Good morning. The Bank of Canada surprised markets with a rate hike yesterday. The nation now has...
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 33,665.02 | +0.27% | | |  | S&P 4,267.52 | -0.38% | | | | | NASDAQ 13,104.90 | -1.29% | | | | | *As of market close | | | • | Stocks closed mixed on Wednesday, with tech stocks taking a dive. | | | • | Oil rallied 1.2 percent, closing at $72.61 per barrel. | | | • | Gold dropped 1.3 percent, ending the day at $1,956 per ounce. | | | • | Cryptocurrencies moved lower, with bitcoin at $26,474 at the market close. | | | | | | | |
| | | It's Time to Buy Stocks Near Lows Now | | | | While the market has held up well thanks to the strong performance of tech stocks, that trend won't last. It's possible the overall market could decline as tech stocks shift lower. But we could also see a rotation out of tech and into other sectors.
That's why several parts of the market look attractive now. Many sectors didn't join the market's rally, or have since moved to re-test lows from last year. They could be a potential buy.
» FULL STORY | | | | |
| | Insider Trading Report: M&T Bank Corp (MTB) | | | | Daryle Bible, CFO at M&T Bank Corp (MTP), recently bought 10,000 shares. This marks an initial stake for the CFO. The buy came to a total cost just over $1.2 million.
This is the largest insider activity since last year, when a company director exercised their stock options and sold over 22,700 shares. Insiders have mostly been sellers over the past two years, except for this buy and a small director buy in February.
» FULL STORY | | | | |
| | Unusual Options Activity: Oracle (ORCL) | | | | Database firm Oracle (ORCL) has been a strong tech performer, with shares up 47 percent over the past year. One trader sees that trend continuing in the short term.
That's based on the June 30th $115 calls. With 21 days until expiration, 9,417 contracts traded compared to a prior open interest of 197, for a 48-fold rise in volume on the trade. The buyer of the calls paid $1.18 to make the bullish bet.
» FULL STORY | | | | |
| | • | Treasury Prepares for $1 Trillion in Borrowing
Following the latest debt-ceiling deal, the U.S. Treasury is moving back to normal operations. That will require issuing more than $1 trillion in Treasury bills in the coming months, of which $850 billion was delayed. As money moves into Treasuries, some see the potential for a market selloff as liquidity moves away from the stock and corporate bond market. | | | | • | Used Vehicle Prices Drop Amid Rising Interest Rates
Used vehicle prices fell by 2.7 percent between April and May, and are estimated to have dropped by 11 percent over the past year. Inflated retail prices during the car shortage over the past few years have come down, and buyers are putting off their purchases as interest rates for cars have soared. | | | | • | Chinese Exports Drop
Exports from China fell 7.5 percent on a year-over-year basis for the month ending in May. That's the biggest drop since February, and is a sharp reversal from the 8.5 percent growth reported in April. Imports to the country also fell 4.5 percent in May, following a 7.9 percent drop in April. | | | | • | Crypto Prices Firm Amid Regulatory Crackdown
While the SEC has come out against major crypto exchanges such as Binance and Coinbase (COIN) in recent days, the prices of cryptocurrencies have held up well. The sector is still well into a bear market, but recent data shows an absence of sellers overall among digital assets. | | | | • | Volvo Unveils Electric SUV
Automaker Volvo has unveiled a no-frills electric SUV, dubbed the EX30. With a starting price just under $35,000, it's one of the least expensive EVs on the market. The EV will have a lower range than some models, with an estimated 275 mile range. This is the fourth EV SUV concept Volvo has made to date. | | |
| | | | TOP | | | WBD | 8.058% | | | | SWK | 6.133% | | | | MAC | 5.586% | | | | WHR | 5.585% | | | | MCHP | 4.903% | | | | BOTTOM | | | CPB | 8.569% | | | | INTU | 5.445% | | | | AMD | 4.902% | | | | WDAY | 4.884% | | | | DXCM | 4.562% | | | | |
| | |  | | The fact that it refuses to fall to me is extremely bullish. Normally, after a big run up, you see a market pullback, and when the market doesn't pull back and goes sideways, that to me is very bullish. | | - Adam Sarhan, CEO of 50 Park Investments, on the market moving higher following the resolution of the latest debt ceiling crisis and the big push higher in tech stocks in the past few weeks. | |
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