Friday, July 7, 2023

⏺This New Record Bodes Well for Stocks

Good morning. Even with an economy that looks like it's slowing, people vote with their dollars...
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.

Good morning, Even with an economy that looks like it's slowing, people vote with their dollars… and their feet. And Americans are on the move. Last Friday saw the TSA screen 2,883,595 individuals. That's a new one-day travel record.

It's a sign that even as the economy slows, consumers will continue to spend. And that they may be spending more on experiences in the post-pandemic era rather than just on buying the latest gadgets and trinkets. But with travel demand strong, it's hard to see more than the usual seasonal summer lull for stocks.

Investors and traders alike should use any short-term drop in markets to look ahead for a surge toward the end of the year, in line with the seasonal pattern of the market most years.

Now here's the rest of the news:

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MARKETS
DOW 33,922.26 -1.07%
S&P 4,411.59 -0.79%
NASDAQ 13,679.04 -0.82%
*As of market close
Markets dropped on Thursday, following better-than-expected jobs numbers.
Oil rose 0.1 percent, closing at $71.88 per barrel.
Gold declined 0.6 percent, last trading at $1,917 per ounce.
Cryptocurrencies traded lower, with bitcoin at $30,272 at the stock market close.

Today's TOP TIPS
Big Tech Could Grow Further With AI, Making This Company a Top Buy
While big tech stocks have had a strong start to the year, and may trade flat or lower in the coming months, many can move higher over time.

That's because these companies have the size and scope to roll out AI technologies and best improve their performance. And a small improvement in a big company can lead to billions of dollars in increased revenues or even profits. That could push shares even higher.

» FULL STORY

Insider Activity Report: Simon Property Group (SPG)
Reuben Leibowitz, a director at Simon Property Group (SPG), recently added 536 shares. The buy increased his holdings by 1 percent, and came to a total cost of $61,100.

He was among 11 company directors who picked up shares in the past week, and bought the largest amount. The smallest amount for a mere 28 shares valued at $3,252. All directors increased their stake by 1-2 percent. They also made the same move at the end of March.

» FULL STORY

Unusual Options Activity: Fidelity National Information Services (FIS)
Financial institution technology provider Fidelity National Information Services (FIS) has been cut in half over the past year. One trader sees the potential for a big rally in the coming months.

That's based on the September $70 calls. With 70 days until expiration, 20,825 contracts traded compared to a prior open interest of 512, for a 41-fold rise in volume on the trade. The buyer of the calls paid $0.44 to make the bullish bet.

» FULL STORY

IN OTHER NEWS
American Retirees Invest Heavily in Stocks

A recent Vanguard study shows that one out of every five brokerage account investors 85 or older have the majority of their money in stocks. That goes against traditional financial wisdom, which includes scaling up fixed income investments in retirement. Part of that asset allocation today may be due to the low yields offered on bonds over the past decade.
Europe Sees Industrial Inflation Drop

Factory costs have dropped 1.5 percent across the Eurozone in the past year, the first year-over-year decline since December 2020. That's a sign that inflation in Europe may be falling. Most recently, the Eurozone logged inflation of 5.5 percent year-over-year for the month ending in June, slightly above the inflation rate in the U.S.
JetBlue to End American Airlines Partnership

Airliner JetBlue (JBLU) is ending a partnership with American Airlines (AAL) ahead of its merger with Spirit Airlines (SAVE), after a federal judge ruled that the partnership was anticompetitive. The JetBlue/Spirit merger is also currently under antitrust scrutiny, with the Justice Department suing to block the merger earlier this year.
ChatGPT Traffic Drops in June

Traffic on the ChatGPT AI network dropped 9.7 percent in June. That's the first drop since the chatbot, developed by OpenAI, launched last November. Given the massive increase since the launch, however, overall demand still remains strong, with companies continuing to use the platform to improve operations.
Meta Platforms Launches Threads

Meta Platforms (META) has announced the launch of a new Twitter-like platform, dubbed Threads. Instagram users can use their existing credentials to post short updates, including text of up to 500 words, and videos up to 5 minutes in length. At launch, Threads will be available in over 100 countries, although not the Eurozone.

S&P 500 MOVERS
TOP
BWA  3.96%
SEE 2.468%
GRMN 2.052%
PARA 1.981%
PAYC 1.884%
BOTTOM
FTRE 8.135%
MRNA 4.25%
PYPL 3.936%
CZR 3.87%
SEDG 3.812%

Quote of the Day
I think we're in pretty good shape. The trends are good, the momentum starting to pick up a little bit. We're seeing an improvement in breath. All those things are important and should be able to propel the S&P to 4600.
- Jeff deGraaf, Renaissance Macro chairman, predicting a further rally in the S&P 500, with a price target 3.5 percent higher by the end of the year, likely reflecting a rotation out of tech stocks and into a broader rally after a summer slump.

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Time is running out to safeguard your money.

The fed's alarming new program to control Americans' bank accounts is underway.

They now possess the power to monitor every transaction and freeze accounts at their discretion.

Don't wait until it's too late.

Watch This Video to Learn Three Essential Steps That can Shield Your Savings. Act now!


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