Good morning, and Happy Labor Day! August was the market's first down month since February...
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 34,837.71 | +0.33% | | | | | S&P 4,515.77 | +0.18% | | |  | NASDAQ 14,031.82 | -0.02% | | | | | *As of market close | | | • | Markets traded mixed on Friday, with a slight pullback in the tech space. | | | • | Oil rose 2.7 percent, closing at $85.89 per barrel. | | | • | Gold traded flat, last going for $1,967 per ounce. | | | • | Cryptocurrencies traded flat, with bitcoin at $26,625 at the stock market close. | | | | | | | |
| | | Grab Global Diversification with an Unloved International Play | | | | Investors tend to suffer from a "home country" bias. They tend to overweight positions in assets located in their own country, and fail to sufficiently diversify internationally.
There are plenty of markets that offer better values than the U.S. market, even adjusting for political and currency risks. And in those markets are plenty of industry-leading companies that can provide great returns for patient investors. Especially those who buy unloved sectors.
» FULL STORY | | | | |
| | Insider Activity Report: Domo (DOMO) | | | | David Daniel, a director at Domo (DOMO), recently bought 137,000 shares. The buy increased his stake by 84 percent, and came to a total purchase price just under $1.5 million.
That follows up on a 26,400 share buy the director made back in July, and two other buys earlier this year. The company's CFO and CEO have also been buyers this year, with the CEO picking up 429,810 shares for just over $6 million in late March.
» FULL STORY | | | | |
| | Unusual Options Activity: GameStop (GME) | | | | Video game retailer GameStop (GME) has struggled over the past year, with shares down by over a third. One trader sees further weakness in the months ahead.
That's based on the November $18 puts. With 73 days until expiration, 10,504 contracts traded compared to a prior open interest of 174, for a 60-fold rise in volume on the trade. The buyer of the puts paid $2.60 to make the bearish bet.
» FULL STORY | | | | |
| | • | Producer Inflation Ticks Higher
Producer price inflation, a measure of inflation at the wholesale level, rose 0.3 percent in July. That's slightly over expectations for a 0.2 percent rise. Producer inflation also rose on a year-over-year basis. The data suggests that the fight against inflation may not be over yet. | | | | • | China Economic Data Shows Further Weakness
The latest data out of China shows that the world's second-largest economy continues to see slowing growth. Last week's data included factory orders, housing demand, and consumer spending, all of which showed a drop in August. Factory orders are a sign of declining export demand, while housing and consumer spending are a sign of slowing consumer demand. | | | | • | Hurricane Idalia Damage Could Top $20 Billion
Hurricane Idalia, which made landfall last week in Florida as a Category 3 hurricane, could cause between $12 and $20 billion in damage, according to Moody's. The storm landed in a relatively unpopulated part of the state before impacting Georgia and the Carolinas. The damage is a fraction of the nearly $113 billion caused by Hurricane Ian last year. | | | | • | Two Thirds of American Workers Unable to Cover $500 Emergency Expense
Workers are reporting higher levels of financial stress, with 63 percent reporting that they would not be able to cover a $500 emergency with savings. The stress has prompted employers to offer emergency savings and other provisions to alleviate financial stress. | | | | • | X Plans to Collect Biometric Data
X, the social media platform formerly known as Twitter, has announced a plan to collect biometric data from users. The news was dropped in a change in the company's privacy policy last week, and is intended to go into effect on September 29. X reports that the biometrics are for premium users for matching purposes. | | |
| | | | TOP | | | LULU | 5.919% | | | | HPE | 5.68% | | | | FCX | 4.124% | | | | INTC | 3.97% | | | | AMD | 3.563% | | | | BOTTOM | | | WBD | 13.432% | | | | PARA | 8.946% | | | | WBA | 7.408% | | | | FOXA | 6.156% | | | | FOX | 5.898% | | | | |
| | |  | | We are in the camp that we will get at least one more rate hike out of the Fed. If you kind of get in that sticky range where inflation is not decreasing or even increasing slightly, I think that's going spur further Fed action and whether that happens September or October, it's anyone's best guess. | | - Alex McGrath, chief investment officer for NorthEnd Private Wealth, on why we'll see another rate hike this year, which may limit the overall market upside for 2023. | |
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