Good morning. Investors are getting more bullish, following the market's strong start to the year...
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 34,086.04 | +1.09% | | | | | S&P 4,076.60 | +1.46% | | | | | NASDAQ 11,584.55 | +1.67% | | | | | *As of market close | | | • | Markets closed higher on Tuesday, closing out January on a strong note. | | | • | Oil rallied 1.5 percent, closing at $79.09 per barrel. | | | • | Gold rose 0.2 percent, going for $1,944 per ounce. | | | • | Cryptocurrencies moved higher, with Bitcoin at $23,122 at the market close. | | | | | | | |
| | | Keep Investing in Companies Raising Prices as Inflation Remains High | | | | Inflation rates are coming down off of a 40-year high. But they're still far higher than average. The process will take time to fully play out. When it does, prices will remain higher than they are now overall.
Companies that can raise prices and still maintain market share and their customer base will be just fine as this trend fully plays out. Some companies keep customers thanks to popular, low-priced products.
» FULL STORY | | | | |
| | Insider Trading Report: Sherwin Williams (SHW) | | | | John Morikis, CEO at Sherwin Williams (SHW) recently added 2,207 shares. The buy increased his holdings by just over 1 percent, and came to a total cost of $500,327.
The CEO was the last buyer of shares at the company nearly a year ago, with a 2,000 share pickup for about $519,000. One division president sold shares in the past year. Going back further, a number of company executives were sellers of the stock.
» FULL STORY | | | | |
| | Unusual Options Activity: United Parcel Service (UPS) | | | | Shares of package delivery company United Parcel Service (UPS) are down about 10 percent over the past year. One trader sees a move higher for shares in the months ahead.
That's based on the March $195 calls. With 43 days until expiration, 33,836 contracts traded compared to a prior open interest of 130, for a staggering 261-fold rise in volume on the option. The buyer of the calls paid $1.45 to make the bullish bet.
» FULL STORY | | | | |
| | • | Eurozone Avoids a Recession
The Eurozone saw its gross domestic product grow by 0.1 percent in the fourth quarter of 2022, beating expectations for a 0.1 percent decline. Surprise growth out of Ireland helped the economic zone see a small gain, amid a slowdown driven in part by skyrocketing energy prices. | | | | • | Home Prices Drop for Fifth Month
US home prices dropped for a fifth month in a row, based on the latest data through November. The move comes as mortgage rates have more than doubled in the past year, which has created a headwind for potential homebuyers. | | | | • | Consumers Face Trouble as Pandemic Trends Reverse
Consumer spending is now down for three out of the past four months, a troubling sign as it covered the spending-heavy holiday season. Adding in flat spending on a number of services and declining savings rates, and it's clear that the pandemic-era trend of less spending and rising savings have reversed, which could lead to more trouble for stocks later in the year. | | | | • | Workday Announces Layoffs
Workday (WDAY), a cloud services provider for business planning, is looking to lay off about 3 percent of its employees. That will impact about 525 jobs in total. The move comes as the company expects to increase its total headcount this year overall, and the company states this was not the result of overhiring. | | | | • | NetApp to Lay off 8 Percent of Staff
NetApp (NTAP) is looking to lay off about 8 percent of staff, working out to about 950 employees being let go. The company is a player in the cloud data management space, and NetApp stated that economic challenges and reduced spending were behind the layoff decision. | | |
| | | | TOP | | | AOS | 13.079% | | | | IP | 10.505% | | | | PHM | 8.858% | | | | PNR | 8.698% | | | | GM | 7.688% | | | | BOTTOM | | | PSX | 6.127% | | | | GLW | 4.74% | | | | CAT | 3.807% | | | | MRNA | 3.572% | | | | MU | 3.079% | | | | |
| | |  | | You're seeing this push and pull in stock prices between whether the Fed will keep interest rates where they are throughout the year, or whether they'll pivot to cutting interest rates. That's what you're seeing in terms of maybe a little bit more of the intermediate term rise in stock prices. We would fade that rally because our perspective is the Fed is going to keep interest rates high for some time. | | - Tom Hainlin, senior investment strategist at U.S. Bank, on why the market's recent rally is likely to unwind the coming weeks, as the Fed stays the course on continuing to raise interest rates. | |
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