| | | | DOW 30,076.68 | -0.35% | | | | S&P 3,757.98 | -0.84% | | | | NASDAQ 11,066.81 | -1.37% | | | | *As of market close | | • | Markets moved lower on Thursday, as traders digested the latest interest rate hike. | | • | Oil rose 0.6 percent, closing at $83.43 per barrel. | | • | Gold rose 0.3 percent, last going for about $1,681 per ounce. | | • | Cryptocurrencies traded mixed, with Bitcoin at $19,336 at the stock market close. | | | | | | | | | | Profit From The Migration Trend That's Slowing, Not Stopping | | | | People need to move, no matter what the economy is doing. And many will move to areas with lower taxes, higher growth, and better job opportunities. That's been playing out slowly over the past decade, with the pandemic causing a faster migration rate as many looked to move to lower-density areas. While that trend is slowing, it isn't stopping. And companies that cater to this trend will likely continue to fare well in the years ahead. » FULL STORY | | | | | | Insider Trading Report: BRT Apartments Corp (BRT) | | | | Jeffery Gould, President and CEO at BRT Apartments Corp (BRT), recently picked up 14,735 shares. The buy increased his holdings by 0.4 percent, and came to a total price just over $320,000. He was joined by a senior vice president, who also picked up about 15,000 shares, paying about the same amount as well. Insiders were largely sellers of shares in the past three years before these recent buys. » FULL STORY | | | | | | Unusual Options Activity: Apple (AAPL) | | | | Shares of consumer tech giant Apple (AAPL) have held up better than most tech stocks in the past year. However, one trader sees shares continuing their recent downtrend in the coming weeks. That's based on the October $133 puts. With 28 days until expiration, 2,410 contracts traded compared to a prior open interest of 104, for a 23-fold rise in volume on the trade. The buyer of the puts paid $0.90 to get into the trade.
» FULL STORY | | | | | | • | Mortgage Rates Hit 2008 Highs
30-year, fixed-rate mortgages have hit 6.29 percent. That's the highest level since 2008, and a 0.27 percent increase from last week's average of 6.02 percent. The move comes as the Federal Reserve has raised interest rates another 0.75 percent this week. The mortgage rate is now more than double its reading for the same week in 2021. | | | | • | Tight Dairy Supplies Leading to Higher Food Costs
US dairy farms are facing lower production amid labor shortages and a lack of other inputs. That's left butter supplies at their lowest level since 2017, just ahead of the fall baking season. This lower supply will keep food prices higher for longer in key dairy goods. | | | | • | SEC Declines to Ban Payment for Order Flow
The Securities and Exchange Commission has declined to ban the practice of payment for order flow. The program allowed brokerage firms to front-run customers and pocket a small profit on each trade they made, rather than act in the best interest of their clients. A number of platforms, including Robinhood (HOOD) have used payment for order flow to avoid customer commission. | | | | • | Tesla Issues Recall of 1.1 Million Cars Over window Defect
Tesla Motors (TSLA) has noticed a flaw in its windows, which can cause car occupants to be pinched while the windows are closing. The windows are supposed to stop if they detect an object in the way. The company will be able to issue an over-the-air software update to service the issue. | | | | • | SoftBank Writes Down Oyo Valuation by Over 70 Percent
Investment firm SoftBank is writing down its valuation of Indian hotel chain Oyo to $2.8 billion. The firm had initially valued its stake at $10 billion, resulting in a markdown of over 70 percent. Oyo notes that they have improved their financing in recent months, and that the markdown in valuation appears to make little sense. | | | | | | TOP | | LLY | 4.904% | | | MRK | 3.632% | | | BMY | 2.793% | | | VRTX | 2.354% | | | LEN | 2.318% | | | BOTTOM | | CZR | 9.533% | | | BALL | 8.625% | | | FDS | 7.924% | | | EXPE | 6.959% | | | ENPH | 6.746% | | | | | | | | | You can only steer the ship towards the storm for so long, but eventually there comes a time when you need to batten down the hatches and with the Fed's third consecutive 75 basis point rate hike over the past four months, market participants should be looking for cover to weather the upcoming storm. | | - Charlie Ripley, senior investment strategist at Allianz Investment Management, regarding the steep rate hikes the Fed has been making over the past few months and why investors should expect continued market volatility. | | |
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