 | | |  | DOW 34,422.19 | -0.75% | | | | S&P 4,321.06 | -0.85% | | | | NASDAQ 14.559.79 | -0.72% | | | | | *As of market close | | | • | Stocks closed lower on Wednesday, with all indices posting their biggest daily losses in weeks. | | | • | Oil rallied 1.3 percent, closing at $73.12 per barrel. | | | • | Gold traded flat, last going for $1,802 per ounce. | | | • | Cryptocurrencies traded lower, with Bitcoin at $32,989 at the stock market close. | | | | | | | |
| | | Higher Prices? Higher Rewards for Shareholders | | | | Some companies assume that when things are going well, that trend will continue forever. That can sometimes lead to unpleasant surprises. During last year's pandemic, a number of companies cut or suspended dividends or share buybacks, for instance.
However, companies in the commodity space tend to recognize the power of cycles. When things are going well, they may be more inclined to pass the good times on to shareholders rather than overinvest when times are good.
» FULL STORY | | | | |
| | Insider Trading Report: Asana Inc (ASAN) | | | | Dustin Moskovitz, President and CEO at Asana (ASAN) recently picked up over 1.1 million shares of the firm. The total cost of the buy came to just under $70 million, and was made over a number of days last month.
The buys increased his stake by over 15 percent in total. Over the past few months, other company insiders have generally been sellers, but those total sales have been less than this high level of purchases by the CEO.
» FULL STORY | | | | |
| | Unusual Options Activity: The Trade Desk (TTD) | | | | Shares of digital advertising firm The Trade Desk (TTD) have been trending higher in the past few weeks after a longer-term slump. One trader sees the shares continuing higher.
That's based on the October 15 $75 calls. With 98 days until expiration, over 41,150 contracts traded, a 154-fold jump in volume from the prior open interest of 260. The buyer of the call paid about $10.25 to make the trade.
» FULL STORY | | | | |
| | • | Jobless Claims Creep Up as Job Growth Slows
Initial jobless claims rose to 373,000 in the past week, slightly above estimates of 350,000. The level of continuing claims shows that total unemployed receiving benefits dropped to 3.34 million, about 145,000 lower compared to the week before. This suggests a trend of slowing job growth. | | | | • | Bond Yields Drop as Covid and Inflation Concerns Rise
Bond yields have been dropping in recent weeks, with the 10-year US Treasury yield now down to 1.3 percent, the lowest rate since February. The move comes as new Covid variants and inflation fears have gripped the economy. That's in contrast to the start of the year when rising Treasury rates themselves were enough to weigh on the market in the short term. | | | | • | Consumer Debt Levels Hit Records
Consumer debt trended down following the housing bubble, and even at the start of the pandemic during lockdowns. Now that trend is reversing, as sign-ups for auto loans and credit cards are hitting records. Personal loans rose 39 percent in April compared to the same month a year prior, and is up 11 percent compared to April 2019. | | | | • | 36 States Sue Google Over Antitrust
Led by the attorney general of Utah, a total of 36 states and the District of Columbia have filed suit against Google (GOOG). The reason? The Android app store is in violation of antitrust laws. This is the latest legal backlash against big tech, and with a bipartisan array of states lined up, this is one case at least likely to see its day in court. | | | | • | Dropbox Unveils Dropbox Studios
Addressing the changing nature of work trends, Dropbox (DBX) has unveiled Dropbox Studios. The new concept for an office takes into account a modern workplace that may not even have a permanent physical space. Collaborative spaces are nothing new, although the concept seems a bit more grounded than that of WeWork, a unicorn company that exploded in value before a massive drop. | | |
| | | | TOP | | | BIIB | 3.861% | | | | BLL | 2.982% | | | | COG | 2.291% | | | | BA | 2.153% | | | | XEC | 2.07% | | | | BOTTOM | | | KSU | 7.874% | | | | NSC | 7.159% | | | | CSX | 6.155% | | | | UNP | 4.384% | | | | PHM | 4.355% | | | | |
| | |  | The 40 basis point decline in the yield on the benchmark 10-year Treasury note since late-March suggests that the global grab for yield remains a potent force, despite the Fed's desire to let the economy run hot… A stronger currency, increased virus concerns oversea, and the associated demand for long-term Treasury notes and bonds implies reduced inflation expectations and increased risk of importing global deflation. | | | - Steven Ricchiuto, U.S. chief economist at Mizuho Securities, on declining Treasury yields, which will likely keep any market decline modest in nature for the foreseeable future. | |
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