Good morning. Many investors were skeptical of the stock market's early recovery from...
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.
| | | | DOW 35,484.64 | +0.62% | | | | S&P 4,447.74 | +0.25% | | | | NASDAQ 14,765.13 | -0.16% | | | | *As of market close | | • | Stocks traded mixed on Wednesday, with a slight loss for the Nasdaq. | | • | Oil rallied 1.4 percent, closing at $69.25 per barrel. | | • | Gold rose 1.3 percent, last going for $1,754 per ounce. | | • | Cryptocurrencies generally rose, with Bitcoin at $46,520 at the stock market close. | | | | | | | | | | Insider Trading Report: Lumber Liquidators (LL) | | | | Joseph Nowicki, a director at Lumber Liquidators (LL), recently picked up 5,033 shares. The buy increased her stake by over 41 percent, and came to a total purchase price of just under $100,000.
This follows up from a 2,500 share buy from the company CEO earlier in the month, at a total cost of $50,000. Overall, company insiders have been buyers going back to 2014. » FULL STORY | | | | | | Unusual Options Activity: Snap (SNAP) | | | | Shares of social media giant Snap (SNAP) have been trending stronger in the past year, with a further jump after beating earnings last week. One trader sees the chance of a continued move higher in the next month. That's based on the September 3 $82 calls. With 22 days until expiration, over 7,815 contracts traded against a prior open interest of 146, for a 53-fold jump in volume. The buyer of the calls paid about $1.57 to make the trade.
» FULL STORY | | | | | | • | CPI Data Continues Rise, But Rate of Change Slows
Inflation data continues to come in hot, with consumer prices increasing 0.9 percent month-over-month for July. The rate has been slower relative to June's big jump, but inflation rates are still hovering near 13-year highs. The slowdown suggests that current economic policies in place to support the economy in place will stay there, so long as they don't led to accelerating inflation. | | | | • | White House Calls on OPEC to Boost Production
Gasoline prices are up nearly $1.00 per gallon compared to this point last year, at a national average of $3.186 per gallon. The White House has called on OPEC nations to boost production to lower oil prices and prices at the pump, stating that the cartel's latest decision to gradually ease doesn't do enough. Consumers are more likely to see some relief in the coming months as the summer driving season ends. | | | | • | Southwest Airlines Warns on Rising Delta Variant Numbers
Carrier Southwest Airlines (LUV) has stated that it's seeing a slowdown in bookings and a rise in cancellations as the Delta variant numbers have been on the rise. That's one of the most open signs yet that the Delta variant is having an impact, although a much smaller one than the initial Covid outbreak. | | | | • | Tesla Sales Drop in China
After a massive rally last year, shares of Tesla Motors (TSLA) have been taking a breather. The company has also seen a slowdown, especially in the high-growth Chinese market. Based on sales data from the China Passenger Car Association, the company sold only 8,621 vehicles in China in July, a 70 percent drop from June. | | | | • | Amazon Opens Air Cargo Hub
Amazon (AMZN) has completed construction of a $1.5 billion air cargo hub in Northern Kentucky. The site connects 40 different sites to control delivery better and increase speed and delivery for consumers. The hub is expected to operate up to a dozen flights per day and process millions of packages per week. | | | | | | TOP | | NLOK | 8.696% | | | URI | 4.98% | | | NUE | 3.912% | | | PCAR | 3.799% | | | MHK | 3.711% | | | BOTTOM | | MRNA | 15.638% | | | PRGO | 12.569% | | | PFE | 3.901% | | | ABMD | 3.853% | | | ZM | 3.755% | | | | | | | | | Widespread vaccine distribution and distancing measures have helped limit the variant's impact, but we could still see some drag on economic growth as some restrictions are reintroduced and consumers potentially become more cautious. While we may see an increase in market volatility due to the Delta variant, we believe the S&P 500 is still likely to see more gains through the end of the year. | | - Barry Gilbert, asset allocation strategist at LPL Financial, on why the stock market will likely shake off Covid fears from now on and continue its upward course. | | |
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