Good morning. Many traders today have started well after the tech crash in 2000, and even after...
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 31,029.31 | +0.27% | | | | S&P 3,818.83 | -0.07% | | | | NASDAQ 11,177.89 | -0.03% | | | | *As of market close | | • | Stocks traded flat on Wednesday, as investors remained concerned over economic growth. | | • | Oil dropped 2.1 percent, closing at $109.41 per barrel. | | • | Gold traded flat, going for $1,820 per ounce. | | • | Cryptocurrencies traded weakly, with Bitcoin at $20,237 at the market close. | | | | | | | | | | Grab Income Plays in Today's Market While Prices Are Out of Favor | | | | Investors loved growth stocks during the stock market rally. With stocks now in a downtrend, investors are now looking less towards growth and now towards safety. One way investors can find safety is by focusing on companies that pay dividends.
However, no dividend is alike. Income investors need to look at a stock's payout ratio, to ensure a company isn't paying out more than it's earning. » FULL STORY | | | | | | Insider Trading Report: DaVita Inc (DVA) | | | | David Staffieri, COO at DaVita Inc (DVA), recently added 20,000 shares. The buy increased his stake by 18 percent, and came to a total cost of just over $1.55 million.
This marks the first insider buy at the company since late 2020. Insiders have been consistent and sizeable sellers of shares over the past three years, with only a few modest insider buys in total. » FULL STORY | | | | | | Unusual Options Activity: Cleveland-Cliffs (CLF) | | | | Shares of iron ore producer Cleveland-Cliffs (CLF) have shed nearly half their value in the past few months. One trader sees a much bigger decline playing out over the next year and a half.
That's based on the January 2024 $5.00 put. With 568 days until expiration, 10,010 contracts traded compared to a prior open interest of 164, for a 61-fold rise in volume on the trade. The buyer of the puts paid $0.41.
» FULL STORY | | | | | | • | US GDP Shrank More than Expected in the First Quarter
Initial projects showed the US economy shrank 1.4 percent in the first quarter of 2022. However, the latest revised numbers show a drop of 1.6 percent, according to the Bureau of Economic Analysis. This larger drop indicates that the second quarter of the year may also show a slowdown, which would officially mark a recession. | | | | • | California Residents May Get "Inflation Relief" Checks
A budget proposal in California may allow millions of families in the state to receive checks of up to $1,050. The goal is to help with offsetting inflation and helping families better pay for gasoline and groceries. If passed, it would be the largest direct payment from a state, but could also end up extending inflation. | | | | • | China Looks to Cut Bank Executive Pay
China is looking to crack down on pay for bank executives that it deems "excessive." This is part of a larger crackdown on high salaries that started in the country last year. China's latest drive, the Common Prosperity campaign, is looking to find ways to reduce income inequality. | | | | • | Tesla Lays Off 200 Workers
Tesla Motors (TSLA) has laid off nearly 200 employees working on the Autopilot program. The EV producer joins a number of other tech companies who have announced layoffs in recent weeks. The company has previously noted that they would look to reduce headcount among non-manufacturing roles, although the total company payroll is expected to grow overall. | | | | • | Three Arrows Capital Ordered to Liquidate
A court in the British Virgin Islands has ordered Three Arrows Capital to liquidate. The hedge fund, invested largely in cryptocurrencies, has failed to repay its debts. The fund's valuation has suffered as the selloff in the crypto space has led to large losses for the fund. | | | | | | TOP | | GIS | 6.348% | | | MOH | 3.442% | | | ABMD | 2.975% | | | MNST | 2.797% | | | SJM | 2.744% | | | BOTTOM | | CCL | 14.134% | | | RCL | 10.264% | | | NCLH | 9.326% | | | BBWI | 9% | | | APA | 6.887% | | | | | | | | | The bottom line is until we see some amount of panic here or something that gets the central bankers concerned, they are just 'hellbent' to get inflation under control. | | - Scott Minerd, CIO of Guggenheim Partners' Global, on why the market will likely continue to trend downward from here in the coming months as the focus remains on reducing inflation. | | |
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