 | | |  | DOW 29,225.61 | -1.54% | | | | | S&P 3,640.47 | -2.11% | | | | | NASDAQ 10,737.51 | -2.84% | | | | | *As of market close | | | • | Markets sank on Thursday, reversing Wednesday's rally. | | | • | Oil dipped 0.7 percent, closing at $81.60- per barrel. | | | • | Gold traded flat, last going for about $1,670 per ounce. | | | • | Cryptocurrencies generally declined, with Bitcoin at $19,413 at the stock market close. | | | | | | | |
| | | Consider US Multinationals Ahead of the Dollar's Next Trend Shift | | | | Right now, the US dollar is rapidly appreciating against other currencies. International investors are moving to the dollar as a safe-haven, which is weakening other currencies. That also makes US exports more expensive on a relative basis, which tends to be bad news for multinational companies headquartered in the United States.
However, not all trends last forever. And those who get into the trend at the right time can make big profits when the trend shifts.
» FULL STORY | | | | |
| | Insider Trading Report: FedEx Corp (FDX) | | | | R. Brad Martin, a director at FedEx Corp (FDX), recently picked up 1,500 shares. The buy increased his holdings by 2.2 percent, and came to a total price of just over $215,000.
This is the first buy at the global logistics provider since the summer, when another company director picked up 900 shares in July and a third director bought 607 shares in June. Otherwise, company executives have been regular sellers of shares.
» FULL STORY | | | | |
| | Unusual Options Activity: The Coca-Cola Company (KO) | | | | Shares of The Coca-Cola Company (KO) are up about 6 percent in the past year, far outperforming the drop in the S&P 500. One trader sees shares continuing to rally in the coming weeks.
That's based on the October 21 $55 calls. With 21 days until expiration, 2,804 contracts traded compared to a prior open interest of 104, for a 27-fold rise in volume on the trade. The buyer of the calls paid $2.88 to get into the trade.
» FULL STORY | | | | |
| | • | Mortgage Rates Hit 15 Year High
Mortgage rates continued higher this week, with a 30-year fixed rate mortgage hitting 6.7 percent. That's the highest level since 2007, a full 15 years ago. Rates have now more than doubled since the start of the year, which has priced out potential homebuyers from the real estate market. | | | | • | Jobless Claims Hit Five Month Low
First-time jobless claims came in at 193,000 for the prior week. That's a 16,000 drop from the prior week's read of 209,000. It's also far lower than the 215,000 level expected by economists. The read points to a strong job market, at a time when the Federal Reserve is trying to slow the economy. | | | | • | World Bank Warns on Headwinds for Developing Countries
The head of the World Bank has warned that developing countries face significant headwinds in the years ahead, as global growth rates have slowed. The biggest issues include higher food, fertilizer, and energy costs, which tend to use a larger percentage of income in developing countries vs developed ones. | | | | • | Amazon Bumps Hourly Wages By $1
Amazon (AMZN) will raise the average wages for its warehouse and transportation workers from about $18 per hour to $19 per hour. The move will cost the company about $1 billion more annually, but may also slow down rising calls for unionization at the company. | | | | • | SoftBank To Cut 30 Percent of Vision Fund Staff
SoftBank is looking to cut at least 150 out of the 500 Vision Fund workers. The investment arm of SoftBank has attracted considerable attention in recent years when the fund's investments in early tech companies paid off with massive returns. Now, the company is looking to cut costs after a $21.6 billion quarterly loss for the fund. | | |
| | | | TOP | | | NOV | 3.419% | | | | RE | 3.226% | | | | DXC | 3.156% | | | | WRB | 2.616% | | | | STE | 2.5% | | | | BOTTOM | | | KMX | 23.692% | | | | SEDG | 8.357% | | | | GNRC | 7.717% | | | | RCL | 7.67% | | | | CCL | 7.426% | | | | |
| | |  | | When rates move like this very, very quickly, liquidity comes into question. It means collateral, it means margins, it means the potential for further dislocation...It tells you there's a problem with the plumbing. There's a problem under the hood. We're taking froth off of Fed rate increases moving forward. It doesn't mean they're going to stop. It doesn't mean they're going to blink. Maybe the Fed doesn't stop, but they take a more measured approach. | | - Greg Faranello, analyst at AmeriVet Securities, on the Bank of England's intervention in the bond market and why it may indicate a slowdown in global interest rate tightening going forward. | |
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