| | | | DOW 32,197.59 | +1.37% | | | | S&P 4,023.61 | +2.62% | | | | NASDAQ 12,032.42 | +4.06% | | | | *As of market close | | • | Stocks surged on Wednesday, as the Federal Reserve raised interest rates exactly as expected. | | • | Oil rallied 3.6 percent, closing at $98.38 per barrel. | | • | Gold rose 0.8 percent, last going for $1,732 per ounce. | | • | Cryptocurrencies jumped higher, with Bitcoin at $22,761 at the stock market close. | | | | | | | | | | Insider Trading Report: Baker Hughes Company (BKR) | | | | Michael Dumais, a director at Baker Hughes Company (BKR), recently added 10,000 shares. The buy increased his holdings by nearly 67 percent, and came to a total price of just under $244,000. This marks the first insider buy at the company since September 2020. Otherwise, company insiders have been regular and steady sellers of shares in the past two years, with a more even mix of buyers and sellers going back to 2019 and early 2020. » FULL STORY | | | | | | Unusual Options Activity: Rollins Inc. (ROL) | | | | Shares of pesticide control company Rollins Inc. (ROL) have traded flat over the past year. One trader sees the possibility for a decline in the weeks ahead.
That's based on the August $35 puts. With 22 days until expiration, 12,561 contracts traded compared to a prior open interest of 206, for a 61-fold rise in volume on the trade. The buyer of the puts paid $1.88 to get into the trade.
» FULL STORY | | | | | | • | Home Prices Show Signs of Slowing
Although US home prices are up an average of 20 percent over the past year, signs of a slowdown have increased in recent weeks. Price gains have slowed in recent data, with home price up 19.7 percent for the 12 months ending in May, compared to a 20.6 percent rise in April. With interest rates rapidly rising, the slowdown is likely to become more obvious in the months ahead. | | | | • | China Property Market to See Drop Worse than 2008
Property sales in China are on track to drop about 30 percent this year compared to last year. That's about twice as bad as previously expected. It's also on track to be worse than 2008, when sales fell by about 20 percent. This drop is also likely to delay a recovery in China's real estate market, which started showing some strains last year. | | | | • | SEC Increases Insider Trading Cases
The Securities and Exchange Commission (SEC) is increasing its number of insider trading cases. On Monday, the agency announced 4 separate cases, including a former member of Congress, a member of the FBI, and an information chief at a Silicon Valley company, among others. The agency is using computer data to better track anomalies. | | | | • | Demand for Travel Nurses Slides
With the job market starting to show signs of slowing down, some niche jobs are being hit harder. One area is travel nurses. Demand surged during the pandemic, with some experienced nurses able to make as much as $10,000 per week. With a slowdown here, salaries are falling. | | | | • | Microsoft Misses on Earnings
In a busy week to tech stocks reporting earnings, Microsoft (MSFT) missed on expectations. However, the firm was able to point to the strong US dollar weighing on foreign sales, and a weakening PC market due to declining demand as the culprits. Even with the slowdown, shares rallied immediately following the company's earnings. | | | | | | TOP | | ENPH | 17.895% | | | CMG | 14.704% | | | PYPL | 12.176% | | | SEDG | 9.684% | | | ROK | 9.584% | | | BOTTOM | | SHW | 8.777% | | | GRMN | 8.722% | | | TDY | 7.014% | | | KHC | 5.952% | | | CME | 3.823% | | | | | | | | | There is this moderating of earnings expectations. The overall corporate sentiment seems to be declining, there is a lot of cautionary commentary around inflation, the dollar. As the Fed continues on its trajectory with its main goal to weaken demand for goods and services, that will translate into a weaker top line – if they are able to get inflation under control and temper that demand. That's something we would be concerned about for the second half of this year. | | - Stephanie Lang, chief investment officer of Homrich Berg, on why the market may see further downside as corporations report lower earnings and guidance this earnings season. | | |
No comments:
Post a Comment