Good morning. While America is preparing for the Thanksgiving holiday, Europe is preparing for...
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 34,098.10 | +1.18% | | | | S&P 4,003.58 | +1.36% | | | | NASDAQ 11,174.41 | +1.36% | | | | *As of market close | | • | Stocks moved higher on Tuesday, following favorable comments by Federal Reserve officials. | | • | Oil rose 1.4 percent, closing at $81.17 per barrel. | | • | Gold traded flat, last going for about $1,740 per ounce. | | • | Cryptocurrencies nudged higher, with Bitcoin at $16,144 at the stock market close. | | | | | | | | | | Insider Trading Report: The Home Depot (HD) | | | | Paula Santilli, a director at The Home Depot (HD), recently bought 1,583 shares. The purchase is an initial stake by the director, and came to a total cost of just over $499,900. This is the first buy at the company since May, when another company director bought 1,500 shares, paying just over $400,000 to do so. Over the past three years, insiders have largely been sellers of shares, particularly those at the Executive Vice President level. » FULL STORY | | | | | | Unusual Options Activity: Intel Corporation (INTC) | | | | Shares of chipmaker Intel Corporation (INTC) have slid 40 percent in the past year. One trader sees a potential rebound in the next 10 months. That's based on the September 2023 $40 calls. With 295 days until expiration, 5,076 contracts traded compared to a prior open interest of 204, for a 25-fold rise in volume on the trade. The buyer of the calls paid $0.88 to make the bet.
» FULL STORY | | | | | | • | Thanksgiving Travel Nears Pre-Pandemic Levels
More than 4.5 million people are expected to fly during the Thanksgiving holiday season. That's an 8 percent rise compared to a year ago, according to data from AAA. If those numbers hold, will be just 2 percent below the peak travel level that occurred in 2019, before the start of the pandemic. | | | | • | Recession Fears Subside This Earnings Season
The number of CEOs mentioning a recession this earnings season is down 26 percent compared to last quarter. That relative optimism has also come along as GDP growth came in strong for the third quarter of the year following two quarters of declines, and as CPI and other inflation data are starting to show a decline. | | | | • | Investor Home Sales Drop 30 Percent
The total number of homes bought by companies and other investors, rather than owners, has dropped 30 percent in the past year, dropping to 66,000 from 94,000 in the third quarter of 2022 relative to 2021. Rising mortgage rates and a cooling housing market are the likely culprits. | | | | • | Offshore Oil and Gas Infrastructure Risks Cybersecurity Risks
The Government Accountability Office has reported that over 1,600 offshore oil and gas facilities are at a growing risk of cyberattacks. That could result in ransomware attacks like the one on the Colonial Pipeline, which shut off part of the grid for oil distribution for several days. | | | | • | UK Regulators Zero In on Apple and Google Over Browsing
The Competition and Markets Authority, the regulatory agency in the United Kingdom, is launching an investigation into the control of the mobile browser market. They see a "stranglehold" being held by Apple (AAPL) and Alphabet (GOOG), and may also extend to cloud gaming services. | | | | | | TOP | | BBY | 12.227% | | | A | 8.199% | | | CF | 6.519% | | | EQT | 6.267% | | | FIS | 5.824% | | | BOTTOM | | DLTR | 7.704% | | | ROL | 6.375% | | | MDT | 5.232% | | | ZM | 4.772% | | | TCOM | 2.818% | | | | | | | | | With 375 basis points of Fed rate hikes so far, an inverted yield curve, spikes in inflation, and commodity prices still a part of the narrative, we can all but conclude that we are late in the economic cycle. | | - Liz Young, SoFi's head of investment strategy, on the likelihood that the economy may enter into a recession in 2023 given the current negative data facing markets. | | |
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