| | | | DOW 34,511.86 | +1.62% | | | | S&P 4,323.20 | +1.52% | | | | NASDAQ 14,498.88 | +1.57% | | | | *As of market close | | • | Stocks rallied strongly on Tuesday, all indices up over 1.5 percent. | | • | Oil rose 1.4 percent, closing at $67.32 per barrel. | | • | Gold traded flat, last going for $1,810 per ounce. | | • | Cryptocurrencies trended lower, with Bitcoin at $29,793 at the stock market close. | | | | | | | | | | Insider Trading Report: Hibbett Inc (HIBB) | | | | David Benck, General Counsel at Hibbett Inc (HIBB), recently picked up 2,000 shares. The buy increased his stake by 33 percent, and came to a total purchase price of just over $175,000. He was joined by the company's CIO, who bought 2,200 shares, paying out just over $197,000 at the same time. Another insider was also a buyer in late June. » FULL STORY | | | | | | Unusual Options Activity: Hilton Worldwide Holdings (HLT) | | | | Shares of hotel chain Hilton Worldwide Holdings (HLT) have been trading in a range over the past few months. One trader is betting that when shares do break out of their range, it will be higher. That's based on the January 2023 $130 calls. With a whopping 548 days until expiration, over 6,250 contracts traded against a prior open interest of 142, for a 44-fold rise in volume. The buyer of the contracts paid about $14.70.
» FULL STORY | | | | | | • | Housing Starts Accelerate
US housing starts increased to 1.64 million, up 6.3 percent from 1.55 million in May, beating expectations. Housing starts are now 29.1 percent higher compared to a year ago. The rising start numbers reflect a nationwide housing shortage, and that supply chain and material shortages may not go away in the housing space anytime soon. | | | | • | Traders Bet on Further Drop in Oil
The one-two punch of an OPEC+ deal and a potential slowdown from the Delta covid variant caused traders to make bets on oil prices to fall further, just weeks after some were betting that prices would hit $100 per barrel again. Oil prices are now 14 percent below their recent highs, which was also a 7-year high for the commodity. Monday's drop represented the biggest decline since September. | | | | • | Opioid Distributors Settle Lawsuit
Three opioid distributers have settled a lawsuit with the state of New York. As part of the settlement, the companies will pay $1.1 billion towards opioid abatement efforts in the state. This ends their involvement in a civil suit with New York, although many other opioid-related suits are still underway for a number of firms elsewhere. | | | | • | Blue Origin Completes Successful Flight
For 11 minutes on Tuesday, Jeff Bezos was not the wealthiest man on earth, as he left the earth on a Blue Origin flight. This is the first crewed launch for the spacecraft, and the result of 15 test flights. The launch marks the second company to send private citizens into orbit. The flight included the youngest person to ever go into space at age 18, and the oldest at age 82. | | | | • | Crypto Market Loses Another $90 Billion
Cryptocurrencies continued trading weakly, with Bitcoin once again dropping under $30,000 for the fist time since June 22. The overall crypto market shed another $90 billion, and stands at about $1.4 trillion compared to a peak of over $2.5 trillion just a few months ago. | | | | | | TOP | | HCA | 14.368% | | | AAL | 8.382% | | | NCLH | 8.276% | | | RCL | 7.74% | | | CCL | 7.454% | | | BOTTOM | | PPG | 4.38% | | | OMC | 4.309% | | | PM | 3.063% | | | CLX | 2.85% | | | CPB | 1.372% | | | | | | | | | Fear of stagflation will be a major concern for investors if a resurgence in COVID infections causes economies to slow while consumer prices continue an upward trajectory. | | - Peter Essele, head of investment management at Commonwealth Financial Network, on why a potentially dangerous combination of slow economic growth and high rates of inflation may weigh on the stock market in months to come. | | |
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