Good morning. Two big events in the market this week could increase the current volatility...
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 32,945.24 | +0.00% | | | | S&P 4,173.11 | -0.74% | | | | NASDAQ 12,581.22 | -2.04% | | | | *As of market close | | • | Stocks traded mixed on Monday, with a further selloff in tech. | | • | Oil sank 6.7 percent, closing at $102.03 per barrel. | | • | Gold dropped 1.4 percent, going for $1,958 per ounce. | | • | Cryptocurrencies traded mixed, with Bitcoin at $38,876 at the market close. | | | | | | | | | | Insider Trading Report: Coty Inc (COTY) | | | | Gordon von Bretten, Chief Transformational Officer at Coty Inc (COTY), recently added 38,776 shares. The buy increased his holdings by 26 percent, and came to a total price of just over $302,000. This marks the first insider buy of 2022. Going into the last year, insiders have been both buyers and sellers of shares, with sellers having a big advantage thanks to a large institutional sale. » FULL STORY | | | | | | Unusual Options Activity: AT&T (T) | | | | Shares of telecom giant AT&T (T) have slid over 20 percent in the past year. One trader sees the potential for a rebound in the coming weeks. That's based on the April 22nd $25.50 calls. With 37 days left until expiration, 5,437 contracts traded compared to an open interest of 125, for a 44-fold rise in volume. The buyer of the calls paid $0.16 to make the trade.
» FULL STORY | | | | | | • | Oil Slides Under $100
For the first time in two weeks, oil prices dropped under $100 per barrel in intraday trading Monday. The recent spike, which occurred from the geopolitical fallout of Russia's invasion of Ukraine, saw a 14-year high of $130.50 as recently as March 6. While the price has stopped rising, chances of a steep decline from here are unlikely as long as the conflict is ongoing. | | | | • | Russia Moves Toward Debt Default
Russia has a number of key payment dates coming up for its sovereign debt, and many see a rising likelihood that the country will default on its debt. The first tranche of $117 million in payments is due Wednesday. Failure to pay could lead to a sharp revaluation of Russian sovereign debt instruments, which have already been hit thanks to the country's invasion of Ukraine and sanctions. | | | | • | China Implements Covid Lockdowns
After reporting 3,400 covid cases across half of its provinces, China is moving back to lockdowns to slow the spread. Some of the areas affected include the country's financial center in Shanghai, and its tech hub in Shenzhen. That could lead to further supply chain disruptions, depending on the length and severity of the lockdowns in coming weeks. | | | | • | Ford Increases EV Investments in Europe
Automaker Ford (F) is increasing its plans to launch seven electric vehicle models in European markets by 2024. The company is also looking to build EV batteries for that market in Turkey. The company sees the move as a way of hitting its goal of selling only electric vehicles in Europe by 2035. | | | | • | Blue Origin to Launch Pete Davidson
Blue Origin has announced the roster for its next 10-minute flight into orbit. Included on the roster is Saturday Night Live actor Pete Davidson, making the second star attraction for the commercial space flight company. Other passengers include high-net-worth individuals and philanthropists. | | | | | | TOP | | NLSN | 31.268% | | | PARA | 10.655% | | | EPAM | 10.33% | | | MRNA | 7.207% | | | DXCM | 5.353% | | | BOTTOM | | TCOM | 12.623% | | | LVS | 12.438% | | | JD | 11.346% | | | DVN | 10.59% | | | OGN | 10.466% | | | | | | | | | The S&P 500′s -12% decline from its peak suggests much of the froth has been taken out. Stocks are largely pricing in the geopolitical shock, where the S&P 500 fell 9% from peak-to-trough since Russia-Ukraine headlines in early Feb, similar to a typical 7-8% fall in prior macro/geopolitical events. | | - Savita Subramanian, equity and quant strategist at Bank of America Securities, on why most of the market decline has likely occurred as a result of Russia's invasion of Ukraine. | | |
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