Good morning. For the first half of the year, one of the top trades investors could have made...
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 30,775.43 | -0.82% | | | | S&P 3,785.38 | -0.88% | | | | NASDAQ 11,028.74 | -1.33% | | | | *As of market close | | • | Stocks closed lower on Thursday, marking the worst first-half performance in 52 years. | | • | Oil slid 3.7 percent, closing at $105.73 per barrel. | | • | Gold dipped 0.5 percent, going for $1,808 per ounce. | | • | Cryptocurrencies slid again, with Bitcoin at $18,919 at the market close. | | | | | | | | | | Grab Industry Dominating Companies When the Market Dislikes Them | | | | Some industries are more concentrated than others. While hundreds of bank stocks flourish, for instance, there are only a handful of companies with the overwhelming share of the soft drink market. Markets with an oligopoly, or even a duopoly, tend to become commonplace after an industry consolidates. That also makes those stocks solid investment choices. While a mature and slow-growth industry may not seem like an exciting play, having just a few players keeps those companies profitable. » FULL STORY | | | | | | Insider Trading Report: Oneok (OKE) | | | | Pierce Norton, President and CEO at Oneok (OKE), recently picked up 8,975 shares. The buy increased his holdings by 2,044 percent, and came to a total purchase price of just under $500,000.
Aside from the sale of shares from a director back in March, this marks the first insider activity since early 2020, when company insiders and directors were massive buyers of the stock. Since that time, the stock is up nearly 300 percent, but has dropped in recent sessions. » FULL STORY | | | | | | Unusual Options Activity: Royal Caribbean Cruises (RCL) | | | | Shares of luxury liner operation Royal Caribbean Cruises (RCL) are down about 58 percent in the past year. One trader is betting that the stock will further decline in the coming months.
That's based on the September $20 puts. With 77 days until expiration, 19,174 contracts traded compared to a prior open interest of 213, for a 90-fold rise in volume on the trade. The buyer of the puts paid $0.87 to make the bearish bet.
» FULL STORY | | | | | | • | PCE Data Holds Steady in May
Personal consumption expenditures rose by an annualized rate of 6.3 percent for the year ending in May, according to Commerce Department data. That's on track with the annualized rate for May, and a slight drop from the 6.6 percent reading in March, a 40-year high. Core PCE rose 4.7 percent, down from 4.9 percent in April, showing that inflation may finally be starting to ease. | | | | • | Mortgage Rates Slide This Week
After rising for 3 weeks in a row, mortgage rates saw a slight dip this week. The 30-year fixed-rate mortgage dropped to 5.7 percent, down from 5.81 percent the week before. That's still far higher than the 3.22 percent rate at the start of the year. | | | | • | OPEC+ Agrees to Production Hike
OPEC+, which includes the OPEC cartel and some partner nations, have agreed to stay the course on their production policy. Monthly production is expected to increase by 648,000 barrels per day starting in August. The move comes as oil prices have slightly dropped on rising fears that a global recession would reduce demand. | | | | • | SEC Rejects Grayscale Bitcoin ETF
The Securities and Exchange Commission (SEC) has rejected an offer to convert the Grayscale Bitcoin Trust (GBTC) into an ETF. The SEC already allows for crypto options and futures to trade via ETF, but has rejected any plans for ETFs that would simply buy and hold Bitcoin and other cryptocurrencies. | | | | • | OpenSea Suffers Email Data Breach
NFT marketplace OpenSea is warning users of an email phishing scam following a data breach. OpenSea operates the world's largest NFT marketplace. This is the latest in a number of scams and cyberattacks facing crypto platforms in recent months. | | | | | | TOP | | ENPH | 5.643% | | | PWR | 4.692% | | | SEDG | 3.803% | | | NOC | 3.519% | | | AES | 3.07% | | | BOTTOM | | WBA | 7.426% | | | UHS | 6.099% | | | CZR | 5.19% | | | GM | 5.172% | | | BWA | 5.067% | | | | | | | | | Surging inflation, the pivot in Fed policy, and historically pricey equity valuations were on the minds of investors as the year began. [T]he combination of COVID-19 lockdowns in China and Russia's invasion of Ukraine has escalated volatility further with investors becoming increasingly concerned about the possibility of [a] global recession sometime within the next year. | | - John Lynch, chief investment officer for Comerica Wealth Management, on the factors contributing to the market's decline so far this year, and why stocks will likely remain in a downtrend in the months to come. | | |
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