⏺Are Tech Stocks Ready to Pause?

Good morning. Technology stocks led the market lower during 2022's drop. And so far in 2023...

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.

Good morning, Technology stocks led the market lower during 2022's drop. And so far in 2023, they've been the big winner. That's in stark contrast to energy, which was the only sector to post a positive return in 2022. Among other sectors right now, cyclicals are looking attractive. Goldman Sachs (GS) sees the trade as a strong one for the second half of 2023, particularly as institutional investors take profits out of tech and look for the most oversold value now. Big money flows out of tech could mean a drop in the space. While it won't be as big as last year's drop, it could lead to some profitable opportunities on the short side. And it could still mean markets move higher later this year, with other sectors playing catchup following tech's runaway move. Now here's the rest of the news: Sponsored Content Bank Accounts: Frozen! In 1990, the Brazilian government froze the bank accounts of thousands of citizens.  In 2013, the victims were the people of Cyprus.  In 2022, it hit closer to home — in Canada. And now the Federal Reserve System Docket No. OP-1670 reveals the plan to give the Fed the power to track and potentially even control your checking account.  Not just the money you have in your account … But also, every single check, withdrawal, deposit and transaction. Practically everything you do with your money! Find Out How to Protect Yourself Here MARKETS DOW 34,408.06 +1.26% S&P 4,425.84 +1.22% NASDAQ 13,782.82 +1.15% *As of market close • Stocks shot higher on Thursday, as traders shook off the Fed's hawkish comments Wednesday. • Oil jumped 3.4 percent, closing at $70.57 per barrel. • Gold rose 0.1 percent, ending the day at $1,971 per ounce. • Cryptocurrencies generally traded higher, with bitcoin at $25,461 at the market close. Today's TOP TIPS When Stocks Get Exciting, Look the "Least Exciting" Opportunity With tech stocks largely back in fashion, there are a few laggards out there. They may be the better opportunity going forward. That's because laggards have better valuations, having not run up as much. And they may surprise investors with strong operational performance. That's especially true when contrasting some of the biggest players year-to-date, and especially where investors aren't that excited for a specific company at the moment. Investors don't need to find the most boring stock, just one that's less exciting. » FULL STORY Insider Trading Report: AutoNation (AN) Michael Manley, CEO and director at AutoNation (AN) recently bought 7,000 shares. The buy increased his holdings by 46 percent, and came to a total cost of $1.014 million. This is the first insider activity since last May, when the company's COO bought 2,342 shares at a cost just under $259,000. Otherwise, executives and directors have been sellers of shares, as well as billion investor Eddie Lampert, who is a major holder of the stock. » FULL STORY Unusual Options Activity: Danimer Scientific (DNMR) Bioplastics producer Danimer Scientific (DNMR) is down about 25 percent over the past year. One trader sees a potential rebound in next two months. That's based on the August $4 calls. With 63 days until expiration, 10,001 contracts traded compared to a prior open interest of 116, for an 86-fold rise in volume on the trade. The buyer of the calls paid $0.25 to make the bullish bet. » FULL STORY IN OTHER NEWS • 42 Percent of CEOs See Existential Threat From AI At the Yale CEO Summit this week, 42 percent of CEOs saw AI as something that has the ability to destroy humanity in the next five to ten years. The informal survey included 119 CEOs from a variety of businesses, including big-name giants like Walmart (WMT) and Coca-Cola (KO). 58 percent of CEOs stated they were not worried. • China Lowers Medium-Term Lending Facility Loan Rates The People's Bank of China has lowered the rate on one-year medium term lending facility (MLF) loans by 10 basis points. That's the first policy rate cut in 10 months, and has come about as the country's economy has shown signs of cooling, despite fully reopening from pandemic-era lockdowns at the start of the year. • Bud Light Dethroned as Top-Selling Beer The boycott against Bud Light continues, with Modelo Especial taking over the top sales spot in the light beer market in the U.S. in May. Bud Light sales continue to decline, with some distributors now contemplating layoffs as sales continue to drop with no end in sight. • Apple Nears $3 Trillion Market Cap Tech giant Apple (AAPL) is nearing a $3 trillion market cap, and will likely be the first U.S. company to hit that valuation. The recent move higher in shares follows strong earnings, the company's announced share buyback, and the rollout of the Apple Vision Pro augmented reality (AR) headsets. • GM Delivers First Commercial EVs Outside the U.S. General Motors (GM) has made its first delivery of electric commercial vans outside the U.S. The company's BrightDrop division has delivered 50 vans to FedEx (FDX) Express Canada. That's part of a full order of 2,500 vehicles. The vans are designed for last-mile deliveries and have a 250 mile range. S&P 500 MOVERS TOP DPZ  6.652% LEN  4.492% AZO 4.192% EL 4.012% CVS 3.984% BOTTOM WBD 3.767% MPWR 3.227% ANET 3.152% KR 2.944% MAR 2.578% Quote of the Day What I think Powell kind of helped smooth over the course of his press conference is that the Fed is still on track with how the market is thinking on policy. ... They're leaving themselves room to increase rates if needed…While services inflation is still elevated, inflation is developing in the way they wanted. - Anthony Saglimbene, chief market strategist at Ameriprise Financial, on Federal Reserve Chairman Jerome Powell's post-meeting conference, indicating that a "soft landing" for the economy may still be on the table as inflation continues to cool. Sponsored Content Bank Accounts: Frozen! In 1990, the Brazilian government froze the bank accounts of thousands of citizens.  In 2013, the victims were the people of Cyprus.  In 2022, it hit closer to home — in Canada. And now the Federal Reserve System Docket No. OP-1670 reveals the plan to give the Fed the power to track and potentially even control your checking account.  Not just the money you have in your account … But also, every single check, withdrawal, deposit and transaction. Practically everything you do with your money! Find Out How to Protect Yourself Here Not sure the best way to get started? Follow these simple steps to hit the ground running. › Step #1 - Get These FREE Reports: Warren Buffett's Top 5 Stocks | 10 Great Stocks Under $10 | 7 High Yield Dividend Stocks › Step #2 - Join Our Premium Advisory: The Next Superstock › Step #3 - Claim Your Free Copy Of: Big Book Of Chart Patterns | How to Trade Weekly Options For Weekly Income We just wanted to take a moment and say thank you so much for being part of our family! We are dedicated to teaching people how to make the world a better place so we can all thrive, together. 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