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Posted on January 26, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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U.S. equities came well off their lows of the day to finish nearly where they began, as the Street sifted through a slew of mixed results with Q4 earnings season kicking into gear.
IOW: A seismic morass.
Dow member Microsoft topped profit projections, but its revenues and guidance disappointed, and Dow Component Boeing Company posted an unexpected loss, and its revenues came in short of forecasts. Elsewhere, AT&T exceeded earnings estimates and topped subscriber expectations, which are overshadowing its lackluster guidance, and Texas Instruments is lower on its outlook. The economic calendar was relatively light today, with the lone report being a third-straight weekly gain for mortgage applications.
Treasury yields were lower, and the U.S. dollar lost ground, while crude oil prices were nearly unchanged, and gold prices were higher.
And, Asia finished mixed, with mainland China and Hong Kong remaining closed for the Lunar New Year holiday, and Europe was mostly lower as investors continued to digest yesterday’s flood of manufacturing and services data.
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Finally, Walgreens Boots Alliance Inc. is weighing a sale of its pharmacy automation business, which could fetch up to $2 billion, according to people familiar with the matter.
Posted on January 25, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Serta Simmons Bedding, the Georgia-based mattress maker owned by private equity firm Advent International, has filed for Chapter 11 bankruptcy protection. The prepackaged bankruptcy filing includes $125 million of debtor-in-possession financing and another $125 million once it exits Chapter 11.
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U.S. equities finished mixed in a lackluster trading session, as Q4 earnings season shifted into a higher gear today. Corporate results from several Dow members were in focus, as 3M missed estimates and reported that it would reduce its global workforce by approximately 2,500 jobs. Verizon Communications and Travelers Companies reported bottom-line results that were in line with expectations, and the former offered some disappointing full-year guidance, while Johnson & Johnson missed estimates amid a decline in revenues citing unfavorable foreign exchange and lower COVID vaccine sales.
Additionally, Lockheed Martin bested forecasts but issued EPS guidance that was lower than anticipated. The economic calendar offered several reports on domestic activity, as manufacturing and services PMIs unexpectedly rose but remained contractionary in January, while manufacturing activity in the Richmond region fell much more than expected.
Treasury rates were lower, and the U.S. dollar dipped, while crude oil prices fell, and gold was higher.
Asian stocks rose although volume remained light as Chinese and South Korean markets were closed for a holiday, while European stocks were mixed amid a host of PMI data across the globe.
Posted on January 24, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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U.S. stocks were higher, extending the rally from late last week, as Q4 earnings season is set to shift into high gear tomorrow. The markets also prepared for next week’s Fed monetary policy decision, with the Central Bank expected to slow down on their tightening campaign. The economic calendar was light, with the only report being the Leading Economic Index, which indicated a tenth-straight monthly decline and bolstered Fed expectations.
Treasury yields rose, and the U.S. dollar nudged higher, while crude oil prices were mostly unchanged, and gold gained ground. Equity news was relatively light before the week’s earnings storm, as Elliott Investment Management reportedly took a multi-billion dollar stake in Dow member Salesforce, and Evoqua Water Technologies agreed to be acquired by Xylem Inc. for roughly $7.5 billion.
Asian and European stocks finished higher, although trading volume in Asia was lower than usual as several markets were closed for the Lunar New Year holiday.
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Spotifyannounced that it will lay off about 600 employees, or 6% of its workforce, in the latest Big Tech recession hedge. The shakeup could signal a pivot in the company’s podcast strategy. Like most of the other major tech companies making cuts, Spotify cited overly ambitious pandemic growth as the primary cause, and CEO Daniel Ek took “full accountability.” Along with the layoffs, Ek announced a major departure from the audio streamer: Chief Content Officer Dawn Ostroff, who was the driving force behind the company’s $1+ billion podcasting arms race to sign deals with companies like Gimlet and high-profile talent like Barack and Michelle Obama, Prince Harry and Meghan Markle, and Joe Rogan.
Posted on January 23, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
THE MARKETS
By Staff Reporters
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Last week, the S&P 500 dropped 0.7%, snapping a two-week winning streak, though the index rallied 1.9% Friday, thanks to a surge in tech stocks as Fed officials dialed back fears of overly aggressive policy moves. The tech-heavy NASDAQ 100 Index had its best day since November 30th to eke out a 0.7% gain for the week. At the same time, stocks from rate-sensitive industries like financials, real estate, and growth-oriented technology tend to lag during that period.
In this coming week, markets will sort through earnings results from Microsoft Corp., Tesla Inc. and International Business Machines Corp. that are poised to shape the direction of equities more broadly. Also, the Commerce Department will release its first estimate of fourth-quarter US gross domestic product, which is expected to show an acceleration.
Posted on January 22, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Lunar New Year is the beginning of a lunar calendar or lunisolar calendar year, whose months are moon cycles. The event is celebrated by numerous cultures in different ways and at different dates.
It is also celebrated by other cultures, such as the Nisga’a people of Canada. The determination of the first day of a new lunar year varies by culture.
Posted on January 21, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The S&P 500 rose 1.9%. Despite the gains, the benchmark index still ended with its first weekly loss in the last three. The Dow Jones Industrial Average rose 1% and the NASDAQ composite closed 2.7% higher still.
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And so, U.S. equities ended higher for the day and mixed for the week, with the Dow and S&P 500 posting their first weekly declines of the new year.
Equity news remained focused on earnings, as Netflix fell well short of estimates but easily beat the Street’s forecasts for subscribers, and PPG Industries bested expectations. Meanwhile, Alphabet announced it will slash its workforce by 12,000 jobs. Economic news was on the light side today, with the lone report showing an eleventh-straight month-over-month decline in existing home sales.
Treasury yields ended higher, and the U.S. dollar dipped slightly, while crude oil and gold prices rose.
Asian and European stocks saw gains across the board, as investors digested economic data in their respective regions.
Posted on January 20, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The number of people seeking unemployment benefits in the U.S. reached a four-month low last week, a sign that employers are holding on to their workers despite the Federal Reserve’s efforts to slow the economy and tamp down inflation. U.S. jobless aid applications for the week ending January14th fell by 15,000 to 190,000, from 205,000 the week before, according to the Labor Department. The four-week moving average of claims, which can even out the week-to-week volatility, declined by 6,500 to 206,000. Jobless claims generally serve as a proxy for layoffs, which have been relatively low since the pandemic wiped out millions of jobs in the spring of 2020. And, the labor market is closely watched by the Federal Reserve, which raised interest rates seven times last year in a bid to slow job growth and bring down stubbornly high inflation.
According to Bloomberg, Netflix Inc. co-founder Reed Hastings is stepping aside as Chief Executive Officer of the company he’s led for more than two decades, leaving the position to his two longtime associates, Ted Sarandos and Greg Peters.
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U.S. stocks were lower, adding to yesterday’s sharp draw downs as investors remain concerned regarding the Fed’s monetary policy decisions and its ultimate impact on the economy. Economic data was mixed, as housing starts came in above estimates, building permits missed forecasts, and jobless claims unexpectedly dropped, while Philadelphia’s manufacturing output improved more than expected but remained contractionary. Q4 earnings season continued to heat up, as Dow member Procter & Gamble matched estimates, while Discover Financial Services topped forecasts but offered cautious guidance about charge offs, and Allstate Corporation issued a Q4 profit warning.
Treasury yields gained modest ground, and the U.S. dollar declined, while crude oil and gold prices rose.
Asian stocks finished mixed and markets in Europe saw widespread losses, trimming some of its strong start to 2023.
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Finally, bankrupt Crypto exchange FTX is looking into the possibility of reviving its business, Chief Executive Officer John Ray just told the Wall Street Journal. Ray, who took over the reins in November, has set up a task force to explore restarting FTX.com, the company’s main international exchange. The CEO also told the Journal that he would look into whether reviving FTX’s international exchange would recover more value for the company’s customers than his team could get from simply liquidating assets or selling the platform. FTX’s native token FTT surged nearly 30% after the report.
Posted on January 19, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Amazon just began laying off thousands of more employees as the online retailer and cloud computing giant continues the largest job cuts in its history just months after an initial round of 10,000 job cuts. The Seattle Times and multiple other outlets reported Amazon made the staff reductions in its human resources and stores division, as the company is expected to lay off about an added 8,000 employees. Doug Herrington, Amazon’s worldwide retail chief, said in a memo the company would begin to notify employees by email Wednesday, according to Bloomberg.
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Dow 33,296.96 -1.81%
10-Year 3.363% -1.0 bps
Bitcoin $20,762.78 -2.45%
Kraft Heinz $39.66 -6.31%
*Stock data as of market close, cryptocurrency data as of 3:00am ET.
Markets: Stocks tanked yesterday, with the Dow plunging, the S&P having its worst day since mid-December, and the NASDAQ coming down from a seven-day rally. As investors started heeding recession signals again after new data revealed weak retail sales during the holiday season last month, companies that sell consumer staples were hit especially hard.
Investors processed a slew of mixed economic data, as retail sales fell more than expected, producer price inflation cooled, industrial production dropped more than anticipated, home builder sentiment unexpectedly improved, mortgage applications jumped, and business inventories rose as expected.
Meanwhile, in afternoon action the Fed released its Beige Book, showing little change in activity from its last report. News on the equity front was mixed, as United Airlines topped Q4 estimates, and an optimistic outlook from J.B. Hunt took some of the sting off its earnings miss, while Moderna announced upbeat results from a key trial of its RSV vaccine.
Treasury yields were lower, and the U.S. dollar was nearly unchanged, while crude oil prices lost steam throughout the day to finish lower, and gold traded to the downside.
Asia finished mostly higher, and European markets were mixed, after the Bank of Japan held its monetary policy steady and offered dovish commentary.
Posted on January 18, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Microsoft shrank its workforce in July and October 2022 and eliminated open positions and paused hiring in various groups. While technology peers Amazon.com Inc., Meta Platforms Inc. and Salesforce Inc. have announced cuts by the thousands in the past few months, Redmond, Washington-based Microsoft has so far been taking smaller steps to deal with a worsening global economic outlook and the potential for a protracted slowdown in demand for software and services. However, Microsoft could announce wide-sweeping layoffs within the next few days. The possibility of the tech giant laying off a significant part of its workforce was first reported by Sky News and later corroborated by Bloomberg. Sky put the number of the cuts at approximately five percent of the company’s 220,000-person workforce or about 11,000 employees total. Bloomberg said it couldn’t find out the scale of the layoffs but reported they would affect “a number of engineering divisions” and that they’re set to be “significantly larger” than other rounds of job cuts undertaken by Microsoft over the last year.
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Meanwhile, U.S. stocks ended mostly lower with the Dow Jones Industrial Average snapping a four-day win streak after Goldman Sachs reported poor earnings results. The S&P 500 also ended lower, but the NASDAQ Composite eked out a gain as investors focused on whether the early 2023 rally has legs.
The S&P 500 shed 8.12 points, or 0.2%, to end at 3,990.97
The Dow Jones Industrial Average fell 391.76 points, or 1.1%, to finish at 33,910.85
The NASDAQ Composite gained 15.96 points, or 0.1%, ending at 11,095.11
Q4 earnings season continued to heat up, with investors sifting through differing results from Dow member Goldman Sachs and Morgan Stanley, while Travelers Companies warned that its upcoming results will be lower than forecasts. The economic calendar started off a bit slow before beginning to heat up tomorrow, but today a read on New York manufacturing showed an unexpected tumble for January.
Treasury yields were mixed, and the U.S. dollar gained ground, while crude oil prices advanced, and gold traded to the downside.
Asia finished mixed, and markets in Europe also diverged, following a flood of economic data, notably out of China.
Posted on January 16, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The U.S. Financial Markets will be closed today, Monday January 16th 2023, for Martin Luther King, Jr. Day.
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This federal holiday was first observed in 1986. In 1994, Congress passed the King Holiday and Service Act, designating the Martin Luther King Jr. Federal Holiday as a national day of service and charged the Corporation for National and Community Service with leading this effort.
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House Oversight Committee Chairman James Comer just said he hoped a U.S. debt default could be avoided. A default would greatly impact the economy and people in the U.S: A default would increase interest rates, which would then increase prices and contribute to inflation. The stock market would also suffer, as U.S. investments would not be seen as safe as they once were, especially if the U.S. credit rating was downgraded. Fortunately, the U.S. has never reached the point of default where the Treasury was incapable of paying U.S. debt obligations, though it has been close on several occasions. The only exception was during the War of 1812 when parts of Washington D.C. including the Treasury were burned.
Posted on January 14, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The December CPI report showed 59% of its components “are now in deflation,” Fundstrat’s Tom Lee said in a Friday note. That’s good news for the stock market, as a drop in inflation will help ease financial conditions. “This is setting up 2023 to be the opposite of 2022, where inflation expectations fall faster than EPS risk,” Lee said.
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Stocks Higher as Q4 Earnings Season Begins U.S. equities ended the day and week higher, as the markets reacted to a host of results from the banking sector to kick off Q4 earnings season. Bank of America, Wells Fargo, and Dow member JPMorgan Chase all bested estimates, but each posted significant increases in provisions for loan losses, while Citigroup fell short of forecasts.
Meanwhile, Dow component UnitedHealth Group beat forecasts and reaffirmed its guidance. News on the economic front was mixed, as a read on import prices surprisingly increased, detracting some from yesterday’s tamer read on consumer prices, while consumer sentiment rose far more than what was projected.
Treasury yields were higher, and the U.S. dollar dipped, while crude oil and gold prices traded to the upside.
Asian and European stocks finished mostly higher, as investors digested inflation reports from the U.S. and abroad.
Posted on January 13, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Madison, Wisconsin-based Exact Sciences has become the top holding of Cathie Wood-led Ark Invest’s flagship exchange-traded fund. Ark Innovation ETF (NYSE: ARKK) now holds just under 10 million shares of Exact Sciences with a market value of $600.06 million. The stock currently accounts for 9.37% of the ETF. Exact Sciences has unseated Zoom Video Communications, Inc. (NASDAQ: ZM) as ARKK’s top holding, with the latter now having a weighting of 9.30%. Tesla, Inc. (NASDAQ: TSLA) and Roku, Inc. (NASDAQ: ROKU) are ARKK’s third and fourth-biggest holdings, respectively, with weightings of 6.78% and 6.72%. She just added Coinbase, too!
U.S. equities finished higher in the wake of a consumer prices report that showed inflation cooled last month. However, the gains were tempered, as the core rate, which strips out food and energy costs, rose on a monthly basis.
Treasury yields were noticeably lower, along with the U.S. dollar, while crude oil prices rose, and gold rallied to extend a recent run. Employment figures were also in focus, with jobless claims dipping slightly and coming in better than expected.
News on the equity front surrounded some ancillary corporate results ahead of the start to Q4 earnings season tomorrow, as American Airlines boosted its Q4 guidance, but KB Home missed quarterly expectations.
Asian stocks finished mostly higher, and markets in Europe continued its strong start to 2023 with the U.S. inflation data in focus.
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NEWS FLASH: The Securities and Exchange Commission (SEC) announced it just charged Genesis GlobalCapital and Gemini Trust Company “for the unregistered offer and sale of securities to retail investors through the Gemini Earn crypto asset lending program.”
Posted on January 12, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
NASDAQ Winning Streak
By Staff Reporters
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Carta Inc., a financial software company valued at $7.4 billion in August 2021, told employees on Wednesday it was cutting about 10% of the workforce. The job cuts, earlier reported by TechCrunch, are more evidence of the chill that has set in for even the best-funded tech startups. Carta raised $500 million in equity last year, bringing its total fundraising haul to more than $1 billion. Carta makes software to manage equity stakes in private companies, and has been backed by firms including Andreessen Horowitz, Lightspeed Venture Partners and Silver Lake. Prominent venture capitalist Marc Andreessen sits on the company’s board.
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U.S. equities finished higher to add to gains seen this year, with the NASDAQ on a four-day winning streak. However, caution was prevalent, as the markets awaited tomorrow’s December consumer price inflation report, and as Q4 earnings season will kick off on Friday with results from some prominent names from the Financials sector.
Treasury yields were lower and the U.S. dollar was little changed, while crude oil prices and gold were higher.
The economic calendar was relatively light today, but mortgage applications snapped a two-week losing streak. The airline industry was in focus after the FAA temporarily suspended all flights across the U.S. after a computer system failure, and Wells Fargo & Company announced that it will reduce the size of its mortgage lending business.
Asia finished mixed, and Europe saw widespread gains, as the global markets awaited this week’s inflation and earnings data out of the U.S.
Posted on January 11, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Rvian Automotive (NASDAQ:RIVN) turned slightly lower in late trading on Tuesday after a report indicated that several key executives left the Illinois-based company. It closed at $16.45. Sources told The Wall Street Journal that the vice president overseeing body engineering and the automaker’s head of supply chain both left Rivian (RIVN) over the last few months. The executives were some of Rivian’s (RIVN) longer-tenured employees.
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Trouble may be brewing in the second half of this year, but there’s a window for a stock-market rally during the first six months of 2023, in the view of Stifel chief equity strategist Barry Bannister. The potential for a rally in equities is based on his expectations for inflation to fall sharply, for the Federal Reserve to pause interest-rate hikes in the second quarter, and for no official recession, as declared by the National Bureau of Economic Research, before midyear, according to a Jan. 9th note from Bannister. So, Ark Invest went shopping on Monday, adding to some of Wood’s hardest-hit stocks. Adobe (NASDAQ: ADBE), Tesla (NASDAQ: TSLA), and Global-e Online (NASDAQ: GLBE) are three of the existing positions that she added yesterday. All of that should add up to a lower real yield on the 10-year U.S. Treasury note and to the S&P 500 rising to 4,300 by the end of June, according to the note.
U.S. equities finished higher in a choppy trading session. Concerns over higher interest rates in the future received added attention as investors look to inflation data to be released later this week, courtesy of Thursday’s CPI report. The economic docket was relatively quiet, but a read on small business optimism showed a decline versus the prior month, while wholesale inventories rose in line with estimates.
Equity news was light ahead of Friday’s start to Q4 earnings season, as Bed Bath and Beyond reported a worse-than-expected loss, while Coinbase announced that it would layoff around 20% of its workforce.
Treasury yields rose, and the U.S. dollar was higher, while crude oil and gold prices saw modest increases.
Asian stocks were mixed, and markets in Europe were mostly lower, as focus remained on China’s reopening, and as investors await the CPI report out of the U.S. later this week.
Posted on January 10, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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U.S. stocks were mixed as the markets came off the highest levels of the day. While this week will begin somewhat light, we will get the start of December’s inflation picture, courtesy of the Consumer Price Index, as well as the start of Q4 earnings season.
Equity news offered varying results, as Lululemon Athletica and Macy’s provided Q4 guidance that disappointed the Street, while shares of Duck Creek Technologies soared after the company agreed to be acquired by Vista Equity Partners for about $2.6 billion.
Treasury yields were lower, and the U.S. dollar dropped, while crude oil prices rose, along with gold. The economic front was quiet today, with the only report being a read on consumer credit, which came in below expectations.
Asian stocks increased, though Japanese markets were closed for a holiday, and markets in Europe were mostly higher. The global markets were boosted by optimism regarding the continued reopening of China and as investors awaited this week’s U.S. inflation data.
Posted on January 9, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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By the numbers:
The unemployment rate dropped to 3.5%, the lowest it’s been in 50 years.
The US added 223,000 non-farm jobs in December. Though job growth slowed from the previous month, the labor market is still going strong.
In 2022, 4.5 million total jobs were added, compared with 6.7 million in 2021.
But the number that really got people talking was the lower-than-expected month over month wage growth, which slowed to .3% in December and 4.6% annually.
While that might not sound like welcome news to anyone who doesn’t live off a fortune inherited from their robber baron granddad, the folks at the Federal Reserve are most certainly pleased. Rapidly growing paychecks are seen as one of the key drivers of inflation, which the Fed has been trying to tame with aggressive interest rate hikes since early last year.
Economists have dubbed the jobs data a “Goldilocks” situation—not too hot, and not too cold. Since both the labor shortage and the strident wage growth it drove seem to be abating, the hope is that inflation will continue to decline. At the same time, a strong labor market (fingers crossed) might just allow the economy to avoid a recession caused by the interest rate increases.
Meanwhile, according to Sam Klebanov of MorningBrew, experts expect slowing wage growth to signal to the Fed that it’s time to chill with the aggressive rate hikes. And it’s not just speculation: Here at the Federal Reserve Bank of Atlanta, President Raphael Bostic said that he’d lean toward just a 25 basis point increase for the next interest rate hike (as opposed to 50 basis points) if the labor market continues to cool.
Finally,Wall Street Legend Burton Malkiel says returns over the next decade will likely be 5 to 6 percent.
Posted on January 8, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Consumer price data will offer clues about the Federal Reserve’s next policy move, while quarterly results from big banks get fourth quarter earnings season underway.
The stock market rally to kick off 2023 will be put to the test next week when investors face a highly-awaited inflation reading and the start of fourth quarter earnings season, which will be led by big banks.
And, this Thursday morning will bring December’s Consumer Price Index (CPI), a release likely to dictate bets on whether the Federal Reserve raises interest rates by 0.25% or 0.50% at the start of next month.
According to Yahoo Funance, economists expect headline CPI rose 6.6% over the prior year in December, a downshift from the 7.1% increase seen in November, according to data from Bloomberg. On a month-over-month basis, CPI likely stayed flat.
Core CPI, which removes the volatile food and energy components of the report and is closely tracked by the Fed, is also expected to have risen at a slower pace last month, coming in at 5.7% after a 6% increase in November. Over the prior month, core CPI is expected to rise 0.3% after a 0.2% jump in November.
Policymakers monitor “core” inflation more closely due to its nuanced look at key inputs like housing, while the headline CPI figure has moved largely in tandem with volatile energy prices this year.
Posted on January 7, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Stocks recorded their first significant rally of 2023 on Friday, as the release of jobs data triggered a relief rally that saw the major U.S. equity averages all rise more than 2%. This marked the biggest one-day percentage gain for the S&P 500 since Nov. 30. The Dow (DJI) ended +2.1%, the S&P 500 (SP500) closed +2.3%, and the NASDAQ Composite (COMP.IND) finished +2.6%.
It seems investors digested December’s key non-farm payroll report and its possible implications on future Fed moves. While job growth remained robust and the unemployment rate fell, indicating a tight job market, wage increases continued to slow. The report came in the wake of other employment data and the Fed’s meeting minutes this week that appeared to solidify expectations of the Fed remaining aggressive in its rate hike campaign.
Meanwhile, domestic services sector activity tumbled into contraction territory for the first time since May 2020 and factory orders fell more than forecasts.
Treasury yields dropped following the data, and the U.S. dollar fell, while crude oil prices nudged higher, and gold gained ground. News on the equity front was in short supply, but Tesla was back in the news after it said it will slash prices in China for a second time, and Bed Bath & Beyond is reportedly near filing for bankruptcy, while Costco reported net sales that were well received.
Stocks in Asia were mixed, and European stocks were noticeably higher, as the markets digested regional economic data and the U.S labor report.
Silvergate Capital Corporation reported a sharp drop in fourth-quarter crypto-related deposits on Thursday as investors spooked by the collapse of FTX pulled out more than $8 billion in deposits, sending shares down more than 42%. The crypto-focused bank also said it would cut its workforce by 40%, or about 200 employees, as it tries to rein in costs amid a deepening industry downturn. Its stock was last trading at $12.55.
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U.S. stocks were lower as the markets continued to speculate as to how long the Fed will keep its monetary policy tight. Yesterday’s minutes from the Fed’s December meeting suggested that the Central Bank will remain aggressive. Jobs data pointed to a tight labor market, as the ADP Employment Change Report came in higher than expected, and jobless claims were lower than anticipated, which seemed to be solidifying expectations of further rate hikes. Services sector data also came out, with output being revised higher but continuing to depict contraction.
Treasury yields were mixed, and the U.S. dollar rallied following the data, while crude oil prices rose, and gold dropped.
Equity news offered varying results, as Exxon Mobil offered mixed Q4 guidance, T-Mobile US’ phone customers topped forecasts, Constellation Brands missed earnings estimates and lowered guidance, and Conagra Brands topped quarterly estimates.
Finally, Asian stocks finished mostly higher, and European stocks were mixed following a three-day winning streak, as the markets digested the Fed’s minutes and amid optimism regarding China’s reopening.
Posted on January 5, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Ark Invest, the firm led by prominent stock picker Cathie Wood, bought up millions worth of Tesla during the electric vehicle maker’s worst daily dip in more than two years as Wood continues to double down on what initially brought her riches.
U.S. equities finished modestly higher, paring some of the losses that have weighed on the markets to start of 2023.
Treasury yields continued to drop, and the U.S. dollar gave back some of yesterday’s rally, while crude oil prices plunged to extend a recent decline and gold traded to the upside.
Equity news remained sparse, with Dow member Salesforce announcing plans to cut its workforce by about 10%, while Alibaba rallied on signs China may be easing its clampdown on the tech sector.
The economic calendar offered some lackluster data points, as manufacturing activity remained in contraction territory for the second-straight month, and mortgage applications fell for a second-consecutive week as interest rates jumped, while job openings came in above forecasts. Elsewhere, the Fed released the minutes from its December monetary policy meeting, indicating its commitment to continue to raise rates until more progress is made in curbing inflation.
Asia finished mixed, and Europe added to yesterday’s solid start to 2023.
Posted on January 4, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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U.S. equities gave up early gains and finished lower on the first trading session of the year. Today’s movement followed the long holiday weekend, and the end of 2022, which posted the worst yearly decline since 2008. Equity news was light to begin the new year, but Tesla’s shares fell after the company missed on Q4 delivery expectations due to ongoing logistical issues, growing demand concerns, and stiff competition.
Several economic reports were released after the opening bell, as a read on domestic manufacturing activity remained in contraction territory, while construction spending unexpectedly rose in December.
Treasury yields fell and the U.S. dollar rallied, while crude oil prices lost solid ground, and gold was higher.
Finally, Asian stocks finished mixed, and markets in Europe rose, as the international markets digested a host of PMI reports, German inflation data, and the recent rise in China’s COVID cases.
Posted on January 3, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Stocks are coming off their worst year since 2008 due to investors misjudging how high inflation would soar and the lengths central banks would go to bring it back down.
For example, Global equities lost a record $18 trillion in 2022 amid nearly 300 interest rate hikes from central banks around the world.
But not all stocks were clobbered equally by Jerome Powell and Co.: High-growth tech companies that got a boost from an era of low interest rates got rocked the most in what some are calling the sequel to the bursting of the dot-com bubble in 2000–01. The tech-heavy NASDAQ posted four straight negative quarters for the first time since that crash.
Others survived unscathed. The energy sector soared 59% last year thanks to a boost from surging oil prices. Exxon Mobil finished the year as the eighth-most valuable public company in the US, despite starting 2022 outside the top 25.
The Future?
No one really knows, but analysts generally think stocks will go sideways, weighed down by more rate hikes and a potential recession. The average Bloomberg projection for the S&P at the end of 2023 is 4,009 points (the index closed 2022 at 3,839.50).
Another down year would be extremely rare: The S&P has dropped for two consecutive years in just four instances since 1928.
Stock market holidays are non-weekend business days when the two major U.S. stock exchanges, the New York Stock Exchange (NYSE) and the NASDAQ, are closed for the day. These days often closely follow federal holiday schedules and include major holidays like Independence Day and Thanksgiving.
Regular operating hours for both exchanges are Monday-Friday from 9:30 a.m. – 4 p.m. ET. Markets do not operate during the weekend.
Sometimes, if a holiday falls on a weekend, stock markets will close on the Friday prior to the holiday, as is often the case with Good Friday and Easter. Other times, a holiday will be observed on a Monday after it occurs, like New Year’s Day taking place on Sunday, yesterday, in 2023.
Thus, it is a good time to catch up on you reading:
Posted on December 31, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Tesla stock is on pace for its worst year on record as trading in 2022 comes to a close. Shares have lost about 65% from the start of the year. CEO Elon Musk has faced pressure from investors over his preoccupation with Twitter.
The S&P 500 closes out dismal year with worst loss since 2008
And, the U.S. dollar surrendered its status as the world’s premier safe haven in Q4. Central banks in Europe and — more recently — Japan applied a more aggressive monetary policy, signaling that they intend to close the gap with higher U.S. yields created by the Federal Reserve. This helped to drive their currencies higher. At the same time, investors in the U.S. were betting that the Fed’s campaign of interest rate rises was drawing nearer to its end. This resulted in the euro rising roughly 8.8% against the dollar, its biggest quarterly gain since 2010, according to Dow Jones Market Data.
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Finally, U.S. equities closed out 2022 in the red, and all three major indexes registered solid losses on a yearly basis. The stock market posted its worst yearly decline since 2008. Trading remained subdued in the final days of the year as volumes continued to be on the lighter side. Equity news remained in short supply, but Southwest Airlines continued to be in the headlines after saying its latest troubles will affect Q4 results.
The economic calendar was also relatively quiet, with today’s lone report showing a surprising rebound in manufacturing activity in the Chicago region.
Treasury yields gained ground, and the U.S. dollar declined, while crude oil prices rose, and gold was slightly higher.
Asian stocks finished out the year mixed in thin trading, and markets in Europe saw widespread losses, with the region posting the worst year since 2018.
Posted on December 30, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Ann Miller RN MHA CMP®
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About the Institute of Medical Business Advisors, Inc
The Institute of Medical Business Advisors, Inc provides a team of experienced, senior level consultants led by iMBA Chief Executive Officer Dr. David Edward Marcinko MBA CMP™ MBBS [Hon] and Ann Miller RN MHA CMP™ to provide ongoing contact with our clients throughout all phases of each project, with most of the communications between iMBA and the key client participants flowing through this Senior Team. iMBA Inc., and its skilled staff of certified professionals have many years of significant experience, enjoy a national reputation in the healthcare consulting field, and are supported by an unsurpassed research and support staff of CPAs, MBAs, MPHs, PhDs, CMPs™, CFPs® and JDs to maintain a thorough and extensive knowledge of the healthcare environment. The iMBA team approach emphasizes providing superior service in a timely, cost-effective manner to our clients by working together to focus on identifying and presenting solutions for our clients’ unique, individual needs.
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The iMBA Inc project team’s exclusive focus on the healthcare industry provides a unique advantage for our clients. Over the years, our industry specialization has allowed iMBA to maintain instantaneous access to a comprehensive collection of healthcare industry-focused data comprised of both historically-significant resources as well as the most recent information available. iMBA Inc’s specific, in-depth knowledge and understanding of the “value drivers” in various healthcare markets, in addition to the transaction marketplace for healthcare entities, will provide you with a level of confidence unsurpassed in the public health, health economics, management, administration, and financial planning and consulting fields. iMBA Inc’s information resources and network of healthcare industry textbook resources enhanced by our professional consultants and research staff, ensure that the iMBA project team will maintain the highest level of knowledge regarding the current and future trends of the specific specialty market related to the project, as well as the healthcare industry overall, which serves as the “foundation” for each of our client engagements.
Posted on December 29, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Popular money manager Cathie Wood of Ark Investment Management has seen her young-technology-stock funds hit the skids this year amid weak earnings. Her Ark Innovation ETF (ARKK) – Get Free Report has lost 68% in 2022 and is down 81% from its February 2021 peak. The Ark chief executive has defended her strategy by noting that she has a five-year investment horizon. But the five-year annualized return of Ark Innovation totaled a negative 2.66% through Dec. 26, against the S&P 500’s positive return of 9.38%. The fund’s performance also doesn’t come close to Wood’s goal for annualized returns of 15% over five-year periods.
U.S. equities finished lower, adding recent losses with the markets approaching year-end. The moves came amid lighter volume in the waning days of a dismal 2022, with the equity front offering little in terms of news. However, Southwest Airlines continues to be troubled by mass flight cancellations.
The economic calendar delivered another drop in pending home sales, while Richmond manufacturing activity unexpectedly moved into expansion territory.
Treasury yields were mixed after yesterday’s solid gains, and the U.S. dollar was slightly higher. Crude oil prices fell, and gold pulled back from Tuesday’s rise.
Asia finished mixed and Europe also diverged as the global markets wrestled with China’s reopening and uncertainty regarding the ultimate impact of aggressive monetary policy tightening across the globe.
Posted on December 28, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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U.S. equities were mixed on the first trading session of the week following the long holiday weekend. The markets reacted to a host of economic data that was released, as home prices decreased on a seasonally adjusted basis, the trade deficit narrowed much more than expected, wholesale inventories increased, and manufacturing activity in the Dallas region contracted more than predicted.
Equity news was light, but shares of Southwest Airlines declined after the U.S. Department of Transportation said that it would examine the mass flight cancellations and delays. Additionally, Tesla’s shares fell after the company announced that it plans on running a reduced production schedule at its Shanghai factory.
Treasury yields continued to rise, and the U.S. dollar dipped, while crude oil prices were little changed, and gold was solidly higher.
Asian equities increased, led by mainland Chinese stocks, after the Chinese government announced that it would put an end to quarantine restrictions for inbound travelers effective early January.
Markets in Europe were mixed amid improved sentiment in the wake of the news.
Posted on December 27, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Since Christmas Day [Sunday], the U.S. stock markets were closed on Monday, December, 26th, 2022.
OPENTODAY!
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Nevertheless, nearly 125,000 employees lost their jobs this year as more than 120 large U.S. tech companies, banks and manufacturers implemented massive rounds of layoffs, according to the Forbeslayoff tracker, which documented major cuts (over 100) beginning in June when recession fears began to surge.
That’s a troubling figure for what had been one of the economy’s strongest growth sectors, but economists don’t expect it to spell doom for other industries. Even as tech companies downsized, the broader labor market remained strong throughout the year, with the unemployment rate ticking up slightly, to just 3.7% as of November.
Posted on December 25, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The House passed, and President Biden later signed, a $1.7 trillion spending bill that will fund the federal government through FY 2023 and do a lot more—like send $45 billion to Ukraine and NATO allies and offer $40 billion in US disaster relief.
Posted on December 24, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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IRS pauses rule requiring people to report PayPal, Venmo transactions over $600. To avert taxpayer confusion in the upcoming tax season, the IRS is delaying a rule that would have required e-commerce sites and payment platforms like eBay Etsy and PayPal to send out tax paperwork to a much wider swath of people in 2023.
And, U.S. equities ended the day higher and the week mixed. The S&P 500 and NASDAQ posted a third-straight week of losses, while the Dow was able to buck the trend by posting a weekly gain. The moves came amid a day full of economic reports that offered varying results. Personal income rose slightly, and the Fed-favored inflation gauge showed continued moderation, new home sales surprisingly rose, and consumer sentiment was revised higher.
However, durable goods orders fell noticeably, and personal spending came in softer than expected. Treasury yields were higher, and the U.S. dollar was lower, while crude oil and gold prices traded to the upside. News on the equity front was in short supply, but Meta Platforms garnered attention after it agreed to settle a class action lawsuit for $725 million.
Finally, Asian stocks finished lower amid some disappointing data out of Japan, while markets in Europe diverged heading into the long holiday weekend.
Posted on December 23, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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U.S. stocks plunged as December’s sell-off intensified after a fleeting rally in the previous session. The S&P 500 (^GSPC) closed down 1.4% after dropping as much as 2.8% in afternoon trading, while the Dow Jones Industrial Average (^DJI) shed 350 points, or 1%. The technology-heavy NASDAQ Composite (^IXIC) tumbled 2.2%.
And, the markets continued to contend with the ultimate impacts of aggressive monetary policy tightening globally. Earnings reports disappointed, as Micron Technology and CarMax both missed earnings estimates and lowered their guidance. A host of economic reports were released, as jobless claims came in below estimates, which seems to play into the theme of a tight labor market that has dampened investor sentiment.
Additionally, Q3 GDP and Personal Consumption were revised higher, the Leading Economic Index declined more than anticipated, and manufacturing activity in the Kansas City region fell further into contraction territory.
Treasury yields were mixed, and the U.S. dollar ticked higher, while crude oil and gold prices lost ground.
Asian stocks diverged and markets in Europe ended lower as the international markets continued to digest recent central bank actions.
Moreover, Micron Technology will reduce its workforce by 10% next year and take other cost-cutting measures as the computer memory chip maker struggles to deal with too much supply amid a drop in demand. Micron CEO Sanjay Mehrotra announced the restructuring during during a quarterly conference call with investors, noting that prices for computer memory products had “deteriorated significantly” in recent months, Boise television station KTVB reported.
Posted on December 22, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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U.S. equities posted solid gains, adding to yesterday’s advance, amid some upbeat earnings results and economic data. Dow member Nike rallied after easily topping profit projections and raising its full-year revenue outlook, while FedEx rose after exceeding earnings estimates and announcing a larger-than-expected outlook for cost reductions.
Treasury yields were mixed, and the U.S. dollar traded to the upside, while crude oil prices were higher, and gold slipped.
In economic news, Consumer Confidence unexpectedly jumped to an eight-month high, while housing data showed existing home sales dropped more than expected, and mortgage applications rose for a second-straight week.
Asia finished mixed as the markets continued to digest yesterday’s surprising policy move from the Bank of Japan, and Europe was noticeably higher, rebounding from some recent choppiness that has come from monetary policy tightening actions on both sides of the pond.
Posted on December 21, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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According to Wikipedia, the winter solstice, also called the hibernal solstice, occurs when either of Earth‘s poles reaches its maximum tilt away from the Sun. This happens twice yearly, once in each hemisphere (Northern and Southern). For that hemisphere, the winter solstice is the day with the shortest period of daylight and longest night of the year, when the Sun is at its lowest daily maximum elevation in the sky. Either pole experiences continuous darkness or twilight around its winter solstice. The opposite event is the summer solstice.
The winter solstice occurs during the hemisphere’s winter. In the Northern Hemisphere, this is the December solstice (usually 21st or 22nd December) and in the Southern Hemisphere, this is the June solstice (usually 20th or 21st of June). Although the winter solstice itself lasts only a moment, the term also refers to the day on which it occurs. The term midwinter is also used synonymously with the winter solstice, although it carries other meanings as well. Traditionally, in many temperate regions, the winter solstice is seen as the middle of winter; although today in some countries and calendars it is seen as the beginning of winter. Other names are the “extreme of winter” (Dongzhi), or the “shortest day”.
Since prehistory, the winter solstice has been a significant time of year in many cultures and has been marked by festivals and rituals. It marked the symbolic death and rebirth of the Sun; the gradual waning of daylight hours is reversed and begins to grow again. Some ancient monuments such as Newgrange, Stonehenge, and Cahokia Woodhenge are aligned with the sunrise or sunset on the winter solstice.
Posted on December 19, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Laid off tech workers from Meta, Google and Twitter are being wooed by the federal government
Skilled tech workers laid off are in demand and the U.S. Department of Veterans Affairs wants to hire them.
The VA is looking to pay higher salaries than the agency had in the past and wants to make the hiring process easier. It’s banking on the mission of the agency to be a draw for talented tech workers.
Moreover, economic reports last week may have ushered in a new era for the stock market and some of these companies—one where investors are less concerned about inflation and more worried about an oncoming recession. Either way, there’s not a lot of hope on Wall Street right now and, barring a miracle, all three indexes will close out the year solidly in the red.
Finally, Tesla posted its worst week since March 2020 as investors increasingly call out Elon Musk for focusing his efforts on Twitter (but maybe that’s coming to an end…) In fact, Musk posted a poll asking users whether he should step down as the company’s chief executive (“I will abide by the results of this poll,” he said.) As of 5am ET, more than 57% voted “yes”—he should step down.
Posted on December 17, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
MORGAN STANLEY
BANK OF AMERICA
By Staff Reporters
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[The Scream is a composition created by Norwegian artist Edvard Munch in 1893]
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What [another] a week? U.S. equities declined, posting a second-straight weekly loss, as recession worries have ratcheted higher in the wake of a host of global central bank actions earlier this week. The Fed’s mid-week 50 basis point rate increase was followed by similar actions from the European Central Bank, the Bank of England, and Swiss National Bank. The moves came amid an evident slowdown in global economic growth, with data released today showing most manufacturing and services PMIs domestically and across the globe continue to see a contraction in activity, adding fuel to the recessionary fears.
RECESSION?
With U.S. stocks down more than 20% so far this year, investors are looking for some good news – and it may be coming from a prominent Wall Street analyst who says the current bear market could come to an end sometime around St. Patrick’s Day, 2023.
In an interview with Bloomberg Television, Mike Wilson, the Equity Strategist and Chief Investment Officer for Morgan Stanley predicted that the bear market in U.S. stocks could come to a conclusion early in 2023. Investors are taking note because Wilson, who’s typically skeptical about the market, is listed as No. 1 on Institutional Investor’s recent ranking of portfolio strategists.
WHEN?
“We think ultimately the bear market will be over probably sometime in the first quarter,” Wilson said on the broadcast.
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Mutual Fund managers have taken their cash positions to the highest level in 21 years, according to the long-running monthly survey of portfolio managers. Relative to the history of the survey, investors are 2.6 standard deviations overweight cash and 3 standard deviations underweight equities.
A net 72% expect a weaker economy in the next 12 months, and 91% say earnings are unlikely to rise 10% of more in the next year. A growing percentage are expecting a policy pivot: 28% expect lower short-term rates in the next 12 months, up from 14% in September.
The survey “screams macro capitulation, investor capitulation, and crucially start of policy capitulation,” said Bank of America strategists led by Michael Hartnett. The S&P 500 has dropped 23% this year, and S&P’s U.S. government bond index has declined by 12%.
Posted on December 16, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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U.S. stocks fell amid a host of monetary policy decisions globally. The markets continued to digest the economic implications of yesterday’s 50-bp rate hike from the Fed, which was followed by 50-bp increases from the European Central Bank, Bank of England, and Swiss National Bank earlier today. The economic calendar provided a host of data, as retail sales decreased more than expected, industrial production declined, and manufacturing activity in New York and Philadelphia both contracted, though jobless claims moderated much more than expected.
The equity front was relatively quiet, but Lennar Corporation posted mixed results and offered some cautious guidance, while Netflix saw pressure from a report about softer-than-expected ad-supported viewership.
Treasury yields were lower, and the U.S. dollar gained ground, while crude oil prices declined, and gold dropped. Asian and European stocks finished broadly lower, as the global markets digested mixed data and a flood of monetary policy decisions around the world.
Posted on December 13, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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U.S. stocks went up sharply in the first trading session of the week. The equity markets await tomorrow’s key consumer inflation report, as it could have an impact on the Federal Reserve’s interest rate decisions. Tomorrow, the Fed will release its monetary policy decision, in which it is expected to raise rates by 50 basis points (bps), compared to the 75 bp rate hikes that were delivered in the past four meetings.
Treasury yields gained ground ahead of the data, the U.S. dollar advanced, and crude oil prices were higher, while gold saw some pressure. The economic front was void of any notable releases, while M&A action dominated today’s equity news, with Amgen agreeing to acquire Horizon Therapeutics in a deal valued at $28.3 billion, Coupa Software announcing that it will be taken over by Thoma Bravo for at $8.0 billion, and Weber reporting that it will also go private for $3.7 billion.
Asian stocks finished lower as the international markets await the U.S. inflation data and the Fed’s decision.
European stocks traded mostly to the downside as the Fed’s decision will be followed by Thursday’s monetary policy announcements from the European Central Bank and Bank of England.
Posted on December 12, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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In recent months, Japan’s SoftBank Group Corp. has pared its stakes in the Chinese e-commerce company Alibaba Group Holding Ltd. and the Indian mobile-payments company Paytm, in both cases following declines in their share prices. Berkshire Hathaway Inc., Warren Buffett’s company, has been gradually reducing its stake in BYD Co., a Chinese electric-vehicle maker that it has owned shares in since 2008.
And, Tencent Holdings Ltd., a tech giant that earlier amassed stakes in hundreds of tech firms, is divesting itself of billions of dollars in shares of listed companies. Meanwhile, Tencent‘s biggest shareholder, Prosus NV, is cutting its large stake in the Chinese social-media and gaming company.
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Finally, the value of new Venture Capital deals globally is down 42% in the first 11 months of this year compared to last, to $286 billion, according to research firm Preqin. That’s the deepest slump the researchers have recorded yet, surpassing the nadirs of the early 2000s and the 34% collapse after the 2008 financial crisis.
On December 15, 2021, the Centers for Medicare & Medicaid Services (CMS) released a report detailing healthcare spending in the U.S. in 2020, which confirmed the outsized impact the COVID-19 pandemic has had on the nation’s healthcare industry and on federal spending. Overall, healthcare spending increased 9.7% in 2020 (to $4.1 trillion), double the 2019 increase of 4.3%. Healthcare spending also became a larger share of the U.S. gross domestic product (GDP) in 2020. This Health Capital Topics article will review the notable findings included in CMS’s report. (Read more…)
Posted on December 11, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The Mark Cuban Cost Plus Drug Company is teaming up with EmsanaRx, a pharmacy benefit manager (PBM) focused on employer plans, to make lower-cost prescription drugs more accessible to patients through their employers. The program, EmsanaRx Plus, is described as “a standalone pipeline” for employers to supply drugs to employees through Cost Plus Drugs, an online pharmacy that offers more than 1,000 of the most in-demand generic medications at significantly marked-down prices.
And, according to Bloomberg, US lawmakers are aiming to make regional Federal Reserve banks comply with public record requests after a string of scandals in the central bank system. Massachusetts Democrat Elizabeth Warren and Pennsylvania Republican Patrick Toomey plan to propose legislation to subject the regional branches to congressional information requests under the Freedom of Information Act.
Finally, insiders and other media have identified numerous US lawmakers not complying with the federal STOCK Act. Their excuses range from oversights, to clerical errors, to inattentive accountants. Congress is now considering banning lawmakers from trading individual stocks.
Posted on December 10, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The FDA has approved a new gene therapy to treat hemophilia B, a genetic bleeding disorder. The drug maker CSL Behring set a $3.5 million price for the one-time treatment.
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The recent stock choppiness has come amid uncertainty regarding the ultimate economic impact of aggressive rate hikes, of which inflation has been a primary driver of the tightening. More key inflation data is on tap next week, courtesy of the Consumer Price Index (CPI) and the Import Price Index. These reports will lead up to the Federal Open Market Committee’s (FOMC) long-awaited monetary policy decision that will be released on Wednesday.
In other economic news, a preliminary look at consumer sentiment surprised to the upside. On the equity front, Lululemon Athletica beat top and bottom line estimates but lowered its guidance, RH also bested forecasts though warned of worsening demand moving forward, Broadcom posted upbeat results and increased its dividend, and Microsoft is now facing a U.S. government antitrust lawsuit in its attempt to acquire Activision Blizzard.
Treasury yields rose following the wholesale price data, and the U.S. dollar gained modest ground, while crude oil prices dipped, and gold increased.
Asian stocks finished higher with Hong Kong markets leading the way, and European stocks gained ground as the global markets absorbed inflation data out of the U.S. and China.
Posted on December 9, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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U.S. stocks ended higher in a quiet day, trimming some of the week’s losses. Choppy action this week has come amid uncertainty regarding the ultimate economic impact of aggressive central bank monetary policy tightening, and as investors speculate on the trajectory of future rate hikes. Employment data dominated the economic calendar, as jobless claims ticked higher. Equity news was upbeat, as Ciena Corporation rallied after beating the Street’s expectations, while Dow component Chevron Corporation and Exxon Mobil Corporation both said their 2023 capital expenditures will be at the high end of their guidance.
Additionally, the US Federal Trade Commission is seeking to block Microsoft Corp.’s $69 billion acquisition of Activision Blizzard Inc., saying the tie-up between the Xbox maker and popular gaming publisher would harm competition.
Ironically, Google, Oracle, Microsoft and Amazon will share in the Pentagon’s $9 billion contract to build its cloud computing network, a year after accusations of politicization over the previously announced contract and a protracted legal battle resulted in the military starting over in its award process.
More specifically, on Oct. 14th, Kroger announced that it would merge with Albertson’s Companies in a hulking ~$25 billion deal that would combine the top two largest US supermarket chains by annual sales.
And, after news that two large creditors plan to cooperate in dividing up the assets of used car company Carvana Co. (NASDAQ: CVNA), the stock collapsed to under $4. It will drop to $1 soon, unless management can produce a miracle.
Finally, Treasury yields rose, and the U.S. dollar declined, while crude oil prices lost ground, and gold was higher while Asian stocks finished mixed as Hong Kong markets jumped on optimism of further easing of COVID restrictions in the city. European stocks were mostly lower as the global markets continued to grapple with recessionary concerns as monetary policies tighten.
Posted on December 8, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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US. stocks extended this week’s downtrend to close a choppy session with losses as the prospect of sustained higher rates and slowing growth continued to plague investor sentiment. And, Carvana’s stock tanked after its biggest creditors made a deal to work together, pushing the online car reseller’s shares down so low that its CEO has lost 98% of his wealth this year (which is second only to Sam Bankman-Fried’s percentage loss).
The S&P 500 (^GSPC) slumped 0.2%, ending a fifth straight day lower, while the Dow Jones Industrial Average (^DJI) capped trading at the flatline. The technology-heavy Nasdaq Composite (^IXIC) declined 0.5%.
In commodities markets, oil extended losses to close around $72 per barrel after a decline of roughly 10% this week to the lowest level since January.
Posted on December 7, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Real estate prices continued to cool in September—the first time prices declined for three straight months in nearly four years, which is a big deal. The change was especially noticeable out west.
For example, San Francisco and Seattle experienced the largest percentage decrease (2.9%) from August to September, according to the S&P CoreLogic Case-Shiller Indices. The report, which tracks home price fluctuations, showed “short-term declines and medium-term deceleration” in US housing prices, said Craig Lazarra, S&P Dow Jones Indices managing director.And, Las Vegas, Phoenix, San Diego, and Dallas also saw declines of more than 2%, in contrast to cities like Chicago and New York, where prices fell the least (less than 1%). But even as prices cool, housing overall has grown less affordable since the start of the pandemic—the year-over-year change was 10.6% nationally in September. Pair that with mortgage rate climbs, and you’ve got a market that’s seen a decline in activity for nine straight months. The good news is economists don’t expect things to spiral as far down as they did in ’08.
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U.S. equities tumbled for a second day, as uncertainty regarding how aggressive the Fed will remain was met with increased recession fears.
Yesterday, the economic calendar was light, with the only notable report showing that the trade deficit widened less than expected. The equity front was also fairly quiet, as AutoZone beat earnings and revenue estimates, and shares of Meta Platforms fell after the Wall Street Journal reported that European Union regulators said the company should not require users to agree to personalized ads based on their online activity.
Treasury yields finished lower, and the U.S. dollar gained ground, while gold increased slightly.
Crude oil prices added to yesterday’s drop that came amid new restrictions on Russian oil, and after OPEC+ announced that it would leave its production target unchanged.
Stocks in Asia were mostly lower despite China continuing to ease COVID restrictions in some parts of the country, while European stocks fell amid a host of construction PMI data. The international markets also digested the Reserve Bank of Australia’s decision to hike its interest rate by 25 basis points, and its subsequent statement that was less dovish than expected.
Posted on December 6, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Recession worries are firing up as the yield curve (a graph of US Treasury bond yields over time) takes on an increasingly negative slope, the likes of which we haven’t seen in 40 years. Near the last days of November, the yield on the 10-year T-bond dropped almost 0.8% below the two-year bond yield. Typically these metrics have the opposite relationship, and an aggressive inversion like this has been a pretty accurate indicator of an upcoming recession. Last time it was this bad in the ’80s, unemployment was worse than during the 2008 financial crisis.
And, a fw months after Microsoft announced plans to acquire the video game maker Activision Blizzard, the tech giant said it would remain neutral if Activision workers sought to unionize once the deal went through. Now, a major union is testing Microsoft’s appetite for organizing at a company it already owns.
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U.S. also stocks fell hard to start off the new week amid some economic data, even as China took further measures to ease COVID restrictions. The global markets digested a host of November services sector reports which suggested that activity around the globe is mostly slowing, but U.S. output surprisingly accelerated. The data seemed to foster uncertainty regarding how aggressive the Fed may be next week with its monetary policy decision.
In other economic news, factory orders grew at a faster pace than expected. Treasury yields gained ground, the U.S. dollar reversed to the upside, and gold prices saw noticeable pressure.
Crude oil prices dropped after OPEC+ left its production target unchanged, and new restrictions on Russian oil kicked in, including an imposed $60 per barrel price cap on Russian oil from the G-7.
Other equity news was relatively light, but Science Applications International topped earnings estimates, and raised its guidance, though V.F. Corp lowered its 2023 outlook.
Asian stocks finished mixed, but mainland China and Hong Kong markets rallied. European stocks diverged amid the eased COVID measures in China and with the oil markets in focus.
Posted on December 5, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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US Stocks are on a bit of a run near the end of the year, posting their first back-to-back winning weeks since October. Still, recent developments must be a bit disorienting for investors—first, Fed Chair Jerome Powell suggested he’s ready to reduce the size of rate hikes, but then Friday’s jobs report showed that the stubbornly hot labor market isn’t cooperating to help bring down inflation.
And, Saudi Arabia’s crown prince and a U.S. private-equity firm run by Barclays PLC’s former chief executive are among investors are preparing to invest $1 billion or more into Credit Suisse’s CSGN, 6.47%CS, +9.39% new investment bank
Posted on December 4, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
Call for Manuscripts, Articles, Essays, Comments or Opinions,
Dear Medical and Financial Services Colleagues, Health Economists, CPAs, JDs, Insurance Agents and Consultants
The Medical Executive-Post (ME-P), supported by iMBA Inc., with (ISSN 13: 978-1-4665-5873-1] is currently accepting manuscripts for publication.
The ME-P is an open access, multidisciplinary, international, blind peer-reviewed and non-peer-reviewed electronic forum which publishes high-quality solicited and unsolicited research, commentary, opinions, curated news and review articles in English, in all areas of Physician Focused Financial Planning, health economics, finance, accounting, medical practice management, health law, IT, policy and administration.
Posted on December 3, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Happy 30th birthday to texting! On this day 30 years ago, the first SMS message was sent.
U.S. equities were mixed and ended near the starting line as investors digested the highly anticipated November labor report which showed stronger-than-expected job growth.
Nonfarm payrolls, private sector payrolls, and average hourly earnings all rose more than estimates, while the unemployment rate remained at October’s level. The report seemed to temper market expectations for a less aggressive Fed in the near-term, as hopes for such intensified earlier in the week after Fed Chair Powell suggested that the Central Bank could slow the pace of its tightening campaign as early as this month.
Treasury yields diverged following the data, and the U.S. dollar dipped, while crude oil prices decreased in choppy trading, and gold pulled back from yesterday’s solid rise.
Earnings reports continued to trickle in, with Marvell Technology falling short of expectations on both the top and bottom lines and slashing its guidance, while Ulta Beauty trounced the Street’s forecasts amid soaring same-store sales growth. In fact, ULTA posted splendid third-quarter fiscal 2022 results, with the top and the bottom line cruising past the Zacks Consensus Estimate and increasing year over year. The company witnessed growth in all major categories and in all its store and digital channels. Ulta Beauty also saw a higher market share in prestige beauty compared with the year-ago period.
The labor report dominated today’s economic calendar, but next week will introduce some notable releases, including December’s Producer Price Index, reads on the services sector, consumer sentiment, and more.
Asian stocks finished with broad losses, and European stocks ended mixed, as the global markets searched for some clarity on China’s latest moves regarding its COVID-related restrictions.
Posted on December 2, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The cost of gasoline is falling so fast that it is beginning to put real money back in the pockets of drivers, defying earlier projections and offering an unexpected gift for the holidays.Filling up is now as cheap as it was in February, just before Russia’s invasion of Ukraine touched off a global energy crisis. AAA reported the average nationwide price of a gallon of regular Wednesday was $3.50, and gas price tracking company GasBuddy projected it could drop below $3 by Christmas. And all of that relief probably helped drive robust shopping over Thanksgiving weekend.
U.S. stocks ended mixed in a choppy trading session. The market struggled to continue yesterday’s surge, which came as Fed Chairman Jerome Powell provided some less hawkish commentary. The Fed Chief suggested that the Central Bank could slow the pace of its aggressive rate hiking campaign as early as this month.
The economic front provided some reports that shaped market action, as personal income and spending rose solidly and inflation cooled off but remained elevated, while jobless claims moderated more than expected. However, the ISM Manufacturing Index fell into contraction territory for the first time since May 2020, and construction spending declined more than expected. Earnings reports continued to pour in, as Kroger topped expectations, while Costco Wholesale’s November sales growth came in below predictions, and Dollar General missed earnings estimates while also providing some disappointing guidance.
Additionally, Dow member Salesforce’s billings performance missed, and the company announced that its co-CEO will step down.
Treasury yields and the U.S. dollar extended yesterday’s drops, while crude oil and gold prices rallied.
Asian stocks gained ground and European stocks ended mostly higher, as the global markets appeared to get some relief from the Fed Chair’s commentary but economic data was lackluster.
Posted on December 1, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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MARKETS
Nasdaq$11,468.00+4.41%
S&P$4,080.11+3.09%
Dow$34,589.77+2.18%
10-Year3.606%-14.2 bps
Bitcoin$17,089.73+3.73%
Biogen$305.17+4.72%
*Stock data as of market close, cryptocurrency data as of 3:00am ET.
U.S. equities reversed course and finished with solid gains in the wake of remarks from Fed Chairman Jerome Powell at a gathering at the Brookings Institution in Washington. The Chairman reiterated the Fed’s plan to “stay the course” with its rate-hike campaign, but noted that smaller increases were likely ahead, as soon as next month’s meeting. Powell’s comments came just before the Fed’s release of its Beige Book report on business activity across the nation that showed a slight moderation. Preceding Friday’s key nonfarm payroll report, ADP’s private sector payroll data came in below estimates, and job openings remained robust.
In other economic news, mortgage applications snapped a two-week winning streak, Q3 GDP growth was revised higher, Chicago manufacturing unexpectedly fell further into contraction territory, and pending home sales continued to fall but at a slower pace. Moreover, the advance goods trade deficit widened surprisingly, and wholesale inventories rose more than projected. Treasury yields turned lower following Powell’s comments, and the U.S. dollar tumbled, while crude oil prices rose and gold was solidly higher. Earnings season has headed toward the finish line, with CrowdStrike Holdings topping profit and revenue estimates but missing its annual recurring revenue growth forecast, though Workday topped earnings expectations, raised its guidance, and announced a $500 million share buyback plan.
Asia finished mostly higher and stocks in Europe gained ground, with the markets digesting mixed economic data, while optimism remains that China may be set to ease some COVID-related restrictions.
This quarter’s pharmaceutical earnings were overall better than expected. Especially Merck, thanks to its Keytruda sales. The cancer drug brought in $5.4 billion last quarter, accounting for a whopping 36% of the company’s revenue for that period. But, Keytruda’s patent is expiring in 2028, and everyone is waiting to see what Merck pulls out of its hat to replace it.
Apartment rents across the US dropped in November by the most in at least five years, a sign that a key cost tracked by the Federal Reserve could be easing up. A national index of rents fell by 1%, the third straight month-over-month decline and the steepest drop in data going back to 2017, Apartment List said in a blog post recently.
As of the week ending Nov. 19th, Americans aged 65 and older make up 92% of all deaths from the virus, according to data from the Centers for Disease Control and Prevention.MORE: Latest COVID vaccine will help people ‘move on’ from the pandemic, White House’s Jha says It’s the first time senior citizens have made up more than nine out of 10 deaths since the pandemic began and a drastic increase from the roughly 58% of deaths they made up in summer 2021, an ABC News analysis showed.
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