Good morning. It's been a poor year for just about every asset class. Both stocks and bonds are...
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.
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SAVE YOUR SEAT HERE >> | | | | | | DOW 33,597.92 | +0.00% | | | | S&P 3,933.92 | -0.19% | | | | NASDAQ 10,958.55 | -0.51% | | | | *As of market close | | • | Stocks traded mixed on Wednesday, with the Dow posting a slight gain. | | • | Oil dropped 2.5 percent, closing at $72.38 per barrel. | | • | Gold rose 1.0 percent, hitting $1,800 per ounce. | | • | Cryptocurrencies generally traded lower, with Bitcoin going for $16,829 at the market close. | | | | | | | | | | Why Bad News May Be Good News for This Sector | | | | Typically, the stock market doesn't mind when a company announces layoffs. In a bull market, it can be a sign that a company is finding ways to do the same (or more) work with fewer people. But in a bear market, it's often treated as bad news, even as it lowers costs. That's particularly true in financial markets, where companies can be quick to hire and quick to right-size when the market changes. » FULL STORY | | | | | | Insider Trading Report: Generac Holdings (GNRC) | | | | Robert Dixon, a director at Generac Holdings (GNRC), recently added 2,000 shares. The buy increased his holdings by 13 percent, and came to a total cost of just over $194,000. This marks the first insider buy at the company in the past two years. Otherwise, company insiders have been likely to sell shares. The company CEO in particular has been a seller of shares on a regular basis. » FULL STORY | | | | | | Unusual Options Activity: iQIYI (IQ) | | | | Shares of Chinese entertainment company iQIYI (IQ) are down over 40 percent in the past year. One trader sees rebound ahead for shares. That's based on the June 2023 $3.50 calls. With 189 days until expiration, 15,088 contracts traded compared to a prior open interest of 204, for a 74-fold rise in volume on the trade. The buyer of the calls paid $0.89 to make the bullish bet.
» FULL STORY | | | | | | • | Oil Drops Under $75
Oil prices reached their lowest level in nearly a year with a decline to $75 per barrel. That leaves oil down over 40 percent since it hit nearly $130 per barrel back in March. Lower oil prices mean lower prices at the gas pump, but it may also be a sign of a slowing economy as inventories rise. | | | | • | Bank CEOs Warn of Economic Slowdown
After two years of pandemic-driven spending, consumers appear to be slowing down. That's based on declining retail payments at banks, where company CEOs are now warning on a cooling pace of consumer spending. While retail payments are up 11 percent this year on average, the rate for November slowed to just 5 percent. | | | | • | Blackstone Funds Hitting High Redemptions
Investment giant Blackstone (BX) has seen a few funds face large redemptions in recent sessions. One of the company's real estate funds has seen withdrawal requests exceeding its 5 percent quarterly limit. One analyst sees the withdrawals continuing through the third quarter of 2023. | | | | • | China Pivots on Covid Policy
China is moving away from its current Covid policy of locking down areas where cases are reported. The country is reducing quarantine and testing requirements, the most intrusive policies the country has employed to keep Covid at bay. | | | | • | Plaid Laying Off 20 percent of Workforce
Fintech company Plaid is laying off 260 employees, or about 20 percent of its workforce. The move comes after the company grew its engineering team 17.5 times in the span of just four years, and as the company's expected hypergrowth has taken a backseat to a slowing economy this year. | | | | | | TOP | | STT | 8.388% | | | CPB | 6.058% | | | BK | 4.143% | | | SIVB | 4.105% | | | SEDG | 3.679% | | | BOTTOM | | MTB | 8.332% | | | BF.B | 7.156% | | | TRIP | 6.651% | | | EXPE | 6.243% | | | LNC | 5.676% | | | | | | | | | Inflation is eroding everything I just said, and that trillion and a half dollars will run out sometime midyear next year. When you're looking out forward, those things may very well derail the economy and cause a mild or hard recession that people worry about. | | - Jamie Dimon, JPMorgan Chase CEO, on why the economy may end up in a recession next year as the full effects of the pandemic stimulus finally wear off. | | |
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