Good morning. Markets continue to get slammed, with the Nasdaq down nearly 10 percent in...
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 30,516.74 | -2.79% | | | | S&P 3,749.63 | -3.88% | | | | NASDAQ 10,809.23 | -4.68% | | | | *As of market close | | • | Stocks sank on Monday, as fear over inflation and the slowing economy continued. | | • | Oil traded flat, closing at $120.70 per barrel. | | • | Gold slid 2.7 percent, ending the day at $1,824 per ounce. | | • | Cryptocurrencies were hit hard, with Bitcoin at $23,401 at the market close. | | | | | | | | | | More Great Companies Slide into A Buying Range as Fear Reigns | | | | The stock market set a new low last week, and again on Monday. That may be a re-test of the prior low before moving higher, or it may more pain ahead for investors.
Those looking for when to buy during a market drop have many different ways to do so. For some types of companies, knowing which key metrics indicate a solid value now could lead to some astute buys now. » FULL STORY | | | | | | American Eagle Outfitters (AEO) | | | | David Sable, a director at American Eagle Outfitters (AEO), recently picked up 1,500 shares. The buy increased his stake by 6 percent, and came to a total price of just under $19,000. This marks the second insider buy this year, also from a director. And a third director picked up shares late last year. Otherwise, company executives have been large and consistent sellers of shares over the past three years. » FULL STORY | | | | | | Unusual Options Activity: Devon Energy (DVN) | | | | Shares of oil and natural gas exploration company Devon Energy (DVN) have been in a steady uptrend over the past year. One trader sees the strong prospect for a further rally. That's based on the January 2023 $35 calls. With 220 days until expiration, 72,384 contracts traded compared to a prior open interest of 248, for a staggering 292-fold rise in volume on the trade. The buyer of the calls paid $39.70 to make the bet.
» FULL STORY | | | | | | • | Yield Curve Inverts as Stocks Pull Back
The 10-year US Treasury yield dropped under the 2-year rate yesterday, marking another yield curve inversion. It's been several months since the bond market has given off such a warning signal. Historically, yield curve inversions have been strong predictors for a recession in the months ahead. | | | | • | Crypto Market Cap Sheds $200 Billion
The crypto market sank over the weekend and into Monday, losing over $200 billion in value overall. The move came amid a continued selloff in all assets on Monday. Crypto's drop was further fueled by a crypto lending company that paused withdrawals for its customers. | | | | • | Sriracha Sauce Becomes the Latest Product Facing a Shortage
Huy Fong, one of the world's largest sauce producers, says they anticipate a shortage of Sriracha sauce. The issue stems from chili peppers, which have been in short supply since the early stages of the Covid pandemic, with further shortages this year caused by inclement weather. | | | | • | Prologis Makes Acquisition Offer for Duke Realty
Industrial real estate investment trust (REIT) Prologis (PLD) has made a $26 billion offer for Duke Realty (DRE). The offer includes the company's debt. If the deal goes through, Prologis will see its portfolio of space increase in a number of growing states and cities. | | | | • | Amazon To Test Drone Delivery in California Town
Retailer Amazon (AMZN) is looking to test out its drone delivery service in the town of Lockeford, California. The company is working with the FAA for approval on its delivery drones, which can carry up to 5 pounds of payload up to 50 miles per hour. | | | | | | TOP | | CME | 1.546% | | | TFC | 1.502% | | | DRE | 0.984% | | | MCD | 0.459% | | | DPZ | 0.034% | | | BOTTOM | | SBNY | 13.674% | | | CZR | 12.879% | | | NCLH | 12.234% | | | PENN | 11.436% | | | CCL | 10.317% | | | | | | | | | It just reinforces the impact the CPI number had on consumer psyche. We can guess this is going to have a negative future impact on consumer spending. It's a shocking number, but this is what inflation does when it's running as hot as it is. | | - Peter Boockvar, analyst at Bleakley Advisory Group, on Friday's strong inflation numbers and why it may lead to consumers cutting back spending until prices stop rising. | | |
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