Good morning. Trading is fun and exciting, and being able to leverage small short-term moves into...
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 35,144.91 | +0.24% | | | | S&P 4,422.23 | +0.24% | | | | NASDAQ 14,840.71 | +0.03% | | | | *As of market close | | • | Stocks closed higher on Monday, with slight gains for all three indices. | | • | Oil rose 0.1 percent, closing at $72.16 per barrel. | | • | Gold declined 0.2 percent, last going for $1,798 per ounce. | | • | Cryptocurrencies surged higher, with Bitcoin at $39,193 at the stock market close. | | | | | | | | | | • | Share Buybacks on Track for $1 Trillion
Over $431 billion has been spent by corporations this year on share buybacks, exceeding the $307 in reduced buybacks made in 2020. Given rising share buybacks, corporate America is on track to buy a record $1 trillion at current levels, a sign that the economic recovery has been alive and well for Wall Street. | | | | • | US/China Relations Remain in Stalemate
A high-level meeting between US and Chinese officials ended in a stalemate, with both sides criticizing the other. Meeting topics included ending suppression of Chinese companies, the lifting of sanctions. US leaders state they plan to follow up with China's concerns. | | | | • | Cryptocurrencies Surge Higher
Led by Bitcoin, cryptocurrencies surged higher starting over the weekend, fueled by a rumor that Amazon (AMZN) was working on allowing payments via Bitcoin on its platform. The double-digit move higher comes after weeks of sideways trading following a 50 percent pullback in the cryptocurrency space. | | | | • | Aon and Willis Towers Scrap $30 Billion Merger
A proposed $30 billion merger between insurance brokerage giants Aon (AON) and Willis Towers (WLTW) has been scrapped. The merger was likely to raise antitrust concerns, as the Justice Department noted that the combination would eliminate competition in a number of key US markets. | | | | • | Embark Hits $700 Million Valuation
Embark, a Boston-based dog genetics testing company, has just raised $75 million in Series B funding at a valuation that places the company at $700 million. Overall, the company has raised $94.3 million since going public in 2015, and has been backed by Softbank among others. | | | | | | TOP | | HAS | 12.239% | | | AON | 8.207% | | | TRIP | 6.591% | | | LYV | 5.752% | | | CCL | 5.465% | | | BOTTOM | | NTES | 13.648% | | | JD | 8.59% | | | TCOM | 6.904% | | | BIDU | 5.96% | | | TWTR | 4.185% | | | | | | | | | The bond market has surprised everybody. The strength of the rally is telling the equity market that what's happening with inflation is probably an overshoot, that a lot of these things are not endemic and they're not going to be things that we'll have to live with like we did in the '70s and '80s. | | - Nick Frelinghuysen, a portfolio manager at Chilton Trust, on why the stock market is continuing to move higher, and why inflation rates do indeed appear temporarily high right now. | | |
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