Good morning. While the Russian ruble initially sank following sanctions against the country,...
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 32,977.21 | -2.77% | | | | S&P 4,131.93 | -3.63% | | | | NASDAQ 12,334.64 | -4.17% | | | | *As of market close | | • | Stocks sank again on Friday, with the Nasdaq losing over 4 percent. | | • | Oil dipped 1.1 percent, closing at $104.17 per barrel. | | • | Gold rose 0.3 percent, ending at $1,896 per ounce. | | • | Cryptocurrencies generally sank, with Bitcoin at $38,336 at the stock market close. | | | | | | | | | | Stick With Quality Companies in Tough Markets | | | | When the stock market is rallying, it can be tough to find a stock to buck the trend. But when markets are skeptical of any economic growth, buying tried-and-true companies being sold off with the speculative names can be a winning strategy. That tends to mean investing in companies of quality. That can mean being in an industry with few competitors, or having a business model that can profit in any economic environment. » FULL STORY | | | | | | Insider Trading Report: Blackstone (BX) | | | | Ruth Porat, a director at Blackstone (BX), recently added 5,000 shares. The buy increased her stake by 46 percent, and came to a total of just under $550,000. This is the third buy from the director this year. She previously bought another 5,000 shares back in February, shelling out over $630,000 at the time. Going further back, company insiders, including directors, have been inclined to be sellers of shares. » FULL STORY | | | | | | Unusual Options Activity: Nike (NKE) | | | | Shares of athletic apparel company Nike (NKE) have been in a downtrend for the past few months, but the share price has moderated in recent weeks. One trader sees the possibility for a rebound ahead. That's based on the September $125 calls. With 137 days until expiration, 10,714 contracts traded compared to a prior open interest of 300, for a 36-fold jump in volume on the contract. The buyer of the calls paid $12.43 to get into the trade.
» FULL STORY | | | | | | • | PCE Grows 6.6 Percent Year-Over-Year
Personal Consumption Expenditures, an inflation measure popular among analysts and Federal Reserve members, has risen 6.6 percent year-over-year for March. That's a 40-year high, representing the highest increase since January 1982, and edging out February's numbers. | | | | • | Personal Loans Rise 31 Percent In 2021
Personal loans shrank in 2020, but rose higher in 2021. Figures for the full year show that borrowers took out $222 billion in personal loans. That's a 31 percent increase from the prior year, and up 22 percent from 2019. It's also the highest level going back to 2011. | | | | • | Russia Looks to Avoid Default on Dollar Bond Payments
Russia has continued its efforts to avoid defaulting on international bond payments denominated in US dollars. Funds have been channeled to London for payment, but it's unclear if it will reach the recipients of the bond payments. Russian bonds denominated in US dollars are currently on a grace period, but will officially be in default on May 4, which may further isolate Russia from western nations. | | | | • | ARK Innovation Sinks to Pre-Pandemic Levels
ARK Innovation has lost over 48 percent this year so far, adding to its 23 percent decline in 2021. That cumulative drop has caused the fund to now trade under where it started in 2020. In that year, the fund soared 153 percent as investments in remote-working technologies made by the fund exploded in value at the start of the pandemic. | | | | • | Roku Sees Slowing Growth
Streaming company Roku (ROKU) is joining other companies in the space in reporting a slowdown in revenue and user growth. The platform saw 1.1 million new accounts added, leading to a total of 61.3 million. And net revenue growth of 28 percent is a significant slowdown compared to 79 percent over the last year. The rise of numerous streaming platforms and an end to the pandemic are likely culprits for the slowdown in the overall space. | | | | | | TOP | | MHK | 8.962% | | | JD | 8.147% | | | TCOM | 6.864% | | | NTES | 5.543% | | | BIDU | 4.546% | | | BOTTOM | | AMZN | 14.726% | | | VRSN | 14.097% | | | CINF | 9.368% | | | AON | 9.203% | | | ABBV | 8.259% | | | | | | | | | In retrospect, this could be seen as a pivotal report. It reminds us of the reality that growth has been great, but things are changing and they won't be that great going forward. | | - Simona Mocuta, chief economist at State Street Global Advisors, on last week's surprise negative GDP report, and why it could portend a shift in the economy to lower growth and inflation sensitivity for years to come. | | |
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