Good morning. China's decision to drop its numerous Covid restrictions has led to an outbreak...
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 33,517.65 | -0.34% | | | | | S&P 3,892.09 | -0.08% | | |  | NASDAQ 10,635.65 | +0.63% | | | | | *As of market close | | | • | Stocks traded mixed on Monday, closing near lows of the day following strong morning gains. | | | • | Oil rose 1.4 percent, last going for $74.78 per barrel. | | | • | Gold rose 0.3 percent, ending at $1,876 per ounce. | | | • | Cryptocurrencies generally rose, with bitcoin trading at $17,225 at the market close. | | | | | | | |
| | | Look For Value as Investors Have Picked Over This Popular Sector | | | | When one part of the market is hot, some names can soar far higher. But some companies may not go along for the ride. That can create a valuation mismatch, which may allow investors to earn a decent profit as overpriced companies in the sector see a relative decline.
In the past year, only one sector has seen a strong move higher. That space is the energy sector. And it's not entirely played out yet.
» FULL STORY | | | | |
| | Insider Trading Report: Carmax Inc (KMX) | | | | William Nash, President and CEO at Carmax (KMX), recently added 8,220 shares. The buy increased his holdings by just over 5 percent, and came to a total cost of $501,256.
This is the first insider activity at the company since July. It's also the first insider buy at the company over the past two years. Overall, company executives have been regular sellers of shares following the exercise of stock options.
» FULL STORY | | | | |
| | Unusual Options Activity: Nvidia (NVDA) | | | | Shares of graphics processing unit manufacturer Nvidia (NVDA) have lost nearly half their value in the past year. One trader sees a further decline in the weeks ahead.
That's based on the February 3 $150 put. With 24 days until expiration, 7,958 contracts traded compared to a prior open interest of 327, for a 24-fold rise in volume on the trade. The buyer of the puts paid $8.75.
» FULL STORY | | | | |
| | • | Consumers Expect Lower Inflation For 2023
The New York Federal Reserve's latest consumer survey on inflation expectations saw a decline in the one-year outlook to 5 percent. That's the lowest level since July 2021. Spending expectations also declined to 5.9 percent, the lowest level in a year. | | | | • | Investors Wary of Allocating Capital to China
While market strategists expect Chinese assets to rise in 2023, foreign investors are staying away. Overall, more than $100 billion has been pulled from China's bond market by foreign investors in the past year, and institutions only bought $13 billion in Chinese shares last year, compared to $63 billion in 2021. | | | | • | NYC Nurses Go on Strike
Over 7,000 nurses at two New York City hospitals walked off their job amid contract negotiations. While the union representing the nurses noted an offer to hike wages by 19 percent, the issue is largely staffing shortages. This adds to other labor battles in recent months amid rising inflation and short staffing. | | | | • | Goldman Sachs May Cut Over 3,000 Jobs This Week
Investment bank Goldman Sachs (GS) may start its biggest round of job cuts ever, by eliminating 3,000 positions. The bank has been contending with a slowdown in trading volume as well as a slowdown in merger and acquisition and IPO deals that have usually represented substantial sources of revenue for the bank. | | | | • | Duck Creek Technologies to Be Acquired for $2.6 Billion
SaaS provider Duck Creek Technologies (DCT) is being acquired by private equity firm Vista Equities Partners for $2.6 billion. Duck Creek went public in 2020, and had a peak market cap of $7 billion in early 2021. Duck Creek provides software for the property and casualty insurance sector. | | |
| | | | TOP | | | TSLA | 6.713% | | | | AMD | 6.129% | | | | NVDA | 5.99% | | | | NCLH | 5.813% | | | | NOV | 5.698% | | | | BOTTOM | | | LULU | 9.819% | | | | REGN | 5.513% | | | | BAX | 7.843% | | | | M | 7.253% | | | | DXCM | 4.986% | | | | |
| | |  | | All investors care about is that the data suggests inflation is moving towards the Fed's target. That's all investors care about and average hourly earnings suggest inflation continues to slow. They are excited about that. | | - Michael Arone, chief investment strategist at State Street Global Advisors, on Friday's jobs report which showed slowing wage growth, a potential sign that inflationary pressures on the economy continue to decline. | |
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