 | | |  | DOW 32,899.37 | -0.30% | | | | | S&P 4,123.34 | -0.57% | | | | | NASDAQ 12,144.66 | -1.40% | | | | | *As of market close | | | • | Stocks continued lower on Friday, adding to losses from the rest of the week. | | | • | Oil rose 2.1 percent, closing at $110.52 per barrel. | | | • | Gold increased 0.4 percent, ending at $1,883 per ounce. | | | • | Cryptocurrencies trended lower, with Bitcoin at $35,977 at the stock market close. | | | | | | | |
| | | Growing Consumer Goods Companies Look Like a Market Safe-Haven Now | | | | Stocks are closing in on a bear market, as rising inflation seems to be out of control, even with the Federal Reserve hiking interest rates. However, some areas of the market are holding up well. A few consumer goods companies are able to see solid growth and revenue, while also passing off higher costs to consumers.
These companies tend to hold up well in down markets, even though they don't get much respect during a stock market rally.
» FULL STORY | | | | |
| | Insider Trading Report: B. Riley Financial (RILY) | | | | Randall Paulson, a director at B. Riley Financial (RILY), recently added 10,000 shares. The buy increased his holdings by nearly 6 percent, and came to a total price of just under $485,000.
This adds to a number of recent insider buys, including multiple buys from the company Chairman and Co-CEO over the past few months. And going back three years, insiders have only been buyers at the company.
» FULL STORY | | | | |
| | Unusual Options Activity: Block (SQ) | | | | Shares of payment company Block (SQ) have been in a sharp downtrend with other tech names in the past few months. One trader sees that trend continuing indefinitely.
That's based on the December $90 puts. With 221 days until expiration, 1,329 contracts traded against a prior open interest of 109, for a 12-fold rise in volume. The buyer of the puts paid $18.20 to get into the trade.
» FULL STORY | | | | |
| | • | Unemployment Holds Steady at 3.6 Percent
Private sector employers added 428,000 jobs in April. That's in excess of an expectation for 400,000 new jobs. Based on Labor Department data, this leaves the unemployment rate unchanged at 3.6 percent, just slightly over expectations for a final read of 3.5 percent. It's an ongoing sign that the labor market is returning to normal. | | | | • | Shipping Delays Rise on China Lockdowns
Supply chain and shipping delays are on the rise, thanks to the latest Covid lockdowns in China. While some China cities including Shanghai have started easing those restrictions, many are now predicting shipping delays through the summer, which could further impede economic growth. | | | | • | Former Fed Official: Rates Need to Hit at Least 3.5 Percent
Richard Clarida, a former Federal Reserve official, has stated that the central bank needs to raise interest rates to at least 3.5 percent in the next year to sufficiently slow the rise of inflation. Last week's half-point hike has left the Fed rate at 0.75 percent, suggesting more significant moves higher are needed in the coming months. | | | | • | Billionaire Cooperman Warns on Further Decline
Leon Cooperman, the billionaire investor, is warning that stocks have further room to decline in the coming months. That's because the chances of a recession are rising, which in turn will likely lead to a number of individuals and companies going to cash amid heightened uncertainty. | | | | • | Lyft Brings Back Shared Rides
Ride-sharing service Lyft (LYFT) has brought back shared rides to select cities. The service was ended during the pandemic, but has been popular as it cuts down on the total cost of a ride. The move comes as the company reported in its most recent earnings that there's been decreased rider revenue on a quarter-over-quarter basis. | | |
| | | | TOP | | | NRG | 8.459% | | | | EOG | 6.818% | | | | HES | 6.393% | | | | APA | 6.295% | | | | MCK | 5.951% | | | | BOTTOM | | | UA | 25.922% | | | | UAA | 23.653% | | | | DISH | 20.16% | | | | ILMN | 15.164% | | | | NWS | 13.885% | | | | |
| | |  | | If you go up 3% and then you give up half a percent the next day, that's pretty normal stuff. ... But having the kind of day we had yesterday and then seeing it 100% reversed within half a day is just truly extraordinary. | | - Randy Frederick, managing director of trading and derivatives at the Schwab Center for Financial Research, on Thursday's sharp reversal from Wednesday's massive gain, and why traders are likely in for more extreme volatility in the weeks ahead. | |
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