Good morning. Markets are set to close out a strong month – in sharp contrast to last year's...
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 33,717.09 | -0.77% | | | | S&P 4,017.77 | -1.30% | | | | NASDAQ 11,393.81 | -1.96% | | | | *As of market close | | • | Markets sank on Monday, ahead of a data-heavy week. | | • | Oil dropped 2.4 percent, closing at $77.81 per barrel. | | • | Gold dipped 0.4 percent, going for $1,938 per ounce. | | • | Cryptocurrencies traded lower, with Bitcoin at $22,719 at the market close. | | | | | | | | | | This Household Name Has A Better Future Trend Than Its Biggest Competitor | | | | Many industries tend to have a few big players. There will likely be a single player that dominates the industry. But things can change. And underdog companies looking to catchup to the big dog can potentially deliver better returns while doing so. That can come about from a better product or service mix, better customer service, or a way to improve profitability during an economic downturn. » FULL STORY | | | | | | Insider Trading Report: Banc of California (BANC) | | | | Andrew Barker, a director at the Banc of California (BANC), recently bought 48,435 shares. The buy increased his holdings by 50 percent, and came to a total cost just over $800,800. This insider was also the most recent buyer with a 12,900 share pickup back in February 2022. The company President and CEO also picked up about $100,000 worth of BANC shares at the time as well. There have been no insider sales over the past three years. » FULL STORY | | | | | | Unusual Options Activity: QuantumScape (QS) | | | | Shares of battery technology company QuantumScape (QS) have lost over 40 percent of their value in the past year, although shares have recently bounced more than 50 percent higher off their lows. One trader sees a further decline ahead. That's based on the March $9 puts. With 44 days until expiration, 13,951 contracts traded compared to a prior open interest of 259, for a 54-fold rise in volume on the trade. The buyer of the puts paid $1.42.
» FULL STORY | | | | | | • | Treasury Yields Rise Before Fed Meeting This Week
Yields on US Treasury bonds inched higher on Monday, ahead of the Federal Reserve's first meeting of the year on Tuesday. 10-year yields rose over 3.5 percent, and two-year yields went for 4.25 percent, a sign that investors expect a modest rate hike again this week, and a sign of the inversion in the Treasury market. | | | | • | Banks Add to Loan Loss Reserves
Bank earnings have revealed that many institutions are preparing for a recession by increasing their loss reserves. Banks have also started to tighten lending standards, even as many banks have performed well this earnings season as customers have continued to borrow. | | | | • | Norway Discovers Substantial Resources on Seabed
A study in Norway has found substantial amounts of metals and minerals, including copper and rare earth elements, on the seabed of the country's continental shelf. That adds to the energy resources that the country has already developed offshore in the past few decades. | | | | • | Ford Cuts Prices on EV Models
Ford Motors (F) is cutting prices on its electric Mustang and Mach E. The move comes as Tesla Motors (TSLA) cut prices on its vehicles. This could be the start of a wider price war in the automotive space, as companies look to grow market share by any means necessary. | | | | • | Marqueta Acquires Power Finance
Marqueta (MQ) has agreed to purchase fintech infrastructure company Power Finance for $223 million in cash. This marks the first acquisition for Marqueta in 13 years of business. Power Finance was created two years ago, and raised $16.1 million in seed capital in 2021. | | | | | | TOP | | CINF | 5.634% | | | GEHC | 2.669% | | | ORLY | 2.477% | | | BEN | 2.474% | | | AZO | 2.299% | | | BOTTOM | | JD | 5.797% | | | TSLA | 5.663% | | | NVDA | 5.463% | | | TCOM | 4.821% | | | FSLR | 4.567% | | | | | | | | | We're putting the final touches on an extremely strong January on the heels of lower inflation, and an economy that's hanging in there. We're not out of the woods though. We've still got the Fed… and they might want to throw some water on this rally. | | - Ryan Detrick, chief market strategist at Carson Group, on why investors may want to be cautious after the market has rallied for the first four weeks of 2023, especially ahead of a Fed meeting. | | |
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