😡Earnings Season Looks Dire as Big Banks Tank😡

Good morning. This week marks the start of the second quarter earnings season. Typically, ...

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.

Good morning. This week marks the start of the second quarter earnings season. Typically, analysts like to change around their estimates so that most companies can beat their numbers, and the stock gets a little boost as well. This time, things are shaping up differently. Many big banks are reporting, and it turns out that the combination of low interest rates and rising inflation isn't great for the bottom line. Case in point? Wells Fargo (WFC), which saw its interest income flat and average loan balance tumble. Add in that the bank pulled personal lines of credit last week, and things don't look too pretty. While tech is still rallying, if other companies report comparatively quarter, we could be in for a rough few weeks ahead. Now here's the rest of the news: Sponsored Content The 32-Second Options Trading "Training Video" Retirees Can't Get Enough Of Options expert Jeff Clark is on a mission to show every American at or near retirement how easy it is to trade options. Watch his 32-second options trading "training video" here. MARKETS DOW 34,933.23 +0.13% S&P 4,374.30 +0.12% NASDAQ 14,644.95 -0.22% *As of market close • Stocks traded mixed on Wednesday, with the Nasdaq seeing a slight drop. • Oil dropped 3.4 percent, closing at $72.69 per barrel. • Gold rose 1 percent, last going for $1,827 per ounce. • Cryptocurrencies moved slightly higher, with Bitcoin at $32,787 at the stock market close. Today's TOP TIPS Global Trends Point to This Low-Cost App Giant Pandemic restrictions are ending globally, which points to a potential revival, however slowly, of global travel. While some may be wary of international travel, others may be sick of staying at home or travelling domestically. Either way, those trends bode well for the larger travel and tourism industry. With business picking up, the fundamentals of many companies will likely improve, leading to higher share prices for those stocks. » FULL STORY Insider Trading Report: Vista Gold Corp (VGZ) Douglas Tobler, the CFO of Vista Gold Corp (VGZ), recently bought 10,000 more shares. The buy increased his stake by over 12 percent, and came to a total purchase price of $11,000 exactly. He was joined by director Tracy Stevenson, who picked up 50,000 shares. That came to a total purchase price of $55,000, and increased the director's stake by over 14 percent. Overall, insiders own 3.6 percent of company shares. » FULL STORY Unusual Options Activity: Photronics Inc (PLAB) Shares of semiconductor company Photronics Inc (PLAB) have been generally moving higher over the past few months, but with some volatile spikes in shares. One trader sees the potential for a further move higher. That's based on the December $12.50 calls. With 155 days until expiration, over 4,273 contracts traded, a 36-fold rise in volume from the prior open interest of 117. The buyer of the calls paid $1.92 on average to make the trade. » FULL STORY IN OTHER NEWS • Powell Expects Inflation to Moderate Federal Reserve Chairman Jerome Powell expects inflation rates to moderate, but still remain somewhat elevated this year. That's led the Chairman to note that the Fed is still unlikely to change its economic support right now, including monthly asset purchases of bonds. The view comes as the consumer price index rose 5.4 percent compared to June the prior year. • Senate Democrats Reach $3.5 Trillion Budget Deal Senate Democrats have unveiled a $3.5 trillion budget deal. The spending, which would occur over a decade, adds nearly $600 billion in new spending and covers such plans as infrastructure, as well as expanding Medicare coverage. • CEOs Made 299 Times More than Workers Last Year On average, the CEO of a S&P 500 company made 299 times more than what the average worker made, according to the AFL-CIO. The average compensation hit $15.5 million, which includes stock options in addition to a salary. The average production worker at an S&P 500 company hit $43,512. • BlackRock to Raise Employee Wages 8 Percent Private equity giant BlackRock (BLK) announced that it will raise worker's salaries by 8 percent, starting in September, and additional salary increases will be available in early 2022. The company sees the move as an investment in the firm, as the company saw its earnings rise sharply in the past year and assets under management rise to over $9.5 trillion. • Walmart Adds Robots to Distribution Centers Retailing giant Walmart (WMT) is bringing robots to 25 regional distribution centers over the next several years. Built by Symbotic, the plan deepens a relationship between the two companies that started in 2017. The increased automation is based on the current labor shortage, and rising shipping needs as the company increasingly works to compete online. S&P 500 MOVERS TOP WFC 3.979% PRGO 3.108% AAL 2.997% NWL 2.419% AAPL 2.41% BOTTOM OXY 7.48% ENPH 7.21% XEC 6.199% FANG 6.064% DVN 5.765% Quote of the Day We believe the equity bull market remains on solid footing driven by huge consumer cash balances, surging business investment, and a still-accommodative Fed. - A UBS note to clients, noting the reasons for the market to move higher even as inflation fears have once again ticked up, and why the company is raising its S&P 500 forecast for the year as the second quarter earnings reporting season kicks off. Sponsored Content The 32-Second Options Trading "Training Video" Retirees Can't Get Enough Of Options expert Jeff Clark is on a mission to show every American at or near retirement how easy it is to trade options. Watch his 32-second options trading "training video" here. Not sure the best way to get started? 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