Good morning. The Fed's quarter-point rate hike following the June pause was well telegraphed in...
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 35,520.12 | +0.23% | | | | S&P 4,566.75 | -0.02% | | | | NASDAQ 14,127.28 | -0.12% | | | | *As of market close | | • | Markets closed mixed on Wednesday, as the Fed raised interest rates a quarter point. | | • | Oil dipped 0.9 percent, closing at $78.90 per barrel. | | • | Gold rose 0.6 percent, last going for $1,976 per ounce. | | • | Cryptocurrencies traded mixed, with bitcoin at $29,393 at the stock market close. | | | | | | | | | | This Industry Leader Just Knocked Out a Major Uncertainty | | | | Companies are impacted by any number of uncertainties. Investors who wait for completely clear skies often miss out on the opportunity. But buying when things are starting to turn around can offer the best returns relative to the risk. That's especially true when buying shares of industry leaders. Taking advantage of a short-term fear can be the best way to get the optimal price for a company's shares. » FULL STORY | | | | | | Insider Activity Report: Lennar (LEN) | | | | Amy Banse, a director at Lennar (LEN), recently bought 790 shares. The buy increased her stake by 12 percent, and came to a total cost of $99,872. The buy comes a month after she picked up 165 shares, paying just over $20,000 to do so. Over the past two years, a few company officers have been sellers of shares, including a few officers at the VP level who sold over $1 million in a single transaction. » FULL STORY | | | | | | Unusual Options Activity: General Motors (GM) | | | | Automobile manufacturer General Motors (GM) has been rangebound over the past year, and shares appear to be trending down once again. One trader is betting shares will further decline from here in the coming weeks. That's based on the August 18 $35.50 puts. With 22 days until expiration, 5,802 contracts traded compared to a prior open interest of 129, for a 45-fold rise in volume on the trade. The buyer of the puts paid $0.31 to make the bearish bet.
» FULL STORY | | | | | | • | Wealthy Consumer Trends Start to Shift
Wealthier consumers have largely shown no interest in the changes in inflation over the past few years. But that trend is now starting to shift, with consumer spending dropping on luxury goods. That could be a sign that the wealthy are moving their money elsewhere, or are starting to face some of the pressures that have impacted lower-income Americans in recent years. | | | | • | Voluntary AI Development Body Forms
Several of the larger players in the AI space, including OpenAI, Google (GOOG) and Microsoft (MSFT) have formed a voluntary body to oversee development of so-called "frontier" AI. The body will create a set of rules to ensure that AI is developed responsibly, working at a faster pace than government regulators. | | | | • | ESG Fund Flow Turns Negative
The cumulative flow of capital into funds focused on ESG – environmental, social, and governance issues – has flowed negative since the first quarter of last year. That may be a sign that the concept has become too political in nature, or that those qualities are less important in a struggling market environment. | | | | • | AT&T Expands Cost-Cutting
Cell carrier AT&T (T) is moving to streamline its operations with a $2 billion cost-cutting campaign. The company continues to scale back on landline operations, as its wireless business continues to drive most of the company's profits. The move comes as reports have come out that landlines containing lead may have been improperly buried. | | | | • | Three Companies Team Up on Map Duopoly
Meta Platforms (META), Microsoft (MSFT) and Amazon (AMZN), have teamed up to create a new map service that could rival the duopoly held by Google (GOOG) and Apple (AAPL). The three companies have combined data on over 59 million points of interest which could be used to start a new map application in the coming months. | | | | | | TOP | | UNP | 9.756% | | | BA | 8.449% | | | ZION | 7.462% | | | KEY | 6.67% | | | ODFL | 6.504% | | | BOTTOM | | CSGP | 8.197% | | | ALLE | 7.862% | | | TDY | 6.477% | | | DGX | 5.948% | | | UHS | 5.817% | | | | | | | | | Corporate client buybacks slowed despite typically picking up at this point of results season and have been tracking below seasonal trends since May. Buybacks could be one of the biggest casualties of tighter credit. | | - Jill Carey Hall, strategist at Bank of America, on the slowdown in corporate share buybacks right now, which may weigh on the markets in the coming months. | | |
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