| | | | DOW 34,633.53 | +0.38% | | | | S&P 4,319.90 | +0.52% | | | | NASDAQ 14,522.38 | +0.13% | | | | *As of market close | | • | Stocks moved higher on Thursday, with the S&P 500 again closing at a record high. | | • | Oil rose 2 percent, closing at $74.93 per barrel. | | • | Gold rallied 0.3 percent, last trading at $1,776 per ounce. | | • | Cryptocurrencies generally dropped, with Bitcoin at $33,315 at the stock market close. | | | | | | | | | | Insider Trading Report: Foley Trasimene Acquisition Corp (WPF) | | | | Michael Gravelle, general counsel at Foley Trasimene Acquisition Corp (WPF), recently bought 10,000 shares. The buy represents an initial purchase by the holder. The total cost came to $99,800. The buy occurred on the same day that William Foley, a major owner, also bought 100,000 shares, at a cost of $999,000. The company CEO also bought 10,000 shares at the same time. One fund with a major stake in the company has been a seller of shares since the company went public. » FULL STORY | | | | | | Unusual Options Activity: Advanced Micro Devices (AMD) | | | | Shares of semiconductor firm Advanced Micro Devices (AMD) have seen a strong rally in the past few weeks. One trader sees that trend continuing through the end of the month. That's based on the July 30 $110 calls. With 28 days until expiration, over 7,190 contracts traded against an open interest of 268, for a 27-fold jump in volume. The buyer of the calls paid $1.04 to make the trade.
» FULL STORY | | | | | | • | Jobless Claims Drop to 364,000
Workers filing for unemployment benefits dropped to 364,000. That's a pandemic low, and a 50 percent drop since the first week of April alone. In total, the drop is seasonally adjusted to be 51,000 lower than the prior week. With a long-term decline in sight, and with many states ending extended unemployment benefits, the second half of the year may see an end to labor market supply shortages. | | | | • | Gas Prices Top $3 Nationally as OPEC Set to Meet
Oil prices topped $75 for the first time since 2018, and national gas prices are, on average, now over $3.00, a 7-year high, going into the driving-heavy summer season. Meanwhile, some gas stations are experiencing shortages due to a lack of truck drivers. OPEC is set to potentially increase its production, which could help lower prices. | | | | • | Analysts Continue to Drop Coverage of Meme Stocks
A number of analysts are simply dropping coverage of highly volatile meme stocks like GameStop (GME) and AMC Entertainment (AMC). The high daily volatility and retail interest make it difficult for analysts to make rapid changes in their views based on the rapid price changes. Some meme stocks have taken advantage of retail interest to sell shares and raise capital and pay off debt, but other meme stocks simply pop and drop. | | | | • | Real Estate Demand Shifts to Warehouses
Rising e-commerce trends have led to a shift in demand in commercial real estate to warehouses. From online giants to big-box stores, demand for warehouse space has never been higher. Key markets such as Columbus and Savannah, which can reach large populations within a day's drive, are among regional markets seeing strong demand. | | | | • | Mercado Bitcoin Raises $200 Million at $2.1 Billion Valuation
Mercado Bitcoin, a Brazilian-based cryptocurrency exchange, has raised $200 million in Series B funding. That places the company as one of the largest unicorns in Latin America, and comes after a Series A funding round in January. The company says that it has 2.8 million customers to date, or 70 percent more than the retail investor base trading on Brazil's stock exchange. | | | | | | TOP | | FANG | 6.082% | | | OXY | 5.085% | | | MRO | 4.038% | | | DXC | 3.724% | | | SLB | 3.312% | | | BOTTOM | | WBA | 7.413% | | | MU | 5.731% | | | KLAC | 3.846% | | | TER | 3.419% | | | AMAT | 3.125% | | | | | | | | | If inflation fears do calm further and bond yields remain lower for longer, expect growth and technology stocks to continue leading the stock market higher. However, should strong economic growth aggravate inflationary worries and again force bond yields higher, correction fears may intensify, and leadership should be centered among cyclical stock sectors, smaller cap stocks and even international stocks. | | - Jim Paulsen, Leuthold Group chief investment strategist, on the twin dynamics likely to cause market volatility in the second half of the year, with an eye towards the more optimistic scenario of economic growth and lowering inflation expectations playing out. | | |
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