Good morning. Stocks tend to move higher for one of two reasons. The first is if a company can...
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 29,239.19 | +0.12% | | |  | S&P 3,588.84 | -0.65% | | | | | NASDAQ 10,426.19 | -1.10% | | | | | *As of market close | | | • | Markets traded mixed on Tuesday, with tech stocks continuing lower. | | | • | Oil dropped 2.9 percent, closing at $88.48 per barrel. | | | • | Gold dropped 0.1 percent, last going for about $1,673 per ounce. | | | • | Cryptocurrencies traded lower, with Bitcoin at $19,008 at the stock market close. | | | | | | | |
| | | Pessimism In the Chip Space Is Getting Overblown – Buy This Top Name | | | | Traders loved chip companies during the last bull market. In the current bear market? Not so much. Slowing PC sales, a declining economy, and supply chain issues have created a mess for the space.
However, the space may have gone from being overly optimistic last year to overly pessimistic today. That suggests with all the downgrades and fear in the space that it may be time for contrarian investors to buy.
» FULL STORY | | | | |
| | Insider Trading Report: Thor Industries (THO) | | | | Peter Orthwein, a director at Thor Industries (THO), recently added 20,000 shares. The buy increased his holdings by 2 percent, and came to a total cost of $1,450,000.
This marks the first insider activity since July, when the company COO bought 1,225 shares, paying about $100,000. And insiders have only been buyers this year. Going back further, the results are more mixed, with some large insider sales at a much higher price in 2021.
» FULL STORY | | | | |
| | Unusual Options Activity: Apple (AAPL) | | | | Shares of consumer tech giant Apple (AAPL) are now about flat over the past year. One trader sees a bump higher in the coming weeks.
That's based on the October 28 $139 calls. With 16 days until expiration, 9,076 contracts traded compared to a prior open interest of 268, for a 34-fold rise in volume on the trade. The buyer of the calls paid $6.65 to make the bet.
» FULL STORY | | | | |
| | • | IMF Cuts Global Growth Forecast
The International Monetary Fund has cut its growth forecasts for the world, citing high inflation, rising interest rates by central bankers, and a rising financial instability. The IMF sees gauges of systemic risk beginning to pile up following the rapid changes in asset valuations this year, particularly for funds that invest in less liquid parts of the market. | | | | • | Bank of England Expands Bond Market Rescue
The Bank of England is expanding its bond buying program. The move started in the past two weeks, as a fast selloff threatened to send yields soaring for UK bonds. The bank is now buying up to $5.5 billion worth of index-linked gilts each day. The bond market rescue is occurring as the country is still looking to raise interest rates further in the coming months. | | | | • | Consumer Inflation Expectations Fall
The latest Fed survey on consumer inflation expectations show that consumers expect the rate to be an average of 5.4 percent a year from now. That's the lowest reading in a year, and is down from 5.75 percent in August. Household spending is also likely on track to grow by 6 percent in the next year. | | | | • | Railroad Strike Back on the Table
A union of railroad workers has rejected a tentative agreement with US rail freight carriers. That's increased the possibility of a strike that could impact freight services and add to supply chain woes. The potential five-year contract was supported by union leaders and the Biden White House, but was reject by a vote of just 43 percent in favor. | | | | • | Google to Boost Cloud Security Features
With data breaches for cloud services on the rise in the past year, Google (GOOG) Cloud is adding a new suite of security products and services. They cover areas such as supply chains, secure collaboration agreements, and security operations to increase the company's cybersecurity features. | | |
| | | | TOP | | | VTRS | 7.2% | | | | AMGN | 5.583% | | | | MU | 4.097% | | | | CCL | 3.37% | | | | KR | 3.174% | | | | BOTTOM | | | LVS | 7.801% | | | | LRCX | 7.465% | | | | WYNN | 7.382% | | | | KLAC | 7.007% | | | | NFLX | 6.975% | | | | |
| | |  | | The combined effect of concurrent global tightening is larger than the sum of its parts. The Federal Reserve takes into account the spillovers of higher interest rates, a stronger dollar, and weaker demand from foreign economies into the United States, as well as in the reverse direction. We are attentive to the risk of further adverse shocks—for instance, from Russia's war against Ukraine, the pandemic, or China's zero-COVID policies. | | - Lael Brainard, Federal Reserve Vice Chair, on the data the Fed is using when determining its policy decision, a list that the market interpreted as relatively dovish compared to the Fed's actions so far this year. | |
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