Good morning. For years, many have assumed that the US dollar would go the way of the British...
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 33,544.34 | +1.82% | | | | S&P 4,262.46 | +2.14% | | | | NASDAQ 12,948.62 | +2.92% | | | | *As of market close | | • | Stocks soared higher on Tuesday, with indices closing near highs of the day. | | • | Oil slid 7.2 percent, closing at $95.55 per barrel. | | • | Gold dropped 2.2 percent, going for $1,918 per ounce. | | • | Cryptocurrencies moved higher, with Bitcoin at $39,729 at the market close. | | | | | | | | | | Insider Trading Report: Caesars Entertainment (CZR) | | | | Micheal Pegram, a director at Caesars Entertainment (CZR), recently picked up 13,000 shares. The buy increased his stake by nearly 16 percent, and came to a total cost of just over $895,000. He was joined by the company CEO, who also bought 10,000 shares on the same day. The cost of that buy came to about $714,000. These two buys mark the first time insiders have added shares since late 2019. » FULL STORY | | | | | | Unusual Options Huazhu Group Limited (HTHT) | | | | Shares of Chinese hotel lodging operator Huazhu Group (HTHT) shed nearly 19 percent on Monday as traders reassessed Chinese stocks. However, one trader sees an opportunity on a rebound ahead. That's based on the September $45 calls. With 184 days until expiration, 7,881 contracts traded compared to a prior open interest of 194, for a 41-fold jump in volume. The buyer of he calls paid $1.20 to make the trade.
» FULL STORY | | | | | | • | Producer Price Inflation Continues to Rise
Suppliers continued to see increasing prices for commodities, as measured by the Producer Price Index. The measure rose 0.8 percent for February, leading to a new multi-year high. However, the rate of growth slowed compared to January's 1.2 percent rise. The measure may continue to trend higher as commodity prices have surged in recent weeks. | | | | • | Vacant Fed Seats Stalled in Senate
Three seats at the Federal Reserve that require approval from the Senate are being held up. That includes the renomination of current Chairman Jerome Powell. The sticking point is with Sarah Bloom Raskin, whose prior statements on using the banking system to server environmental goals is being held up by moderate Democrat Joe Machin. | | | | • | Nickel Trading Resumes in London
Nickel trading is resuming on the London Metal Exchange. Last week, the commodity exploded higher, eventually topping at $100,000 per ton before trading was suspended. New rules have been put in place to moderate price moves in a number of metals in addition to nickel. | | | | • | Former Meta Employees Launch Crypto Project
Attempts by Meta (FB), formerly Facebook, to start a digital currency ended last year. Several former employees for the company have instead launched their own crypto project called Aptos. They've raised over $200 million so far to develop a new layer 1 blockchain independent of other projects. | | | | • | AMC Invests in Precious Metals
Movie theater chain AMC Entertainment (AMC) has diversified its holdings by buying a 22 percent stake in Hycroft Mining (HYMC). The Nevada-based gold and silver mining company is issuing warrants, and AMC is spending about $27.9 million in cash to make the deal. | | | | | | TOP | | MPWR | 9.6% | | | AAL | 8.526% | | | UAL | 8.424% | | | DAL | 7.983% | | | NVDA | 7.928% | | | BOTTOM | | VLO | 6.764% | | | BKR | 5.665% | | | XOM | 5.447% | | | CVX | 5.284% | | | SLB | 4.876% | | | | | | | | | The market is jittery. So much concern about the Russian invasion, inflation, and the Fed. With growing concerns of a bear market, investors have been skittish. A pullback/correction becomes a bear market if a recession is likely. Fundamental data (labor, construction spending, PMIs, etc.) all support a solid economic base. | | - Gene Goldman, chief investment officer at Cetera Investment Management, on why the economy's fundamentals could allow the US to avoid a recession even with a number of significant headwinds right now. | | |
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