Good morning. The legendary economist Milton Friedman stated that "inflation is always and...
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 35,228.81 | -0.19% | | | | S&P 4,602.45 | -0.63% | | | | NASDAQ 14,442.27 | -1.21% | | | | *As of market close | | • | Stocks slid on Wednesday, giving up most of their gains from earlier in the week. | | • | Oil rallied 3 percent, closing at $107.33 per barrel. | | • | Gold rose 1.2 percent, going for $1,941 per ounce. | | • | Cryptocurrencies generally declined, with Bitcoin at $47,060 at the market close. | | | | | | | | | | Continued Cloud Service Growth Plays Well to this Data Center Player | | | | Companies continue to have growing data storage needs, and cloud services provide a great way to ensure data can be accessed securely while also from anywhere. A number of companies play to this trend, with everything from data centers themselves to companies that offer web hosting services. But the entire technology still remains locked in a world of physical hardware to make it all happen. » FULL STORY | | | | | | Insider Trading Report: UMH Properties Inc (UMH) | | | | Kenneth Quigley, a director at UMH Properties (UMH), recently picked up 1,000 shares. The buy increased his holdings by 7.8 percent, and came to a total purchase price of just under $24,000. This is the second buy from the director this month. Company insiders have been active as both buyers and sellers over the past three years, with a larger number of recent buys and sells alike. » FULL STORY | | | | | | Unusual Options Activity: Fidelity National Information Services (FIS) | | | | Shares of banking technology company Fidelity National Information Services (FIS) have been in a steady downtrend over the past year, shedding more than a third of their value. Shares have started to trend up in recent weeks, and now one trader sees further upside ahead.
That's based on the July $140 calls. With 106 days until expiration, 39,195 contracts traded against a prior open interest of 248, for a staggering 158-fold surge in volume. The buyer of the calls paid $0.43 to make the trade.
» FULL STORY | | | | | | • | Private Sector Jobs Growth Hits 455,000 In March
The latest ADP employment report shows that the US private sector added 455,000 jobs in March. That came in better than expected, but slightly lower than the February report, which was also revised higher. The gain is the slowest since last August, as the labor market is starting to show signs of normalizing. | | | | • | Mortgage Refi Demand Slumps As Rates Rise
Refinance applications fell 15 percent in the past week, and are down 60 percent compared to a year ago, according to industry data. Meanwhile, homebuyer demand rose 1 percent compared to last week, but is down 10 percent compared to a year ago. The slowdown has occurred at 30-year fixed-rate mortgage have increased to their highest levels since 2018. | | | | • | EU Considers Russian Bank Sanctions
European Union officials are considering further sanctions against Russia, by targeting family members of oligarchs, and increasing regulations on the use of cryptocurrencies. The additional measures won't add as much pressure on Russia's overall economy, but could further press Russia's oligarchs to pressure Russian President Putin to end his invasion of Ukraine. | | | | • | Secure Act 2.0 Passes the House, RMD Age to Rise to 75
The House has passed the Secure Act 2.0, a piece of legislation designed to shore up retirement benefits. Key provisions include an automatic enrollment in a 401(k) plan, and indexing catch-up limits to account for inflation. The biggest change will be the gradual increase of the required minimum distribution age, or RMD, of tax-advantaged requirement accounts to the age of 75. | | | | • | Bitcoin Miners Hit Kentucky Coal Towns
State incentives providing tax breaks for cryptocurrency miners making a minimal capital investment of $1 million has led to a surge of miners moving to coal country. According to the latest data, nearly 19 percent of the Bitcoin hashrate now comes from Kentucky, thanks to the tax break and plentiful low-cost power. | | | | | | TOP | | LULU | 10.139% | | | PSX | 4.433% | | | VLO | 3.537% | | | PAYX | 3.263% | | | MPC | 2.177% | | | BOTTOM | | PVH | 6.781% | | | MTB | 6.2% | | | PBCT | 6.174% | | | QCOM | 5.519% | | | MHK | 5.467% | | | | | | | | | Typically, you won't see a recession for an average of 17 months once a yield curve inverts. Our antennas are up that recession risk is heightened; that doesn't necessarily mean that there'll be one this year, though next year is more of a concern for us. | | - Stephanie Lang, chief investment officer at Homrich Berg, on why the inverting Treasury yield curve won't mean a recession and market crash right away. | | |
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