Good morning. History doesn't repeat itself, but it does sometimes rhyme. That's why the oil...
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 33,891.35 | +1.79% | | | | S&P 4,386.54 | +1.86% | | | | NASDAQ 13,752.02 | +1.62% | | | | *As of market close | | • | Stocks rallied on Wednesday, reversing Tuesday's drop. | | • | Oil rallied another 7.7 percent, closing at $111.35 per barrel. | | • | Gold dropped 0.8 percent, going for $1,929 per ounce. | | • | Cryptocurrencies dipped, with Bitcoin at $43,795 at the market close. | | | | | | | | | | For the Best Profits Today, Follow the Bargain Shoppers | | | | Economic uncertainty is high. That's causing consumers of all income levels to cut back and take a wait-and-see attitude on spending, which is now growing more slowly than the rate of inflation. During periods of uncertainty, companies that offer the best bargain prices tend to gain market share—and their stocks perform well. That appears to be the case today with a number of companies across a few different industries. » FULL STORY | | | | | | Insider Trading Report: Universal Insurance Holdings (UVE) | | | | Stephen Donaghy, CEO at Universal Insurance Holdings (UVE), recently added 10,000 shares to his holdings. The buy increased his stake by 0.04 percent, and came to a total cost of $311,000. This marks the first insider buy at the company since November 2020. A few insider sales occurred in the last year, and going back to 2019 and 2020, company insiders were exclusively buyers of shares, even at far higher prices than today. » FULL STORY | | | | | | Unusual Options Activity: Kinross Gold Corp (KGC) | | | | Shares of gold mining operator Kinross Gold Corp (KGC) are near a 52-week low even as gold prices have started to heat up. One trader sees the potential for a big move higher in the coming months. That's based on the July $6 calls. With 133 days until expiration, 5,825 contracts traded compared to a prior open interest of 146, for a 40-fold jump in volume on the trade. The buyer of the calls paid $0.34 to make the trade.
» FULL STORY | | | | | | • | Powell Hints at Quarter Point Rate Hike This Month
Federal Reserve Chairman Jerome Powell stated that the Fed was moving towards a quarter point increase in interest rates starting this month. Many had expected a larger increase to kick off a rate hike cycle, citing inflation at 42-year highs, although those expectations have moderated since Russia invaded Ukraine. | | | | • | Job Data Shows Big Beat for February
Based on the latest ADP employment report, American businesses added 475,000 jobs in February. That's about 90,000 higher than expected, and a big reversal following January's surprisingly large drop in jobs. Prior months are also starting to be revised higher, indicating that the labor market is still tight. | | | | • | Oil Continues Higher as OPEC Holds Production Steady
Russia's invasion of Ukraine and a tighter-than-expected inventory levels have helped crude oil prices continue higher. OPEC is holding steady on its current production levels as well, adding to higher prices, as many expected the cartel to accelerate its plans to gradually expand production. | | | | • | Netflix Makes Acquisition in Gaming Market
Streaming service Netflix (NFLX) is expanding into the video game market. The company has announced the acquisition of Finland-based Next Games for $72 million. The game publisher already produces content for a number of intellectual properties, including The Walking Dead and Stranger Things. | | | | • | Ford to Split EV Division from Traditional Automobiles
Ford Motors (F) has announced that it is reorganizing its business, allowing its electric vehicle (EV) division to act independently from the legacy gas-engine business. Both divisions will remain in-house, but have separate leadership and names, as well as separate financials. | | | | | | TOP | | EPAM | 17.551% | | | LVS | 10.422% | | | PARA | 10.369% | | | HPE | 9.961% | | | WYNN | 9.187% | | | BOTTOM | | ENPH | 3.96% | | | CHTR | 3.941% | | | SEDG | 3.228% | | | XRAY | 3.035% | | | TWTR | 1.969% | | | | | | | | | This dramatic dislocation is due to a flight to safety where U.S. production is viewed as more reliable than other global sources. However, it is unlikely to persist after the Ukraine situation stabilizes. | | - Jay Hatfield, founder and CEO of Infrastructure Capital Advisors, on the reason why oil spiked to over $100 per barrel in the US this week, a level last seen more than seven years ago, and why the price will likely trend down when geopolitical tensions end. | | |
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