Good morning. With many high-tech stocks cut down over 50 percent from their highs, this bear...
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 31,173.84 | -0.52% | | | | | S&P 3,854.43 | -1.15% | | | | | NASDAQ 11,372.60 | -2.26% | | | | | *As of market close | | | • | Stocks dropped on Monday, as the US dollar continued to strengthen. | | | • | Oil declined 1 percent, closing at $103.77 per barrel. | | | • | Gold dipped 0.7 percent, last going for $1,730 per ounce. | | | • | Cryptocurrencies slid, with Bitcoin at $20,497 at the stock market close. | | | | | | | |
| | | Look for Steady Operators in Volatile Markets | | | | In a bear market, good stocks will be thrown out with bad. And high growth names will be heavily discounted, while even those that can continue to grow will also face a downturn, even if things are going well.
Investors can use bear markets to buy both growth names and value names at a relative discount to where they'll trade once the next bull market is underway.
» FULL STORY | | | | |
| | Insider Trading Report: Piedmont Lithium (PLL) | | | | Michael White, CFO at Piedmont Lithium (PLL), recently added 2,700 shares. The buy increased his stake by just under 26 percent, and came to a total cost of just over $101,000.
The buy comes just a few weeks after a company director picked up 2,500 shares. Over the past three years, company insiders have been active as both buyers and sellers of the company stock, with sellers last year having the edge over buyers.
» FULL STORY | | | | |
| | Unusual Options Activity: Morgan Stanley (MS) | | | | Shares of investment bank Morgan Stanley (MS) have slid nearly 15 percent in the past year. One trader is betting that shares will recover in the next 18 months.
That's based on the January 2024 $85 calls. With 554 days until expiration, 2,000 contracts traded hands at a 42-fold rise in volume on the trade. The buyer of the calls paid about $4.10 to get into the trade.
» FULL STORY | | | | |
| | • | Euro Nears Dollar Parity
The Euro closed in on $1.007, right near parity with the US dollar. That's the closest the two currencies have traded with each other in 20 years. The Euro is down about 15 percent against the US dollar since the start of the year, as recession concerns and a potential energy shortage in the EU continue to weigh on the currency. | | | | • | Homebuyer Cancellations Rise to Highest Since Start of Pandemic
Nearly 15 percent of potential homebuyers have walked away from deals that went under contract, according to data from Redfin. That's the highest levels since the start of the recession, and a sign that a slowing economy and soaring interest rates continue to weigh on housing. Homebuilders are also reporting higher cancellation rates. | | | | • | Global Tax Talks Hit a Delay
Plans to create a minimum global corporate tax are facing a delay. Negotiators are reporting that the process will take longer than planned. Originally, the Organization for Economic Cooperation and Development (OECD) expected to have a proposal out by midyear. Now, a proposal is likely delayed until next year, when member countries will be asked to vote on them. | | | | • | Musk Drops Twitter Bid
Billionaire Elon Musk has dropped his bid to take Twitter (TWTR) private. The news has sent shares dropping. Twitter is looking to sue Musk, in order to fulfill his proposed buyout of the social media company. The issue remains how much of the company's activity is real, and how much is based on bots and spam. | | | | • | Klarna Raises $800 Million at $6.7 Billion Valuation
Klarna, a Swedish-based fintech company operating a buy now, pay later (BNPL) business model, has raised $800 million in a new investment round. The latest buy values the company at $6.7 billion, about and 85 percent drop compared to its $45.6 billion valuation when raising capital one year ago. | | |
| | | | TOP | | | CBOE | 2.329% | | | | CTXS | 1.943% | | | | MLM | 1.89% | | | | DUK | 1.832% | | | | WMB | 1.501% | | | | BOTTOM | | | TWTR | 10.989% | | | | ZM | 9.771% | | | | MELI | 7.376% | | | | DISH | 7.088% | | | | WYNN | 6.987% | | | | |
| | |  | | Good news is bad news for the market today...you couldn't ask for anything better from this jobs report in terms of broad gains, low unemployment, the number was above expectations. Wages were growing but at a slower rate. …That was a good thing, and yet the markets kind of shrugged their shoulders here because at the end, the conclusion is the Fed is going to go by 75 basis points. | | - Michael Arone of State Street Global Advisors, on why the market is reacting poorly to the good economic news of last week's jobs report. | |
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