| | | | DOW 34,326.46 | +1.43% | | | | S&P 4,357.04 | +1.15% | | | | NASDAQ 14,566.70 | +0.82% | | | | *As of market close | | • | Stocks roared higher on Friday, kicking off the fourth quarter of 2021. | | • | Oil rose 0.9 percent, closing at $75.73 per barrel. | | • | Gold rallied 0.1 percent, last going for $1,760 per ounce. | | • | Cryptocurrencies jumped higher, with Bitcoin at $47,962 at the stock market close. | | | | | | | | | | An Undervalued Commodity Play for Economic Uncertainty and Rising Inflation | | | | It's clear that supply chain disruptions and ongoing fiscal and monetary stimulus measures will likely continue to keep prices heading higher. With elevated inflation rates looking more certain, and with bonds offering no real returns after inflation, investors may need to look beyond stocks to hedge with commodities.
Historically, gold has served the role of a hedge against rising inflation and political uncertainty. It's been knocked down from its 2020 highs, but is showing signs of robustness. » FULL STORY | | | | | | Insider Trading Report: Piedmont Lithium (PLL) | | | | Jeffrey Armstrong, a director at Piedmont Lithium (PLL), recently picked up 2,500 shares. The buy increased his stake by 12.5 percent, and came to a total price of just under $128,000. The director was also a buyer back in early July, picking up 2,500 shares as well. A few company insiders have been sellers in recent months as well, with directors being the sole buyers of shares here. » FULL STORY | | | | | | Unusual Options Activity: Coty (COTY) | | | | Shares of cosmetics firm Coty (COTY) have been range-bound over the past few months, with a few periodic jumps higher. One trader sees the possibility for a move higher in the coming months.
That's based on the February $9 calls. With 137 days left until expiration, over 32,025 contracts traded, a 52-fold jump in volume from the prior open interest of 615. The buyer of the calls paid $0.76 for the contracts.
» FULL STORY | | | | | | • | PCE Spending Hits 30 Year High
The PCE price index, a measure of inflation that strips out food and energy prices, has recently hit a 30-year high. The index rose 4.3 percent over the 12-month period ending in August. That's the fastest pace since the period ending January 1991, and a sign that inflation remains well over the Fed's target of 2 percent. | | | | • | Consumer Spending Rises in August
Personal spending rose 0.8 percent in August. This reverses a slight decline in spending in July. The spending came in part from a rise in wages, as well as a drop in savings rates, as consumers are also working more and drawing down pandemic savings. This all points to a sign that economic growth continues, even if at a slow pace. | | | | • | Eurozone Inflation Hits 13-Year High
Inflation in Europe has hit an annualized 3.4 percent in September, the highest level of inflation in 13 years. Core inflation, which strips out food and energy prices, brings the rate down to 1.9 percent, in line with the European Central Bank's 2 percent annualized goal. | | | | • | Bitcoin Jumps to Start Fourth Quarter
After a lackluster third quarter, Bitcoin prices surged higher nearly 10 percent in the first day of the fourth quarter of the year. Other cryptocurrencies saw similar moves higher. Historically, the fourth quarter of a year after a Bitcoin halving has been bullish for prices overall, with big rallies in 2013 and 2017 leading some to think that may happen again this year. | | | | • | Zoom Deal to Buy Five9 Falls Through
Zoom Communications (ZM) has seen its all-stock deal to buy Five9 (FIVN) fall through. The deal would have helped bring the video communications firm into the customer center market. Changes in Zoom's valuation, as well as potential concerns over Zoom's ties to China, led to the deal being dropped. | | | | | | TOP | | TRIP | 9.498% | | | CF | 9.45% | | | MRK | 8.927% | | | PENN | 8.405% | | | LYV | 8.285% | | | BOTTOM | | MRNA | 10.487% | | | REGN | 5.285% | | | KR | 3.327% | | | JD | 2.99% | | | LBTYA | 2.668% | | | | | | | | | As we wrap up the third quarter and look ahead, investors will likely need to remain nimble as the economic recovery continues in a zig zag. | | - Mike Loewengart, managing director of investment strategy at E-Trade Financial, on why the stock market will likely continue to throw off some surprises in the coming weeks. | | |
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