Good morning. Investors can easily look at trends like retail sales from big-box stores to...
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 31,318.44 | -1.07% | | | | S&P 3,924.26 | -1.07% | | | | NASDAQ 11,630.86 | -1.31% | | | | *As of market close | | • | Markets were closed on Monday, in observance of Labor Day. | | | | | | | | | | Slowing Growth Trends Point to Relative Winners | | | | Many companies are coming off of strong earnings reports from the past year. Those numbers were influenced by the prior year, where pandemic shutdowns made things look horrific. Now, with the added challenge of a slowing economy and high inflation, investors need to weed through those companies likely to lose market share amid current market conditions and those that can eke out a larger stake in their sector. » FULL STORY | | | | | | Insider Trading Report: Slid Power Inc (SLDP) | | | | John Stephens, a director at Solid Power Inc (SLDP), recently picked up 30,000 shares. The buy increased his holdings by 42 percent, and came to a total price of $204,000. The director has been buying throughout August, with other buys totaling 60,000 shares overall at a cost of over $600,000. These buys have occurred as some major owners have been selling shares, as well as the company CEO. » FULL STORY | | | | | | Unusual Options Activity: CTI BioPharma Corp (CTIC) | | | | Shares of biotech play CTI BioPharma Corp (CTIC) have soared over 100 percent in the past year. One trader sees shares giving up some of those gains in the weeks ahead. That's based on the October $6.00 put options. With 45 days until expiration, 8,012 contracts traded compared to a prior open interest of 109, for a 74-fold jump in volume on the trade. The buyer of the puts paid $1.03 to make the downside bet.
» FULL STORY | | | | | | • | G7 Unveils Plan for Capping Russian Oil Prices
In an effort to get Russia to comply with Western sanctions following its invasion of Ukraine, the G7 is proposing a plan to cap the price of Russian oil. The plan involves sanctions against insurance and financing of shipments of oil, unless such oil is sold under a certain price cap. | | | | • | More Homes Seeing Price Drops as Property Market Cools
Nearly 20 percent of home sellers have dropped their asking price as the housing market has continued to slow in recent months. The average home has now sold for less than its listing price for the first time in 17 months, and the median listing price was 14 percent lower compared to August 2021. | | | | • | Starbucks Names New CEO
Coffee chain Starbucks (SBUX) has named Laxman Narasimhan as its next CEO. He will start in April, taking over for interim CEO Howard Schultz, who took over the role for a third time. The new CEO looks to reinvent the stores and improve the experience for customers and employees. | | | | • | Google Blocks Truth Social from Play Store
Search engine giant Google (GOOG) is blocking Truth Social, the social media app backed by former President Donald Trump, from its Play Store. The company cites dangerous content on the platform as the reason behind the move, even as the app remains available for download on other online app stores. | | | | • | Investors Await Ethereum Merge
Ethereum (ETH), the second-largest cryptocurrency by market cap, is set to complete its Merge later this month. The move will turn the cryptocurrency into a proof-of-stake model, rather than the current proof-of-work model. This is expected to substantially lower the power use of the crypto, which provides a digital infrastructure for a number of projects and apps today. | | | | | | TOP | | CF | 4.218% | | | MOS | 3.653% | | | HAL | 3.611% | | | HES | 3.512% | | | MRO | 2.929% | | | BOTTOM | | DISH | 4.745% | | | GNRC | 4.034% | | | ZBRA | 3.826% | | | J | 3.754% | | | VRTX | 3.57% | | | | | | | | | The view from market participants is the employment report is more important than the CPI inflation report in determining whether a 75 basis point or larger hike in September is more appropriate than a 50 basis point hike, and I think that's the right view. | | - Michael Gapen, chief U.S. economist at Bank of America, on why the market has been focused on the jobs numbers as a sign of an economic slowdown rather than the inflation rate. | | |
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