 | | |  | DOW 36,054.43 | -0.19% | | | | | S&P 4,549.34 | -0.39% | | | | | NASDAQ 14,146.71 | -0.58% | | | | | *As of market close | | | • | Stocks dropped on Wednesday, closing near their lows of the day. | | | • | Oil sank 4.2 percent, closing at $69.30 per barrel. | | | • | Gold rallied 0.4 percent, to $2,044 per ounce. | | | • | Cryptocurrencies trended higher, with Bitcoin trading at $43,854 at the stock market close. | | | | | | | |
| | | Earnings Matter More than Short-Term Market Fears | | | | The stock market is always in a mood. Usually, it's upbeat, reflecting the fact that stocks rise over time. Sometimes, however, it's dour. And that mood goes from the overall market to specific sectors, and even down to individual stocks.
As long as individual companies can grow, they can overcome any short-term market fear in time. Even when that fear seems overwhelming, or a potential existential threat to a business.
» FULL STORY | | | | |
| | Insider Activity Report: Vital Energy (VTLE) | | | | Lori Lancaster, a director at Vital Energy (VTLE), recently picked up 1,000 shares. The buy increased her stake by 134 percent, and came to a total cost just over $45,000.
This marks the first insider buy at the company in the past two years. Company insiders have been sellers of shares over the past two years. That includes the exercise of stock options. Insiders have generally been sellers with shares at prices from $50-89, far higher than where Vital currently trades.
» FULL STORY | | | | |
| | Unusual Options Activity: Robinhood Markets (HOOD) | | | | Investment platform Robinhood Markets (HOOD) is flat over the past year. Trading volume remains well off the prior bull market peak. However, one trader does see shares heading higher through the end of the year.
That's based on the December 29 $13 calls. With 22 days until expiration, 3,711 contracts traded compared to a prior open interest of 133, for a 28-fold rise in volume on the trade. The buyer of the calls paid $0.24 to make the bullish bet.
» FULL STORY | | | | |
| | • | Private Payrolls Increase 103,000 In November
The latest ADP payroll data for November shows that 103,000 workers were added. That's a slowdown from the downwardly revised 106,000 jobs added in October. Service-related industries accounted for all the gains, although leisure and hospitality, which has been a leading source of job growth the past few years, saw a small loss. | | | | • | Bank CEOs Warn of Recession
CEOs of leading American banks appeared before the Senate Banking Committee in Washington on Wednesday. The annual meeting on Wall Street oversight is providing the nation's big-bank leaders to share their views on an economic downturn, which could result in a recession in 2024. | | | | • | British American Tobacco to Take $31.5 Billion Charge
British American Tobacco (BTI), maker of Camel, Newport, and Lucky Strike among others, is taking a $31.5 billion charge against its U.S. brands. The company notes that sales have been hit by smokers switching to cheaper products, and that the company will invest more in its non-combustibles business. | | | | • | xAI Looks to Raise $1 Billion in Capital
xAI, the artificial intelligence startup backed by Elon Musk, is looking to raise $1 billion from investors by going public. The company has started the paperwork process with the Securities and Exchange Commission. xAI is designed as a competitor in the generative AI space to compete with OpenAI and its ChatGPT product. | | | | • | AI Funding Figures May Be Misleadingly High
PitchBook reports that $68.7 billion has been invested in AI-related startups so far this year. However, that total number may be suspect, as many "mega-deals" behind vendors like OpenAI and Stability AI may reflect commitments that haven't been fully made yet. | | |
| | | | TOP | | | CPB | 7.109% | | | | CCL | 5.939% | | | | BBWI | 4.936% | | | | ALB | 4.45% | | | | MKTX | 4.29% | | | | BOTTOM | | | BF.B | 10.377% | | | | FSLR | 6.5% | | | | ODFL | 5.547% | | | | CEG | 4.801% | | | | EQT | 3.884% | | | | |
| | |  | | Currently, market pricing for how early the first cut is, as well as how many cuts there will be next year, is a bit overdone in our view. That is really aggressive. Something would have to go seriously wrong for that to come through. | | - Wei Li, the global chief investment strategist at BlackRock, on why the market rally may be overdone as traders are betting on the Fed to cut interest rates early next year and continue cutting throughout the year. Typically, the Fed will start to cut rates after the economy shows some significant strain. | |
|
No comments:
Post a Comment