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Posted on July 30, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The Fed’s favorite inflation measure fell. The personal consumption expenditures price index, a key data point for Jerome Powell and the FOMC, grew by only 3% last month compared to the previous June—its lowest annual rise since 2021.
Meanwhile, the Bureau of Labor Statistics said that the employment cost index, another favored gauge that tracks wages and benefits, also rose at its slowest rate in two years. Powell said earlier this week that central bankers will be watching the data to decide whether to raise rates again in September, and these are signs that things are moving in the direction the Federal Reserve wants.
Posted on July 29, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Markets: Stocks entered the weekend on a high note yesterday, with rising tech stocks and falling inflation leading the way.
Stock spotlight: Tupperware kept climbing yesterday, after gaining more than 300% over the past month. Perhaps it has become the latest meme stock even though it warned in April that it was on the verge of bankruptcy.
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Here is where the major benchmarks ended for the day and week:
The S&P 500 Index was up 45 points (1%) at 4,582.23 and gained about 0.9% for the week; the Dow Jones Industrial Average was up 177 points (0.5%) at 35,459.29 and added 0.7% for the week; the NASDAQ Composite was up 267 points (1.9%) at 14,316.66 and gained nearly 1.5% for the week.
The 10-year Treasury note yield (TNX) fell about 5 points to 3.960%.
CBOE’s Volatility Index (VIX) dropped 1.1 points to 13.29.
Posted on July 25, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The good news continued for the Dow, which notched its 11th straight day of gains yesterday—its best streak since February 2017. But there is much coming that could impact the markets this week, from Big Tech earnings (Microsoft and Alphabet report today) to a likely rate hike from the Fed tomorrow.
Stocks spotlight: Mattel, IMAX, and AMC (boosted from a recent ruling blocking a planned stock conversion) were all up.
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Here is where the major benchmarks ended yesterday:
The S&P 500 Index was up 18 points (0.4%) at 4,554.64; the Dow Jones Industrial Average was up 184 points (0.5%) at 35,411.24; the NASDAQ Composite was up 26 points (0.2%) at 14,058.87.
The 10-year Treasury note yield (TNX) was up about 3 basis points at 3.870%.
CBOE’s Volatility Index (VIX) was up 0.29 at 13.89.
Energy was the strongest sector as crude oil futures added to their recent rally with another 2.3% rise to end near $79 per barrel. Financials were also higher, while utilities and health care lagged.
Posted on July 24, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Elon Musk said he plans to make Twitter’s signature blue bird fly away. In a series of tweets early yesterday, the billionaire owner of Twitter said the social media company would soon switch its longtime logo—the silhouette of a jovial blue bird—to an “X.”
“If a good enough X logo is posted tonight, we’ll make [it] go live worldwide tomorrow,” Musk wrote minutes after midnight EST Sunday. The billionaire owner of Twitter also posted an image of a flickering “X.”
Posted on July 23, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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WASHINGTON (Reuters) -The White House just launched an office to prepare for and respond to potential pandemics, to be led by Paul Friedrichs, a military combat surgeon and retired Air Force major general who helped lead the Pentagon’s COVID response. The new Office of Pandemic Preparedness and Response Policy will also take over the duties of President Joe Biden’s current COVID-19 and m-pox response teams, the White House said. The office will be a charged with
“leading, coordinating, and implementing actions related to preparedness for, and response to, known and unknown biological threats or pathogens that could lead to a pandemic or to significant public health-related disruptions in the United States,” its statement said.
‘Threads’ was an attempt by Mark Zuckerberg to pull away traffic from Elon Musk and Twitter, as Zuckerberg and Musk have started a nasty feud. But, it appears that Zuckerberg’s attempt to steal traffic from Twitter is going horribly wrong. Reports released yesterday claim that the number of users on ‘Threads’ has decreased 70% since its July 7th launch. Vice ran a hilarious headline about the failed app, saying, “Threads is All The Worst Parts of Twitter And Instagram in One Very Bad App”
CITE: TheWrap reports on the 70% decrease in users ….
Posted on July 21, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The S&P 500 and NASDAQ fell on Thursday, weighed down by drops in Tesla and Netflix following their quarterly results, but the Dow advanced for a ninth straight day thanks to gains in Johnson & Johnson following a strong annual forecast.
Here is where the major market benchmarks ended:
The S&P 500 Index was down 30.85 points (0.7%) at 4,534.87; the Dow Jones industrial average was up 163.97 points (0.5%) at 35,225.18; the NASDAQ Composite was down 294.71 points (2.1%) at 14,063.31.
The 10-year Treasury note yield (TNX) was up about 11 basis points at 3.846%.
CBOE’s Volatility Index (VIX) was up 0.22 at 13.98.
Consumer Discretionary stocks, which are considered to have greater exposure to recession than other companies, were among the weakest performers Thursday. Technology stocks also struggled, with the NASDAQ posting its lowest close since July 12th and the Philadelphia Semiconductor Index (SOX) tumbling over 3%.
Health care and utilities, generally considered more recession-proof, were the strongest performers.
Posted on July 20, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
Elon Musk underlined the astounding scale of Microsoft and Nvidia’s combined market-value surge on Tuesday with a two-word tweet: “Crazy times.” While Musk didn’t spell out whether he views Microsoft or Nvidia as overvalued, his strong reaction could be a red flag for stock market investors.
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Here is where the major benchmarks ended yesterday:
The S&P 500 Index was up 10.74 points (0.2%) at 4,565.72; the Dow Jones industrial average was up 109.28 points (0.3%) at 35,061.21; the NASDAQ Composite was up 4.38 points at 14,358.02.
The 10-year Treasury note yield (TNX) was down about 4 basis points at 3.744%.
CBOE’s Volatility Index (VIX) was up 0.44 at 13.74.
Posted on July 18, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Earnings season picks up: The Q2 reports will come fast and furious this week from companies including Bank of America, Tesla, major airlines, and American Express. But the most tea is expected to be spilled by Netflix, which will give an update on its password-sharing crackdown and discuss how the Hollywood strikes are impacting its business.
A new study reports Eli Lilly’s Alzheimer’s drug slowed cognitive and functional decline for people with early stages of the disease. The data, published Monday in the Journal of the American Medical Association, found the experimental drug Donanemab slowed decline by 35% compared to a placebo group based on a measure of daily activities such as driving, managing finances and talking about current events. Researchers also shared the data at the Alzheimer’s Association International Conference in Amsterdam.
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Lilly said it submitted an application for traditional Food and Drug Administration approval earlier this year and expects the agency will act before the end of the year.
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Finally, technology shares were among the strongest performers yesterday, with the Philadelphia Semiconductor Index (SOX) surging over 2% to its highest level since January 2022. Smaller companies also performed well, with the small-cap focused Russell 2000 (RUT) up over 1% to end at a five-month high. Financial shares remained robust following mostly better-than-expected results from big banks last week. Here is where the major benchmarks ended:
The S&P 500 Index was up 17.37 points (0.4%) at 4,522.79; the Dow Jones Industrial Average was up 76.32 points (0.2%) at 34,585.35; and the NASDAQ Composite was up 131.25 points (0.9%) at 14,244.95.
The 10-year Treasury note yield (TNX) was down about 2 basis points at 3.805%.
CBOE’s Volatility Index (VIX) was up 0.14 at 13.48.
Posted on July 14, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
Producer Price Index
By Staff Reporters
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Here is where the major benchmarks ended on Thursday
The S&P 500 Index was up 37.88 points (0.9%) at 4,510.04; the Dow Jones Industrial Average (DJIA) was up 47.71 points (0.1%) at 34,395.14; the NASDAQ Composite was up 219.61 points (1.6%) at 14,138.57.
The 10-year Treasury note yield (TNX) was down about 10 basis points at 3.763%.
CBOE’s Volatility Index (VIX) was up 0.04 at 13.58.
Technology shares were among the strongest performers Thursday, with the NASDAQ-100 Index (NDX) and Philadelphia Semiconductor Index (SOX) both climbing roughly 2% to 18-month highs. Communication Services and regional banks were also strong.
Oilfield services stocks gained on an extended rally in crude oil futures, which pushed above $77 a barrel near a three-month high. The U.S. dollar sank to its weakest point against the euro since February 2022 on expectations U.S. interest rates may have peaked.
Posted on July 12, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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American consumers are on track to run out of cash later this year, Bill Gross has warned.
Consumer spending is a key driver of economic growth. If it drops, a recession might be the result.
“Bond King” Gross said the government’s aggressive spending during the pandemic is still buoying the economy.
American consumers are propping up the economy by spending their pandemic savings, but they’re likely to run out of cash later this year, Gross warned.
“It’s fiscal policy not just monetary policy — stupid,” the billionaire investor tweeted. His point was that government spending and tax rates, along with interest rates and money supply, affect economic growth and inflation.
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Used Auto Prices Down
Used car prices in America saw the largest monthly slump since the height of the pandemic in June.
That’s good news on inflation, which could fall below 3% in June, the analyst said.
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Here is where the major benchmarks ended: yesterday
The S&P 500® Index (SPX) was up 29.73 points (0.7%) at 4,439.26; the Dow Jones Industrial Average (DJIA) was up 317.02 points (0.9%) at 34,261.42; the NASDAQ Composite (COMP) was up 75.22 points (0.6%) at 13,760.70.
The 10-year Treasury note yield (TNX) was down about 3 basis points at 3.978%.
CBOE’s Volatility Index (VIX) was down 0.23 at 14.84.
Energy companies led sector gainers Tuesday as crude oil futures extended a rally, with the benchmark WTI contract rising more than 2.5% and touching a 2½-month high on signs of lower Russian production.
The Philadelphia Oil Service Index (OSX) jumped more than 3% to a four-month high. Retail and transportation shares were also among the strongest sectors, while the health care and semiconductor sectors slipped.
Posted on July 11, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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July marks Minority/BIPOC Mental Health Awareness Month
A time when healthcare leaders and policymakers acknowledge the disparities that exist in behavioral health access and outcomes, as well as examine ways to address them. Tell us how your company, hospital, or practice is working to eliminate barriers and ensure equitable access to mental health services.
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U.S. inflation cooled in May to an annual 4%, its lowest annual rate in more than two years, but core inflation rose by 0.4% month-on-month and 5.3% year-on-year.
And the markets are eagerly awaiting key inflation prints from the U.S. later this week, with the core annual consumer price index (CPI) — which excludes volatile food and energy prices — remaining persistently high to date, despite the headline figure gradually edging closer to the Federal Reserve‘s 2% target.
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Here is where the major benchmarks ended:
The S&P 500® Index (SPX) was up 10.58 points (0.2%) at 4,409.53; the Dow Jones Industrial Average (DJIA) was up 209.52 points (0.6%) at 33,944.40; the NASDAQ Composite (COMP) was up 24.77 points (0.2%) at 13,685.48.
The 10-year Treasury note yield (TNX) was down about 4 basis points at 4.008%.
CBOE’s Volatility Index (VIX) rose 0.21 to 15.04.
Chip stocks were among the strongest sectors Monday, with the Philadelphia Semiconductor Index (SOX), jumping about 2%.
Retail and industrial stocks were also strong, while the small-cap focused Russell 2000 index (RUT) gained 1.5%. Utilities and Communication Services ranked among the weakest performers. Volatility perked up, with the VIX touching a five-week high.
Posted on July 8, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Despite high prices, new car sales have been remarkably strong so far this year and are up 12% compared to the first half of 2022, according to Cox Automotive.
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Here is where the major benchmarks ended:
The S&P 500® Index (SPX) was down 12.64 points (0.3%) at 4398.95, down 1.2% for the week and just the second weekly decline in the past eight weeks; the Dow Jones Industrial Average (DJIA) was down 187.38 points (0.6%) at 33,734.88, down 2% for the week; the NASDAQ Composite (COMP) was down 18.33 points (0.1%) at 13,660.72, down 0.9% for the week.
The 10-year Treasury note yield (TNX) was up about 2 basis points at 4.06%.
CBOE’s Volatility Index (VIX) was down 0.61 at 14.83.
Energy shares were among the strongest performers, with the Philadelphia Oil Service Index (OSX) surging more than 6% to a four-month high. Benchmark WTI crude futures jumped more than 2% to close at a six-week high on hopes that OPEC+ production cuts will tighten supplies.
Regional banks and transportation stocks were also strong.
And, Samsung fell yesterday after revealing that its profits dropped 96% last quarter, giving the company its smallest quarterly profit since 2009 as it continues to sit on more memory chips than the market wants.
Posted on July 7, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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When markets closed Friday, Apple’s market capitalization was over $3 trillion, making it the most valuable company — ever. It’s a massive milestone for the tech giant, which warned investors in May that its current quarter revenue was expected to decline. But Friday’s stock price increasing by just over 2 percent to close at $193.97 per share suggests that investors are still confident in the company, a bright spot in an industry that has otherwise been rocked by layoffs over the past year.
Curiously, Goldman Sachs is considering exiting its partnership with Apple, the Wall Street Journal reported on Friday, citing sources familiar with the matter.
The iPhone-maker and Goldman Sachs started rolling out a virtual credit card in 2019. The bank is in talks with American Express to take over its Apple credit card and other ventures with the tech giant, the report added.
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Here is where the major benchmarks ended:
The S&P 500 Index was up 53.94 points (1.2%) at 4,450.38, a gain of 16% for the first half of 2023. The Dow Jones Industrial Average (DJIA) was up 283.18 points (0.8%) at 34,407.60, up 3.8% in the first half. The NASDAQ Composite was up 196.59 points (1.5%) at 13,787.92 for a first-half gain of 32%.
The 10-year Treasury note yield (TNX) was down about 2 basis points at 3.837%.
CBOE’s Volatility Index (VIX) was down 0.15 at 13.39.
Oilfield services companies and others in energy led sector gainers Friday, after crude oil futures rose 1% (though oil prices are down 12% so far this year).
Technology and Consumer Discretionary stocks were also strong performers, while regional banks were among the laggards. The U.S. Dollar Index (DXY) eased slightly. It is down about 0.5% for the first half.
Posted on July 7, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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(AP) — U.S. officials granted full approval to a closely watched Alzheimer’s drug on Thursday, clearing the way for Medicare and other insurance plans to begin covering the treatment for people with the brain-robbing disease. The Food and Drug Administration endorsed the IV drug, Leqembi, for patients with mild dementia and other symptoms caused by early Alzheimer’s disease. It’s the first medicine that’s been convincingly shown to modestly slow Alzheimer’s cognitive decline.
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Markets: Yesterday was yet another “good news is bad news” day on Wall Street. After the ADP employment report showed private sector companies added more than 2x the jobs that were forecast last month, stocks fell and Treasury yields surged—an indication that investors expect the Fed to resume hiking interest rates to cool down the job market. So, all eyes are on the non-farm payrolls report since a stronger-than-expected report could result in even more Fed rate hikes than currently expected. Here is where the major benchmarks ended yesterday:
The S&P 500® Index was down 35.23 points (0.8%) at 4,411.59; the Dow Jones Industrial Average (DJIA) was down 366.38 points (1.1%) at 33,922.26; the NASDAQ Composite (COMP) was down 112.61 points (0.8%) at 13,679.04.
The 10-year Treasury note yield (TNX) was up about 9 basis points at 4.035%.
The CBOE Volatility Index (VIX) was up 1.25 at 15.43.
Energy was among the weakest sectors despite crude oil futures touching a two-week high.
Regional banks and Consumer Discretionary stocks were also lower. Volatility expectations based on the VIX jumped to their highest level since late May.
Posted on July 6, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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[AP]:Meta is poised to unveil a new app that appears to mimic Twitter — a direct challenge to the social media platform owned by Elon Musk. A listing for the app, called Threads, just appeared on Apple’s App Store, indicating it would debut as early as today. It is billed as a “text-based conversation app” that is linked to Instagram, with the listing teasing a Twitter-like micro-blogging experience.
“Threads is where communities come together to discuss everything from the topics you care about today to what’ll be trending tomorrow,” it said.
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Here is where the major benchmarks ended:
The S&P 500 Index was down 8.77 points (0.2%) at 4,446.82; the Dow Jones Industrial Average was down 129.83 points (0.4%) at 34,288.64; the NASDAQ Composite was down 25.12 points (0.2%) at 13,791.65.
The 10-year Treasury yield (TNX) was up about 7 basis points at 3.932%.
The CBOE Volatility Index (VIX) was up 0.49 at 14.19.
Chemical makers and other materials sector companies were among the weakest performers Wednesday. Semiconductor shares were also lower, as were many energy-company shares despite a 3% surge in crude oil futures. U
Utility stocks were among the strongest performers.
Posted on July 5, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
A SINCERE SHOUT OUT!
By Staff Reporters
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We hope you’ve recovered from overindulging in hot dogs, beer and parade candy; yesterday. The hospital employees out there are probably even busier than usual today, as more than 45,000 people on average visited emergency rooms on both July 4th and 5th due to holiday-related injuries.
On behalf of those ER patients, we thank all doctors, nurses, technicians and healthcare workers for their service.
Posted on July 5, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Here is where the major benchmarks ended on Monday:
The S&P 500 Index was up 5.21 points (0.1%) at 4,455.59; the Dow Jones Industrial Average (DJIA) was up 10.87 points at 34,418.47; the NASDAQ Composite was up 28.85 points (0.2%) at 13,816.78.
The 10-year Treasury note yield (TNX) was up about 4 basis points at 3.862%.
The CBOE Volatility Index® (VIX) was little changed at 13.58.
Financial companies had a good day Monday, with the KBW Regional Banking Index (KRX) rising more than 2%.
The consumer discretionary sector was also strong, while energy companies got a bump as crude oil futures reached their highest level in more than a week.
Health Care stocks lagged.
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Wall Street is hoping for a strong start to the second half of 2023 taking cues from the recent tech rally that has boosted the overall investor sentiment. Turning toward the U.S.-China trade war, on Monday, the mainland posed restrictions on the export of gallium and germanium to the U.S. citing national security concerns. These metals are used in semiconductor manufacturing and the curb is being used as a means of retaliation to the U.S. chip ban on China.
Remarkably, Tesla (NASDAQ:TSLA) stock has been on an uphill climb lately, thanks to the growing adoption of its North American Charging Standard (NACS) charging connectors by major automakers including General Motors (NYSE:GM), Ford (NYSE:F), and Rivian (NASDAQ:RIVN). Moreover, the EV maker posted better-than-expected auto delivery and production numbers for the month and quarter ending June 30, pushing shares up 6.9% on July 3.
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Future Salaries Will Decrease?
Median incomes are projected to drop over the next few decades, falling by 0.43 percentage points per year between now and 2020, 0.52 points per year between 2020 and 2030, and 0.2 points per year between 2030 and 2040.
Although the figures on their own are not staggering, the percentage drops over time will add up significantly. By 2050, an employee who earned $50,000 in 2013 will only make $44,000. The number is even more noticeable after accounting for inflation.
Posted on July 4, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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July Fourth is Today
If you haven’t bought supplies for your cookout yet, you’ll find that sirloin steak and processed cheese for your burger are more expensive than last July Fourth, but chicken and eggs are cheaper, according to Wells Fargo’s Chief Agricultural Economist Michael Swanson.
Plus, filling up your gas tank will cost you about $1.30 less per gallon than a year ago, per AAA.
Jobs Report Incoming
The June jobs report highlights a relatively slow week for economic data. Once again, like in every month before it since January 2021, the report is expected to show that companies are still on the hiring grind, adding an estimated 225,000 new jobs last month.
Posted on July 3, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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United States stock markets will be closing early on Monday, July 3rd, in observance of the Independence Day holiday.
In recognition of the federal holiday, the Nasdaq and New York Stock Exchange will close at 1 p.m. ET on Monday and remain closed Tuesday.
The U.S. bond market will close at 2 p.m. Eastern on Monday and will also remain closed Tuesday.
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Nevertheless, Tesla beat expectations in the second quarter of 2023, announcing yesterday that it produced nearly 480,000 vehicles and delivered over 466,000.
The majority of production and deliveries were the Model 3 sedan and Model Y crossover, with 460,211 produced and 446,915 delivered. The electric car maker produced 19,489 of the higher-priced Model X and Model S and delivered 19,225.
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And over the next few nights a super-moon is coming for the 2023 4th of July holiday weekend.July’s full moon, also called the buck moon, will be biggest on the nights of Sunday July 2nd and Monday July 3rd.
According to the Old Farmer’s Almanac, the moon will hit its peak illumination at 7:39 a.m. on Monday July 3 rd. It will be below the horizon at that precise moment, the Almanac said, so plan to look towards the southeast after sunset to watch it rise up into the evening sky.
There are many ways to pay for college in the United States, but one of the most important is the Free Application for Federal Student Aid (FAFSA), which is operated through the US Department of Education. Each academic year, the deadlines for FAFSA remain relatively similar.
Applications open on October 1st and close on June 30th. Even with that window, it’s a good idea to submit your FAFSA as early as possible because many schools distribute funding on a first-come, first-served basis.
Posted on June 30, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Big banks powered the Dow higher h of positive economic headlines dropped. Financial institutions aced their Fed “stress test” that measures how they’d hold up during a downturn, Q1 GDP was revised much higher than previously calculated, and the number of Americans filing new unemployment claims fell the most in 20 months.
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Solid economic numbers lifted the S&P 500 and Russell 2000 to nearly two-week highs. So, here is where the major benchmarks ended:
The S&P 500 Index was up 19.58 points (0.5%) at 4,396.44; the Dow Jones Industrial Average (DJIA) was up 269.76 points (0.8%) at 34,122.42; the NASDAQ Composite (COMP) was little changed at 13,591.33.
The 10-year Treasury note yield (TNX) was up nearly 13 basis points at 3.838%.
CBOE’s Volatility Index (VIX) was up 0.11 at 13.54.
Financial companies were among the strongest sectors Thursday, with the KBW Regional Banking Index (KRX) rising nearly 2% to its highest level in over a week.
Oilfield services stocks also gained behind strength in crude oil futures, which briefly climbed above $70 a barrel to their highest price in a week. Communications services and technology shares were among the weakest sectors.
The U.S. Dollar Index (DXY) strengthened to its highest level in over two weeks amid expectations for higher interest rates.
Posted on June 29, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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WASHINGTON (Reuters) -The U.S. Justice Department on Wednesday announced federal and local criminal charges targeting 78 defendants across 16 states as part of a law enforcement action involving $2.5 billion in alleged healthcare fraud schemes targeting elderly and disabled people, HIV patients and even pregnant women.
The cases range from allegations of falsely billing the federal Medicare insurance program for elderly and disabled Americans and paying illegal kickbacks, to the illicit diversion of expensive prescription medications and the improper dispensing of highly addictive opioid pain killers.
Among those facing charges include 24 doctors, nurses and other licensed medical professionals, as well as healthcare executives including the current and former CEOs of a durable medical equipment online platform accused of falsely billing $1.9 billion in fraudulent claims.
Of the $2.5 billion in alleged fraudulent claims to Medicare, state Medicaid programs that serve the poor and supplemental Medicare insurance programs offered by private insurers, about $1.1 billion was actually paid out to the fraudsters, officials said.
“The Justice Department will find and bring to justice criminals who seek to defraud Americans and steal from taxpayer-funded programs,” Attorney General Merrick Garland said in a statement.
On Friday, the Labor Department will update its Personal Consumption and Expenditures (PCE) index, which is the Fed’s preferred inflation measure. The June employment report follows on July 7th.
So, here is where the major benchmarks ended, yesterday:
The S&P 500 Index was down 1.55 points at 4,376.86; the Dow Jones Industrial Average was down 74.08 (0.2%) at 33,852.66; the NASDAQ Composite was up 36.08 points (0.3%) at 13,591.75.
The 10-year Treasury note yield (TNX) was down about 6 basis points at 3.71%.
CBOEs Volatility Index (VIX) was down 0.31 point at 13.43.
Regional banks and utilities were among the weakest sectors Wednesday, with the Philadelphia Utility Index (UTY) ending at its lowest level in nearly four weeks. Energy companies ranked among the top gainers as crude oil futures rose more than 2%.
Insurer Travelers Companies fell 2.5% to become the day’s worst-performing Dow stock.
Salesforce shares rose after Goldman Sachs said the company was poised to boost its profits.
Intel shares fell after Oracle said its software would be compatible with Ampere Computing chips in a blow to Intel’s position with data center customers.
Posted on June 28, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
JUNE 28th 2023
By Staff Reporters
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Today isNational Insurance Awareness Day
It is therefore a perfect day to make you aware of the fact that as of 2021, 27.5 million people in the US have had no health insurance. Not only does lacking insurance cost individuals a lot of money, but uncompensated healthcare services also cost the US roughly $42.4 billion annually.
Posted on June 28, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Over $200 billion from the U.S. government’s COVID-19 relief programs were likely stolen, a federal watchdog said on Tuesday, adding that the U.S. Small Business Administration (SBA) had weakened its controls in a rush to disburse the funds.
At least 17% of all funds related to the government’s coronavirus Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP) schemes were disbursed to potentially fraudulent actors, according to a report released Tuesday by the SBA’s office of inspector general. Over the course of the pandemic, the SBA disbursed about $1.2 trillion of EIDL and PPP funds.
The SBA disputed the more than $200 billion figure put forward by the watchdog and said the inspector general’s approach had significantly overestimated fraud.
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Here is where the major benchmarks ended, yesterday
The S&P 500 Index was up 49.59 points (1.2%) at 4,378.41; the Dow Jones Industrial Average (DJIA) was up 212.03 points (0.6%) at 33,926.74; the NASDAQ Composite was up 219.89 points (1.7%) at 13,555.67.
The 10-year Treasury note yield (TNX) was up about 5 basis points at 3.766%.
Cboe’s Volatility Index (VIX) was up 0.50 at 13.75.
Technology stocks led sector gainers, with the Philadelphia Semiconductor Index (SOX) rising nearly 4%. Consumer Discretionary and Retail shares were also higher. Energy shares lagged as crude oil futures dropped more than 2%.
Posted on June 25, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The S&P 500 Index ($SPX) (SPY) was down -0.61%, the Dow Jones Industrials Index ($DOWI) (DIA) was down -0.45%, and the NASDAQ 100 Index ($IUXX) (QQQ) was down -1.11%.
U.S. stocks were undercut by weak U.S. manufacturing PMI and the weak Eurozone PMI reports, which indicated that the U.S. and Eurozone economies are struggling even as the Fed and the ECB plan further rate hikes.
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Alternative Investments?
Oddity, which runs the makeup brand Il Makiage, has filed paperwork for an IPO.
SpaceX is offering to sell select buyers shares at a price that values the private company at ~$150 billion, Bloomberg reports.
Bitcoin hit its highest price in a year, signaling that a thaw has come in the crypto winter.
Healthy investments: Despite a VC slowdown in 2022, healthcare firms raised $61.1 billion in investments. Want to know how VCs decide which healthcare startups to fund? Read more here.
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Stock spotlight: GSK shares surged on both the London and New York exchanges after the company settled what would have been the first case against it to go to trial in the US claiming its heartburn drug Zantac causes cancer. It would have been a high-profile test case since thousands of similar cases have been filed.
Posted on June 24, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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U.S. stocks slipped on Friday, yesterday, with Wall Street’s benchmark gauge notching its worst week since early March. Equities have stalled in the last few days as the rally has taken a breather.
The tech-heavy NASDAQ Composite (COMP.IND) retreated 1.01% to end at 13,492.52 points, while the S&P 500 (SP500) closed 0.76% lower at 4,348.37 points. The blue-chip Dow (DJI) fell 0.64% to settle at 33,728.69 points.
On a weekly basis, the S&P was down 1.39%, the NASDAQ was down 1.44% while the Dow was down 1.67%.
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The following companies had stock price moves driven by quarterly earnings or analyst ratings:
3M (MMM) agreed to pay up to $12.5 billion to settle hundreds of lawsuits brought by cities that claimed their drinking water had been contaminated by the company’s chemicals. 3M shares still ended with a gain of 0.3%.
C3.ai (AI) shares dropped sharply after Deutsche Bank reiterated its “sell” rating, saying the company hadn’t differentiated itself from other artificial intelligence firms at its investor day. C3 shares fell nearly 11%.
CarMax (KMX) reported quarterly revenue at $7.7 billion, down 17% from a year earlier but still surpassing Wall Street expectations. Shares of the used car retailer rose 10%.
Chipotle (CMG) had its share price target boosted by KeyBanc, which cited sustained traffic momentum and pricing power as inflation for avocado and chicken prices remains tame. Shares of the restaurant chain still ended down about 0.3%.
Delta Air Lines (DAL) had its share price target raised to $55 from $48 by Barclay’s, which cited optimistic expectations for near-term earnings. The airline’s shares still fell about 0.2%.
Ford (F) plans a new round of layoffs for U.S. salaried workers, the Wall Street Journal reported late Thursday. It’s unclear how many jobs will be affected. Ford has said it’s working to get costs in line as it transitions to electric vehicles. Its shares fell about 1.2%.
Starbucks (SBUX) shares fell following reports a union representing workers said some stores would strike beginning Friday. The coffee chain’s shares fell 2.5%.
Under Armour (UAA) shares were downgraded to “equal weight” from “overweight” by Wells Fargo, which cited overexposure to North America, excess inventory, and a fairly new CEO. The athletic apparel company’s shares fell nearly 3%.
Virgin Galactic (SPCE) shares fell sharply following reports the space tourism company had raised $300 million through a common stock offer. Its shares dropped more than 18%.
Wayfair (W) shares were upgraded to “market perform” from “underperform” by MoffettNathanson, which said the online retailer was benefiting from the bankruptcy of Bed Bath & Beyond. Wayfair shares rose about 0.4%.
Among other companies, Carnival Corp. (CCL) is expected to report quarterly results Monday. The cruise operator is expected to report a loss of 35 cents per share for the previous quarter, narrower than the $1.64 per share loss for the same period a year earlier, according to NASDAQ. Walgreens Boots Alliance (WBA), Micron Technology (MU), and General Mills (GIS) are also scheduled to report results next week.
Posted on June 21, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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EDX Markets, a cryptocurrency platform backed by Charles Schwab (SCHW), Fidelity and Ken Griffin’s Citadel Securities, launched trading for bitcoin (BTC), ether (ETH), litecoin (LTC), and bitcoin cash (BCH).
Bitcoin hit its highest price since early May after a crypto exchange backed by finance heavyweights Charles Schwab, Fidelity Digital Assets, and Citadel Securities said it was open for trading.
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Key Issues:
Schwab and Fidelity-backed crypto-platform EDX Markets began trading for bitcoin, ether, litecoin, and bitcoin cash.
EDX is a ‘non-custodial’ exchange, meaning it does not hold customer crypto and instead uses a third-party custodian.
EDX plans to launch a clearinghouse later this year to help customers settle trades.
EDX also announced new investors that include Miami International Holdings, DV Crypto, GTS, GSR Markets LTD, and HRT Technology.
Posted on June 21, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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DEFINITION: A solstice occurs when one of the Earth’s poles (today, it’s the north) tilts toward the sun at the maximum angle. The two solstices, in December and June, mark the beginning of winter and summer and give us the longest days and nights of the year.
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Summer officially arrives: The summer solstice is on Wednesday today, marking the astronomical beginning of summer in the Northern Hemisphere. It’s also the longest “day” of the year above the equator. Soak in those 9 pm sunsets, because they won’t last forever … or at least until next year 2024.
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Here is where the major benchmarks ended:
The S&P 500 Index was down 16.25 points (0.4%) at 4,409.59; the Dow Jones industrial Average was down 108.94 (0.3%) at 34,299.12; the NASDAQ Composite was down 93.25 (0.7%) at 13,689.57.
The 10-year Treasury note yield (TNX) was up about 4 basis points at 3.769%.
CBOEs Volatility Index (VIX) was down 0.97 at 13.53.
Retailers and regional banks were among the weakest performers Friday, and the Russell 2000 ended with a loss of about 1%.
Energy companies were among the strongest sectors thanks to crude oil futures extending a recent rally above $70 a barrel.
Posted on June 20, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The average balance in employer-sponsored savings plans last year was $112,572, well below the $141,542 recorded in 2021. That’s according to the latest annual report, “How America Saves,” from investment firm Vanguard, which serves as record keeper for defined contribution plans that, combined, have nearly 5 million participants with a median age of 43. Such plans include 401(k)s and 403(b)s, as well as a much smaller universe of plans that employers simply put money into for employees and then employees direct how that money is invested.
“Vanguard participants’ average account balances decreased by 20% since year-end 2021, driven primarily by the decrease in equity and bond markets over the year,” according to the report.
And, the numbers look worse if you consider the median balance, which was just $27,376 last year, down from $35,345 in 2021. The median in some ways is a truer read on the state of employees’ retirement savings since it is the middle point — meaning half of accounts have higher balances, and half have lower ones.
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According to the Social Security Administration, Social Security benefits make up about a third of the income of the elderly. In general, single people depend more heavily on Social Security checks than do married people. In 2023, the average monthly retirement income from Social Security is $1,827.
Keep in mind, though, that your Social Security benefits could be smaller. If you don’t have 35 years of work under your belt when you start claiming benefits, if your earnings were consistently low or if you claim benefits starting at age 62 rather than waiting until your full retirement age (or age 70, if you want maximum benefits), then you can expect a small monthly check. There’s also a gender gap in Social Security income. Women, because they tend to earn less and work for fewer years, draw smaller Social Security checks than men do.
Posted on June 16, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The number of Americans applying for unemployment benefits remained elevated last week, a possible sign that the Federal Reserve’s interest rate hikes over the past year may taking hold in what’s proved to be a resilient job market. U.S. applications for jobless claims were 262,000 for the week ending June 10th, the Labor Department reported Thursday, more than analysts were expecting. This week’s number mirrors last week’s, which was revised up by 1,000. The claims numbers for the past two weeks are the highest since October of 2021. The four-week moving average of claims, which flattens some of the week-to-week fluctuations, rose by by more than 9,000 to 246,750. That’s the highest level since November of 2021.
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Here is where the major benchmarks ended:
The S&P 500 Index was up 53.25 points (1.2%) at 4,425.84; the Dow Jones industrial average was up 428.73 (1.3%) at 34,408.06; the NASDAQ Composite was up 156.34 (1.2%) at 13,782.82.
The 10-year Treasury note yield (TNX) was down about 8 basis points at 3.718%.
CBOE’s Volatility Index (VIX) was up 0.61 at 14.49.
Energy was the best performing sector Thursday as WTI crude oil futures rose more than 3%, putting them back above $70 per barrel, thanks to improving demand from China. Health care and retail stocks were also strong.
The euro surged above $1.09, its strongest level against the U.S. dollar in over a month, after the European Central Bank earlier Thursday hiked its benchmark deposit rate a quarter point to 3.5%, saying inflation is still too high.
Posted on June 14, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
FLAG DAY 2023
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Measured year over year, inflation slowed to just 4 per cent in May — the lowest 12-month figure in over two years and well below April’s 4.9 per cent annual rise. The pullback was driven by tumbling gas prices and smaller increases in grocery prices and other items.
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Here is where the major benchmarks ended, today:
The S&P 500® Index was up 30.08 points (0.7%) at 4,369.01; the Dow Jones industrial average was up 145.79 (0.4%) at 34,212.12; the NASDAQ Composite was up 111.40 (0.8%) at 13,573.32.
The 10-year Treasury note yield (TNX) was up about 6 basis points at 3.829%.
CBOE’s Volatility Index (VIX) was down 0.4 at 14.61.
Regional banks and oilfield services stocks led the gainers Tuesday. Crude oil futures rose 3% on expectations of stronger demand from China. Small-caps were also strong, with the Russell 2000 Index (RUT) rising more than 1% to its highest level since early March. The U.S. Dollar Index (DXY) fell to its lowest level in more than three weeks thanks to expectations interest rates could be near their peak.
Posted on June 13, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The Biden administration finalized a deal to preserve the federal mandate requiring U.S. health insurers to cover preventive care like cancer screenings and HIV-preventing medication at no extra cost to patients while a legal challenge continues. The agreement, first disclosed last Friday and now finalized in a filing in the New Orleans-based 5th U.S. Circuit Court of Appeals, leaves the mandate in place nationwide while the administration appeals a court order striking it down.
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Here is where the major benchmarks ended yesterday:
Stock indices finished yesterday’s trading session in the green. The NASDAQ 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) gained 1.76%, 0.94%, and 0.56%, respectively. The energy sector (XLE) was the session’s laggard, as it fell 0.95%. Conversely, the technology sector (XLK) was the session’s leader, with a gain of 2.18%.
Furthermore, the U.S. 10-Year Treasury yield saw little change, as it hovers around 3.74%. Conversely, the Two-Year Treasury yield decreased to 4.58%. This brings the spread between them to -84 basis points.
Posted on June 11, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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CRANIA: A delivery driver for the Anatomical Gift Association (AGA) of Illinois claims that after he complained about corpse storage protocol, he arrived at work to find three [3] severed heads in plastic containers in his office. The AGA denied it was retaliation, saying a desk full of skulls is just part of the job.
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Doctors on TikTok? Hospital re-brandings? Healthcare marketers are trying new strategies to reach patients—but they’re not always a slam dunk success.
Posted on June 10, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Republicans in the U.S. House of Representatives just unveiled a series of new tax breaks aimed at businesses and families while proposing to reverse some of President Joe Biden’s legislative victories, including credits to spur the sale of clean-burning electric vehicles.
Under the proposed legislation, married couples filing jointly would receive a $4,000 “deduction bonus” for two years that the committee said would potentially help up to 107 million families who take the standard deduction.
The legislation also would significantly increase the way businesses could claim depreciation deductions, raising the threshold to a permanent $2.5 million from the current $1 million that was contained in the Republicans’ broad 2017 tax cut package.
Other provisions include an expansion of tax benefits for small start-up enterprises to “S Corporations,” while eliminating some “red tape” that small businesses experience related to contract workers.
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The Closing Friday Markets
Markets: Stocks celebrated the summer Friday by jumping up yesterday, giving the S&P 500, which recently reentered bull market territory, its fourth positive week in a row. And, Tesla enjoyed its eleventh consecutive trading day in the green, matching its longest hot streak.
The S&P 500 Index was up 4.93 points (0.11%) at 4,298.86; the Dow Jones Industrial Average (DJIA) was up 43.17 points (0.13%) at 33,876.78; the NASDAQ Composite (COMPX) was up 20.62 points (0.16%) at 13,259.14.
The 10-year Treasury note yield (TNX) was little changed at 3.740%.
CBOE’s Volatility Index (VIX) was up 10 points at 13.75.
The Technology, Consumer Discretionary, and Communication Services sectors—home to market heavyweights such as Alphabet (GOOGL), Apple (AAPL), Meta (META), Microsoft (MSFT), NVIDIA (NVDA), and Tesla (TSLA)—were the strongest performers Friday. Energy was among the weaker sectors, as crude oil futures fell 1.5% to just above $70. The small-company-focused Russell 2000 (RUT) lagged, falling about 0.9%.
Posted on June 9, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Former President Trump says he has been indicted on federal charges that emerged out of Special Counsel Jack Smith’s months-long investigation.
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Middle income home buyers in the United States are finding little on the market to buy, even if they can qualify and afford a mortgage. These would-be buyers face the most severe housing shortage of any other income bracket, according to a new analysis from the National Association of Realtors and Realtor.com that found the market is short more than 300,000 affordable homes for these buyers.
The report defined a middle-income home buyer as someone in a household earning up to $75,000 a year, the median household income in the United States. Given that income, these buyers can purchase homes valued up to $256,000 without being overburdened with housing costs. And there are a lot fewer homes in this category than a few years ago. Middle-income buyers can afford to buy less than a quarter — only 23% — of listings that are currently on the market. Five years ago, this income group could afford to buy half of all available homes, according to the report.
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Here is where the major benchmarks ended yesterday:
The S&P 500 Index was up 26.41 points (0.6%) at 4293.93; the Dow Jones Industrial Average (DJIA) was up 168.59 (0.5%) at 33,833.61; the NASDAQ Composite (COMPX) was up 134 points (1.02%) at 13,238.52.
The 10-year Treasury note yield (TNX) was little changed at 3.714%.
CBOE’s Volatility Index (VIX) was down 0.29 at 13.65.
Retail and Consumer Discretionary stocks led gains Thursday among S&P 500 sectors, while technology stocks were also strong. Small-cap stocks eased, but the Russell 2000 (RUT) is still up 2.7% for the week. Energy stocks slumped after reports of a possible nuclear deal between the U.S. and Iran sent WTI crude oil futures down nearly 2%. Volatility fell near a two-year low.
The Biden administration is confident it will succeed in the courts against Merck & Co’s lawsuit filed on Tuesday, the White House said, defending the Medicare health insurance program’s authority to seek deals on medicine prices. “We are confident we will succeed in the courts: there is nothing in the Constitution that prevents Medicare from negotiating lower drug prices,” White House spokeswoman Karine Jean-Pierre said in a statement.
Behind negative returns for shares of UnitedHealth and Merck, as noted above, UnitedHealth’s shares were off $14.28, or 2.9%, while those of Merck have dropped $3.23, or 2.9%. A $1 move in any one of the 30 components of the Dow results in a 6.59-point swing. In summary:
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Here is where the major benchmarks ended yesterday:
The S&P 500® Index was up 10.04 points (0.2%) at 4283.84; the Dow Jones industrial average was up 10.48 at 33,573.34; the NASDAQ Composite was up about 47 points (0.36%) at 13,276.42.
The 10-year Treasury yield was little changed at 3.687%.
Posted on June 6, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The Securities and Exchange Commission sued cryptocurrency platform Coinbase today, charging the company with operating an unregistered securities platform and brokerage service. The lawsuit comes a day after the SEC filed charges against Binance, below.
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Cryptocurrencies and shares in crypto and blockchain-related companies tumbled yesterday after the U.S. securities regulator sued crypto exchange Binance, another blow to the industry. The U.S. Securities and Exchange Commission sued Binance and its CEO Changpeng Zhao for secretly controlling Binance.US as part of a “web of deception” to evade U.S. laws, among other charges. Reuters earlier reported that Binance controlled its US affiliate’s bank accounts, despite claiming it was independent.
The SEC also said Binance artificially inflated trading volumes on the platform, diverted customer funds and failed to restrict U.S. customers from its platform and misled investors about market surveillance controls.
Bitcoin, the world’s biggest cryptocurrency was down 5.45% after falling to its lowest level since mid-March following the news. Binance’s cryptocurrency fell 9.72%.
Posted on June 6, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The Normandy landings were the landing operations and associated airborne operations on Tuesday, 6th June 1944 of the Allied invasion of Normandy in Operation Overlord during World War II. Code-named Operation Neptune and often referred to as D-Day, it was the largest seaborne invasion in history.
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It has also been 42 years since the CDC first reported on AIDS in the US, describing five Los Angeles-area patients with Pneumocystis jiroveci pneumonia. Today about 1.2 million people in the US live with HIV, the virus that causes AIDS, a condition that’s considered chronic but not necessarily fatal. Still, US leaders want to end the HIV epidemic by 2030.
Advocates are calling for gun violence to be considered as an “adverse childhood experience.”
Chicago health officials still recommend exercising caution over Mpox in the year following a major outbreak.
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With the drama of earnings season, the debt ceiling battle, and last Friday’s crucial jobs report in the rear-view mirror, Wall Street enters the week seeking new catalysts.
The S&P 500 Index (SPX) starts the week on the cusp of a new bull market. A close of 4,292 or above would represent approximately a 20% gain from the 2022 low close of 3,577 posted last October 12. A 20% gain from the bottom represents a new bull market. That said, the SPX is still down about 11% from its all-time high close of 4,796 posted January 3, 2022.
You may recall a strong rally last summer. But the 17% rally that lasted from mid-June 2022 through mid-August 2022 lifted the SPX just 17%—not enough to put it into bull market territory.
The 10-year Treasury note yield ($TNX) was down slightly to 3.68%. The U.S. Dollar Index ($DXY) is up slightly to 104.29. The Cboe Volatility Index® ($VIX) has been in positive territory all day today and was last seen up by 0.27 to 14.87. WTI Crude Oil (/CL) is up to $73.22 per barrel after Saudi Arabia said it would cut production.
Gold prices have traded in a range of $1,953.80 to $1,978.00 and were last seen trading higher by 0.17% to $1,973.00.
Natural Gas prices have traded in a range of $2.184-2.2301 so far today and were last seen trading higher by $0.077 (or + 3.55%) to $2.249/MMBtu.
Posted on June 5, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Saudi Arabia said yesterday that it will reduce how much oil it sends to the global economy, taking a unilateral step to support the sagging cost of crude after two earlier production cuts by members of the OPEC+ alliance of major oil-producing countries failed to push prices higher. The announcement of the Saudi cuts of 1 million barrels per day, which will start in July, followed a meeting of the alliance at OPEC headquarters in Vienna. The rest of the OPEC+ producers agreed to extend earlier cuts in supply through the end of 2024.
The slump in oil prices has helped U.S. drivers fill their tanks more cheaply and given consumers worldwide some relief from inflation. That the Saudis felt another cut was necessary underlines the uncertain outlook for demand for fuel in the months ahead. And, there are still concerns about economic weakness in the U.S. and Europe, while China’s rebound from COVID-19 restrictions has been less robust than many had hoped.
However, some statistics from the US Chamber of Commerce show signs the situation is getting better: Leisure and hospitality lost 833,000 workers in July 2022, but 1.1 million people were hired into the industry that same month.
Posted on June 3, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The end of debt standoff and a stronger-than-expected jobs report helped boost the Dow to its biggest gain in over six months, while the NASDAQ is near a 14-month high.
Here is where the major benchmarks ended yesterday:
The S&P 500® Index (SPX) was up 61.35 points (1.5%) at 4282.37, near a 10-month high; the Dow Jones industrial average was up 701.19 (2.1%) at 33,762.76; the NASDAQ Composite was up 139.78 (1.1%) at 13,240.77.
The 10-year Treasury note yield (TNX) was up about 9 basis points at 3.695%.
CBOE’s Volatility Index (VIX) was down 1.07 at 14.58.
Financial companies were among the strongest performers Friday, with the KBW Regional Banking Index (KRX) rising more than 6%.
Oilfield services companies and others in the energy sector were also strong, as crude oil futures extended a recent rally above $70 per barrel. Volatility measures dropped as the debt ceiling deal removed a source of uncertainty, with the VIX hitting its lowest level since July 2021.
Posted on June 2, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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National Hurricane Season Commences
The Atlantic hurricane season is the period in a year, from June 1st through November 30th, when tropical or subtropical cyclones are most likely to form in the North Atlantic Ocean. These dates, adopted by convention, encompass the period in each year when most tropical cyclogenesis occurs in the basin. Even so, subtropical or tropical cyclogenesis is possible at any time of the year, and often does occur.
Interest Rates?
New US government data shows there were more open jobs last month than expected, raising the possibility that the Federal Reserve could keep hiking Interest Rates Up.
Banks
Shares of large and mid-sized U.S. banks sharply under performed the broader markets with worries about commercial real estate loans in focus among bank investors.
Companies
The e-commerce giant Amazon has agreed to shell out the cash to settle a pair of lawsuits lodged by the Federal Trade Commission. It will cough up $5.8 million to resolve claims that it let employees and contractors access footage from Ring doorbell cameras and another $25 million because Alexa allegedly improperly retained information from children. Amazon’s also facing criticism from its staff—hundreds of corporate employees walked out yesterday to protest the company’s layoffs, return to office mandate, and contributions to climate change.
Advance Auto Parts tanked after the car parts seller cut its dividend and outlook for the year.
The Markets
Here is where the major benchmarks ended, yesterday:
The S&P 500 Index was up 41.19 points (1.0%) at 4221.02; the Dow Jones industrial average (DJIA) was up 153.30 (0.5%) at 33,061.57; the NASDQ Composite was up 165.70 (1.3%) at 13,100.98.
The 10-year Treasurynoteyield (TNX) was down about 3 basis points at 3.603%.
CBOE’s Volatility Index (VIX) was down 2.25 at 15.69.
Oilfield services providers and other energy companies led sector gains, as crude oil futures rallied nearly 3% and pushed back above $70 barrel despite higher-than-expected U.S. inventories reported Thursday. Semiconductor makers and other tech companies continued their recent show of strength. The U.S. Dollar Index ($DXY) fell to its lowest level in more than a week amid ideas the Fed may soon “pause” its sharp rate hikes of the past year.
Posted on June 1, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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According to ABC News, the US House of Representatives just approved a bill to raise the nation’s debt ceiling while cutting some government spending over the next two years, in a major victory for both the White House and Republican leaders as the country tip-toes closer to a historic default on its bills. The final vote was 314-117. Now, the deal moves to the Senate, where Majority Leader Chuck Schumer has promised to work to pass it quickly.
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Here is where the major benchmarks ended yesterday:
The S&P 500 Index was down 25.69 points (0.6%) at 4179.83; the Dow Jones industrial average was down 134.51 (0.4%) at 32,908.27; the NASDAQ Composite was down 82.14 (0.6%) at 12,935.29.
The 10-year Treasury yield was down about 5 basis points at 3.641%.
CBOE’s Volatility Index was up 0.26 at 17.74.
Regional banks were among the weakest performers Wednesday, while energy stocks also slumped as crude oil futures extended a recent sell-off.
The utilities and healthcare sectors were among the few gainers.
Despite weakness in technology, the NASDAQ still ended with a gain of 5.8% for the month, while the S&P 500 was up 0.3%. The U.S. dollar index rose to a 2½-month high.
Posted on May 31, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Workers appear to value paid time off even more than having employer-funded health insurance, a recent study found. The Pew Research Center report called “How Americans view their jobs” found 62% of the 5,900 people surveyed felt it’s “extremely” important to have paid time off for vacations or minor illness, with a further 27% saying it’s “very” important. That’s higher than the 51% who said employer-funded health insurance was extremely important, with 28% saying it’s very important.
And, here is where the major market benchmarks ended yesterday:
The S&P 500 Index was up 0.07 point at 4205.52; the Dow Jones industrial average was down 50.56 (0.2%) at 33,042.78; the NASDAQ Composite was up 41.74 (0.32%) at 13,017.43.
The 10-year Treasury yield was down about 13 basis points at 3.694%.
CBOE’s Volatility Index was little changed at 17.46.
Oilfield services companies and others in energy were among the weakest performers as crude oil futures dropped more than 4% to less than $70 a barrel, reflecting ample supply.
Consumer staples and health care were also weak. The U.S. dollar index was down slightly after rising earlier to its highest level since mid-March.
Posted on May 28, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Happy Summer 2023
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Key negotiators struck an agreement in principle Saturday night to extend the debt ceiling and avert a catastrophic default, just days before the Treasury Department says the U.S. could run out of money, according to three Republican sources. The deal — which will raise the federal debt limit in exchange for cuts to spending — still has to be converted into legislative language and pass both the Republican-led House and Democratic-controlled Senate. It follows weeks of negotiations led by President Joe Biden and Speaker Kevin McCarthy, amid demands by the GOP to extract spending cuts in exchange for allowing the nation to continue to pay the bills.
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Nvidia published thunderous first quarter earnings and shared insane forecasts for the second quarter that fueled its stock in after-hours trading. Nvidia shares, which closed at $305.38, soared nearly 29% to $393.49. This spectacular surge put Nvidia close to the symbolic threshold of $1 trillion in market value ($972 billion). Nvidia (NVDA) – Get Free Report said, in a statement, it expects revenue of around $11 billion, plus or minus 2%, for the second quarter of its fiscal year. This figure is about $4 billion higher than analysts’ expectations of $7.15 billion.
Posted on May 27, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Money managers often share their thoughts in real time, but fewer still have 50 years of experience navigating the markets. Hedge fund manager Doug Kass is one of them.
Kass, who offers his stock picks and insights in his Real Money Pro Daily Diary, doesn’t pull any punches when it comes to managing risk. He recently told investors interested in artificial intelligence that the road to AI profits will likely be rockier than expected for the likes of Nvidia (NVDA) – Get Free Report, Microsoft (MSFT) – Get Free Report, Alphabet (GOOGL) – Get Free Report, and C3.ai (AI) – Get Free Report.
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Here is where the major benchmarks ended yesterday:
The S&P 500® Index was up 54.17 points (1.3%) at 4205.45; the Dow Jones industrial average was up 328.69 (1.0%) at 33,093.34; the NASDAQ Composite was up 277.59 (2.2%) at 12,975.69.
The 10-year Treasury yield was little changed at 3.81%.
CBOE’s Volatility Index was down 1.22 at 17.93.
Tech remains the runaway upside leader among sectors, with the Philadelphia Semiconductor index soaring over 6% to a 14-month high Friday. The NASDAQ-100 also ended near a 14-month high. Communications services and real estate were also strong.
Oilfield services and other energy companies were among the weakest sectors, despite a jump of more than 1% in crude oil futures.
Posted on May 26, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The value of the US tech company Nvidia has soared by a quarter after it predicted a boom in demand for its computer chips to meet the needs of artificial intelligence products such as ChatGPT. Nvidia’s share price rose by 25% in early trading on the back of the announcement, and gave it a market valuation of more than $940bn (£760bn) after stock markets opened on Wall Street on Thursday, up from $755bn on Wednesday evening. The share price had already more than doubled over the course of 2023, amid huge optimism over the rapid progress of generative AI products. These require massive data centers full of semiconductor chips to operate.
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Here is where the major benchmarks ended yesterday:
The S&P 500® Index was up 36.04 points (0.9%) at 4151.28; the Dow Jones industrial average was down 35.27 (0.1%) at 32,764.65; the NASDAQ Composite was up 213.93 (1.7%) at 12,698.09.
The 10-year Treasury yield was up about 10 basis points at 3.823%.
CBOE’s Volatility Index was down 1.01 at 19.02.
The Philadelphia Semiconductor Index also rose more than 4% to near a 14-month high, while the NASDAQ-100 hit a 13-month high. Transportation stocks were also higher. Oilfield services companies were among the weakest performers as crude oil futures fell more than 3%.
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US credit rating called into question
Credit rating agency Fitch just warned that the fight over the debt ceiling could force it to question the US’ perfect credit rating. It said it had put the nation’s triple-A credit rating on “rating watch negative,” meaning it’s poised for a downgrade if lawmakers can’t work things out. Even negotiations that drag on too long before a deal is reached could trigger a downgrade: That’s what happened in 2011, when S&P dinged the US’ credit over default fears. S&P still hasn’t returned the nation’s score to its highest rating.
Posted on May 24, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Washington’s failure to wrap up the debt-ceiling negotiations sent stocks tumbling yesterday. Here is where the major benchmarks ended:
The S&P 500 Index was down 47.05 points (1.1%) at 4145.58; the Dow Jones industrial average was down 231.07 (0.7%) at 33,055.51; the NASDAQ Composite was down 160.53 (1.3%) at 12,560.25.
The 10-year Treasury yield was down about 2 basis points at 3.701%.
Posted on May 23, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Here is where the major benchmarks ended yesterday:
The S&P 500® Index was up 0.65 point at 4192.63; the Dow Jones industrial average was down 140.05 (0.4%) at 33,286.58; the NASDAQ Composite was up 62.88 (0.5%) at 12,720.78.
The 10-year Treasury yield was up about 3 basis points at 3.721%.
CBOE’s Volatility Index was up 0.38 at 17.19.
The NASDAQ-100 Index ended at a 13-month high, driven by gains in large tech companies. Lenders were also particularly strong, with the KBW Regional Banking Index up nearly 3%. Oilfield services companies also rose as crude oil futures ticked higher. Consumer staples was among the weaker sectors.
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Debt ceiling negotiations could result in less funding for state and local health officials to combat STDs. Remote work is making it easier for some family caregivers to fill care gaps. An RSV vaccine for pregnant women is another step closer to approval. Congress will question CIGNA over its practice of rejecting medical claims by the hundreds of thousands every month.
Posted on May 22, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Staff-level discussions over the debt ceiling and budget between the White House and congressional Republicans will resume later today evening after President Joe Biden and House Speaker Kevin McCarthy spoke by phone Sunday afternoon, according to a White House official.
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Traders who WFH do less crime. Employees of financial institutions who work the trading desk from home are less likely to commit securities fraud than in-person colleagues, according to a forthcoming article in European Financial Management.
One theory is that being out of the office shields do-gooders from their crime-inclined colleagues’ peer pressure, which is likely more potent face-to-face than over Slack. Remote work reduced the likelihood of misconduct reports among traders by nearly 15%, but it’s worth noting that the workers allowed to WFH are the ones who already showed a lower risk of committing securities violations.
Posted on May 21, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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According to a new report from S&P Global, the number of companies that have gone bankrupt so far in 2023 is higher than the first four months of any year since 2010.
Filings through April have pushed the year-to-date count to 236 — more than double the comparable figure a year ago and higher than any of the prior 12 years. Leading the way were companies selling directly to consumers (Bed, Bath & Beyond being the most notable), followed by industrials and then financial services.
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