 | | |  Good morning. In July, central bankers collectively bought 55 tones of gold. That's a massive buy, and an increase over the past few months. Even Turkey, which had to sell 160 tons of gold over the past few months, flipped back to buying after stabilizing its currency.
Should investors follow the big banks the same way they might follow a big Wall Street player into a stock? In this case, probably not. Central banks are working to curb inflation. Keeping gold on their balance sheet gives them an asset to protect purchasing power from inflation. Plus, following the massive money printing binge during the pandemic, the metal looks like a better store of value than the currencies of other countries.
However, investors concerned about inflation could buy some gold. But other assets, such as dividend-producing stocks, are a better long-term winner. And much of the money that might go into gold could move into crypto assets like Bitcoin.
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| | |  | DOW 34,576.59 | +0.22% | | | | | S&P 4,475.49 | +0.14% | | | | | NASDAQ 13,761.53 | +0.09% | | | | | *As of market close | | | • | Stocks traded slightly higher on Friday, but still had a lower week overall. | | | • | Oil rose 0.5 percent, going for $87.30 per barrel. | | | • | Gold was unchanged, trading for $1,943 per ounce. | | | • | Cryptocurrencies traded flat, with Bitcoin at $25,882 at the stock market close. | | | | | | | |
| | | Look for Long-Term Ideas Trading Near Lows Now | | | | With stocks showing some seasonal weakness, investors may want to turn from volatile big-name companies near their highs. Instead, it may be time to look at stocks that are well off their highs, and could be set up for a strong year-end rally.
Some companies in tech fit the bill. With the market's interest in artificial intelligence-related stocks, the big winners could come from other tech trends that are still unfolding.
» FULL STORY | | | | |
| | Insider Activity Report: Universal Insurance Holdings (UVE) | | | | Stephen Donaghy, CEO at Universal Insurance Holdings (UVE), recently added 5,000 shares. The buy increased his stake by 1 percent, and came to a total cost of $60,350.
This marks the first insider but since last October, when a director bought 3,000 shares at a price 20 percent lower than where the stock trades today. Since then, company insiders have been sellers, at prices 30 to 40 percent higher than where shares currently trade.
» FULL STORY | | | | |
| | Unusual Options Activity: CenterPoint Energy (CNP) | | | | Texas-based utility CenterPoint Energy (CNP) has shed 16 percent over the past year. One trader sees a further decline ahead for the stock.
That's based on the January 2024 $30 puts. With 129 days until expiration, 4,000 contracts traded compared to a prior open interest of 105, for a 40-fold rise in volume on the trade. The buyer of the puts paid $2.41 to make the bearish bet.
» FULL STORY | | | | |
| | • | Home Price Downturn May Prove Limited
Rising interest rates have reduced potential borrowers and encouraged existing homeowners to refrain from selling. That's kept home inventories at their lowest levels in more than a decade. However, homebuilders continue to sell homes, which is providing necessary supply and meeting housing demand. That suggests that home prices may continue their upward trend, and their short-term drop may be over. | | | | • | Investors Pile into Active ETFs
Last year, most investors stayed the course with their investments by buying passive ETFs such as index funds. This year, investors are more bullish, as seen by rising amounts of capital flowing into active ETFs. These ETFs make regular trades, and come with higher fees, but can potentially outperform the market in the short-term. However, over time, passive index investing will tend to fare better. | | | | • | Disney Partially Drops Lawsuit Against Florida Government
The Walt Disney Company (DIS) has partially dropped a lawsuit against the Florida state government. The company filed following changes in the governance, which had previously allowed the company wide latitude in developing its land in the state. Disney is still focusing on a free speech issue, claiming the government used political power to retaliate against them. | | | | • | Walmart to Cut Starting Pay for New Hires
Retailer Walmart (WMT) is cutting the starting pay for new hires who stock shelves and prepare online orders. The company had previously hiked pay for these roles in early 2021 amid a jump in e-commerce demand. The move is a sign of the labor market cooling, and for a potential falloff in e-commerce growth in the months ahead. | | | | • | Square Faces Day-Long Outage
Payment processing company Block (SQ) says its Square services were down for a day from Thursday afternoon into Friday. The drop in service coverage left sellers unable to access accounts or process credit card payments, and potentially impacted its entire customer base of millions of small and mid-sized businesses. | | |
| | | | TOP | | | PARA | 4.916% | | | | DISH | 4.825% | | | | VLO | 4.264% | | | | WRK | 4.032% | | | | HLT | 3.882% | | | | BOTTOM | | | PODD | 3.703% | | | | FTRE | 3.259% | | | | RVTY | 3.076% | | | | ZBRA | 2.978% | | | | DE | 2.932% | | | | |
| | |  | | The credit calendar is the main driver of seasonal stock/bond weakness, in our view. September's credit deluge (and damage) likely will occur in the two weeks prior to FOMC (Sep 20) as bond investors sell/short Treasuries for new credit positions. | | - Chris Harvey, head of equity strategy at Wells Fargo, on why credit events this month have been driving the market's recent weakness. Once past those events, markets may start to trend higher to end the year. | |
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