🚒How the Strong Jobs Report Shows Big Dangers Ahead

Good morning. Friday's strong jobs report brought the unemployment rate down to 3.5 percent...

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.

Good morning. Friday's strong jobs report brought the unemployment rate down to 3.5 percent. While most would see that as good news, typically, the economy is at this level of employment at an economic peak. Similar levels in 2020, 2007, and 2000 can attest to that. This strong report also gives the Fed a reason to keep aggressively raising interest rates. The economy won't cool down until more people are losing jobs than gaining them. And given how fast the Fed has been hiking rates, the more likely it is that they could fuel a "hard landing" that they're working hard to avoid. That's why markets started on Friday with a big selloff – this economic good news on the surface shows some danger ahead. Traders should be increasingly cautious, especially after the market's current rally. 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MARKETS DOW 32,803.47 +0.23% S&P 4,145.19 -0.16% NASDAQ 12,657.55 -0.50% *As of market close • Stocks traded mixed on Friday, following a better-than-expected jobs report. • Oil dipped 0.2 percent, closing at $88.41 per barrel. • Gold slid 0.9 percent, last going for $1,791 per ounce. • Cryptocurrencies traded mixed, with Bitcoin at $22,907 at the stock market close. Today's TOP TIPS The Rich Get Richer… So Invest with Them! The wealthy are able to grow their wealth because they look for ways to invest while markets are down and other investors are in a panic. But they leave plenty of clues as to what they're buying. Astute investors can follow along for big profits as markets rebound. One of the hardest-hit sectors is cryptocurrencies. Yet wealthy investors are continuing to invest in the space, either directly with cryptocurrencies or in crypto-related projects. » FULL STORY Insider Trading Report: Luminar Technology (LAZR) Austin Russell, Chairman and President at Luminar Technology (LAZR), recently bought 25,000 shares. The buy increased his holdings by just over 3 percent, and came to a total price of $180,000. This is the 9th buy from the President since the company went public last year. The most recent buy was back in May for 300,000 shares, valued at nearly $2.6 million. Only one company director has been a seller of shares since the company went public. » FULL STORY Unusual Options Activity: Pacific Biosciences of California (PACB) Shares of medical devices company Pacific Biosciences of California (PACB) have lost about 85 percent of their value in the past year. One trader sees further downside going into the end of the year. That's based on the January 2023 $5 puts. With 165 days until expiration, 6,463 contracts traded compared to a prior open interest of 170, for a 38-fold rise in volume on the trade. The buyer of the puts paid $1.05 to make the bearish bet. » FULL STORY IN OTHER NEWS • Labor Market Strength Beats Expectations The US labor market grew by 528,000 jobs in July. That far exceeded expectations for just 258,000 job gains. The rise in jobs caused the unemployment rate to drop to 3.5 percent, a level last seen in February 2020 right before the pandemic lockdowns started. • Home Price Cuts Rise as Sales Slow As home sales have started to cool after a 44 percent rise in the past two years, an increasing number of sellers are lowering prices. The move is occurring as the time on the market has started to rise as well. Rising mortgage rates will likely continue to contribute to the slowdown in the months ahead. • Demand for Electric Cars Drop as Gas Prices Dip As gas prices rose in the first three months of the year, so did a consumer interest in buying electric and hybrid cars. According to Edmunds.com, interest peaked at 25 percent in mid-March. Now, interest has dropped to 22 percent as gas prices have come off their big move higher earlier this year. • Amazon Makes Bid to Acquire iRobot Amazon (AMZN) is acquiring iRobot (IRBT) for a deal valued at $61 per share, or $1.7 billion. The all-cash deal will allow the tech giant to acquire the maker of the Roomba vacuum. The company also makes related home cleaning products. This will mark the 4th largest deal for Amazon. • Meta Tests Livestreaming Platform Social media giant Meta Platforms (META) is testing out a livestreaming service dubbed "Super." This will allow influencers to hold livestreams, engage with viewers, and even earn revenue. Influencers are being paid between $200 and $3,000 to test the platform for a 30 minute period. S&P 500 MOVERS TOP CEG  10.139% EOG  7.203% IRM 6.846% AES 5.304% FCX 5.25% BOTTOM WBD 16.533% NLOK 8.985% TSLA 6.63% WDC 5.65% MNST 5.168% Quote of the Day We think this is rather wishful thinking. For this 'buy anything' rally to continue, we'd need to see further repricing of rate hike expectations and another sharp drop in real yields. - Max Kettner, chief multi-asset strategist at HSBC Bank, on why the stock market's recent rally may not last, given inflationary pressures and a slowing economy. Sponsored Content Proven A.I. Trend Forecasting to Battle Inflation Hi Trader, Sure, you can do your own research, but imagine using artificial intelligence to help you zero in on the BEST targets? There's a reason why thousands of traders are using it to predict market trends 1 – 3 days in advance with up to 87.4% proven accuracy. 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