to cash out of the space now to buy stronger names at a lower price in the coming days. (We'll see if this is a sign of a short-term bottom.) | | |
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