Good morning. The good news? Inflation has slightly slowed on a year-over-year basis, for the fir...
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 31,834.11 | -1.02% | | | | S&P 3,935.18 | -1.65% | | | | NASDAQ 11,364.24 | -3.18% | | | | *As of market close | | • | Stocks dropped again on Wednesday, following a higher-than-expected inflation report. | | • | Oil rallied 5.3 percent, closing at $105.05 per barrel. | | • | Gold rose 0.6 percent, ending at $1,852 per ounce. | | • | Cryptocurrencies dropped again, with Bitcoin at $29,311 at the stock market close. | | | | | | | | | | Stick With Strong Brands and Intellectual Properties in Today's Markets | | | | With the stock market significantly off its highs, investors are looking for companies that can deliver on strong earnings right now. This earnings season, companies with strong brands and intellectual properties have been able to hold up relatively well.
That's a trend likely to continue going forward, as investors pull back from newer and riskier ventures with unknown prospects for the future. » FULL STORY | | | | | | Insider Trading Report: Cloudflare (NET) | | | | Maria Eitel, a director at Cloudflare (NET), recently picked up 15,000 shares. The buy increased her stake by 226 percent, and came to a total price just over $941,000. This marks the first insider buy at the company in the past three years. Company insiders, largely C-suite executives but also some directors, have been sellers of shares regularly over the past three years. » FULL STORY | | | | | | Unusual Options Activity: Masco Corporation (MAS) | | | | Shares of building product company Masco Corporation (MAS) have been sliding in recent months. However, one trader sees the possibility of a rebound in the coming weeks. That's based on the July $60 calls. With 64 days until expiration, 6,004 contracts traded compared to a prior open interest of 151, for a 40-fold rise in volume on the trade. The buyer of the calls paid $0.77.
» FULL STORY | | | | | | • | Inflation Slows to 8.3 Percent Annual Rate
Consumer prices rose 8.3 percent annually for the month ending in April. That's the first time in 7 months that the annualized rate has slowed. The consumer price index rose 0.3 percent, compared to a 1.2 percent rise in March, likely driven in part by a spike in energy prices. | | | | • | Demand for Adjustable-Rate Mortgages Soars
Adjustable-rate mortgages, or ARMs, are seeing demand rise to a 14-year high. The move comes as interest rates and therefore mortgage rates are on the rise. ARMs typically come with a low starting "teaser" rate before adjusting higher, so today's ARM applicants could be in for an unpleasant surprise if interest rates rise substantially from here. | | | | • | California Legislator Proposes $10 Billion Housing Program
To fight high home prices in California, one member of the state legislature is proposing to throw more money at the problem. Specifically, the state could potentially spend as much as $10 billion to provide as much as 30 percent of a home's purchase price via an interest-free loan. Such a move would allow some to better get into a home, but would likely only fuel prices higher. | | | | • | Ukraine Halting Gas Flows from Russia to Europe
Ukraine is suspending some of the natural gas flowing from Russia through the country to Europe. Ukraine cites interference from Russia's invasion as a reason for shutting down its flow system, including the unauthorized diversion of gas by Russian forces in Ukraine. | | | | • | Chainalysis Rises $170 Million at $8.6 Billion Valuation
Chainalysis has raised $170 million in Series F funding, with the leading funder being GIC, the sovereign wealth fund of Singapore. The company provides crypto investigation and compliance services. The company is now valued at $8.6 billion, or roughly double from its prior funding round last June. | | | | | | TOP | | EA | 7.966% | | | DRE | 7.826% | | | DKR | 5.419% | | | PM | 4.794% | | | HES | 3.706% | | | BOTTOM | | DISH | 19.724% | | | MELI | 12.236% | | | SBNY | 10.784% | | | ENPH | 9.298% | | | M | 8.932% | | | | | | | | | We are seeing signs on a month-over-month basis that inflation is peaking. But are we going to see some sort of a surprise number? That could really get things going. | | - Brian Belski, BMO Capital markets chief investment strategist, on the latest inflation read and why markets are likely to remain volatile until inflation rates come significantly down. | | |
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