Good morning. With Labor Day weekend over, oil prices should be trending...
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 34,871.80 | +0.76% | | | | S&P 4,468.75 | +0.23% | | | | NASDAQ 15,105.58 | -0.07% | | | | *As of market close | | • | Stocks traded mixed on Monday, with the Nasdaq posting a slight loss. | | • | Oil rose 1.2 percent, closing at $70.57 per barrel. | | • | Gold closed up 0.1 percent, last going for $1,794 per ounce. | | • | Cryptocurrencies declined in a wild session, with Bitcoin at $44,810 at the stock market close. | | | | | | | | | | Regulatory Fears Create a Buying Opportunity in One of the World's Greatest Companies | | | | Times are changing for many tech companies. Regulators around the world are looking into how tech companies collect and store data, or how they provide marketing or payment services to third-party providers.
The latest company to take a hit? Apple (AAPL). Last week, a US District Judge ruled that the company need to allow developers alternative payment methods for purchases and apps made in the Apple app store. » FULL STORY | | | | | | Insider Trading Report: Farmland Partners Inc (FPI) | | | | Paul Pittman, CEO at Farmland Partners Inc (FPI), recently bought 1,000 additional shares. The buy increased his stake by 0.04 percent, and came to a total cost of just under $13,000.
The CEO was also the last buyer of shares back in March. Overall, company insiders have bought on 20 occasions in the past three years, with just 3 insider sales over the same timeframe. » FULL STORY | | | | | | Unusual Options Activity: Merck & Co. (MRK) | | | | Shares of pharmaceutical giant Merck & Co (MRK) have been trading roughly flat over the past six months following a selloff in shares. One trader sees the potential for a move higher in the coming months.
That's based on the November $75 calls. With 67 days left on the trade, over 41,300 contracts traded against a prior open interest of 494, for an 84-fold rise in volume. The buyer of the calls paid $1.88 to make the trade.
» FULL STORY | | | | | | • | Covid Boost Shots May Not Be Needed
A review of scientific data has led to the conclusion that Covid vaccine booster shots are not needed at this time for the general public, even as they become available. The news indicates that the pandemic is truly on the decline, and that future Covid outbreaks can be handled as needed. Shares of Moderna (MRNA) dropped 5 percent on the news. | | | | • | Inflation Signs Remain Strong
While economists expect inflation numbers for August to show signs of cooling compared to prior months, early data so far shows signs of inflation are still high. Expectations are for a 5.3 percent annualized increase, only a small decline from the 5.4 percent reading in July. | | | | • | Democrats Unveil Tax Proposal
House Democrats have unveiled their proposal on tax rates. The big-picture items would be an increase in the corporate tax rate from 21 percent to 26.5 percent, a 3 percent surtax on top earners, and higher capital gains rates. The higher rates would likely see some changes in order to secure enough votes in both the House and Senate before they become law, so markets aren't too worried yet. | | | | • | China Continues Tech Crackdown
China continues its regulatory crackdown on tech companies. The country is now looking to break up popular payment app Alipay, owned by Ant Group, which is also affiliated with ecommerce site Alibaba (BABA). Regulators have also ordered ecommerce firms to stop blocking rival's links on their platforms. | | | | • | JumpCloud Raises $159 Million on $2.6 Billion Valuation
Cloud directory startup firm JumpCloud has raised $159 million in Series F funding. The latest raise gives the company a valuation of $2.6 billion. The firm is growing rapidly on a business model of moving corporate directories into cloud services, to better benefit IT organization at firms. | | | | | | TOP | | APA | 7.577% | | | MRO | 7.01% | | | OXY | 6.605% | | | CNC | 5.173% | | | HES | 5.12% | | | BOTTOM | | MRNA | 6.585% | | | TCOM | 5.079% | | | ALB | 4.81% | | | FTNT | 4.506% | | | WAT | 4.393% | | | | | | | | | The pace of policy changes will be gradual enough not to derail the economic recovery or the equity rally, while the differences between the more hawkish and more dovish central banks will create opportunities…We expect major central banks to remain supportive of growth, keeping rates lower for longer. This is positive for equity markets, particularly cyclical and value areas of the market. | | - Mark Haefele, UBS Global Wealth Management chief investment officer, on why central banks are likely to remain accommodative for some time, even with taper talk fears potentially weighing on stocks in recent sessions. | | |
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