Good morning, and Happy Independence Day! Rising interest rates have brought down stocks. They're...
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 31,097.46 | +1.05% | | | | S&P 3,825.35 | +1.06% | | | | NASDAQ 11,127.85 | +0.90% | | | | *As of market close | | • | Stocks closed higher on Friday, ending near highs of the day. | | • | Oil rose 2.3 percent, closing at $108.20 per barrel. | | • | Gold traded flat, around $1,808 per ounce. | | • | Cryptocurrencies traded slightly higher, with Bitcoin at $19,379 at the market close. | | | | | | | | | | These "First-Half" Market Winners May Continue Trending Favorably for Longer | | | | The stock market just had its worst start to a year since 1970. That trend looks likely to continue, as interest rates need to rise further to slow down inflation.
Most companies are down, with some tech stocks notching losses of as much as 70 percent so far this year. But a few companies have managed to hold steady, or even deliver a slight gain. They may continue to be relative leaders in this market for a few more months yet. » FULL STORY | | | | | | Insider Trading Report: RE/MAX Holdings (RMAX) | | | | Magnolia Capital Fund, LP, a major owner of RE/MAX Holdings (RMAX), recently added to their stake with a 33,102 share buy. The purchase increased their stake by about 1.7 percent, and came to a total cost just over $811,000. This is the fund's second buy in the past month, following a 40,239 share buy for just under $883,000 earlier in June. These are the sole insider buys in the past three years. Company insiders have been modest sellers otherwise over the past three years. » FULL STORY | | | | | | Unusual Options Activity: Clarus Corporation (CLAR) | | | | Shares of outdoor equipment producer Clarus Corporation (CLAR) have been in a downtrend for the past year. One trader sees the possibility for a rebound in shares in the next few months.
That's based on the February $20 calls. With 228 days until expiration, 15,059 contracts traded compared to a prior open interest of 227, for a 66-fold rise in volume on the trade. The buyer of the calls paid $4.35 to get into the position.
» FULL STORY | | | | | | • | Commerce Department Looks at Stronger Enforcement of Tech Restrictions
The Commerce Department's Bureau of Industry and Security is looking at increasing enforcement efforts for sensitive-technology restrictions. The move comes as national security issues are on the rise, with an eye towards curbing keeping sensitive technology out of the hands of countries like Russia and China. | | | | • | Supreme Court Reins In EPA
In a 6-3 vote, the supreme court has restricted the power of the Environmental Protection Agency (EPA) to restrict carbon emissions from power plants. The ruling makes it clear that Congress needs to make regulations to deal with climate change, not the agency. | | | | • | China Sees First Growth Since February
China has reported its first months of growth since February. The company's PMI data indicates a level of 50.2, a sign that activity is increasing overall. The non-manufacturing PMI also jumped from a slight decline of 47.8 in May to 54.7 in June. | | | | • | Facebook Tests NFTs With Creators
Meta Platforms (META) is looking to test out NFT support on its Facebook platform. The NFTS will be made in conjunction with select creators. Users will be able to post NFTs on their timeline and share details about the collection and creator. The test will also allow users to cross-post NFTs on Instagram as well. | | | | • | FTX Buys BlockFi For $25 Million
Crypto exchange FTX is looking to buy BlockFI in a deal valued at $25 million. That's on top of the $250 million in emergency credit FTX has extended to the company. The price tag is far under the company's last valuation at $4.8 billion. The move comes as a number of brokerages have been under pressure for liquidity issues in recent weeks. | | | | | | TOP | | ETSY | 8.879% | | | PHM | 6.561% | | | WBD | 6.073% | | | DHI | 5.605% | | | LEN | 5.477% | | | BOTTOM | | LRCX | 7.414% | | | KLAC | 7.318% | | | ON | 7.205% | | | ASML | 5.663% | | | AMAT | 5.221% | | | | | | | | | We do not believe the stock market has bottomed yet and we see further downside ahead. Investors should be holding elevated levels of cash right now. We see the S&P 500 bottoming at around 3,100, as the Federal Reserve's aggressive, but necessary inflation-fighting measures are likely to depress corporate earnings and push stocks lower. | | - George Ball, chairman of Sanders Morris Harris, on why the stock market is likely to continue trending lower, even after it posted its worst first-half return to a year since 1970. | | |
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