Good morning. One touted "big trend" of the past few years has been the shift to green...
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 33,843.92 | -1.59% | | | | S&P 4,307.54 | -1.19% | | | | NASDAQ 14,488.58 | -0.44% | | | | *As of market close | | • | Stocks dropped heavily on Thursday, ending September at a loss. | | • | Oil rose 0.4 percent, closing at $75.10 per barrel. | | • | Gold rallied 1.2 percent, last going for $1,756 per ounce. | | • | Cryptocurrencies rose, with Bitcoin at $43,736 at the stock market close. | | | | | | | | | | This New Service Industry Leader Is Cleared to Move Higher | | | | Despite a global pandemic, supply chain issues, and other short-term fears, technology continues to create new industries and services that consumers are willing to spend money on.
One of the top new industries is space tourism. This year has seen the launch of the first few space flights with civilian passengers. The market is starting as an expensive niche, but will likely expand in the years ahead, and serve as a springboard for other space travel. » FULL STORY | | | | | | Insider Trading Report: Safehold Inc (SAFE) | | | | Istar Inc, a major owner of Safehold Inc (SAFE), has been adding to its stake recently. The company bought 13,644 more shares on September 29, a 0.04 percent increase in its holdings at a cost of just under $1 million.
The company also bought 657,894 shares two days before that, marking a 1.9 percent increase in its holdings and at a cost of just under $50 million. » FULL STORY | | | | | | Unusual Options Activity: Alibaba (BABA) | | | | Shares of Chinese e-commerce giant Alibaba (BABA) have sold off in recent weeks on increased regulations out of China as well as a slowing economy there. One trader sees the possibility for a rebound in the next few months.
That's based on the March $130 calls. With 138 days until expiration, over 4,400 contracts traded, a 33-fold rise in volume from the prior open interest of 134. The buyer of the calls paid $29.70 to make the trade.
» FULL STORY | | | | | | • | Senate Reaches Deal on Government Shutdown
The US Senates has reached a tentative deal to fund the government into early December, as well as provide for measures such as hurricane relief and Afghan refugee settlement. That should avoid a government shutdown, although a separate bill will have to be passed to raise the US debt ceiling. | | | | • | Rents Up 15 Percent Nationwide
The national median rent has risen to $1,300 per month. That's a 15 percent jump compared to a year ago. Rents generally fell in 2020 during the pandemic. Based on monthly data, the rise in rents has likely stalled, and in some cities, prices are still below pandemic levels. | | | | • | Natural Gas Prices Surge Among Global Shortage
Natural gas prices are rising globally, particularly in Europe. The price increase is the highest in the United Kingdom, where a lack of storage facilities has led to a shortage, a potential danger if the winter is colder than average. The shortage also reflects the country's growing pains as it rapidly moves toward green energy. | | | | • | Merck Makes $11.5 Billion Bid for Acceleron
Drugmaker Merck (MRK) has made an $11.5 billion bid for drugmaker Acceleron Pharma (XLRN). The deal will improve Merk's pipeline of new drugs and drug candidates. Acceleron is focused on developing drugs that treat rare diseases. | | | | • | Lordstown Looks to Sell Only Factory
Lordstown Motors Corp (RIDE) is looking to sell its 6.2 million square foot factory in Ohio to Foxconn, a Taiwan tech company. Lordstown first bought the factory from General Motors (GM) in 2019, before the company has fallen on hard times and is looking to raise capital. | | | | | | TOP | | PAYX | 4.599% | | | EA | 3.538% | | | MTCH | 3.521% | | | AMD | 2.561% | | | XLNX | 2.084% | | | BOTTOM | | KMX | 12.223% | | | GPS | 7.638% | | | HBI | 6.992% | | | NWL | 6.862% | | | BBWI | 6.496% | | | | | | | | | While the political dynamics remain uneven, we think that US debt ceiling negotiations will succeed in time and a US government shutdown can be avoided. Overall, our base case still envisions solid economic growth and a gradual tightening of monetary conditions. | | - A UBS note to clients on why the market will likely rally into the end of the year, likely after the debt ceiling issue is resolved. | | |
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