| | | | DOW 32,254.86 | -1.66% | | | | S&P 3,918.32 | -1.85% | | | | NASDAQ 11,338.35 | -2.05% | | | | *As of market close | | • | Markets moved lower on Thursday, as investors repriced the potential for higher interest rates. | | • | Oil dropped 1.4 percent, last going for $75.57 per barrel. | | • | Gold rose 0.9 percent, ending at $1,836 per ounce. | | • | Cryptocurrencies trended lower, with bitcoin at $20,377 at the stock market close. | | | | | | | | | | Companies Right-Sizing May Lead to Big Profits Now | | | | Tech layoffs have dominated headlines since the start of the year. However, many of these companies vastly increased their hiring during the pandemic, and may have overshot to the upside. So while layoffs and workforce reductions now sound painful, it may allow companies to lower their spending and lead to bigger profits. That could be a boon to investors now, especially given how much share prices have declined for big-name tech stocks. » FULL STORY | | | | | | Insider Trading Report: Red Robin Gourmet Burgers (RRGB) | | | | Joshua Wilson, general counsel at Red Robin Gourmet Burgers (RRBG), recently added 10,000 shares. The buy increased his holdings by 22 percent, and came to a total cost of $112,250. He was joined by the company's Chief People Officer, who bought 1,751 shares for just under $20,000 a few days before, increasing his holdings by 11 percent. Overall, company insiders have been steady buyers of shares over the past 18 months, with the last insider sale occurring in May 2021. » FULL STORY | | | | | | Unusual Options Activity: Occidental Petroleum Corporation (OXY) | | | | Oil and gas operator Occidental Petroleum Corporation (OXY) has seen shares rise 7 precent in the past year. More importantly, Berkshire Hathaway (BRK-A) has been buying up shares as they drop to the low $60 range. One trader sees a bullish move ahead for the stock following the latest drop. That's based on the March 31 $63 calls. With 21 days until expiration, 4,625 contracts traded compared to a prior open interest of 229, for a 20-fold rise in volume.
» FULL STORY | | | | | | • | Home Mortgage Demand Rises
Mortgage applications rose for the first time in five weeks, according to the Mortgage Bankers Association. On a seasonally-adjusted basis, demand rose by 7 percent in the past week and the refinance index increased by 9 percent, coming off of extreme lows. | | | | • | Women Increase Presence in the Workplace
Over the past four months, women have gained more jobs than men overall. Now, women hold 49.8 percent of all nonfarm jobs, a level last seen in late 2019. During the pandemic, 12 million women lost jobs, compared to just 10 million men. This could help keep the job market strong, which will likely keep inflation and interest rates higher. | | | | • | Silvergate Prepares Liquidation
Lender Silvergate Capital (SI) is preparing to liquidate and wind down operations. The bank plans a full repayment of all deposits. The bank went strongly into the digital asset space, which remains in the grip of a full-blown bear market. It is unlikely that the bank's issues will spread to traditional lenders. | | | | • | DuckDuckGo Adds AI Search Option
Privately-held search engine DuckDuckGo is following other search engine companies into the world of artificial intelligence (AI). The company has created DuckAssist, powered in part by OpenAI, the maker of ChatGPT, as well as Anthropic. The AI service will allow the search engine to better answer queries for users. | | | | • | Ferrari Sale Marks New Top Record for Classic Cars
The Amelia Island classic-car auction saw $178.4 million in sales this year, a new record for the event. Seven of the top ten most expensive cars sold were Ferraris, with the top sale hitting $18 million. 43 cars sold for over $1 million each. | | | | | | TOP | | GE | 5.84% | | | PSX | 2.145% | | | BIO | 1.738% | | | DHI | 1.216% | | | SYK | 1.209% | | | BOTTOM | | SIVB | 60.139% | | | FRC | 16.096% | | | SCHW | 13.248% | | | SBNY | 12.201% | | | JD | 11.909% | | | | | | | | | The market is finally coming to the realization that elevated interest rates are here to stay and the idea of a Fed pivot anytime soon is wishful thinking. The global economy is more resilient than many realized, which will make inflation stickier and is extending central bankers' terminal rate target. Inflation has come down but is nowhere near the Fed's 2% target, so there is much work to be done given the stubborn strength of the economy and wage inflation. | | - James Demmert, Main Street Research Chief Investment Officer, on the market's recent volatility, as investors price in the prospects of higher interest rates for longer. | | |
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