Good morning. A number of factors suggest that the stock market is about...
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 35,120.08 | +0.65% | | | | S&P 4,441.67 | +0.81% | | | | NASDAQ 14,714.66 | +1.19% | | | | *As of market close | | • | Stocks moved higher into the weekend, but the S&P 500 was still down for the week. | | • | Oil declined 2.3 percent, closing at $62.25 per barrel. | | • | Gold rose 0.1 percent, last going for $1,784 per ounce. | | • | Cryptocurrencies generally rose, with Bitcoin at $48,613 at the stock market close. | | | | | | | | | | Insider Trading Report: SoFi Technologies (SOFI) | | | | Christopher Lapointe, CFO at SoFi Technologies (SOFI), recently bought 3,500 shares. The stake increased his position by 1.3 percent, and came to a total valuation of about $49,000.
That follows on two buys from the company CEO earlier last week, who bought 14,300 shares in total at a price of about $200,000 in total. These three buys constitute all the insider activity since the company went public on June 1. » FULL STORY | | | | | | Unusual Options Activity: Macy's (M) | | | | Shares of department store chain Macy's (M) rallied last week on news that the retailer would carry pop-up toy shops under the Toys "R" Us brand. One trader sees that trend continuing in the weeks ahead.
That's based on the September $21 calls. With 25 days until expiration, over 104,965 contracts traded against a prior open interest of 2,165, for a 49-fold rise in volume. The buyer paid about $1.80 to make the trade.
» FULL STORY | | | | | | • | Big Tech Increases Market Dominance
Over the past year, the FAANG stocks increased their combined earnings by 36 percent. Even better, these companies saw bigger profit margins than expected. As a result, these 5 stocks alone now account for nearly 25 percent of the value of the S&P 500, up from just 7.3 percent in 2012. | | | | • | China Passes Stringent Data Protection Law
China has now passed a data protection law, designed to put legal restrictions on user data collection and avoid unscrupulous data collecting for marketing and other purposes. The law was first proposed last year, but China has signaled an increasing willingness to cut down on big tech companies domiciled in the country in recent months. | | | | • | FTC Files New Antitrust Complaint Against Facebook
The Federal Trade Commission has filed a new complaint against social media giant Facebook (FB). The complaint alleges that the company has monopolized social media and harmed competition as a result. The FTC would like to see the company divest itself of Instagram and WhatsApp, a move that the company may agree to as it moves to expand into the metaverse and away from a social media site. | | | | • | Coinbase Loads Up on Crypto
Cryptocurrency brokerage firm Coinbase (COIN) has announced that it will buy $500 million in various cryptocurrencies to diversify its balance sheet. The company will also take 10 percent of its profits and invest them in cryptocurrencies as well. That includes big names like Bitcoin and Ethereum, but the company also stated that other proof-of-stake and DeFi assets could be included. | | | | • | Topps SPAC Merger Falls Apart
Trading card company Topps had planned to go public via a SPAC merger with Mudrick Capital Acquisition Corp II (MUDS). But that deal is now falling apart, as Major League Baseball and its player's union have signed with a different trading card company, Fanatics Inc. Topps is now planning on staying private. | | | | | | TOP | | NVDA | 5.142% | | | ABMD | 4.428% | | | LUMN | 4.321% | | | PENN | 3.949% | | | MOS | 3.889% | | | BOTTOM | | ROST | 2.733% | | | DE | 2.103% | | | LRCX | 1.935% | | | OGN | 1.774% | | | GLW | 1.761% | | | | | | | | | Against a backdrop of thin liquidity as investors take summer vacations, minor stock market corrections are to be expected in a market that is pricing in peak earnings, extended price-to-earnings ratios and elevated economic growth expectations. | | - Richard Saperstein, chief investment officer at Treasury Partners, on why the stock market may continue to show some daily volatility, but will likely continue to stay near all-time highs. | | |
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