🔽Sales Stall – Will Stocks Drop Next?

Good morning. Retail sales turned out flat in the past month. That's bad news for the economy...

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. Retail sales turned out flat in the past month. That's bad news for the economy. While overall sales rose when stripping out auto sales and gasoline, the rise was still less than inflation. That shows that, in real terms, consumer spending is flattening out. In fact, on an inflation-adjusted basis, the past 4 months have either been flat or lower. Combined with a decline in savings and a rise in the use of credit card debt, it's a sign that consumers may be tapped out soon, unless inflation substantially subsides. Such a drop could potentially lead the markets lower in the coming months ahead. Traders should continue to expect big volatility, and look for opportunities to take the opposite side of the market after a sizeable move in one direction. Now here's the rest of the news: Sponsored Content Apple's Next "Star Product" Could Replace The iPhone? From the Apple II to the iPhone, Apple has a 45-year track record of changing the world with innovative new products and making investors big bucks along the way. Very people know that Apple's next "star product" could be its most profitable yet! It could dominate a fast-growing new industry that Morgan Stanley projects will be worth a stunning $10 trillion and, more importantly, Apple's new "profit machine" could hand early investors a $190,717 payday. Now, before you start imagining the new boat you could buy with that kind of scratch... or the brand-new Rolex... or the vacation to Italy (flying first class, of course)... Let me make one thing perfectly clear... Don't buy Apple stock (unless you enjoy leaving profits on the table). How can you lock in your shot to 20X your money? Click here now to find out MARKETS DOW 33,980.32 -0.50% S&P 4,274.04 -0.72% NASDAQ 12,938.12 -1.25% *As of market close • Stocks traded lower on Wednesday, following a mixed report on retail sales. • Oil rose 1.3 percent, closing at $87.69 per barrel. • Gold slid 0.6 percent, last going for $1,779 per ounce. • Cryptocurrencies traded lower, with Bitcoin at $23,258 at the stock market close. Today's TOP TIPS In Uncertain Times, Invest Where Consumers Are Going There's nothing shocking in admitting that consumer spending drives the economy. And with uncertain and inflation high, it's also no surprise that consumers are trending with lower-cost goods and services, foregoing higher-end ones. That's been somewhat apparent this earnings season, as high-end retailers have struggled more than big-box stores that cater to a cost-conscious clientele. With these companies now reporting earnings, there's a sigh of relief as things haven't been as bad as feared. » FULL STORY Insider Trading Report: Six Flags Entertainment (SIX) Rehan Jaffer, a major holder at Six Flags Entertainment (SIX), recently added 525,000 shares. The buy increased his holdings by 5.5 percent, and came to a total price of $12.5 million. He was joined by company director Arik Ruchim, who also bought 525,000 shares for about the same amount on the same day. The two major holders were last big buyers of shares back in May. The company CFO has also been a modest buyer in the past few months. » FULL STORY Unusual Options Activity: Carvana (CVNA) Shares of ecommerce vehicle sales platform Carvana (CVNA) have lost 85 percent of their value in the past year. One trader is betting that the company will continue to slide lower. That's based on the October $40 puts. With 64 days until expiration, 20,786 contracts traded compared to a prior open interest of 458, for a 45-fold surge in volume on the option. The buyer of the puts paid $4.05 to make the bet » FULL STORY IN OTHER NEWS • Retail Spending Shifts Amid High Inflation Consumer spending came in flat overall in July. That's in contrast to a 0.8 percent increase in June. However, overall spending did rise by 0.7 percent when gasoline and auto sales were removed from the equation. That shows that consumers are looking to spend right now, provided they can avoid major expenses like owning or operating a car. • IRS Audits on the Rise The new Inflation Reduction Act will add $80 billion to the IRS over the next 10 years. The goal with the higher funding is to upgrade computer systems, hire staff, and increase enforcement capabilities. The IRS estimates that there's a $600 billion difference between what taxpayers owe and what they pay every year. • Norway's Sovereign Wealth Fund Posts $174 Billion Loss Norway, which operates the world's largest sovereign wealth fund, reported a $174 billion loss in the first half of the year. The fund's investments returned a negative 14.4 percent, as stocks and bonds sold off amid high inflation and a war in Europe. The fund, started to diversify the country's energy holdings, did report that that sector gained 13 percent in the first half. • Airbnb Rolls Out Anti-Party Technology Home rental platform Airbnb (ABNB) is rolling out what calls "anti-party technology" in the US and Canada to enforce the company's permanent bans on parties at properties. The technology is a new system designed to identify high-risk reservations, and prevent those from completing a booking. • Google Cloud to Close IoT Core Service Next Year Google (GOOG) Cloud reports that it will shut down its IoT Core service next year. That gives customers a year to find a new partner for managing their Internet-of-Things devices. The company has a history of abruptly shutting down services, but this leaves plenty of time for customers to move to competitors such as AWS, owned by Amazon (AMZN) or Microsoft (MSFT). S&P 500 MOVERS TOP A 6.994% VLO 3.773% PGR 3.6% TJX 2.843% CBOE 2.806% BOTTOM JKHY 6.408% ZM 6.035% DISH 5.804% MRNA 5.751% CCL 5.541% Quote of the Day Pullbacks are being used as an opportunity to get cash to work for those that missed out over the last month's significant rally. I think that is propping up the market a little bit more than it probably should at a time when you know the market is ripe for a consolidation. - Andrew Slimmon, analyst at Morgan Stanley Investment Management, on why the market may be poised for another drop lower in the coming weeks, following a multi-week rally higher. Sponsored Content Apple's Next "Star Product" Could Replace The iPhone? From the Apple II to the iPhone, Apple has a 45-year track record of changing the world with innovative new products and making investors big bucks along the way. Very people know that Apple's next "star product" could be its most profitable yet! It could dominate a fast-growing new industry that Morgan Stanley projects will be worth a stunning $10 trillion and, more importantly, Apple's new "profit machine" could hand early investors a $190,717 payday. Now, before you start imagining the new boat you could buy with that kind of scratch... or the brand-new Rolex... or the vacation to Italy (flying first class, of course)... Let me make one thing perfectly clear... Don't buy Apple stock (unless you enjoy leaving profits on the table). How can you lock in your shot to 20X your money? Click here now to find out Not sure the best way to get started? Follow these simple steps to hit the ground running. › Step #1 - Get These FREE Reports: Warren Buffett's Top 5 Stocks | 10 Great Stocks Under $10 | 7 High Yield Dividend Stocks › Step #2 - Join Our Premium Advisory: The Next Superstock › Step #3 - Claim Your Free Copy Of: Big Book Of Chart Patterns | How to Trade Weekly Options For Weekly Income We just wanted to take a moment and say thank you so much for being part of our family! We are dedicated to teaching people how to make the world a better place so we can all thrive, together. 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