Good morning. The pandemic shutdown and reopening created a massive opportunity for wage growth...
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.
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| | |  | DOW 32,661.84 | +0.02% | | |  | S&P 3,951.39 | -0.47% | | | | | NASDAQ 11,379.48 | -0.66% | | | | | *As of market close | | | • | Markets closed mixed on Wednesday, as Treasury yields continued higher. | | | • | Oil rose 0.9 percent, last going for $77.71 per barrel. | | | • | Gold rose 0.4 percent, ending at $1,844 per ounce. | | | • | Cryptocurrencies generally moved higher, with bitcoin at $23,442at the stock market close. | | | | | | | |
| | | Cautious Companies that Are Performing Well Now Will Likely Lead Markets Later | | | | It's a time for corporate executives to be honest. With a slowing economy, having a realistic outlook matters. But companies that report caution in their forward-looking statements tend to get punished by the market… at least in the short-term.
That means investors should position themselves to buy these companies, especially if they're performing well now. When the economy improves, these companies are likely to see big benefits from being overly cautious now.
» FULL STORY | | | | |
| | Insider Trading Report: Energy Transfer LP (ET) | | | | Kelcy Warren, an executive at Energy Transfer LP (ET), recently bought 1,660,602 shares. The buy increased his stake by 1 percent, and came to total cost just over $21.67 million. The buy came on the heels of another purchase from the same insider, for 1,339,398 shares.
Company executives and directors have been buyers over the past year, with a number of buys ranging from 5,000 shares to over 2,428,000 shares. There have been no insider sales in the past two years.
» FULL STORY | | | | |
| | Unusual Options Activity: Ford Motor Company (F) | | | | Car manufacturer Ford Motor Company (F) has seen shares lose over a quarter of their value in the past year. One trader is betting that the stock will see a further slide in the months ahead.
That's based on the June $12 puts. With 106 days until expiration, 20,868 contracts traded compared to a prior open interest of 269, for a 78-fold rise in volume on the trade. The buyer of the puts paid $0.98.
» FULL STORY | | | | |
| | • | 10-Year Treasury Yields Top 4 Percent
The 10-year U.S. Treasury yield hit 4 percent yesterday, its highest level since last November. That's also on par with the bond's highest yield in more than a decade. The move comes as traders have been repricing assets in anticipation of interest rates remaining higher for longer. | | | | • | Eli Lilly to Cap Insulin Prices
Drugmaker Eli Lilly (LLY) will cut its prices on insulin by 70 percent. The company will also cap out-of-pocket costs for those with private insurance to $35 per month. The move comes as several lawmakers have commented on the rising price of insulin and other prescription drugs. | | | | • | General Motors to Lay off 500 Corporate Employees
General Motors (GM) is looking to lay off about 500 salaried employees, including many executive staff positions. The automaker had previously stated that it didn't expect any layoffs this year, and that the cuts will only affect a small number of employees, with their termination being related to performance. | | | | • | Nissan to Recall 700,000 SUVs
Automobile manufacturer Nissan is recalling more than 700,000 of its Rogue and Rogue Sport SUVs. Models from 2016 to 2020 can shut off automatically while driving if the key accidentally folds while in the ignition. The company is working on a solution, which it expects to provide to dealers free of charge. | | | | • | Amazon Will Allow Employees to Use Stock to Finance Home Purchases
Tech giant Amazon (AMZN) has partnered up with Better.com to allow employees to use vested shares as collateral for a down payment to buy homes. Employees in Florida, New York, and Washington will be the first to receive the service. Recently laid-off employees with vested equity can also use the service. | | |
| | | | TOP | | | FSLR | 15.691% | | | | TCOM | 6.132% | | | | VLO | 5.739% | | | | NTES | 4.997% | | | | FCX | 4.979% | | | | BOTTOM | | | ZM | 6.663% | | | | LOW | 5.56% | | | | LUMN | 5% | | | | ARE | 4.587% | | | | AAP | 4.236% | | | | |
| | |  | | With peak Fed rates arriving and becoming entrenched this year, equity markets will have to wait even longer for the 'Fed put' to return as central banks focus on keeping financial conditions tight. While high rates will make life difficult for equities, it potentially creates a sweet spot for fixed income. | | - Gautam Khanna, co-head of U.S. Multi Sector Fixed Income at Insight Investment, on why investors may want to look at increasing their holdings in fixed-income assets this year, as rates will likely peak later this year before coming down. | |
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