Good morning. Last year saw most asset classes take a dive. But gold managed to post a modest...
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 33,044.56 | -0.76% | | | | | S&P 3,898.85 | -0.76% | | | | | NASDAQ 10,852.27 | -0.96% | | | | | *As of market close | | | • | Markets continued lower on Thursday, as the US government hit its debt ceiling. | | | • | Oil rose 1.3 percent, closing at $80.49 per barrel. | | | • | Gold jumped 1.4 percent, going for $1,934 per ounce. | | | • | Cryptocurrencies trended higher, with Bitcoin at $21,098 at the market close. | | | | | | | |
| | | Find the Best Places to Bet on an Economic Recovery Now | | | | The economy ebbs and flows. Today's slowdown will eventually give way to the next recovery and move stocks higher. The stock market tends to start moving higher before the economic data shows such a recovery.
That's why investors should focus on companies that will benefit from the next boom during a bust. Such a move ensures that investors and traders alike can capture the biggest part of the move as it happens.
» FULL STORY | | | | |
| | Insider Trading Report: EOG Resources (EOG) | | | | Michael Kerr, a director at EOG Resources (EOG), recently bought 20,000 shares. The buy increased his holdings by 12 percent, and came to a total cost of just under $2.61 million.
The director also logged the last buy at the company in November 2021, with a 50,000 share buy for about $4.3 million. Since then, company insiders have been sellers of shares, mostly after exercising stock options.
» FULL STORY | | | | |
| | Unusual Options Activity: Micron Technology (MU) | | | | Shares of chipmaker Micron Technology (MU) are down nearly one-third over the last year. One trader sees a further decline ahead for shares in the coming weeks.
That's based on the March 3 $48 puts. With 42 days until expiration, 2,658 contracts traded compared to a prior open interest of 103, for a 26-fold rise in volume on the trade. The buyer of the puts paid $0.52 to make the bearish bet.
» FULL STORY | | | | |
| | • | US Hits Debt Ceiling
The United State shas hit its debt ceiling on Thursday. That's resulted in Treasury Secretary Janet Yellen setting up measures to reduce government spending needs until the ceiling is raised. In the event that the ceiling is not raised, there's the possibility of a technical default on US debt obligations. | | | | • | Jobless Claims Drop
Initial unemployment claims for the prior week hit 190,000. That's a 15,000 drop compared to the week before, and well under forecasts for 214,000 initial claims. Overall claim levels have been consistent in the past few months, and a sign that the labor market remains tight, even as big tech companies have announced layoffs in recent months. | | | | • | Home Construction Drops in December
Housing starts dropped 1.4 percent in December compared to November. Over the past year, starts are down 21.8 percent. That's a sign that rising interest rates are impacting home affordability, which suggests reduced demand. Building permits were also down 1.6 percent in December, and down 29.9 percent compared to a year prior. | | | | • | Oversold Airline Flights on the Rise
While recent frustrations with air travel have occurred thanks to outdated booking systems and weather-related shutdowns, the number of passengers being bumped from flights is on the rise. That's reversing a downtrend compared to recent years, and a sign that airlines may have pulled back too much on flight options. | | | | • | Amazon Dropping AmazonSmile Program
Tech giant Amazon (AMZN) is ending its AmazonSmile program on February 20th. The program takes 0.5 percent of the cost of sold products towards charities of the buyer's choosing. The move comes after the company has announced a layoff of 18,000 employees, and this may be a further cost-cutting move. | | |
| | | | TOP | | | CMA | 6.128% | | | | MTB | 5.974% | | | | TFC | 4.382% | | | | EXPE | 3.553% | | | | NOW | 3.482% | | | | BOTTOM | | | ENPH | 10.161% | | | | SEDG | 9.9% | | | | NTRS | 8.993% | | | | GNRC | 7.576% | | | | FSLR | 6.84% | | | | |
| | |  | | We've had such a strong start to the year, but now we're amid a tense earnings season, recently got weaker data… Plus the Fed meeting on Feb. 1st is looming large. There's not a whole lot of reason to get aggressive here, but all of those factors above suggest that caution is warranted in the near term. | | - Yung-Yu Ma, chief investment strategist for BMO Wealth Management, on the market's potential to move lower in the coming weeks following a few strong weeks even as economic data has been declining. | |
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