Good morning. The Biden Administration is finalizing plans to cancel $10,000 in student loan debt...
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.
 | | |  Good morning. The Biden Administration is finalizing plans to cancel $10,000 in student loan debt per borrower. While some would prefer to see all student loan debt cancelled, the real question is – what happens to the debt? Someone lent out the money, and they likely want to be repaid.
In short, to cancel this debt on the part of a student, it will simply be transferred to the government's books. Those who see the measure as vote-buying ahead of the midterm elections are right. The additional government debt, at a time when interest rates are rising, could weigh against any economic expansion in the coming months.
However, in the short-term, it may free up some spending ability by some consumers, which may help fuel the market rebound from its recent drop into bear territory. But longer-term, it's a reason to remain cautious.
Now here's the rest of the news: | | | | | |
| | |  | DOW 33,213.35 | +1.77% | | | | | S&P 4,158.27 | +2.47% | | | | | NASDAQ 12,131.13 | +3.33% | | | | | *As of market close | | | • | Stocks were closed on Monday, in observation of Memorial Day. | | | | | | | |
| | Insider Trading Report: 3D Systems Corp (DDD) | | | | Jim Kever, a director at 3D Systems Corp (DDD), recently picked up 10,000 shares. The buy increased his holdings by 2.5 percent, and came to a total cost of just over $106,000.
The buy comes one week after the company president and CEO picked up 10,141 shares, also for a total cost of around $106,000. Going back over the past three years, company insiders, including both executives and directors, have been inclined to be sellers of shares.
» FULL STORY | | | | |
| | Unusual Options Activity: Bank of America (BAC) | | | | Shares of megabank Bank of America (BAC) have shed about 13 percent in the past year. One trader sees a potential rebound playing out through the next year.
That's based on the March 2023 $50 calls. With 290 days left on the option, 12,368 contracts traded compared to a prior open interest of 367, for a 34-fold rise in volume on the trade. The buyer of the calls paid $0.55 to get into the trade.
» FULL STORY | | | | |
| | • | Core PCE Inflation Shows Slowing Trend
Core PCE, a measure of inflation preferred by officials at the Federal Reserve, rose at a 4.9 percent annualized rate through April. That's down from a rate of 5.2 percent in March. The decline was largely in line with expectations. The measure excludes food and energy prices, so consumers may still have a rough few months ahead. | | | | • | Two-Thirds of American Workers Report Pay Increases Are Lagging Inflation
Wages have substantially rose over the past few years, but according to most Americans, increased pay has come in under inflation. That indicates that there's been a decline in real terms, which could put a squeeze on workers. It could also create an opportunity for companies looking to hire to increase pay expectations. | | | | • | Mortgage Rates Dip Slightly
30-year, fixed-rate mortgages dipped to 5.10 percent last week. That's the second weekly drop in a row, down from 5.25 percent. However, one year ago, mortgage rates stood at 2.95 percent, offering homeowners a far lower cost to carry the costs of their property. | | | | • | SPACs Increase Going Concern Warnings
Over 25 companies that have gone public over the past two years via a merger with a special purpose acquisition company (SPAC) are now issuing a going-concern warning in their SEC filings. Many retail investors piled into these companies following the early returns of some companies that used this method to go public. | | | | • | Snapchat Rolls Out "Shared Stories" Feature
Snapchat is rolling out a new feature designed to make collaborations and shared memories easier. Dubbed "Shared Stories," the posts are automatically deleted after 24 hours. The feature also has content and blocking moderation, but may add to the platform's ability to entice users to stay on for long periods of time. | | |
| | | | TOP | | | ULTA | 12.467% | | | | ADSK | 10.306% | | | | MRNA | 8.733% | | | | MPWR | 8.106% | | | | TSLA | 7.333% | | | | BOTTOM | | | WDAY | 5.567% | | | | BMY | 1.869% | | | | CF | 1.024% | | | | PM | 1.018% | | | | C | 0.869% | | | | |
| | |  | | We think there's a good chance for some more strength here. This is sort of a classic bear market rally or bounce off the bottom. Inflation expectations have rolled over recently. | | - Troy Gayeski, chief market strategist for FS Investments, on why the market may trend higher in the next few weeks, even if there's still a longer-term downtrend in place. | |
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