Good morning. Rising talk about recession from a Federal Reserve president spooked the stock...
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 33,706.74 | -0.86% | | | | | S&P 4,228.48 | -1.29% | | | | | NASDAQ 12,705.21 | -2.01% | | | | | *As of market close | | | • | Stocks sank on Friday, breaking a four-week winning streak. | | | • | Oil dropped 0.4 percent, closing at $90.16 per barrel. | | | • | Gold slid 0.6 percent, last going for $1,761 per ounce. | | | • | Cryptocurrencies got crushed, with Bitcoin at $21,391 at the stock market close. | | | | | | | |
| | | Pick and Shovel Plays Don't Go Out of Style | | | | When times get tough, some types of companies have some big problems. Others tend to fare well. Those that do well succeed in part because they're in a recession-resistant industry. One type of company fitting that bill is one that offers pick and shovel plays.
While that can mean those specific tools, the broader concept is the infrastructure and tools needed to keep an economy or sector going. These stocks tend to hold up well, even in fearful markets.
» FULL STORY | | | | |
| | Insider Trading Report: Cleveland-Cliffs (CLF) | | | | Celso Goncalves, CFO at Cleveland-Cliffs (CLF), recently picked up 6,000 shares. The buy increased his holdings by 4 percent, and came to a total cost just under $18,500.
That buy came a day after the CFO bought 5,000 shares. A company president has also been bullish this year. Over the past three years, company insiders have largely been buyers, with only a handful of sales by company directors.
» FULL STORY | | | | |
| | Unusual Options Activity: Freeport-McMoRan (FCX) | | | | Shares of commodity producer Freeport-McMoRan (FCX) have been sliding in recent weeks, on signs of cooling inflation. One trader sees the possibility for a further decline in the coming weeks.
That's based on the September 9th $27 put options. With 18 days until expiration, 2,905 contracts traded compared to a prior open interest of 127, for a 23-fold rise in volume on the trade. The buyer of the puts paid $0.24 to make the bet.
» FULL STORY | | | | |
| | • | Cost to Raise Child Rises to $300,000
The cost to raise a child has risen to $300,000, or just over $18,000 per year, according to the latest estimates from the Brookings Institution. The latest rise is being largely blamed on inflation from prior estimates based off of government data. The cost only goes to age 17, and does not include costs like college. | | | | • | Russia Opens Rebranded Starbucks Stores
When Starbucks (SBUX) left the Russian market earlier this year, franchise owners simply rebranded. Now, coffee shops in the country are operating under the Stars Coffee brand. The stores have also had to resource its own coffee and supplies, which it has been able to do so with coffee from Latin American and Africa. | | | | • | Cineworld Files for Bankruptcy
Cineworld Group (CNWGY), owner of the Regal Cinemas chain, has announced that it plans to file for bankruptcy. The British-based company reports that ticket sales have remained below expectations, as fewer films have hit the silver screen since the pandemic. Other movie theater chains also sold off on the news. | | | | • | Lincoln Showcases Grand Tourer EV Concept
Lincoln has revealed its latest EV concept car. Dubbed the Model L 100 concept, the car is an autonomous EV based off the company's 1922 Model L, their first luxury vehicle. The car is loaded with a number of design concepts and features that may end up being used in more conventional models in he years ahead. | | | | • | GM Looks to Restore Dividend
General Motors (GM) will reinstate its dividend at a rate of 9 cents per quarter. The company suspended its dividend in April 2020 amid the uncertainty surrounding the pandemic. The new rate is 76 percent lower than the 38-cent quarterly dividend the company paid before. The firm is also increasing its share buyback program to $5 billion. | | |
| | | | TOP | | | OXY | 9.88% | | | | WBD | 4.094% | | | | DVA | 3.983% | | | | GM | 2.531% | | | | ELV | 2.393% | | | | BOTTOM | | | MELI | 6.932% | | | | ETSY | 6.501% | | | | SBNY | 5.797% | | | | CCL | 5.55% | | | | SEDG | 5.324% | | | | |
| | |  | | The thing in the driver's seat is the Fed and what's propelling them — the gas in the Fed's tank — is inflation. I think the market is going to bounce a little bit back and forth probably for the foreseeable future, right now with a positive trend, because the market is still embedding within it the hope that the Fed is wrestling down inflation. | | - Cliff Corso, chief investment officer at Advisors Asset Management, on why the market will likely bounce around in a range for the next few months as investors look for a meaningful drop in inflation rates. | |
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