Good morning. With shares up 3 percent before reporting earnings and popping higher as the rest...
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 34,099.42 | -1.08% | | | | S&P 4,376.31 | -1.35% | | | | NASDAQ 13,463.97 | -1.87% | | | | *As of market close | | • | Markets sank on Thursday, ahead of the Fed's Jackson Hole meeting on Friday. | | • | Oil rose 0.1 percent, closing at $78.91 per barrel. | | • | Gold dipped 0.2 percent, last going for $1,945 per ounce. | | • | Cryptocurrencies traded lower, with bitcoin at $26,047 at the stock market close. | | | | | | | | | | This New Digital Trend Could Keep Market Leaders Ahead for Years | | | | Companies that build out a successful leadership role tend to keep it over time. They don't necessarily keep competitors at bay. Rather, they look at trends and adapt to them as needed. And given their existing size and cash flows, doing so allows them to roll with market changes. For instance, the rise of cryptocurrencies could lead to alternative payment systems that are cheaper to use and can move money internationally in the blink of an eye. » FULL STORY | | | | | | Insider Activity Report: Charles Schwab (SCHW) | | | | Charles Ruffel, a director at Charles Schwab Corp (SCHW), recently added 833 shares. The buy increased his holdings by 3 percent, and came to a total cost of $50,440.
This is the first insider sale since March, when a different director bought 5,000 shares. Other company insiders were active buyers in March as well, including the company CFO, co-CEO, and President. There have been two sales from the company's board chairman in May and July. » FULL STORY | | | | | | Unusual Options Activity: Roblox (RBLX) | | | | Online gaming company Roblox (RBLX) has lost over a third of its value in the past year, and shares are near a 52-week low. One trader sees a bounce ahead in the coming months. That's based on the January 2024 $37.50 calls. With 147 days until expiration, 19,708 contracts traded compared to a prior open interest of 615, for a 32-fold rise in volume on the trade. The buyer of the calls paid $1.14 to make the bullish bet.
» FULL STORY | | | | | | • | Higher Bond Yields to Produce Higher Taxes
Rising interest rates are making bonds and certificates of deposit (CDs) more attractive for investors. It also means more taxes, given the higher yields being thrown off by these investments. Some bonds offer investors tax advantages, such as municipal bonds and U.S. Treasuries, which are often untaxed at the state and local level. | | | | • | Germany Leading Eurozone Into Recession
Purchasing Manager Index data in German showed a decline to 44.7 in August from 48.5 in July. Any reading under 50 indicates a contraction. It's the lowest production level from Germany since May 2020, and indicates that the country ,which just entered a recession, may see conditions worsen before they get better. | | | | • | Airline Pilot Raises May Lead to Higher Airfares
Over the past few months, pilots for major air carriers in the United States have reached pay agreements to raise their salaries by 35-40 percent in the coming years. That jump in salaries could mean higher ticket prices for customers to offset those costs. | | | | • | Hollywood Reveals Latest Offer to End Strike
Hollywood producers have revealed their latest offer to end the writer's strike. The offer addresses residual payments and compensation, and outlines the use of artificial intelligence technologies for future work, as well as increased transparency for the streaming business. The Writers Guild of America has been on strike for over 100 days. | | | | • | Apple Supports Right to Repair Bill in California
Consumer tech giant Apple (AAPL) has voiced support for a right to repair bill making its way through the California legislature. The company has historically been against such laws, as they make it easier for consumers to go to third parties for repair work on devices such as iPhones and iPods. | | | | | | TOP | | CLX | 2.401% | | | PRU | 2.384% | | | SEE | 2.264% | | | ADSK | 2.217% | | | DLR | 1.972% | | | BOTTOM | | DLTR | 12.192% | | | AMD | 7.626% | | | ENPH | 5.83% | | | MPWR | 5.587% | | | SEDG | 5.441% | | | | | | | | | In terms of AI driving massive productivity gains for the broader economy, yes, but like 3 years from now, 4 years from now. Not in the next 12 months. We have so many other macro headwinds to worry about. | | - Dubravko Lakos-Bujas, JPMorgan's head of U.S. equity and quantitative strategy, on how artificial intelligence can lead to big increases in the overall economy, but why that trend will take time to play out and may not help avert a recession in the next 12-18 months. | | |
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