Good morning. The bear market that started last January has now morphed into trouble in the...
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 32,432.08 | +0.60% | | | | S&P 3,977.53 | +0.16% | | | | NASDAQ 11,768.84 | -0.47% | | | | *As of market close | | • | Markets traded mixed on Monday, following the sale of Silicon Valley Bank. | | • | Oil jumped 5.4 percent, last going for $73.01 per barrel. | | • | Gold slid 1.3 percent, ending at $1,958 per ounce. | | • | Cryptocurrencies generally moved lower, with bitcoin at $26,998 at the stock market close. | | | | | | | | | | The Economy Is Down, But Not Out – This Overlooked Play Could Fare Well Here | | | | Investors are shying away from tech investments as interest rates rise. However, there are many ways to profit in tech in the years ahead, and finding reasonably-priced companies that can grow market share at today's prices should fare well. While the market has flirted with artificial intelligence (AI) stocks so far this year, that space is far from proven. A more proven space is cloud storage, which continues to grow, even as tech firms slow down and announce layoffs. » FULL STORY | | | | | | Insider Trading Report: Uranium Energy Corp (UEC) | | | | Amir Adnani, President and CEO at Uranium Energy Corp (UEC), recently bought 60,000 shares. The buy increased his stake by 3 percent, and came to a total cost of $214,200. A company director also picked up 38,500 shares, paying just over $100,000 on the same day. And an executive vice president also recently bought 21,000 shares, at a price just over $52,000. Insiders were generally last active in late 2021, when they were sellers. » FULL STORY | | | | | | Unusual Options Activity: MGM Resorts International (MGM) | | | | Hotel and casino operator MGM Resorts International (MGM) are down just 2 percent over the past year, outperforming the overall stock market by about 10 percent. One trader sees shares declining in the coming weeks. That's based on the May $40 puts. With 51 days until expiration, 5,137 contracts traded compared to a prior open interest of 163, for a 32-fold rise in volume on the trade. The buyer of the puts paid $2.01 to make the trade.
» FULL STORY | | | | | | • | First Citizens Acquires Silicon Valley Bank Assets
Regional bank First Citizens (FCNCB) is buying up most of the assets of failed Silicon Valley Bank. That includes deposits, loans, and bank branches, which opened up on Monday under the new ownership. The deal, approved by banking regulators, will move First Citizens up into one of the top 25 U.S. banks by deposits. | | | | • | Tipping culture Shifts Amid Slowing Economy
The average tip for services at restaurants declined from 16.4 percent last year to 15.9 percent in the most recent quarter. One explanation is that inflation is eating away at a customer's generosity, amid rising prices and card surcharges. Others see the decline of tipping as a pushback against increased options to tip. | | | | • | Home Listings Small Amid Spring Buying Season
Typically, the spring months are strong for home sales. However, new listings have declined nationwide, amid rising interest rates and with home prices starting to show year-over-year declines. That's a sign that the housing market is cooling, but tight supply could also keep prices high thanks to those who need to buy a home. | | | | • | Microsoft Unveils New Version of Teams
Tech giant Microsoft (MSFT) is testing out its new version of Teams for Windows. The latest iteration is twice as fast as the previous one, and allows users to receive notifications from all of their accounts. There's also an option to switch back to the classic version of Teams. | | | | • | Binance Sued by CFTC Over Derivative Trading Violations
The world's largest cryptocurrency exchange by volume is being sued by the CFTC. The regulatory agency is accusing Binance of breaking trading and derivatives rules in U.S. financial markets, including laws to prevent and detect evidence of money laundering and terrorism financing. | | | | | | TOP | | FRC | 14.563% | | | CMA | 6.597% | | | KEY | 6.535% | | | IFF | 6.42% | | | ZION | 5.593% | | | BOTTOM | | CCL | 4.171% | | | AMT | 2.74% | | | BIDU | 2.553% | | | GOOG | 2.235% | | | GOOGL | 2.196% | | | | | | | | | I think that the market overall is neither frightened nor optimistic — it's simply confused. The price action for the last month-and-a-half… is a jumble without any direction or conviction. | | - George Ball, president at Sanders Morris Harris, on the market's recent volatility as concerns in the banking sector have risen rapidly in recent weeks. | | |
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