 | | |  | DOW 31,392.79 | -2.73% | | | | | S&P 3,900.86 | -2.91% | | | | | NASDAQ 11,340.02 | -3.52% | | | | | *As of market close | | | • | Stocks sank on Friday, following the latest inflation data. | | | • | Oil dropped 0.9 percent, closing at $120.46 per barrel. | | | • | Gold rallied 1.3 percent, ending the day at $1,876 per ounce. | | | • | Cryptocurrencies generally declined, with Bitcoin at $29,083 at the market close. | | | | | | | |
| | | Consider the Top Brands in the Future of Entertainment | | | | Whether the economy is doing well or poorly, people want to be entertained. In a struggling market, most can find the money for inexpensive forms of entertainment such as movies, books, or video games.
Of the three, video games have had the strongest growth, and the best revenue. And the space has seen some merger activity in recent months reflecting the notion that the space is still undervalued when looking at the long haul.
» FULL STORY | | | | |
| | Insider Trading Report: SoFi Technologies (SOFI) | | | | Anthony Noto, CEO at SoFi Technologies (SOFI), recently picked up 47,625 shares. The buy increased his stake by 1.4 percent, and came to a total price of just over $300,000. The buy came a day after the CEO made a purchase of 16,907 shares, for just over $112,000.
Overall, the company CEO has made 18 buys in the past year. Other company insiders have been sizeable buyers in recent months as well.
» FULL STORY | | | | |
| | Unusual Options Activity: FIGS, Inc (FIGS) | | | | Shares of apparel manufacturing company FIGS, Inc (FIGS) have slid about 75 percent in the past year. One trader sees further downside for the company in the months ahead.
That's based on the October $7.50 puts. With 130 days until expiration, 5,202 contracts traded compared to a prior open interest of 152, for a 34-fold rise in volume on the trade. The buyer of the puts paid $1.18 to bet on a further downside in shares.
» FULL STORY | | | | |
| | • | Inflation Rises to 8.6 Percent in May
Rising energy and housing costs drove inflation higher at an 8.6 percent annualized rate for the 12 months ending in May. That's a new fresh 42-year record high, according to Labor Department data. Economists were generally expecting a high read, especially as energy prices have remained persistently high. | | | | • | Consumer Sentiment Sinks to Record Low
The latest University of Michigan consumer sentiment data has reached 50.2. That's the lowest recorded level since the data was first tracked, and is now slightly lower than the prior lows set during the 1980 recession. While the job market is strong, consumers are frustrated over high rates of inflation. | | | | • | Union Membership Rises
Public-sector union membership levels have been on a stark decline for decades. However, that trend has started to slightly tick higher, as workers at many big-name companies like Amazon (AMZN) and Starbucks (SBUX) have been pushing to unionize their workforce. | | | | • | US Drops Covid Testing Requirement for International Travelers
The United States is dropping its requirement that international travelers show proof of a negative Covid test a day before travelling to the country. The move comes as the travel industry has been pushing to drop the requirement, citing a slow recovery in air travel from the pandemic. | | | | • | Disney+ Rolls Out Streaming Service Globally
Streaming service Disney+, part of the Walt Disney Company (DIS), is rolling out internationally. The company is expanding into 16 more markets, largely across the Middle East and North Africa, after announcing an expansion in a number of European countries this month. The service is expected to be in over 160 countries by the end of 2023. | | |
| | | | TOP | | | NEM | 3.98% | | | | CAH | 2.883% | | | | NTES | 2.766% | | | | HSY | 2.106% | | | | BAX | 1.944% | | | | BOTTOM | | | ILMN | 9.133% | | | | CZR | 8.872% | | | | ETSY | 8.505% | | | | DFS | 7.236% | | | | BKNG | 6.96% | | | | |
| | |  | | I think there's still a pretty high degree of pessimism that helps underpin the market, and the back-and-forth action is really the market trying to make sense of the next direction and waiting for news flow. | | - Yung-Yu Ma, chief investment strategist at BMO Wealth Management, on why the stock market's decline has slowed in recent weeks, and why we may see another big move in stocks (either higher or lower) in the coming weeks as new data comes in. | |
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