Good morning. Semiconductor companies were a winning trend for investors in 2023. That's because...
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 37,711.02 | +0.04% | | | | S&P 4,780.24 | -0.07% | | | | NASDAQ 14,970.18 | +0.00% | | | | *As of market close | | • | Markets traded mixed on Thursday, as inflation came in on the high end. | | • | Oil rose 1.4 percent, closing the day at $72.34 per barrel. | | • | Gold increased 0.3 percent, ending trading at $2,033 per ounce. | | • | Cryptocurrencies generally traded mixed, with bitcoin at $46,354 at the market close. | | | | | | | | | | The Thawing Housing Market Bodes Well for Underperforming Industry Leaders | | | | 2023 saw the housing market freeze up. Existing homeowners didn't want to move, as they would have to pay significantly higher for a mortgage than on their existing home. That resulted in a tight housing inventory, which helped keep home prices high. 2024 will likely see interest rate cuts. Mortgage rates have already dropped, and some potential sellers are hitting the markets. With the housing market thawing out, potential sellers may start looking to spruce up their homes. » FULL STORY | | | | | | Insider Activity Report: STAAR Surgical Company (STAA) | | | | Broadwood Partners, a major holder at STAAR Surgical Company (STAA), recently added 226,553 shares. The buy increased the fund's position by 1 percent, and came to a total cost of $6.48 million.
This marks the first insider activity since December, when a company director bought 850 shares for a cost of $26,129. Broadwood Partners was active acquiring shares throughout last year as well. The last insider sale occurred in March 2023. » FULL STORY | | | | | | Unusual Option Activity: PayPal (PYPL) | | | | Despite a trend higher in recent months, online payment platform PayPal (PYPL) is still down 21 percent over the past year. One trader expects shares to trend lower in the coming weeks. That's based on the February 9 $51 puts. With 28 days until expiration, 6,005 contracts traded compared to a prior open interest of 113, for a 53-fold rise in volume on the trade. The buyer of the puts paid $0.39 to make the bearish bet.
» FULL STORY | | | | | | • | Fed's Williams Warns Rates to Stay High
John Williams, President of the New York Federal Reserve, came out this week noting that interest rates need to stay high for some time. The central bank has had a more hawkish tone on keeping rates high, even as it stopped raising interest rates in July, after 11 hikes taking rates from 0 percent to a 5.25-5.50 percent range. | | | | • | Citigroup Taking Charges on Foreign Investments
Wall Street megabank Citigroup (C) is taking charges on investments in Russia and Argentina. The bank is setting aside $1.3 billion in reserves to account for the risks in those investments. The bank is undergoing a restructuring, and has also announced layoffs in recent months. | | | | • | Amazon to Cut Hundreds of Streaming Jobs
Tech giant Amazon (AMZN) is laying off hundreds of employees at Prime Video and MGM Studios. The company is working to improve its profitability, and is reducing investments in a number of areas. The layoffs are unrelated to the 500 employees being let go at Amazon-owned livestreaming service Twitch. | | | | • | OpenAI Launching Store for AI Chatbots
AI software firm OpenAI is launching a store that will allow users to create custom chatbots apps powered by various AI models such as ChatGPT. Access is available to those with a premium ChatGPT subscription, and are organized into various categories. | | | | • | FBI Investigating SEC X Account Hack
The FBI will investigate the hack of the SEC's X account on Tuesday. The SEC account posted that bitcoin ETFs were approved for trading, a day ahead of the agency's deadline. The SEC did approve bitcoin ETFs on Wednesday, but the post caused bitcoin prices to first rally, then drop when it was revealed as a hack. | | | | | | TOP | | NFLX | 2.957% | | | CRM | 2.885% | | | VLO | 2.573% | | | PANW | 2.397% | | | MAA | 2.107% | | | BOTTOM | | PARA | 5.524% | | | AES | 4.529% | | | T | 3.972% | | | WBD | 3.965% | | | WEC | 3.961% | | | | | | | | | Right now, the market's pretty quiet, but I don't think it'll be quiet all year. We've fully priced this Goldilocks soft landing scenario. What's next? It's probably 'no landing,' which means the bond yields are probably not going to stay as anchored as they are, some of those rate cuts have come back out and then volatility comes back into the equity market … and then it's not a buy-everything rally that we saw at the year end. | | - Phillip Colmar, managing partner and global strategist at MRB Partners, on why the market will likely see volatility pick up in the coming months as data shifts give a sense of how long interest rates will need to stay higher until they can start to come down. | | |
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