Good morning. While the stock market jumped 6 percent last week off of oversold levels, we're not...
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 31,438.26 | -0.20% | | | | S&P 3,900.11 | -0.30% | | | | NASDAQ 11,524.55 | -0.72% | | | | *As of market close | | • | Stocks dipped slightly on Monday, following the prior week's 6 percent gain. | | • | Oil rose 2.1 percent, closing at $109.85 per barrel. | | • | Gold declined 0.4 percent, going for $1,824 per ounce. | | • | Cryptocurrencies moved slightly lower, with Bitcoin at $20,863 at the market close. | | | | | | | | | | The Growth of Trading Makes These Financial Plays Massively Profitable | | | | Financial markets and stocks are in disarray. While companies like banks are down due to interest rate fears, a select number of companies related to financial exchanges are also being hard hit – even as trading volume has been exploding.
These companies tend to be consistently and largely profitable. So any short-term decline due to market conditions will tend to unwind over time, leading to big returns for patient investors who buy during market fears. » FULL STORY | | | | | | Insider Trading Report: Sysco Corp (SYY) | | | | Aaron Alt, CFO and an EVP at Sysco Corp (SYY), recently picked up 1,000 shares. The buy increased his holdings by 7.5 percent, and came to a total cost of just over $80,000.
This is the first insider buy at the company since early 2020. Over the past three years, company insiders, including both executives and directors, have largely been sellers of shares. Those sales have also occurred on a regular basis. » FULL STORY | | | | | | Unusual Options Activity: The Walt Disney Company (DIS) | | | | Shares of media giant The Walt Disney Company (DIS) have slid in recent months along with the overall market. One trader sees a further decline in shares in the coming weeks.
That's based on the July 22 $100 puts. With 24 days until expiration, 5,040 contracts traded compared to a prior open interest of 129, for a 39-fold rise in volume on the trade. The buyer of the puts paid $4.80 to get into the trade.
» FULL STORY | | | | | | • | Pending Home Sales Rise in May
Pending home sales rose 0.7 percent in May compared to April. The gain was a surprise, given rising mortgage rates. However, those rates did pull back slightly in May. Overall, pending home sales are on track for a 13 percent decrease compared to a year before. | | | | • | Russia Defaults on Foreign Debt
Russia has failed to pay interest on its foreign-denominated debt, for the first time since the Communist Revolution in 1918. The government was unable to secure about $100 million in US dollars and Euros after a 30-day grace period. While the government has the funds, frozen reserves by the West have led to this default. | | | | • | G7 Considers Additional Russian Sanctions
The Group of Seven are working on a framework for additional sanctions against Russia. That includes a mechanism to cap the purchase price of Russian oil in Western markets. The move comes as the US is looking to provide a new round of military aid to Ukraine. | | | | • | Stores Consider Allowing Buyers to Keep Unwanted Items
Retail stores are looking at ways to cut back on the high costs of returns. Between the costs of shipping, fuel prices, excess inventory, and supply chain issues, some retailers are considering just handing customers their money back and allowing them to keep unwanted items. | | | | • | Subpoenas Issued for Trump SPAC Board Members
Board members of Digital World Acquisition Corp (DWAC), the special purpose acquisition company looking to acquire Truth Social, have received subpoenas from a New York-based federal grand jury related to the merger. The move comes ahead of the SPAC's proposed merger with the social media company owned by former President Donald Trump. | | | | | | TOP | | VLO | 7.996% | | | DVN | 7.476% | | | HES | 5.182% | | | MRO | 4.853% | | | MOS | 4.57% | | | BOTTOM | | ETSY | 3.552% | | | EA | 3.533% | | | ADSK | 3.434% | | | RCL | 3.424% | | | BBY | 3.414% | | | | | | | | | On balance, sentiment is mixed. Consumers are getting out and paying for 'experiences,' namely travel, leisure, beauty items, household essentials, etc. Elevated inflation, particularly higher food and energy costs, are among headwinds widely expected to crimp discretionary spending in the near-term." | | - Terry Sandven, chief equity strategist at U.S. Bank Wealth Management, on why the market isn't out of the woods yet following last week's rally, and why further pressure may occur in markets in the weeks ahead. | | |
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