 | | |  | DOW 30,364.83 | -0.50% | | | | | S&P 3,735.48 | -0.38% | | |  | NASDAQ 10,828.35 | +0.18% | | | | | *As of market close | | | • | Stocks traded mixed on Tuesday, with the S&P 500 falling for a 5th straight day. | | | • | Oil dropped 2.2 percent, closing at $118.28 per barrel. | | | • | Gold slid 1.2 percent, ending the day at $1,810 per ounce | | | • | Cryptocurrencies slid again, with Bitcoin at $22,257 at the market close. | | | | | | | |
| | | Stick With Infrastructure Plays When Looking for a Tech Rebound | | | | While the economy is slowing, many trends in place will continue, even at a slower pace. Companies that can cater to the needs of growing industries can still grow and eventually even buck a market downtrend.
Companies that help grow out some of today's top tech trends, like electric vehicles or the 5G network, will be most successful if they're already the industry leaders today. As long as that advantage can be maintained, they'll likely continue to keep their market share.
» FULL STORY | | | | |
| | Insider Trading Report: Shutterstock (SSTK) | | | | Paul Hennessy, a director at Shutterstock (SSTK), recently picked up 10,000 shares. The buy increased his stake by 47 percent, and came to a total price of just over $564,000.
This marks the first insider buy at the company in the past three years. Over that timeframe, most insider sales have come from the company's Executive Chairman, who is also a major holder.
» FULL STORY | | | | |
| | Unusual Options Activity: Digital Realty Trust (DLR) | | | | Shares of data center REIT Digital Realty Trust (DLR) are down 20 percent over the past year. One trader sees the possibility for a further decline in the months ahead.
That's based on the October $105 puts. With 128 days until expiration, 8,515 contracts traded compared to a prior open interest of 123, for a 69-fold rise in volume on the trade. The buyer of the puts paid $3.55 to get into the trade.
» FULL STORY | | | | |
| | • | Mortgage Rates Surge to 6 Percent
30-year, fixed-rate mortgages surged over 6 percent following a big selloff in the mortgage securities market. The move means that mortgage rates have no doubled since the start of the year. That will reduce home affordability, and likely slow the housing market following two strong years of substantial gains. | | | | • | Producer Price Index Shows Slight Slowdown
The producer price index rose by 10.8 percent in May compared to a year ago, according to the latest Bureau of Labor Statistics data. That's a slight decline from the 10.9 percent measured in April. The index has been rising at double-digit rates since December, a feat that last occurred back in 2009. | | | | • | Musk to Participate In All-Hands Twitter Meeting Thursday
Elon Musk will participate in an all-hands meeting at Twitter (TWTR) on Thursday. The move occurs as the billionaire has yet to finalize a deal to buy the company. Employees will have the ability to submit questions to the potential buyer about his plans to run the company should he buy it. | | | | • | Coinbase Lays Off 18 Percent of Workforce
Cryptocurrency broker Coinbase (COIN) has announced that it will lay off 18 percent of its workforce. The company is doing so in light of the prior fast growth at the company, which has now slowed as cryptocurrency prices have dropped, and in light of a potential recession ahead. | | | | • | Meta Unveils New Parental Controls
Meta Platforms (META) is rolling out new parental controls on Instagram and on its Quest VR headsets. This will allow for better supervision of children and teens. The controls can also set specific times for when children can use Instagram, as well as see more data about any reporting that may be occurring. | | |
| | | | TOP | | | FDX | 14.414% | | | | ORCL | 10.414% | | | | TCOM | 7.894% | | | | CF | 7.941% | | | | BIDU | 6.764% | | | | BOTTOM | | | BAX | 5.715% | | | | POOL | 5.267% | | | | AWK | 5.112% | | | | NTRS | 4.907% | | | | HSIC | 4.847% | | | | |
| | |  | | My reporting is that a 75-basis-point rate hike will be announced on the second day of this week's meeting, is very likely, a real distinct possibility. I know that Powell said the committee back in May was not actively considering it, but he also said that they were looking at the economy, and I think the economy has changed to the point in my reporting, such at this point, I'd be dialing in to 75 if I were a betting man at this point, not at 50. | | - Steve Liesman, CNBC anchor, on why the Federal Reserve will likely raise interest rates by 0.75 percent this week as economic data continues to show inflation running hot. | |
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