Good morning. The S&P 500 finally joined the Nasdaq in the bull market club last week, with...
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 34,066.33 | +0.56% | | | | | S&P 4,338.94 | +0.93% | | | | | NASDAQ 13,461.92 | +1.53% | | | | | *As of market close | | | • | Stocks rallied on Monday, ahead of Wednesday's Fed meeting. | | | • | Oil slid 4.4 percent, closing at $67.09 per barrel. | | | • | Gold dipped 0.3 percent, ending the day at $1,972 per ounce. | | | • | Cryptocurrencies moved slightly lower, with bitcoin at $25,827 at the market close. | | | | | | | |
| | | This Mega-Cap Tech Giant May Lead Markets Higher Next | | | | The past few weeks has seen an explosion of interest in artificial intelligence (AI) and chipmaker stocks. That's allowed a few big-cap tech names to lead the overall market higher. And since the stock market is weighted by market cap, it may have even kept stocks from dropping so far this year.
With the move higher fizzling out, it's possible that investors are looking to new leaders to keep the 2023 rally going. One company looks set to take the leadership mantle.
» FULL STORY | | | | |
| | Insider Trading Report: Banc of California (BANC) | | | | Joseph Rice, a director at Banc of California (BANC), recently bought 7,500 shares. The buy increased his holdings by 85 percent, and came to a total cost of $84,375.
This is the first insider activity in a month, when another director bought 3,200 shares in early May for about $35,000. Company insiders have been buyers so far this year, including over $1 million from a third director across multiple transactions.
» FULL STORY | | | | |
| | Unusual Options Activity: Johnson Controls International (JCI) | | | | Building product and systems manufacturer Johnson Controls International (JCI) has moved 22 percent higher in the past year. One trader sees further upside ahead for shares in the next three months.
That's based on the October $67.50 calls. With 129 days until expiration, 11,121 contracts traded compared to a prior open interest of 114, for a 98-fold jump in volume in the past year. The buyer of the calls paid $2.00 to make the bullish bet.
» FULL STORY | | | | |
| | • | Traders Still Expect Rate Cuts Later This Year
Traders are still betting that interest rates will move lower later this year as the Federal Reserve meets this week. Traders are looking for confirmation on Wednesday that the Fed has "paused" its interest rate hiking policy, which could set up for a decline towards the end of the year, potentially sooner if there's a decline in economic data. | | | | • | Global Manufacturing Declines
Factories across the world are reporting a decline in orders for new goods. That's a sign that there's a backlog of orders and increase in inventories of finished goods. The data shows a decline in global manufacturing leader China, as well as other key economic regions such as the European Union and United States. | | | | • | Hotel Owners Writing Off San Francisco
Hotel demand is at its lowest level of 15 years in San Francisco, as the city is dealing with a rise in crime an quality-of-life issues. That's led to some hotel owners missing their loan payments on debt secured by properties there. That incudes Hilton's Union Square and Parc 55 San Francisco, owned by Park Hotels & Resorts (PK). | | | | • | JPMorgan Reaches Settlement with Epstein Victims
JPMorgan Chase (JPM) has reached a settlement with the victims of Jeffrey Epstein. The bank is paying $290 million to the victims. The bank was accused of having knowledge of Epstein's criminal activities, and the settlement does not include an admission of liability. The settlement was reached shortly after a judge ruled that a class-action suit against the bank could proceed. | | | | • | Salesforce Reveals AI Tools
Customer relationship management software company Salesforce (CRM) is launching a suite of tools to improve its position in the artificial intelligence space. The suite is designed to deliver "enterprise ready" AI tech, and builds on the company's first AI initiative that it started in March. | | |
| | | | TOP | | | CCL | 13.178% | | | | CTLT | 10.487% | | | | NCLH | 7.95% | | | | AVGO | 6.515% | | | | ORCL | 6.513% | | | | BOTTOM | | | NDAQ | 11.421% | | | | KEY | 5.009% | | | | CFG | 3.335% | | | | TROW | 3.328% | | | | CME | 3.208% | | | | |
| | |  | | We think that as we walk through these next few weeks, that will be increasingly clear that the economy is more resilient than folks have given it credit for the last six months. That will sort of dawn on people that small-caps and cyclicals probably have a reasonable shot to play catch up. | | - Scott Ladner, chief investment officer at Horizon Investments, on why the market can head higher from here, although it may not be led by technology stocks. | |
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