Good morning. The stock market has now gone a record period of time without facing a correction...
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 35,624.35 | +0.31% | | | | S&P 4,479.66 | +0.26% | | | | NASDAQ 14,793.76 | -0.20% | | | | *As of market close | | • | Stocks traded mixed on Monday, closing at their highs of the day following a big initial drop. | | • | Oil declined 1.4 percent, closing at $67.48 per barrel. | | • | Gold rose 0.7 percent, last going for $1,790 per ounce. | | • | Cryptocurrencies traded flat, with Bitcoin at $46,015 at the stock market close. | | | | | | | | | | Insider Trading Report: Palantir Technologies (PLTR) | | | | Cathie Wood of ARK Investments, a major holder in Palantir Technologies (PLTR), picked up more shares of the company after its earnings report last week. The total buys across a number of funds came to nearly $140 million, or 5.2 million shares.
That contrasts some modest sales made by ARK in late June. Overall, institutions like ARK Investments own just 25 percent of shares, and company insiders themselves own about 12.8 percent of company shares. » FULL STORY | | | | | | Unusual Options Activity: Comcast (CMCSA) | | | | Shares of media and cable company Comcast (CMCSA) have been moving steadily higher over the past year. One trader expects that trend to continue in the next few months.
That's based on the November $57.50 calls. With just under 100 days until expiration, 9,415 contracts traded against an open interest of 331, for a 28-fold rise in volume. The buyer of the calls paid about $3.60 to make the trade.
» FULL STORY | | | | | | • | Floating Currency Regime Hits 50th Anniversary
50 years ago on Sunday, President Richard Nixon cut the US dollar's remaining tie to the value of gold. That started our current system of freely floating currencies, where countries can try and change the relative value of their currencies to gain some boost to trade. While the US dollar still remains the world's reserve currency, rising competitor nations and the rise of assets such as Bitcoin could lead to a new monetary standard in the years ahead. | | | | • | Hyatt Inks $2.7 Billion Luxury Resort Deal
Hyatt Hotels Corporation (H) made an agreement to buy Apple Leisure Group from private equity firms KKR and KSL Capital Partners for $2.7 billion. The deal will double the company's resort chains, and increase its presence in 11 new markets in Europe. The move comes as lower end stays have shifted heavily towards short-term rentals through companies like Airbnb (ABNB). | | | | • | NHTSA Announces Probe into Tesla's Autopilot System
The National Highway Traffic Safety Administration has announced a probe into the Autopilot system on Tesla Motors (TSLA) cars. The agency has identified 11 crashes since 2018 where a vehicle using the system has been in a crash. The system is technically a driver-assistance program, and still requires the input of the driver. | | | | • | Cisco Makes $500 Million Acquisition of Epsagon
Networking hardware giant Cisco Systems (CSCO) is buying Israeli applications-monitoring startup Epsagon at a price of around $500 million. The purchase will allow the company to add more microservices for its applications-monitoring portfolio, which the firm has been quietly adding to in recent years. | | | | • | Michael Burry Bets Against Cathie Wood's Ark Innovation ETF
Michael Burry, who made a name for himself in "The Big Short" going against the housing market, has revealed in the latest regulatory filing that he's betting on a decline in the Ark Innovation ETF, the fund managed by Cathie Wood. Wood has risen to prominence in the past few years thanks to the strong outperformance of technology stocks. | | | | | | TOP | | XRAY | 3.169% | | | DXCM | 3.006% | | | IQV | 2.881% | | | AAP | 2.824% | | | ANTM | 2.422% | | | BOTTOM | | NTES | 4.818% | | | JD | 4.566% | | | TSLA | 4.323% | | | ENPH | 4.263% | | | PENN | 4.207% | | | | | | | | | The SPX continues to grind higher amid mixed economic data and a lack of consensus among Fed speakers as to when to begin tapering. The bull case remains intact despite factor/sector leadership remaining inconsistent. | | - Andrew Tyler of JPMorgan Chase, on why mixed economic data combined with monetary policy uncertainty, is likely to lead the market to continue moving higher as a continuation of the status quo. | | |
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