 | | |  | DOW 29,683.74 | +1.88% | | | | | S&P 3,719.04 | +1.97% | | | | | NASDAQ 11,051.64 | +2.05% | | | | | *As of market close | | | • | Markets rallied on Wednesday, as bond yields dropped. | | | • | Oil rose 4.4 percent, closing at $81.98 per barrel. | | | • | Gold jumped 2.1 percent, last going for about $1,670 per ounce. | | | • | Cryptocurrencies generally rose, with Bitcoin at $19,535 at the stock market close. | | | | | | | |
| | | Chip Stocks Return to Long-Term Buying Range | | | | The stock market is retesting its June lows. It may head lower, or it may bounce from here. While the data most likely suggests a push lower, we're starting to see some companies get so oversold that they're looking like attractive long-term buys amid this latest dip.
Investors who buy now may have to deal with some volatility, but given the steep discounts to last year's highs, it's clear that buyers today can make big returns when markets get bullish again.
» FULL STORY | | | | |
| | Insider Trading Report: Coinbase Global (COIN) | | | | Tobias Lutke, a director at Coinbase Global (COIN) recently added 5,291 shares. The buy increased his holdings by 9.6 percent, and came to a total cost of just under $361,000.
The buy came a week after the director bought 4,482 shares, paying about $338,000, and the week before that spent $365,000 on 5,894 shares. Overall, insiders have largely been sellers since the company went public in early 2021, with these recent buys marking the first time buying has exceeded selling.
» FULL STORY | | | | |
| | Unusual Options Activity: Bank of America (BAC) | | | | Shares of Bank of America (BAC) are down 28 percent in the last year as lending activity has slowed amid a rise in interest rates. One trader sees a further decline over the next two years.
That's base on the January 2025 $32 puts. With 841 days until expiration, 15,002 contracts traded compared to a prior open interest of 935, for a 16-fold rise in volume on the trade. The buyer of the puts paid $6.03 to make the bet.
» FULL STORY | | | | |
| | • | Companies Scale Back on Holiday Hiring
In another sign of a slowing economy, employers are holding back on seasonal hiring. Typically, such job postings start to tick up in September. While unemployment remains low and retail sales have ticked up, employers typically add 450,000 retail jobs for the holidays, and 350,000 warehouse and delivery jobs. | | | | • | Bank of England Intervenes in Bond Market
The Bank of England has started to buy longer-dated UK bonds. The move is designed to stabilize the bond market for UK bonds, as well as the British pound. The move caused the 10-year bond to fall to 4.2 percent from 4.5 percent, still a steep rise from 3.5 percent a mere week ago. Further interventions may necessary. | | | | • | US 10-Year Treasury Yields Hit 4 Percent
US 10-year Treasury bonds hit a yield of 4 percent on Wednesday, peaking at 4.017 before pulling back slightly. The yield is largest for the bonds in more than a decade. The move higher has occurred as investors have sought to stay defensive in dollar-related trades. Bond yields are on track to move higher in the months ahead if the Federal Reserve continues to raise interest rates. | | | | • | Druckenmiller Warns on Hard Landing
Billionaire investor Stanley Druckenmiller has joined a number of other ultra-wealthy individuals warning about a hard landing by the end of next year. The cause is a massive bubble in asset classes driven by quantitative easing and ultra-low interest rates over the past decade, which is now unwinding as interest rates are rapidly rising to contend with high inflation. | | | | • | TikTok Increases Fake Account Removal Rate
Social media platform TikTok reports that it removed 33.6 million fake accounts in the most recent quarter, a 61 percent increase from the 20.8 million accounts it removed in the prior quarter. Overall, the removal of fake accounts has increased 2,000 percent in the past year. Other social media platforms have likewise had to contend with fake accounts. | | |
| | | | TOP | | | BIIB | 38.915% | | | | NFLX | 9.545% | | | | MELI | 7.858% | | | | MPC | 7.722% | | | | LIMN | 7.659% | | | | BOTTOM | | | VFC | 6.002% | | | | AAPL | 1.374% | | | | QCOM | 0.989% | | | | ALGN | 0.864% | | | | EXC | 0.336% | | | | |
| | |  | | The fact that we lost support at both 3900, 3800 and certainly made a beeline to the June lows tells you that the risk-off environment hasn't changed much over the course of the last six weeks. We're still concerned that the Fed is going to overdo it and push the economy into recession. | | - Art Hogan, chief market strategist at B. Riley Financial, on the market retesting its June lows and why stocks may continue to trend lower from here as interest rates continue to rise. | |
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