Good morning. It's time to think about the holidays. But not the holiday trading season. Rather...
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 35,100.00 | -0.76% | | | | S&P 4,520.03 | -0.34% | | | | NASDAQ 15,374.33 | +0.07% | | | | *As of market close | | • | Stocks mixed after Labor Day weekend, with a slight gain in tech. | | • | Oil dropped 1.3 percent, closing at $68.39 per barrel. | | • | Gold dropped 2 percent, last going for $1,797 per ounce. | | • | Cryptocurrencies crashed, with Bitcoin at $46,928 at the stock market close. | | | | | | | | | | Insider Trading Report: SmartRent (SMRT) | | | | Bruce Strohm, a director at SmartRent (SMRT) recently picked up 10,000 shares. The buy represents an initial stake for the director, with no prior shares owned. The total value of the shares came to just over $122,000. This represents the first insider transaction since the company went public in late August. Overall, company insiders still own 16 percent of shares. » FULL STORY | | | | | | Unusual Options Activity: Enbridge (ENB) | | | | Shares of energy infrastructure Enbridge (ENB) have been trending higher in the past year. One trader sees that trend reversing. That's based on the April $37.50 puts. With 218 days until expiration, over 11,250 contracts traded against a prior open interest of 151, for a 75-fold rise in volume. The buyer of the puts paid $1.63 to make the trade.
» FULL STORY | | | | | | • | Labor Day Weekend Travel Doubles Over 2020's Numbers
Millions of Americans hit the road over the long weekend. While rough numbers are about double that of 2020 for road travel, and about double based on TSA travel data, the amount still lags the pre-pandemic numbers from 2019. Overall, the numbers show how far we've gone, and how far we have to go. | | | | • | El Salvador Acquires 400 Bitcoin Ahead of Adoption
The central American country of El Salvador bought 400 bitcoins over the weekend, ahead of the country adopting it as legal tender on Tuesday. The nation is the first to make a cryptocurrency a form of legal tender. Based on prices over the weekend, the cost of acquiring the Bitcoin stake totaled about $21 million. The country announced a further buying on Monday as prices dipped. | | | | • | SoftBank Inks Deal with Deutsche Telekom for T-Mobile Stake
Japanese investment firm SoftBank has inked a share swap deal with Deutsche Telekom. SoftBank will become the telecom's second-largest shareholder, by swapping out its stake in T-Mobile (TMUS) with the German bank. The goal is to create a strategic partnership to help SoftBank's investments have better access to Deutsche Telekom's services. | | | | • | Automakers See Chip Shortage Lasting Through 2024
Car manufacturers have already had to shut down production thanks to a shortage of semiconductors. Now, the shortage appears to be likely to continue through 2024. Besides a shortage of chips, other key component shortages could also weigh on production, which could also continue to drive up the price of new and used cars. | | | | • | Wave Raised $200 Million on $1.7 Billion Valuation
African fintech firm Wave, which provides mobile monetary services, has raised $200 million in Series A funding. Big names like payment giant Stripe and firms Sequoia Heritage, Founders Fund, and Ribbit Capital also contributed. The deal values the company at a $1.7 billion valuation, the largest Series A round for Africa. | | | | | | TOP | | WYNN | 5.613% | | | MRNA | 4.725% | | | JD | 4.239% | | | LVS | 4.173% | | | PENN | 3.907% | | | BOTTOM | | BMRN | 8.405% | | | VFC | 5.733% | | | MKTX | 5.034% | | | MMM | 4.532% | | | DE | 4.521% | | | | | | | | | A surprisingly low jobs number [on Friday] clouds the tapering outlook considerably as only 235k jobs were added in August, likely giving the Fed pause and pushing out their plans to announce their bond taper plans. Many people believed that the Fed would announce their taper plans at this month's FOMC meeting and that is no longer likely. | | - Chris Zaccarelli, chief investment officer for Independent Advisor Alliance, on why the poor jobs numbers will lead to continued monetary support for the economy. | | |
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