Good morning. It's typical for stocks to pull back in the summer months. But it took last week's...
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.
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| | |  | DOW 35,065.62 | -0.43% | | | | | S&P 4,478.03 | -0.53% | | | | | NASDAQ 13,909.24 | -0.36% | | | | | *As of market close | | | • | Markets continued lower on Friday, reversing morning gains. | | | • | Oil rose 1.3 percent, closing at $82.63 per barrel. | | | • | Gold saw a 0.4 percent rise, last going for $1,976 per ounce. | | | • | Cryptocurrencies generally declined, with bitcoin at $29,016 at the stock market close. | | | | | | | |
| | | This International Brand Looks Set to Soar | | | | Stocks that lead the market in one year will likely lag the next. The reverse is also true. Even during a bull market, some stocks and sectors soar higher, while others underperform. But they tend to win out when the trend shifts.
This year's market rally has been driven by tech stocks. And fears of a slowdown in consumer spending have hit companies with strong brands hard. But companies lagging this year could still be winners in the months ahead.
» FULL STORY | | | | |
| | Insider Activity Report: Exxon Mobil (XOM) | | | | Jeffrey Ubben, a director at Exxon Mobil (XOM), recently added 458,000 shares. The buy increased his stake by 19 percent, and came to a total cost of $48.97 million.
The director was the last insider to buy shares, with a purchase in August 2022 of 1 million shares, coming to $88.45 million. Otherwise, company insiders have been modest sellers of shares over the psat year, exclusively at the VP level.
» FULL STORY | | | | |
| | Unusual Options Activity: DXC Technology (DXC) | | | | Information technology consulting company DXC Technology (DXC) sank nearly 30 percent last Thursday, as the company missed on earnings and cut guidance. One trader is betting on a further drop in the months ahead.
That's based on the January $15 puts. With 164 days until expiration, 4,710 contracts traded compared to a prior open interest of 110, for a 43-fold rise in volume on the trade. The buyer of the puts paid $0.87.
» FULL STORY | | | | |
| | • | Economy Adds 187,000 Jobs in July
The U.S. economy added 187,000 jobs in July. The increase was enough to push the unemployment rate down to 3.5 percent. The rate of job growth was slower than the average rate so far this year, a sign that the labor market may be near full employment. | | | | • | Treasury Yields Near 10-Month High
Yields on U.S. Treasury bonds hit a 10-month high last week, following the downgrade of the U.S. credit rating by Fitch. However, bonds pulled back from those yields following Friday's jobs data, which shows the economy remains strong, and unlikely to impact the U.S. credit rating in the short-term. | | | | • | FCC Hits Robocaller With $300 Million Fine
The Federal Communications Commission (FCC) has issued a $300 million fine on what it says is the largest robocaller network it has ever investigated. The group involved made more than 5 billion robocalls to over 500 million phone numbers in the first quarter of 2021. | | | | • | Airbnb Sees Further Drop in Bookings
Airbnb (ABNB) reports that nights and experiences booked has dropped by 11 percent during the most recent quarter. That's in spite of efforts by the company to provide affordable options for renting a bedroom with its Rooms program. The drop has occurred as hotel companies have reported strong bookings in the most recent quarter. | | | | • | Coinbase Earnings Hint at Crypto Thaw
Cryptocurrency brokerage firm Coinbase (COIN) reported better-than-expected earnings in the second quarter of the year. That could be a sign that the worst of the crypto market selloff is over this cycle, although part of the company's returns were driven by lowering its operating costs. | | |
| | | | TOP | | | WBD | 8.379% | | | | AMAZ | 8.269% | | | | GEN | 7.948% | | | | BKNG | 7.861% | | | | DVA | 7.139% | | | | BOTTOM | | | FTNT | 25.066% | | | | RMD | 18.504% | | | | EXR | 9.824% | | | | PANW | 8.056% | | | | VTR | 6.802% | | | | |
| | |  | | Berkshire bought $10 billion in U.S. Treasurys last Monday. We bought $10 billion in Treasurys this Monday. And the only question for next Monday is whether we will buy $10 billion in 3-month or 6-months. | | - Warren Buffett, CEO of Berkshire Hathaway (BRK-A), on why last week's U.S. credit rating downgrade by Fitch isn't a big deal for the market. | |
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