Good morning. Most investments these days are made with passive investments, such as the millions..
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 34,434.83 | +0.70% | | | | S&P 4,280.78 | +0.33% | | | | NASDAQ 14,360.39 | -0.06% | | | | *As of market close | | • | Stocks mostly moved higher into the weekend, with the Nasdaq trading flat. | | • | Oil rose 0.9 percent, closing at $73.98 per barrel. | | • | Gold rose 0.1 percent, hitting $1,779 per ounce. | | • | Cryptocurrencies sold off again, with Bitcoin going into the weekend at $31,950. | | | | | | | | | | Media Merger Rumors Show Value in Two Companies | | | | The stock market has always been rife with rumors. From big players talking up positions or trying to talk down a shorted stock, it's part of the great game. This week, merger speculation occurred that Comcast (CMCSA) was looking to merge or buy out a number of smaller players. While Wall Street analysts are trying to downplay these rumors, the possibility has been floated that the cable giant turned media powerhouse is looking to buy up either Roku (ROKU) or ViacomCBS (VIAC).
» FULL STORY | | | | | | Insider Trading Report: Restaurant Brands International (QSR) | | | | Marc Lemann, a director at Restaurant Brands International (QSR), recently bought 15,000 shares. This buy came to a total purchase price of just over $1 million, and represents the director's initial stake in the company. This represents a rare buy at the company, as the most recent prior buy occurred in early 2019. Overall, company insiders have been regular and large sellers of company shares, including both C-suite executives and company managers. » FULL STORY | | | | | | Unusual Options Activity: Weyerhaeuser (WY) | | | | Shares of mill and paper firm Weyerhaeuser (WY) have slid heavily in the past few weeks, coinciding with a massive drop in lumber prices after a massive expansion in the past year. One trader sees the potential for a return to the stock's recent highs. That's based on the March 2022 $40 calls. Expiring in 263 days, over 6,085 contracts traded against a prior open interest of 153 contracts, for a 40-fold rise in volume.
» FULL STORY | | | | | | • | Personal Income Drops 2 Percent in May
Household spending was flat in the US in May, and personal income dropped 2 percent according to the latest Commerce Department data. April spending was, however, revised upward from a 0.5 percent rise to a 0.9 percent rise. The slowdown in spending is likely related to an end to stimulus payments, as well as consumers holding back amid rising prices. | | | | • | PCE Hits Highest Levels Since 1992
Personal consumption expenditures, or PCE, has risen 3.9 percent for the year ending May. That's an increase for the 3.6 percent for the year ending in April, and the highest rate of growth since 2004. Core PCE measures inflation less components such as food and energy. Its rise of 3.4 percent is the highest since 1992, and is a sign of inflationary pressures impacting the economy. | | | | • | Banks Pass Latest Stress Tests
The Federal Reserve has announced that all 23 banks that took its latest stress test have passed. In addition to regularly-scheduled tests, an additional check was made during the pandemic. The tests look at how a bank can handle a crisis. With the banks passing their tests, they will likely be able to increase stock buybacks and dividends. | | | | • | Virgin Galactic Cleared for Commercial Spaceflight
The Federal Aviation Administration (FAA) has cleared Virgin Galactic (SPCE) for commercial spaceflight. The license has been updated following the company's successful test flight on May 22. The company has three remaining test flights before commercial operations, where those who pay for a ticket can spend nearly two hours in sub-orbital flight. | | | | • | Musk and Dorsey Agree to Talk Bitcoin
Billionaires Elon Musk and Jack Dorsey have agreed to discuss their differing views on Bitcoin. Musk first embraced the cryptocurrency, before raising concerns over the cost of mining Bitcoin. Dorsey has been a more consistent supporter of the cryptocurrency, and both intend to hash out their views at an event called The B Word on July 21. | | | | | | TOP | | NKE | 15.531% | | | KMX | 6.673% | | | JD | 4.446% | | | BIDU | 4.041% | | | OXY | 3.686% | | | BOTTOM | | FDX | 3.628% | | | TCOM | 2.802% | | | CZR | 2.196% | | | WAT | 1.973% | | | SNPS | 1.764% | | | | | | | | | Over the past year, the Federal Reserve has run three stress tests with several different hypothetical recessions and all have confirmed that the banking system is strongly positioned to support the ongoing recovery. | | - Randal K. Quarles, Vice Chair for Supervision at the Federal Reserve, on the results of the company's 23 largest banks, which recently passed the central bank's latest "stress test." Now, banks may be free to increase dividends and buybacks. | | |
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