| | | | DOW 38,563.80 | -0.17% | | | | S&P 4,975.51 | -0.60% | | | | NASDAQ 15,630.78 | -0.92% | | | | *As of market close | | • | Markets fell on Tuesday, following last week's stubborn inflation data. | | • | Oil dipped 1.2 percent, closing at $78.27 per barrel. | | • | Gold rose 0.6 percent, ending trading at $2,036 per ounce. | | • | Cryptocurrencies traded mixed, with bitcoin at $51,986 at the stock market close. | | | | | | | | | | Rising Profitability and Upside Catalysts Bode Well for this Digital Leader | | | | Digital assets posted strong returns last year, and are on track for an even stronger return this year. That will likely be driven in part by the new bitcoin ETFs, as well as the upcoming halving of bitcoin. As bitcoin moves higher, other digital assets should also rise in value. And companies that play to that trend should benefit. For now, the best returns are likely to come from industry leaders. » FULL STORY | | | | | | Insider Activity Report: Goodyear Tire & Rubber (GT) | | | | Max Mitchell, a director at Goodyear Tire & Rubber (GT), recently bought 42,000 shares. The buy is a new stake for the director, and the total cost of the buy came to $510,300.
This marks the only insider buy over the past two years. One company EVP was a seller on two occasions last September. Otherwise, there have been no other insider transactions or buys or sells from major funds in the past two years. » FULL STORY | | | | | | Unusual Options Activity: Chesapeake Energy (CHK) | | | | Oil and gas production company Chesapeake Energy (CHK) has traded flat over the past year. One trader is betting shares will trend lower in the coming weeks. That's based on the March $72.50 puts. With 22 days until expiration, 4,594 contracts traded compared to a prior open interest of 112, for a 41-fold rise in volume on the trade. The buyer of the puts paid $0.70 to make the bearish bet.
» FULL STORY | | | | | | • | Strong Productivity Seen Keeping a Lid on Inflation
Productivity rose 3.2 percent in the fourth quarter of 2023, a sign that the economy is capable of doing more with the same resources. This rising productivity may also explain the "soft landing" scenario to the economy, as workers are able to do more without costing employers more. | | | | • | IRS to Get Stricter on Collections this Year
With the 2023 tax season underway, the IRS expects that it will take a stricter stance on collections than during the pandemic era. The agency is also hoping to clean up uncertainties that cause hassles in the tax filing process that have crept up in recent years. | | | | • | Tech Leaders Return to San Francisco Amid AI Boom
Many companies moved away from Silicon Valley and the general San Francisco Bay Area over the past few years, citing the pandemic, high crime, or high prices. Some companies are moving to increase their presence back in the region, however, to take advantage of the tech and software talent to take advantage of the AI boom. | | | | • | Switch 2 Delayed Through 2025
Nintendo reports that the Switch 2, the next generation of its flagship gaming console, will be delated, likely through the second half of 2025. The plan was to release the console toward the end of 2024. The company's Switch console is currently seven years old. | | | | • | Masayoshi Son Seeking $100 Billion for AI Chip Funding
Masayoshi Son, founder of SoftBank Group, is looking to increase his position in the AI chip space, by raising $100 billion for a new venture that could compete with industry leaders such as Nvidia (NVDA). The initial plan is to raise about $70 billion from Middle Eastern investors, with 30 percent coming from SoftBank itself. | | | | | | TOP | | DFS | 13.033% | | | BBWI | 4.46% | | | CAG | 4.429% | | | UAL | 3.989% | | | WMT | 3.176% | | | BOTTOM | | EXPD | 6.693% | | | ALB | 5.992% | | | AMAT | 5.266% | | | JBHT | 5.161% | | | AMD | 4.843% | | | | | | | | | The seesaw market is really reflective of this tug-of-war between high sticky inflation — which suggests no near-term rate cuts — and strong earnings and other signs of a robust economy, which underscores investors belief that there's more growth ahead for stocks. | | - Greg Bassuk, chief investment officer at AXS Investments, on the market's back-and-forth trading in the past week as inflation has continued to show some signs of strength. | | |
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