🌊This Market Is Dead in the Water for Now

Good morning. New home sales hit a 17-month high in July. On its own, that sounds like good news...

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. New home sales hit a 17-month high in July. On its own, that sounds like good news. But home sales have now exceeded existing home sales for the first time on record. That reflects the fact that homeowners are unwilling to move right now. Doing so would mean giving up a 3 percent (or lower) mortgage rate, and having to pay over 7 percent to borrow money today. Meanwhile, the new home construction boom may stall out in the next few months, given the low demand for mortgage borrowing. It's clear that investors may want to avoid homeowner-related stocks for now, and that traders may want to target companies that could be in for some pain in the months ahead by buying put options against them. Now here's the rest of the news: Sponsored Content Investors have all eyes on the "Jewel Of The Lithium Triangle." A young company with seasoned leadership and substantial investors has placed itself smack dab in Argentina. They're surrounded by multi-billion dollar lithium producers and established infrastructure in the coveted "Jewel Of The Lithium Triangle." See what this means to Investors This is a paid advertisement. Please refer to the Important Notice and Disclaimer for additional information. MARKETS DOW 34,472.98 +0.54% S&P 4,436.01 +1.10% NASDAQ 13,721.03 +1.59% *As of market close • Markets jumped higher on Wednesday, ahead of earnings for chipmaker Nvidia. • Oil slid 1.4 percent, closing at $78.55 per barrel. • Gold rallied 1 percent, last going for $1,946 per ounce. • Cryptocurrencies traded higher, with bitcoin at $26,629 at the stock market close. Today's TOP TIPS Stick With Retailers Meeting Customer Needs The retail sector has been a laggard this year. The headline data suggests a bit of a slowdown, particularly compared to the pandemic era. However, behind the headlines, things are more nuanced. Customers can't cut back completely on necessities like food or clothing. So even with a pullback, it may be seen more with luxury goods rather than wants. That logic also extends to necessities such as upkeep and repairs. » FULL STORY Insider Activity Report: Energy Transfer (ET) Kelcy Warren, Chairman at Energy Transfer (ET), recently bought 3,000,000 shares. The buy increased his holdings by about 1 percent, and came to a total cost of $38.89 million. The Chairman was also a buyer for several days back in May, and before that in February. A company EVP also picked up 10,000 shares at the end of May. There have been no insider sales at the company over the past two years. » FULL STORY Unusual Options Activity: Capital One Financial (COF) Financial services company Capital One Financial (COF) is down about 10 percent in the past year, as rising interest rates have weighed on the financial services provider. One trader sees a rally ahead for shares in the coming weeks. That's based on the October $120 calls. With 56 days until expiration, 15,475 contracts traded compared to a prior open interest of 361, for a 43-fold rise in volume on the trade. The buyer of the calls paid $0.50 to make the bullish bet. » FULL STORY IN OTHER NEWS • Office Renewals Increase, But for Smaller Space A shift to hybrid and remote work has impacted the office rental sector for the past few years. The good news? Lease signings are on the rise once again. The bad news? It's for smaller amounts of space as offices condense. Plus, there are now 217 million square feet of subleased space that could continue to weigh down the sector for some time. • India Lands on Moon India has become the fourth country to land on the moon, after the United States, Russia, and China. Its Chandrayaan-3 mission has successfully landed on the moon's unexplored south pole. The landing follows the unsuccessful Chandrayann-2 mission, which crashed on the moon's surface. The moon's polar region is thought to be a likely location for traces of ice and water. • Teamsters Ratify UPS Deal Members of the Teamsters union have approved a five-year deal with UPS, with 86 percent approving the contract. The deal is retroactive to August 1, and avoids a strike. The deal provides some of the largest pay increases in the space, and addresses the 95,000 delivery vans in the U.S. that lack air conditioning. • Cathie Wood Sells Nvidia Stake ARK Invest, run by Cathie Wood, trimmed its take in Nvidia (NVDA) before the chipmaker reported earnings. The stock is up triple digits already this year thanks to investor interest in AI. The ARK Invest fund bought shares of Zoom Video (ZM). • Better.com Prepares for IPO Today Online mortgage lender Better.com is making its public debut today, under the ticker BETR. Shares will be initially priced at $10, after merging with SPAC company Aurora Acquisition Corp. The deal will provide the lender with about $565 million in new capital. The funds come as the company has posted a loss and reduced its workforce by 91 percent as mortgage demand has stalled out over the last 18 months. S&P 500 MOVERS TOP MPWR  4.547% AMD  4.046% NFLX 3.989% CCL 3.8% CDNS 3.778% BOTTOM PODD 4.142% EQT 3.802% CF 3.153% NKE 2.701% DXCM 2.201% Quote of the Day Mixed retailer news is certainly dampening investor sentiment after the strong retail sales report. - Rob Haworth, senior investment strategist for wealth management at U.S. Bank, on the impact that organized retail theft rings are having on retail companies, even as consumer spending data is holding up better than earnings at retail companies would indicate. Sponsored Content Investors have all eyes on the "Jewel Of The Lithium Triangle." A young company with seasoned leadership and substantial investors has placed itself smack dab in Argentina. They're surrounded by multi-billion dollar lithium producers and established infrastructure in the coveted "Jewel Of The Lithium Triangle." See what this means to Investors This is a paid advertisement. Please refer to the Important Notice and Disclaimer for additional information. Not sure the best way to get started? Follow these simple steps to hit the ground running. › Step #1 - Get These FREE Reports: Warren Buffett's Top 5 Stocks | 10 Great Stocks Under $10 | 7 High Yield Dividend Stocks › Step #2 - Join our Live Trading Room: Trading with Manny › Step #3 - Claim Your Free Copy Of: Big Book Of Chart Patterns | How to Trade Weekly Options For Weekly Income We just wanted to take a moment and say thank you so much for being part of our family! We are dedicated to teaching people how to make the world a better place so we can all thrive, together. We love sharing stories and featuring past learners who have applied our teachings and changed their situations. 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