Good morning. While the market has been in selloff mode since November, we're starting to see...
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 32,990.12 | -0.67% | | | | S&P 4,132.15 | -0.63% | | | | NASDAQ 12,081.39 | -0.41% | | | | *As of market close | | • | The stock market drifted lower on Tuesday, after briefly posting gains earlier in the day. | | • | Oil rose 0.2 percent, closing at $115.32 per barrel. | | • | Gold slid 1 percent, ending the day at $1,840 per ounce. | | • | Cryptocurrencies generally rallied, with Bitcoin at $31,659 at the market close. | | | | | | | | | | Insider Trading Report: Best Buy Co (BBY) | | | | Richard Schulze, Chairman Emeritus at Best Buy Co (BBY), recently picked up 250,000 shares. The buy increased his holdings by about 1.1 percent, and came to a total purchase price of $19,900,000. The buy is notably large, as company insiders have generally been sellers of shares over the past three years. Typically, company insiders will sell around 10,000-15,000 shares in their largest blocks, against some modest insider buys of as few as 10 shares. » FULL STORY | | | | | | Unusual Options Activity: General Motors (GM) | | | | Shares of carmaker General Motors (GM) have shed over one-third of their value in the past year. One trader sees the possibility for a further decline.
That's based on the July 8 $38 puts. With 37 days until expiration, 10,003 contracts traded compared to a prior open interest of 100, for a 100-fold increase in volume on the trade. The buyer of the puts paid $1.89 to make the trade.
» FULL STORY | | | | | | • | Home Prices Rise Over 20 Percent in March
Home prices rose 20.6 percent in March, compared to the same period a year earlier. That's according to the latest Case-Shiller Home Price Index. The 10-city composite index rose at a slightly slower 19.5 percent. The rise occurred as 30-year fixed rate mortgages averaged 4.67 percent for the month of March. | | | | • | Stores Face Inventory Excess
A number of retailers are reporting that they face too much inventory on a number of big-ticket items like televisions and clothing. That's a contrast to last year, when such items were scarce. The resulting inventory surplus will likely lead to markdowns and sales, which could help curb inflation rates. | | | | • | EU Bans Russian Oil
The European Union moved to ban oil imports from Russia two months ago, but were held up by political considerations. The sanctions are now expected to include a ban on insuring ships that carry Russian oil, which could further impact sales on the international market, both in Europe and further abroad. The move could continue to keep oil prices high indefinitely. | | | | • | SEC ESG Disclosure Rules Delayed
Plans for the SEC to create a corporate disclosure for climate change impacts appears to be delayed, due to the lack of a vague way to document the data. Political opposition and possible legal challenges will also delay when companies have to report on broader ESG measures. The SEC now expects such disclosures to take years to complete. | | | | • | Bonfire Ventures Starts Funds for B2B Software Startups
Despite a sharp pullback in market activity this year, companies continue to make investments and allocate capital to startup opportunities. One such company is Bonfire Ventures, which has secured $230 million for two funds targeting business-to-business software startups. | | | | | | TOP | | MOS | 4.678% | | | JD | 4.546% | | | AMZN | 4.397% | | | TCOM | 3.568% | | | UA | 3.412% | | | BOTTOM | | BMRN | 7.213% | | | ILMN | 7.2% | | | CEG | 6.787% | | | MOH | 4.871% | | | TECH | 4.354% | | | | | | | | | The consumer appears to have a 'barbell' approach to spending: low-end necessities and higher-end experiences/luxury items are doing fine, while general merchandise spending is being delayed, i.e., getting one more year out of that worn-down patio furniture is okay. This [past] week, various retailers started to balance the macro narrative, with the demise of the consumer now appearing to have been greatly exaggerated. | | - Christopher Harvey, analyst at Wells Fargo, on the changing pattern in consumer spending now that indicates that the economy is generally strong, but some areas continue to see purchasing delays. | | |
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