Good morning. The Federal Reserve has raised interest rates again – essentially pumping the brake...
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 34,061.06 | +2.81% | | | | S&P 4,300.17 | +2.99% | | | | NASDAQ 12,964.86 | +3.19% | | | | *As of market close | | • | Stocks soared higher on Wednesday, as the Federal Reserve raised interest rates 0.5 percent. | | • | Oil rose 5.5 percent, closing at $108.02 per barrel. | | • | Gold increased 0.7 percent, ending at $1,884 per ounce. | | • | Cryptocurrencies generally rallied, with Bitcoin at $39,843 at the stock market close. | | | | | | | | | | It's Still Not Too Late to Make an Investment in This Top-Quality Tech Player | | | | The tech space has been a roller coaster over the past six months, and largely to the downside. Many big names retested their February lows in last week's selloff. However, as earnings come in, traders can better separate the winners in today's economy from those not faring as well.
That's especially true in a competitive space like hardware. Hardware is more like a commodity than software, but a company that makes quality hardware can still stand out. » FULL STORY | | | | | | Insider Trading Report: Aflac (AFL) | | | | Karole Lloyd, a director at Aflac (AFL), recently added 1,000 shares. The buy increased her position by just under 3 percent, and came to a total purchase price of just under $60,000.
This marks the first insider buy at the company since last July. Since then, company insiders have been sellers. And insider selling has been more prevalent than insider buying over the past three years by a substantial margin, even as shares have soared higher. » FULL STORY | | | | | | Unusual Options Activity: Antero Resources Corporation (AR) | | | | Shares of oil and gas exploration company Antero Resources Corporation (AR) are up over 240 percent in the past year. One trader sees a further rally in the months ahead.
That's based on the November $45 calls. With 197 days until expiration, 26,695 contracts traded compared to a prior open interest of 550, for a 49-fold rise in volume on the trade. The buyer of the calls paid $4.80 to make the bet.
» FULL STORY | | | | | | • | Yellen States Economy Remains Strong
Speaking at the CEO Council Summit, Treasury Secretary Janet Yellen states that the economy remains strong. Inflation remains high, and needs to come down, but strength in the labor market shows that the economy is in strong shape, although there's a prospect for higher energy prices given a planned EU embargo of Russian oil. | | | | • | Jamie Dimon Warns Cold War Is Back
JPMorgan Chase (JPM) CEO Jamie Dimon has stated that the cold war is back, and that investors should prepare accordingly. Further escalation could take oil prices as high as $185 per barrel, and more energy production in the US is needed to lessen the risk of a further oil price surge. | | | | • | TurboTax to Pay $141 Million for Unfairly Charged Customers
Intuit (INTU), owner of TurboTax, has been ordered to pay $141 million in restitution to 4.4 million low-income customers. Those customers qualified for free tax-filing services, but were charged instead. All 50 states have signed on to the agreement. | | | | • | EPA Considers Crackdown on Crypto Mining
The EPA is considering cracking down on crypto mining operations, given the industry's alleged carbon emissions. Crypto miners are lobbying the agency not to, citing the rising use of green energy sources for crypto mining, and that crypto mining is akin in electricity use to that of data centers. | | | | • | Starbucks to Launch NFTs
Coffee chain Starbucks (SBUX) is planning to launch its own NFT collection this year. The company, which initially grew large thanks to its concept of being a "third place" between home and work, hopes to do the same online with NFTs. | | | | | | TOP | | PAYC | 13.543% | | | GNRC | 12.824% | | | SBUX | 10.601% | | | XYL | 9.13% | | | ENPH | 9.07% | | | BOTTOM | | JCI | 10.84% | | | AKAM | 9.587% | | | IDXX | 5.706% | | | SWKS | 5.65% | | | VRSK | 4.078% | | | | | | | | | If our 'no recessions soon' call is right, then the pattern we have seen so far this year will probably continue: with equities punching lower and then recovering at least partially as long as recession fails to materialize, and the rates and commodity curves continuing to move higher over time. | | - Jan Hatzius, chief economist at Goldman Sachs, on why the market will likely continue lower, but the economy should scrape by without going into a recession. | | |
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