Good morning. While the stock market is at 2023 highs, and inflation continuing to slow, there...
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 34,212.12 | +0.43% | | | | | S&P 4,369.01 | +0.69% | | | | | NASDAQ 13,573.32 | +0.83% | | | | | *As of market close | | | • | Stocks closed higher on Tuesday, as inflation continued to slow. | | | • | Oil jumped 3.1 percent, closing at $69.18 per barrel. | | | • | Gold dipped 0.7 percent, ending the day at $1,957 per ounce. | | | • | Cryptocurrencies traded flat overall, with bitcoin at $25,856 at the market close. | | | | | | | |
| | | The AI Trade Has Room to Run In the Right Places | | | | Every day brings several reports about companies embracing artificial intelligence (AI) technologies. Some may see a genuine long-term opportunity. Others may see an opportunity to turn their share price around as the market loves this current tech trend.
While big-name tech stocks have largely moved higher, there's now some potential pockets of overvaluation with the biggest moves so far. That's creating an opportunity for smaller plays, particularly for companies already rolling out AI tools.
» FULL STORY | | | | |
| | Insider Trading Report: Advance Auto Parts (AAP) | | | | Four directors at Advance Auto Parts (AAP) recently bought shares. Director Eugene Lee led the group with a 7,635 share buy. That increased his holdings by 41 percent, and came to a total stake of $500,160. The smallest buy was for 500 shares valued at just under $33,000.
This marks the first insider activity since 2021. That's when a company EVP sold 3,500 shares when the stock traded more than three times higher than where it stands today.
» FULL STORY | | | | |
| | Unusual Options Activity: Keycorp (KEY) | | | | Regional bank Keycorp (KEY) is down nearly 40 percent over the past year, as banking stocks have been out of favor with the market. One trader sees the potential for another big drop by the end of the year.
That's based on the December $6 puts. With 184 days until expiration, 5,128 contracts traded compared to a prior open interest of 195, for a 26-fold rise in volume on the trade. The buyer of the calls paid $0.40.
» FULL STORY | | | | |
| | • | Inflation Outlook Drops to Two-Year Low
Consumers expect inflation to drop to a 4.1 percent rate over the next year through the end of May, according to the latest New York Fed Survey data. That's the lowest read since May 2021, right before inflation jumped to its highest level since the early 1980s. The survey also indicated that household spending would rise 5.6 percent over the next year. | | | | • | Generational Gap Separates Spending
Data from Bank of America (BAC) shows a significant spending gap between generations. Baby Boomers are increasing spending on cruises and restaurants, while Gen X, Gen Z, and Millennials are cutting back. Younger generations decreased their spending 1.5 percent over the past year, while it rose 2.2 percent for Baby Boomers. | | | | • | Companies Drop Social-Impact Initiatives
The number of companies mentioning social and environmental initiatives during their earnings calls have dropped substantially over the past year. The most recent quarter had 575 mentions, compared to a peak of over 900 in the fourth quarter of 2021. The level is still triple the levels from 2018-2019, indicating that companies are continuing such initiatives, despite a potential backlash. | | | | • | FTC Looks to Block Microsoft/Activision Merger
The U.S. Federal Trade Commission is requesting an emergency court order to block the merger between tech giant Microsoft (MSFT) and video game studio Activision Blizzard (ATVI). The deal was valued at $69 billion, and has been in limbo over regulatory concerns for over a year. | | | | • | Reddit Faces Partial Shutdown as New API Policy Kicks In
Social media platform Reddit saw thousands of communities go dark to protest the company's new policy that would pull third-party apps. The website also went down at one point on Monday. Reddit's new API policy was designed to increase the costs to third-party developers to the point where they would have had to shut down their business. | | |
| | | | TOP | | | CMA | 6.069% | | | | NCLH | 6.057% | | | | STLD | 6.042% | | | | LNC | 5.439% | | | | URI | 5.413% | | | | BOTTOM | | | AMD | 3.267% | | | | BIIB | 2.744% | | | | TECH | 2.269% | | | | CRM | 2.218% | | | | BBWI | 1.65% | | | | |
| | |  | | It's going to be fabulous ... and dangerous. The only issue is the power. It's the people and how the how the technology is used as the risk.... It can either produce a tremendous amount of productivity.... Or it can be used in this war in various ways to hurt each other I don't care if it's in biology, hospitals, I don't care if it's in agriculture, there will be those who want to stand it and know how to make the most of it. And there will be those who will be slow to make the most of them and those that are able to make the most of them will be the disruptive companies. | | - Bridgewater founder and billionaire Ray Dallio on artificial intelligence and how it can lead to massive disruptions across the entire economy, so long as it's harnessed for good.  | |
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