Good morning. Markets had $3.3 trillion reasons to be volatile last week. That was based on the...
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 34,265.37 | -1.30% | | | | S&P 4,397.94 | -1.89% | | | | NASDAQ 13,768.92 | -2.72% | | | | | *As of market close | | | • | Markets sank further on Friday, in a volatile day. | | | • | Oil dropped 0.9 percent, hitting $84.77 per barrel. | | | • | Gold sank 0.7 percent, last going for $1,830 per ounce. | | | • | Cryptocurrencies were crushed, with Bitcoin going for $38,338 at the stock market close. | | | | | | | |
| | | This Chipmaker Will Be One of the Leaders in the Next Market Move Higher | | | | The stock market's recent decline has been felt most heavily in technology stocks. That's the typical case of selloffs in general, as tech stocks tend to outperform the market on the way up.
Investors who buy industry-leading tech names during a market correction can typically improve their returns as the market inevitably rebounds. While it may be too soon to say if the current bottom is in, we're likely closer to the bottom than not.
» FULL STORY | | | | |
| | Insider Trading Report: Stitch Fix (SFIX) | | | | Working Capital Advisors, a major holder of Stitch Fix (SFIX), recently picked up 500,000 more shares. The buy increased the fund's stake by nearly 4.4 percent, and came to a total price of just under $8.2 million.
This adds to a number of buys from the fund over the past two months, including a pickup of nearly 3.4 million shares in mid-December. These buys have occurred as shares have had a major slump in the past year.
» FULL STORY | | | | |
| | Unusual Options Activity: Northern Oil & Gas (NOG) | | | | Shares of energy producer Northern Oil & Gas (NOG) have more than doubled in the past year. One trader sees that trend continuing as energy prices continue higher.
That's based on the June $30 calls. With 143 days until expiration, 2,577 contracts recently traded compared to an open interest of 108, for a 24-fold jump in volume. The buyer of the calls paid $1.45 to make the trade.
» FULL STORY | | | | |
| | • | IMF Warns on Fed Rate Hikes
Kristalina Georgieva, head of the International Monetary Fund, warned that an aggressive policy of interest rate hikes by the Federal Reserve could "throw cold water" on the global recovery from the Covid-19 pandemic. That's due not only to a potential slowdown in the US, but also have a huge impact on countries with dollar-denominated debt. | | | | • | Median Home Prices Hits $346,900
Home prices rose by 16.9 percent in 2021, the highest on record going back to 1999. And home sales had the highest volume since 2006, with an 8.5 percent increase over 2020. That's caused the median home price to jump higher to $346,900 in the past year, with the average American homeowner seeing an additional $50,200 in equity. | | | | • | Netflix Sinks on Poor Subscriber Growth
Streaming giant Netflix (NFLX) sank on Friday, as the company reported its slowest subscriber growth since 2015. Given that the pandemic led to a surge in new subscribers, the overall earnings picture isn't that bad, but traders use subscriber growth as a key metric for streaming companies. Other streaming-related names were also down on the news. | | | | • | Intel Investing $20 Billion Into US Chip Facility
Chipmaker Intel (INTC) is investing at least $20 billion into a new chipmaking facility near Columbus, Ohio. The site will create around 3,000 permanent jobs, and the facility will produce cutting-edge processors, increasing the company's manufacturing facilities and bringing more production stateside. | | | | • | Russia Proposes Crypto Ban
Russia's central bank has called for a ban on the mining and trading of cryptocurrencies in the country. That may have helped lead to a sizeable drop in prices for a number of cryptos going into the weekend in addition to other factors. The move comes nearly one year after China pushed for a ban on crypto mining. | | |
| | | | TOP | | | CF | 2.869% | | | | TCOM | 2.697% | | | | KMX | 2.513% | | | | VFC | 2.491% | | | | XLNX | 2.414% | | | | BOTTOM | | | NFLX | 22.808% | | | | HBAN | 8.903% | | | | SIVB | 8.736% | | | | ECL | 8.102% | | | | ISRG | 7.049% | | | | |
| | |  | | While a handful of rate hikes over the next year or two would represent a shift in Fed policy, we wouldn't consider policy restrictive and we don't expect the initial rate increase to derail the economic recovery. | | - Scott Wren, senior global market strategist at Wells Fargo Investment Institute, on why the start of rising interest rates shouldn't derail the economic recovery, even if it does mean stocks are likely to remain more volatile in the months ahead. | |
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