| | | | DOW 32,272.79 | -1.94% | | | | S&P 4,04417.82 | -2.38% | | | | NASDAQ 11,754.23 | -2.75% | | | | *As of market close | | • | Stocks sank on Thursday, closing near lows of the day. | | • | Oil dropped 0.8 percent, closing at $121.20 per barrel. | | • | Gold dipped 0.4 percent, ending the day at $1,850 per ounce. | | • | Cryptocurrencies generally declined, with Bitcoin at $30,026 at the market close. | | | | | | | | | | Consumer Goods Still Deliver a Safe-Haven from Inflation's Bite | | | | Consumers may be cutting back on higher-priced goods right now as housing and fuel costs have been on the rise. But for some consumer goods, raising prices to contend with inflation hasn't been a problem. These consumer goods companies are thus able to maintain their profit margins, even as other companies are facing a squeeze thanks to the high rate of inflation right now. Such companies also provide investors with a safe-haven in the stock market, as growth names have fallen well out of favor. » FULL STORY | | | | | | Insider Trading Report: Weyerhaeuser (WY) | | | | Albert Monaco, a director at Weyerhaeuser (WY), recently picked up 3,000 shares. The buy increased his stake by about 12 percent, and came to a total price of just over $115,000. This marks the first insider buy at the company in over a year. Company executives have been sizeable sellers of shares over the past year. Going further back, there's been a more even mix of insider buys by directors and sales from company executives. » FULL STORY | | | | | | Unusual Options Activity: Comstock Resources (CRK) | | | | Shares of oil and gas exploration company Comstock Resources (CRK) have soared 256 percent in the past year. One trader is betting on a further rally higher for the energy company.
That's based on the September $22 calls. With 98 days until expiration, 10,096 contracts traded compared to a prior open interest of 154, for a 66-fold jump in volume on the trade. The buyer of the calls paid $2.83 to get into the trade.
» FULL STORY | | | | | | • | Mortgage Rates Resume Their Rise
After two weeks of declines, mortgage rates have started to rise again. 30-year, fixed rate mortgages averaged 5.23 percent for the week, up from 5.09 percent the week before. One year ago, such rates were 2.96 percent. The rise has occurred amid the latest economic data, indicating that inflation rates still remain strong, even if they may now start to slow. | | | | • | Jobless Claims Rise to Highest Level Since January
Jobless claims rose to 229,000 for the week. That's higher than expectations for 210,000 created jobs. While a slight rise, and the highest level since January, the four-week average continues to be at its lowest level since 1970. The unemployment rate of 3.6 percent is near its lowest level since 1969. | | | | • | ECB Prepares to Raise Interest Rates
The European Central Bank is looking to start raising interest rates for Eurozone nations next month. The bank will also stop its bond purchasing program. The move comes as several Eurozone countries have reported high levels of inflation and soaring prices overall. | | | | • | Chip Shortage Looks to Continue
For nearly two years, a shortage of semiconductor chips has held up the production of a number of high-tech goods. That looks to continue, as some of the most cutting-edge chips continue to see production hitches and a shortage of equipment to meet demand. | | | | • | Google Expands AI Service
Alphabet (GOOG) is looking to expand the Vertex AI service under its Google Cloud division. The unified AI product is looking to create a new generation of AI that allows customers to expand their work. The newest features induce machine learning and training instruction. | | | | | | TOP | | NXPI | 4.84% | | | POOL | 2.645% | | | FTNT | 2.446% | | | DG | 2.077% | | | TSCO | 2.022% | | | BOTTOM | | TCOM | 9.345% | | | MRNA | 8.519% | | | CCL | 8.237% | | | NCLH | 8.043% | | | MELI | 8.012% | | | | | | | | | There's some chance that the upper boundaries of that range end up being a ceiling for rates, but that will depend on inflation and other incoming economic data. With a key inflation report set to release on Friday morning, the potential for volatility remains high. | | - Matthew Graham, chief operating officer at Mortgage News Daily, on why mortgage rates may have hit a short-term peak, although changes in rates, which impact housing sales and prices, may remain volatile for some time. | | |
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