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 33,823.71 | -0.62% | | | | S&P 4,221.94 | -0.04% | | | | NASDAQ 14,161.35 | +0.87% | | | | *As of market close | | • | Stocks traded mixed on Thursday, with tech showing a strong rally. | | • | Oil declined 1.5 percent, closing at $71.09 per barrel. | | • | Gold dropped 4.6 percent, hitting $1,775 per ounce. | | • | Cryptocurrencies traded mixed, with Bitcoin last at $37,651. | | | | | | | | | | How Big Data Won Over the Small Investor | | | | Of the many companies that have attracted the interest of retail investors the past year, many are small or mid-cap companies, worth a few billion at most. One of the larger plays is also one that has recently gone public in the past year. That company is Palantir Technologies (PLTR). The company is in the business of "big data," processing seemingly unrelated bits of information to arrive at conclusions.
» FULL STORY | | | | | | Insider Trading Report: Corning (GLW) | | | | Roger Ferguson, a director at Corning (GLW), recently bought 1,420 shares. The buy increased his stake by nearly 26 percent, and came to a total purchase price of just under $60,000. This follows up on a buy from the same director last month. However, there have also been a number of insider sales since then, although the share price of the company has continued higher. Over the past three years, insiders have generally been sellers of shares. » FULL STORY | | | | | | Unusual Options Activity: Petroleo Brasileiro (PBR) | | | | Shares of Petroleo Brasilerio (PBR), Brazil's state-owned oil company, have been moving higher in recent sessions, following the price of oil higher. At least one trader sees that trend continuing. That's based on the July 9 $13 calls. Expiring in 21 days, over 77,720 contracts traded against a prior open interest of 245, for a 317-fold explosion higher in interest. The buyer of the calls paid about $0.13 on average.
» FULL STORY | | | | | | • | Jobless Claims Rise After Six Weeks of Decline
Initial jobless claims hit 412,000 in the past week, up 37,000 from the prior week. The reversal comes after six weeks of decline, and is a surprise given projections of a decline to 362,500. With the economy nearly fully reopen at this point, and with many states ending extended unemployment benefits, the rise is likely not the start of a new trend. | | | | • | Supreme Court Upholds Affordable Care Act
The 2010 Affordable Care Act, also known as Obamacare, has once again been upheld by the Supreme Court. The court ruled that Texas and 17 other states lacked standing, as none of the plaintiffs suffered any injury. The court did not rule on the law itself. This is the third time the Supreme Court has upheld the law, which impacts healthcare coverage and pricing, a sizeable and growing percentage of the economy. | | | | • | Gillibrand Introduces Data Protection Act
Democratic New York Senator Kirsten Gillibrand has introduced the Data Protection Act. The act would create an independent agency to address concerns around privacy and tech. The bill would also empower the new agency to consider tech mergers, or any other deal where the user data of at least 50,000 people change hands. | | | | • | Billionaire Tepper: The Stock Market Is Fine
Billionaire hedge fund manager David Tepper of Appaloosa stated that "the stock market is still fine for now," following a modest selloff on Wednesday following the Federal Reserve's latest minutes. Tepper sees the Fed as holding off on tapering until later this year, and a prolonged period after that before interest rates start to rise again. | | | | • | Gold Drops on Rate Hike Fears
Gold prices dropped on Wednesday's Fed news and another 4.6 percent on Thursday. The metal is now under $1,800 per ounce for the first time in six weeks. The reason? The potential for higher interest rates. While the latest Fed meeting showed that inflation is here, which should be bullish for gold, the prospect of interest rate hikes make the metal less attractive. | | | | | | TOP | | ENPH | 6.558% | | | AMD | 5.555% | | | DHR | 5.042% | | | XLNX | 4.882% | | | PAYC | 4.815% | | | BOTTOM | | OXY | 9.597% | | | DXC | 7.518% | | | RF | 3.383% | | | LNC | 7.1% | | | UNM | 7.098% | | | | | | | | | The market is reacting violently to the Fed's upgrade to the inflation forecast and bringing those two interest rate increases forward, but I'm not sure what they were expecting considering some of the [inflation] numbers. There's this disconnect between the summary of economic projections and what's in the statement. The big question is 'is this transitory or is it more permanent?' and what the Fed did today didn't help clarify that conversation. | | - Michael Arone, State Street Global Advisors analyst, on why the Federal Reserve has somewhat painted itself into a corner on the tradeoff between economic growth amidst clear signs of inflation due to its accommodative policy. | | |
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