| | | | DOW 34,575.70 | +0.13% | | | | S&P 4,202.06 | -0.05% | | | | NASDAQ 13,736.48 | -0.09% | | | | *As of market close | | • | Stocks traded flat on Tuesday, with the Dow showing a small gain. | | • | Oil prices rose 2.46 percent on production news, with crude closing at $67.95. | | • | Gold prices trade flat, with the metal last at $1,903. | | • | Cryptocurrencies were generally down following the long weekend, with Bitcoin at $36,107. | | | | | | | | | | Is It time for This Inflation Hedge to Shine Again? | | | | Gold prices peaked at over $2,000 per ounce over the summer on a rapidly-inflating economy and concerns over rapid government spending. While the metal then saw a drop as the stock market roared higher, gold has quietly started moving higher in recent weeks as the overall stock market has slowed down. With the metal up 7 percent in the past month near $1,900 per ounce, technical indicators point to a potential move higher.
» FULL STORY | | | | | | Insider Trading Report: Altria Group (MO) | | | | Ellen Strahlman, a director at Altria Group (MO), recently bought 2,000 more shares. The buy increased her stake by nearly 57 percent, and came to a total price of just over $99,000. This action marks the first insider activity at the company for 2021. The last insider buy occurred in 2019, and over the past few years, company insiders have been more inclined to sell rather than buy shares. » FULL STORY | | | | | | Unusual Options Activity: Citigroup (C) | | | | Shares of megabank Citigroup (C) have nearly rallied back to their pre-pandemic peak in recent months. However, one trader sees the potential for a big decline in shares at some point in the next year and a half. That's based on the January 2023 $80 puts. With nearly 600 days until expiration, over 5,300 contracts traded against an open interest of 118, for a 45-fold surge in volume. The buyer of the puts paid about $12.90.
» FULL STORY | | | | | | • | Man Who Predicted 2020 Crash Issues Huge Warning
Wall street insider Chris Rowe says, "fortunes will be made, and lost… in what will go down as the greatest stock market event in the last 20 years." You need to see this ASAP. (Clicking above will opt you in to receive emails from True Market Insiders - Privacy Policy.) | | | | • | OPEC and Russia Agree to Higher Oil Production
Oil prices are closing in on a two-year high of $70 per barrel. Meanwhile, oil cartel OPEC and Russia have agreed to gradually increase production by 450,000 barrels per day starting next month. The move unwinds production cuts that started at the time of the pandemic. Saudi Arabia, the world's largest daily producer, is working on its own plan to ease up on cuts it made last year. | | | | • | Half of US Population has at Least One Covid Vaccine Shot
Based on the latest federal data, at least 50 percent of the US population has received at least one Covid shot. The number is 63 percent for those over the age of 18. Adding in the strong downtrend in case counts and deaths, and it seems likely that remaining pandemic restrictions are likely to come to an end in the coming weeks. | | | | • | US Chamber of Commerce Warns on Worker Shortage
The US Chamber of Commerce notes that there are 8.1 million job openings right now, and about half as many available workers for those jobs, the lowest ratio in nearly 20 years. The chamber sees the shortage as critical to the economic recovery, and a widespread challenge for the business community. | | | | • | Cloudera to Go Private for $5.3 Billion
Enterprise data software company Cloudera (CLDR) has agreed to be bought for about $5.3 billion in cash by private equity groups KKR and Clayton, Dumbilier & Rice. The purchase represents a 24 percent premium to where shares last traded before the announcement. The deal is subject to shareholder approval, and billionaire investor Carl Icahn, who owns 18 percent of the company, is already on board. | | | | • | Wefox Valuation Hits $3 Billion
Wefox, a European insurtech startup, has just raised $650 million at a valuation of $3 billion in its Series C round. The company focuses on personal insurance products such as household and personal liability insurance. That's nearly double the valuation the company reported in December 2019, and the current round of funding is likely a record for an insurtech company. | | | | | | TOP | | DVN | 13.705% | | | MRO | 13.625% | | | APA | 10.865% | | | OXY | 9.669% | | | FANG | 8.168% | | | BOTTOM | | ABT | 9.31% | | | TMO | 4.79% | | | IVZ | 4.697% | | | DHR | 4.267% | | | DRI | 4.119% | | | | | | | | | Expect a couple more weeks of exactly what you've just seen and then, as earnings begin to show themselves through, another leg higher towards the end of the year. | | - Nick Colas, co-founder of DataTrek Research, on why the stock market will likely trade in a choppy, sideways pattern until Q3 and Q4 earnings can provide a better picture as to how the economy is faring. | | |
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