Good morning. Following a parabolic move higher in recent weeks, tech stocks with a focus on AI...
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 32,908.27 | -0.41% | | | | | S&P 4,179.83 | -0.61% | | | | | NASDAQ 12,935.29 | -0.63% | | | | | *As of market close | | | • | Stocks traded lower on Wednesday, but closed near their highs of the day. | | | • | Oil fell 2.3 percent, closing at $67.88 per barrel. | | | • | Gold rose 0.3 percent, ending the day at $1,982 per ounce. | | | • | Cryptocurrencies traded lower, with bitcoin at $27,069 at the market close. | | | | | | | |
| | | Look for a Buying Opportunity as Markets Rotate Leadership | | | | While the stock market tends to rise over time, within that cycle there can be different moves. Recently, tech stocks have been the big winners.
That's left other sectors underperforming. However, that will likely change in time. And when that happens, companies in overlooked or disliked sectors can become the big winners moving forward. A number of sectors look oversold and potentially ready to move higher in the weeks and months ahead.
» FULL STORY | | | | |
| | Insider Trading Report: Cincinnati Financial Corp (CINF) | | | | Dirk Debbink, a director at Cincinnati Financial Corp (CINF), recently bought 1,000 shares. The buy increased his stake by 2 percent, and came to a total price of $98,390.
This is the first insider buy at the company since last December, when the director bought 1,000 shares. Since then, another director has sold a small amount of their holdings. Over the past 3 years, there have only been two insider sales compared to ten buys.
» FULL STORY | | | | |
| | Unusual Options Activity: Target (TGT) | | | | Big box retailer Target (TGT) has seen shares sink to new 52-week lows over the past week. While shares look oversold in the short-term, one trader is betting on a further move lower.
That's based on the September $110 puts. With 106 days until expiration, 10,144 contracts traded compared to a prior open interest of 428, for a 24-fold rise in volume on the trade. The buyer of the puts paid $2.50 to make the bearish bet.
» FULL STORY | | | | |
| | • | Job Openings Rise in April
Job openings hit 10.1 million in April, up from 9.745 million in March, according to the latest day from the Bureau of Labor Statistics. That's a surprise jump after three months of declines. A strong job market indicates a healthy and fast-growing economy, which could in turn keep interest rates higher for longer. | | | | • | Mortgage Demand Hits Three Month Low
30-year, fixed-rate mortgages averaged 6.91 percent over the past week, compared to 6.69 percent compared to the week before. Demand decreased 7 percent last week, hitting a three-month low. Overall application volume is down 45 percent compared to a year ago as mortgage rates stand near a 15-year high. | | | | • | Manufacturers Continue to Seek Alternatives to China
Rising concerns over a military conflict and security worries continue to push manufacturers away from China. The move comes following years of supply chain snarls as China enacted strict lockdowns during the outbreak of Covid 19. While China offers low labor costs, the potential risks, which appear to be rising, will likely continue to push manufacturing to other global centers. | | | | • | Snapchat Launches AI Feature
Social media platform Snapchat (SNAP) has launched a new generative AI feature, using the in-app chatbot, My AI. Subscribers to Snapchat+ can receive Snaps back from the chatbot. Snapchat's My AI feature is free to all users, but does not have a release data at this time. | | | | • | Twitter Valued at One Third of Musk's Purchase Price
Although Elon Musk paid $44 billion to take Twitter private last year, a new estimate values the company closer to $15 billion. That's based on a calculation made by Fidelity, which owns a small stake in the platform via one of its funds. The fund had previously valued its stake at $20 million in October, and is now valuing it closer to $6.5 million. | | |
| | | | TOP | | | INTC | 6.552% | | | | JKHY | 3.615% | | | | EW | 3.538% | | | | DXCM | 3.285% | | | | CTLT | 2.911% | | | | BOTTOM | | | AAP | 34.492% | | | | HPE | 6.701% | | | | KEY | 5.488% | | | | HPQ | 5.189% | | | | GPC | 5.167% | | | | |
| | |  | | The Fed is still a major focus for all investors. It's really a tug of war between what the Fed is likely to do: whether or not they are going to hike one or two more times, or just sit tight and wait and see how incoming inflationary data is over the next couple of months. | | - Brian Price, head of investment management at Commonwealth Financial Network, on why the market may start to focus on the Federal Reserve's next moves as the latest debt ceiling fears get resolved. | |
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