Good morning. The past few years has seen an explosion of interest in Ark Funds, and Cathie Wood...
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.
| | Good morning. The past few years has seen an explosion of interest in Ark Funds, and Cathie Wood. Her focus on disruptive technology stocks has led to massive returns, and a major fanbase. When tech stocks are out of favor, however, Wood is criticized for underperformance, yet continues to rise again, making her a beloved figure in the investment community. On the other end of the spectrum is Robinhood (HOOD), which went public last week. Shares had one of the worst-ever performances for an IPO on its first day. Investors are still wary of the company after it shut down trading in popular retail stocks at the start of the year. But following is disastrous IPO, Wood has been out buying shares, picking up over 3 million so far. Time will tell how a beloved investor and one of the most-hated stocks plays out, but chances are it will be worth watching. Now here's the rest of the news: | | | | | | | | | | DOW 34,836.65 | -0.28% | | | | S&P 4,387.13 | -0.18% | | | | NASDAQ 14,681.07 | +0.06% | | | | *As of market close | | • | Stocks traded mixed on Monday, with all indices closing near their lows of the day. | | • | Oil declined 3.4 percent, closing at $71.42 per barrel. | | • | Gold traded flat, last going for $1,817 per ounce. | | • | Cryptocurrencies traded down after a weekend rally, with Bitcoin at $39,198 at the stock market close. | | | | | | | | | | Insider Trading Report: Archer-Daniels Midland (ADM) | | | | Juan Luciano, President and CEO of Archer-Daniels Midland (ADM), recently picked up 16,790 more shares. The buy increased his stake by over 1.35 percent, and came to a total price of just under $1 million. This is the second buy of the year, following a buy from a company senior vice president back in March. Otherwise, insiders have mostly been sellers over the past year, including a large cluster of sales last October, at far lower prices than were shares trade today. » FULL STORY | | | | | | Unusual Options Activity: Delta Air Lines (DAL) | | | | Shares of Delta Air Lines (DAL) have been trending down since April, and have seen some big drops on some days depending on Covid variant fears. One trader sees the trend reversing in the coming weeks. That's based on the November $43 calls. With 108 days until expiration, over 10,025 contracts traded against a prior open interest of 324 for a 39-fold rise in volume. The buyer of the call options paid about $2.17 to make the trade.
» FULL STORY | | | | | | • | Treasury Department Invokes "Extraordinary Measures" Amid Debt Ceiling Deadline
The Treasury Department has announced that it is conducting emergency cash-saving measures to pay off the government's bills without issuing new debt. These "extraordinary measures" are kicking in as Congress has recessed while missing a deadline to raise the debt-ceiling, or maximum amount of debt allowed by law. | | | | • | Wall Street Steps Up Purchases of Single-Family Homes
Investment firms, Wall Street banks, and even pension funds are starting to buy up single-family homes. The move occurs as rents have been on the rise, as has the cost of home ownership in general. These large buyers have resulted in a decline of the proportion of households that own their own home to a level last seen in the 1980s. | | | | • | Fed Chair Criticized Over Light Regulatory Touch
Federal Reserve Chairman Jerome Powell is facing criticism from some left-leaning Senators over his light touch approach to regulatory issues. Senators Warren and Brown view the lack of strong regulation in the post-2008 era as one that weakened the banking system. The criticisms come as Powell nears the end of his term, and might be replaced by a pick selected by the Biden administration. | | | | • | Square to Buy Afterpay for $29 Billion
Shares of Square (SQ) rallied on Monday on news that the fintech firm would buy Afterpay for $29 billion. Australian-based Afterpay is a leader in the "buy now pay later" fintech space, a rapidly growing niche for financing purchases. The buy will help Square expand its customer bases and increase revenue for merchants. | | | | • | Zoom Reaches $85 Million Settlement
Zoom Communications (ZM) has agreed to an $85 million settlement. The lawsuit resulted from accusations that the company shared customer data with third party users, resulting in "zoombombing" incidents where unapproved attendees would enter and disrupt Zoom calls. | | | | | | TOP | | DXC | 6.578% | | | FTNT | 4.548% | | | RL | 3.938% | | | UA | 3.311% | | | TSLA | 3.27% | | | BOTTOM | | GPN | 11.178% | | | FIS | 6.662% | | | FISV | 4.656% | | | GNRC | 4.617% | | | MOS | 4.195% | | | | | | | | | There has been quite a bit of volatility and price choppiness in the market in recent weeks. Increased concerns over the delta variant and its potential implications for reopening momentum seemed to play a key role in the price action, while peak themes related to economic growth, earnings, and policy support also remained an overhang on risk sentiment. | | - Brian Belski, chief investment strategist at BMO, on the market's performance this earnings season, and why higher volatility is likely to continue. | | |
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