 | | |  | DOW 33,951.52 | -0.30% | | | | | S&P 4,365.69 | -0.52% | | | | | NASDAQ 13,502.20 | -1.21% | | | | | *As of market close | | | • | Stocks closed lower again on Wednesday, as the Fed pointed to more rate hikes ahead. | | | • | Oil rallied 2 percent, closing at $72.64 per barrel. | | | • | Gold dipped 0.2 percent, ending at $1,945 per ounce. | | | • | Cryptocurrencies continued higher, with bitcoin at $30,119 at the stock market close. | | | | | | | |
| | | Keep Investing with the Strategy that Moves Stock Prices Higher | | | | There are many ways for a company to deliver value to shareholders. Once a company reaches a certain size, growth becomes more difficult without coming up with new and potentially expensive initiatives. That's why many large companies start paying a dividend.
Companies have another trick up their sleeve too. That trick is the share buyback program. As long as a company isn't using debt to retire shares, it can have a great long-term impact on prices.
» FULL STORY | | | | |
| | Insider Activity Report: Avista Corp (AVA) | | | | Scott Kinney, a vice president at Avista Corp (AVA), recently bought 1,250 shares. The buy increased his holdings by 21 percent, and came to a total cost just under $50,400.
This marks the first insider buy since September 2021, when a director made a small purchase of shares. Otherwise, company insiders have generally been sellers of shares on a steady basis over the past two years.
» FULL STORY | | | | |
| | Unusual Options Activity: Marathon Digital Holdings (MARA) | | | | Cryptocurrency miner Marathon Digital Holdings (MARA) has performed well in the past year, with a 38 percent move higher. One trader sees a continued move higher in the coming months.
That's based on the December $12 calls. With 175 days until expiration, 7,471 contracts traded compared to a prior open interest of 138, for a 54-fold rise in volume on the trade. The buyer of the calls paid $4.00 to make the bullish bet.
» FULL STORY | | | | |
| | • | Powell Warns Inflation Fight Far from Over
In testimony before Congress on Wednesday, Federal Reserve Chairman Jerome Powell warned that the fight against inflation was far from over. Powell noted that all Fed members see the need for a further rate hike this year to continue to bring down inflation, which is still more than twice the Fed's target level. | | | | • | UK Inflation Holds Steady
Inflation in the United Kingdom came in at 8.7 percent in May, the second month in a row. The lack of a drop in inflation will likely cause the Bank of England to continue raising interest rates, which now stand at nearly their highest level in two decades. Core inflation in the UK hit a 31-year high of 7.1 percent. | | | | • | Dropbox Starts Venture Fund
Filesharing company Dropbox (DBX) is starting a $50 million venture fund. Dubbed Dropbox Ventures, the fund will largely invest in startups in the AI space, with a focus on companies shaping the future of work. The move is similar to other companies investing in startups, such as the $500 million commitment from Salesforce (CRM). | | | | • | FTC Sues Amazon Over Prime Cancellation Process
The Federal Trade Commission has sued tech giant Amazon (AMZN). The agency cites the company's cancellation process for its Prime service as the reason, which is being alleged as intentionally complicated. The FTC has been investigating the Prime sign-up and cancellation process since March 2021. | | | | • | Financial Giants Propose Bitcoin ETFs
Several major asset managers have filed to create exchange traded funds (ETFs) focused specifically on investing in bitcoin. That includes BlackRock (BLK). Over the past few years, dozens of applications have been submitted, but have been rejected. If such ETFs are approved, there could be sizeable buying demand for bitcoin and other cryptocurrencies as these products launch. | | |
| | | | TOP | | | DLTR | 4.292% | | | | CTVA | 3.537% | | | | FMC | 3.201% | | | | GNRC | 3.189% | | | | BKR | 2.852% | | | | BOTTOM | | | INTC | 5.457% | | | | AMD | 5.062% | | | | TSLA | 4.385% | | | | ZM | 4.294% | | | | MTCH | 3.418% | | | | |
| | |  | | With the S&P 500 and Nasdaq marching higher and breaking through key resistance levels, and underpinned by stronger volume and broader participation, markets reached short-term overbought levels on Friday. 'Triple witching' options expiration on Friday added to volatility, but the sell-off on Friday wasn't overly dramatic, leaving markets to digest their gains, and wait for another powerful catalyst. | | - Quincy Krosby, chief global strategist for LPL Financial, on why the market may pause from here until more economic data gives a clearer picture for markets in the coming months. | |
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