Good morning. Traders are once again starting to bet on oil rising to $100 in the coming months...
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 33,402.38 | -0.59% | | | | S&P 4,100.60 | -0.58% | | | | NASDAQ 12,126.33 | -0.52% | | | | *As of market close | | • | Markets moved lower on Tuesday, as oil prices stabilized. | | • | Oil rose 0.1 percent, last going for $80.50 per barrel. | | • | Gold jumped 1.9 percent, ending at $2,039 per ounce. | | • | Cryptocurrencies traded higher, with bitcoin at $28,189 at the stock market close. | | | | | | | | | | Look For Companies Squeezing Out Unneeded Corporate Expenses | | | | Many companies hire as they need to when growing like gangbusters. But when things go down, it's a time to assess the size of a company and its needs, no matter what sector it's in. For some companies, the worst bloat can come from its executive offices. The growth of middle management can cause a big payroll expense to build up, and take away capital from lower-level workers that make a company's success possible. » FULL STORY | | | | | | Insider Trading Report: GameStop Corp. (GME) | | | | Lawrence Cheng, a director at GameStop Corp. (GME), recently bought 5,000 shares. The buy increased his holdings by 13 percent, and came to a total cost of $113,900. The buy came a year after another director bought 1,500 shares, paying just under $195,000. Over the past two years, insider buys have far exceeded insider sales, including a 100,000 share buy from the company's chairman just over a year ago. » FULL STORY | | | | | | Unusual Options Activity: ConocoPhillips (COP) | | | | Major oil and gas producer ConocoPhillips (COP) jumped over 9 percent on Monday as oil prices rallied on news of OPEC cuts. One trader sees shares continuing higher in the coming weeks. That's based on the April 28 $107 calls. With 23 days until expiration, 11,135 contracts traded compared to a prior open interest of 109, for a 102-fold jump in volume on the trade. The buyer of the calls paid $4.55 to make the bullish bet.
» FULL STORY | | | | | | • | Municipal Money-Market Funds Top 4 Percent
Yields on municipal money-market mutual funds have now topped 4 percent for the first time in years amid the recent market volatility. Typically, municipal bonds and other funds offer lower yields than other securities, but have tax advantages that confer similar or even higher after-tax yields. | | | | • | Retailers Work on Made-to-Fit Boxes for Shipping
In an effort to reduce the waste and cost of shipping online orders, a number of retailers are investing in technologies that can create made-to-fit boxes. That includes major merchants such as Walmart (WMT) and Amazon (AMZN). The move comes as online sales accounted for 14.7 percent all retail sales, up from 5.8 percent a decade earlier. | | | | • | Cryptocurrency Exchange Bittrex Shuts Down
Bittrex, a cryptocurrency exchange, is shutting down its operations, at least in the United States. The exchange joins a number of other exchanges that are moving out of the U.S. market in recent months. The company cited the "regulatory environment" as a reason for the decision to shut down U.S. operations. | | | | • | Unicorn Quantexa Hits $1.8 Billion Valuation in Latest Funding Round
Online fraud and customer data management company Quantexa has raised $129 million at a valuation of $1.8 billion in Series E funding. The company last raised capital two years ago, nabbing $153 million at a $800-900 million valuation. Quantex largely provides AI software to major banks and other financial services companies. | | | | • | Dogecoin Surges as Shiba Inu Replaces Twitter Bird
Cryptocurrency dogecoin jumped nearly 30 percent on Monday, as Elon Musk replaced the Twitter bird icon with a Shiba Inu in reference to dogecoin. The change came within two days of Musk asking a judge to throw out a racketeering lawsuit accusing the billionaire of running a pyramid scheme to support dogecoin prices. | | | | | | TOP | | NEM | 3.578% | | | EXR | 3.074% | | | EA | 3.045% | | | NOW | 2.418% | | | TTWO | 2.393% | | | BOTTOM | | STLD | 9.084% | | | URI | 8.312% | | | VLO | 8.273% | | | MPC | 7.726% | | | NUE | 7.193% | | | | | | | | | This current macro backdrop isn't conducive for a meaningful stock market rally: The economy is recession bound as the consumer is clearly weakening, lending is about to get ugly, energy cost uncertainty will remain elevated for a while, and monetary policy is finally restrictive and about to break parts of the economy. | | - Ed Moya, senior market analyst at OANDA, on why the market may not trend too much higher from here, and will likely trade in a range in the months ahead. | | |
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