| | | | DOW 34,687.85 | -0.86% | | | | S&P 4,327.12 | -0.75% | | | | NASDAQ 14,427.24 | -0.80% | | | | *As of market close | | • | Stocks declined going into the weekend, with all indices closing near the lows of the day. | | • | Oil traded flat, closing at $71.60 per barrel. | | • | Gold declined 1 percent, last going for $1,811 per ounce. | | • | Cryptocurrencies were slightly higher, with Bitcoin at $31,956 at the stock market close. | | | | | | | | | | Insider Trading Report: Aspen Group (ASPU) | | | | Michael Mathews, CEO of Aspen Group (ASPU), recently bought 10,000 shares. The buy increased his stake by more than 1 percent, coming to a total value of $58,000. He was joined by the company COO, who made a 2,000 share buy the day before, totaling nearly $12,000, and a director buy totaling 4,000 shares as well. Overall, company insiders own 6.2 percent of company shares. » FULL STORY | | | | | | Unusual Options Activity: Verizon (VZ) | | | | Shares of telecom company Verizon (VZ) have been trading in a narrow range over the past year. One trader sees shares moving higher, possibly back to the top of their trading range, if not higher. That's based on the September $50 calls. Over 10,000 contracts traded against a prior open interest of 336, for a 30-fold rise in volume. The buyer of the options paid about $6.75 to make the trade.
» FULL STORY | | | | | | • | Retail Sales Rise in June
Retail sales rose 0.6 percent in June, beating an expected decline of retail sales of 0.5 percent. That's helped to offset concerns about a slowdown in spending, which could lower GDP. In the meantime, consumer sentiment is dipping lower as inflation expectations for future prices rises are starting to sink in with consumers. | | | | • | US Warns Companies Over Hong Kong Risks
The Biden administration issued an advisory on Friday warning businesses in Hong Kong that they are subject to national security laws passed by Beijing, and as such are at high risk of electronic surveillance and may have to surrender data to the Chinese government without warrants. China passed a sweeping national security law last year to attack the antigovernment protest movement in Hong Kong. | | | | • | Yellen Cautions on Inflation, Housing
Treasury Secretary Janet Yellen states that she expects to see several more months of rapid inflation before rates start to subside, and that longer-term expectations remain for prices to fall back to normal levels. Higher inflation rates are a potential concern for housing, as prices are rising and may price out lower-income homebuyers. | | | | • | Moderna to Join S&P 500
Moderna (MRNA) is joining the S&P 500 index. The announcement sent shares of the Covid-19 vaccine manufacturer rallying on Friday, and the stock is now up nearly 175 percent year-to-date. The addition of the company to the index will mean a rebalancing by index funds that track the index, which should lead to further buying pressure in the weeks ahead. | | | | • | Intel Eyes $30 Billion Acquisition
Semiconductor chip firm Intel (INTC) is looking to potentially buy privately-held GlobalFoundries in a deal valued at $30 billion. That would allow Intel to add to its design capabilities with the ability to manufacture its own chips as well, with an eye towards chips in the 5G, IoT and automotive space, an expansion for Intel away from computers. | | | | | | TOP | | CTAS | 4.624% | | | TFX | 3.753% | | | STT | 2.891% | | | CLX | 2.616% | | | ABMD | 2.511% | | | BOTTOM | | NCLH | 5.358% | | | CZR | 4.838% | | | LYB | 4.812% | | | OXY | 4.737% | | | MAC | 4.713% | | | | | | | | | We're talking about the CPI at 5.4%, and if we want to use the 10-year Treasury it's not even at 1.4%, that's a negative 4% interest rate. That's Jimmy Carteresque,… A lot of things remind me of the 1970s. We're just pulling out of a failed war in Afghanistan where we basically fought to stalemate. It kind of reminds me of the '70s in Vietnam and we had guns and butter that lead to inflation in the late '60s and the '70s and even the early '80s and we certainly have guns, butter, student loan cancellation, free unemployment benefits and everything else. | | - Jeffrey Gundlach, Doubleline Capital CEO and "bond king" on why the combination of high interest rates and low bond yields make bonds an unattractive prospect right now. | | |
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