Good morning. The stock market's strong rally of the past few days has allowed it to retrace near...
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 32,798.40 | -0.14% | | | | S&P 4,118.63 | -0.28% | | | | NASDAQ 12,368.98 | -0.18% | | | | *As of market close | | • | Stocks moved slightly lower on Monday, as earnings season continued to unfold. | | • | Oil slid 5 percent, closing at $93.66 per barrel. | | • | Gold rallied 0.4 percent, last going for $1,788 per ounce. | | • | Cryptocurrencies moved lower, with Bitcoin at $22,960 at the stock market close. | | | | | | | | | | Insider Trading Report: Huntington Bancshares (HBAN) | | | | Gary Torgow, a director at Huntington Bancshares (HBAN), recently added 19,382 shares to his holdings. The buy increased his stake by 2.2 percent, and came to a total purchase price of just over $250,000. This is the first insider buy since April, when two other directors and the company President and CEO picked up shares. Going back over the past 3 years, insiders have been fairly active… although sellers have largely exceeded buyers. » FULL STORY | | | | | | Unusual Options Activity: Caterpillar (CAT) | | | | Shares of industrial equipment manufacturer Caterpillar (CAT) are down about 3 percent over the past year, but down 10 percent just since June. One trader is betting on a rebound in the coming months.
That's based on the October $220 calls. With 80 days until expiration, 28,242 contracts traded compared to a prior open interest of 162, for a massive 174-fold rise in volume on the trade. The buyer of the calls paid $4.83 to get in.
» FULL STORY | | | | | | • | Europe Looks to Increase Drilling Amid Energy Shortage
A number of European nations are greenlighting energy projects designed to increase production. The move comes as the Eurozone looks for energy supplies that can't be cut off from Russia. The economic zone is also looking to reduce gas usage by 15 percent this winter to avoid a potential crisis. | | | | • | Home Prices Show Signs of Slowing
Home price appreciation slid from 19.3 percent annualized to 17.3 percent in the past month. While gains are slowing, demand is also slowing as interest rates rise and as inventory builds. While the overall housing market has still had a shortage due to undersupply over the past few years, signs are on the rise that the recent strong price appreciation is coming to an end. | | | | • | M&A Deals Slow Amid Market Uncertainty
Nearly $1 trillion in merger and acquisition deals have been made so far this year. That's the lowest level in 5 years, barring the pandemic. Compared to a year ago, it also represents a 40 percent decline, even as asset prices are lower compared to a year ago. Globally, there's been a 30 percent drop overall, representing a 30 percent decline. | | | | • | Apple Looks to Sell Bonds to Fund Share Buyback
Even with interest rates on the rise, consumer technology giant Apple (AAPL) is looking at a four-part bond sale. The company is proposing to issue the debt in part to pay dividends and buy back shares. The largest part of the offering is a 40-year bond, with a yield about 150 basis points (1.5 percent) higher than US Treasury yields. | | | | • | Hyundai Motor Looks to Buy 42dot
Japanese conglomerate Hyundai Motor (HYMTF) is considering increasing its stake or fully buying out 42dot. 42dot is a South Korean lidar-free autonomous mobility platform. Such an acquisition would increase the company's ability to produce next-generation vehicles, including driverless vehicles such as cars and trucks. Hyundai already owns a 20.4 percent stake. | | | | | | TOP | | BA | 6.233% | | | PKI | 5.073% | | | BBWI | 4.952% | | | GPN | 4.742% | | | F | 4.459% | | | BOTTOM | | RCL | 8.551% | | | J | 5.339% | | | CBOE | 5.155% | | | FCX | 4.913% | | | ON | 4.912% | | | | | | | | | This may just prove to be a bear market rally in the end – they are very common during longer bear markets – but the combination of rate reprieve, bearish sentiment and positioning, and corporate and consumer resilience in the face of inflation has been enough to spark a rally in risk assets. | | - Ross Mayfield, investment strategy analyst at Baird, on last week's market rally and why it may not be the signal for a new bull market to start right away. | | |
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