 | | |  | DOW 31,148.30 | -0.55% | | | | | S&P 3,908.19 | -0.41% | | | | | NASDAQ 11,544.91 | -0.74% | | | | | *As of market close | | | • | Markets closed lower on Tuesday, in volatile trading after the three-day weekend. | | | • | Oil traded flat, around $86.75 per barrel. | | | • | Gold sank 0.7 percent, last going for about $1,711. | | | • | Cryptocurrencies sank lower, with Bitcoin at $18,901 at the stock market close. | | | | | | | |
| | | Time to Bet on This Winning Trade from the First Half of the Year | | | | The stock market trended down in the first half of the year. Then, starting in late June, investors enjoyed a summer rally. Given the continuing strength in the economy and high inflation numbers, it's likely that stocks will trend down as interest rates continue to rise.
However, some assets can see a move higher here. That's specifically true with assets that moved higher in the first half of the year, then took a breather when stocks rallied.
» FULL STORY | | | | |
| | Insider Trading Report: CNA Financial Corp (CNA) | | | | Loews Corp, a major owner of CNA Financial Corp (CNA), recently added 168,099 shares. The buy increased the investment firm's ownership by 0.1 percent, and came to a total cost just over $6.5 million.
This is the first insider activity at the company since May, when one EVP sold some shares, while a company director was a buyer. Looking further back, company insiders have been regular and small sellers of shares, while institutional buyers have been consistently adding to their stake.
» FULL STORY | | | | |
| | Unusual Options Activity: Cameco (CCJ) | | | | Shares of uranium producer Cameco (CCJ) have risen 26 percent in the past year, on renewed interest in nuclear power and rising uranium prices. One trader sees that trend continuing through the end of the year.
That's based on the December $37 calls. With 100 days until expiration, 22,667 contracts traded compared to a prior open interest of 101, for a 224-fold explosion higher in volume. The buyer of the calls paid $1.40 to make the trade.
» FULL STORY | | | | |
| | • | Millions of Workers Plan to Work Remotely Indefinitely
Millions of workers are planning to continue working remotely, even as a number of companies are looking to end those policies. The move has occurred as a number of workers used remote working polices as a way to move out of cities or states where their office is located. | | | | • | Junk Loan Market Shows Market Pain
Interest rate increases are hitting the junk bond market hard. This market, which contains companies with shaky prospects and the lowest credit ratings, used to attract investors for its higher yields than those of highly-rated companies. Plus, defaults are on the rise, with $6 billion in leveraged loans seeing a default in August. | | | | • | Russia and China Look to Bypass Dollar with Gas Trades
Russia has signed a deal China to switch payments for natural gas supplies into rubles and yuan, instead of the US dollar. This is part of a broader economic shift the two countries have had toward each other in the past few years, accelerated by Russia's invasion of Ukraine earlier this year. | | | | • | Binance to Stop Supporting USDC
Binance, the cryptocurrency exchange issuing the world's third-largest stablecoin, is looking to phase out support for USD Coin (USDC), the second-largest stable coin. USDC has a market cap of over $50 billion, and is used in transactions valued at over $5.5 billion daily. | | | | • | Trump SPAC Merger Extension Vote Fails
Shares of Digital World Acquisition Company (DWAC) saw steep losses, as the company failed to get enough votes to extend its September 8th deadline to merge with Trump Media and Technology Group. SPAC companies have two years from inception to make a deal or fold, and this merger has been mired in litigation resulting in the delay. | | |
| | | | TOP | | | ROL | 5.424% | | | | ENPH | 5.342% | | | | SEDG | 4.002% | | | | UAL | 3.314% | | | | CDAY | 2.737% | | | | BOTTOM | | | MRNA | 5.867% | | | | CHD | 4.538% | | | | LKQ | 4.266% | | | | MMM | 4.102% | | | | NLOK | 3.656% | | | | |
| | |  | | This is the week where everyone's back. Everyone's back to school, back to trading, a lot of people are back into the office. There's still a lot of pessimism here that we could continue to see inflation rear its ugly head and that should warrant more aggressive rate hikes by the Fed. | | - Ed Moya, senior market analyst at Oanda, on why the market may continue lower this month, following three straight weeks of declines. | |
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