BOARD CERTIFICATION EXAM STUDY GUIDES Lower Extremity Trauma
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Posted on October 4, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Markets: Stocks came out of the Q4 gate with the S&P and NASDAQ posting their best first day of a quarter since 2009. Is it just a temporary “relief rally” from the Fed-induced gloom of September? We’ll find out soon. One of the few party downers was Tesla, which got hammered after it revealed it shipped fewer cars than expected last quarter.
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Meta meanwhile will reduce budgets across most teams, even those that are growing, and that individual teams will sort out how to handle headcount changes. That could mean not filling roles that employees depart, shifting people to other teams, or working to “manage out people who aren’t succeeding,” CEO Mark Zuckerberg said. The cost cuts and hiring freeze are Meta’s starkest admission that advertising revenue growth is slowing amid mounting competition for users’ attention. Besides economic pressures, the company’s advertising business, built on precise consumer targeting, has lost some of its edge due to new privacy restrictions from Apple Inc. on tracking iPhone users. Also, rival TikTok is attracting younger users away from Meta’s Instagram platform. Zuckerberg is also making an expensive bet on the metaverse, an immersive virtual reality future where he imagines people will eventually communicate, an effort he has said will lose money for many years.
Posted on October 3, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Stock Market Last Week
The major indexes tried to bounce at various points last week, but ultimately fell solidly for the week, right at bear market lows.
The Dow Jones Industrial Average skidded 2.9% in last week’s stock market trading.
The S&P 500 index also retreated 2.9%. The NASDAQ composite lost 2.7%.
The small-cap Russell 2000 gave up 1.4%. For September, the Dow lost 8.8%, the S&P 500 9.3%, the NASDAQ 10.5% and the Russell 2000 10.1%.
The 10-year Treasury yield rose 11 basis points in the past week to 3.81%. The yield backed off after topping 4% early Wednesday morning, but rebounded from Friday’s lows. The 10-year Treasury yield has risen for nine straight weeks.
U.S. crude oil futures rose 1% to $79.49 a barrel in the past week, even with Friday’s 2.1% loss.
On August 30, 2022, the Centers for Medicare & Medicaid Services (CMS) released the financial and quality performance results for the Medicare Shared Savings Program (MSSP) Performance Year (PY) 2021.
The results revealed net savings of $1.66 billion for Medicare, marking the fifth consecutive year of savings. In total, 58% of MSSP accountable care organizations (ACOs) achieved savings as a result of their performance. This Health Capital Topics article will discuss the 2021 performance results, which are being released on the eve of seismic changes to the MSSP. (Read more…)
Posted on October 2, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Most likely to have an identity crisis: The Inflation Reduction Act
After a seemingly endless will-they-or-won’t-they make a deal dance, Democrats passed their signature piece of legislation, the Inflation Reduction Act, without Republican support.
The 755-page climate, tax, and healthcare package does a lot of things: It establishes a 15% minimum tax on megacorporations, boosts funding for the IRS, allows Medicare to negotiate prescription drug prices, offers $260 billion in tax credits for renewable energy projects, and more. One thing it likely won’t do: reduce inflation. Despite the name, the law’s impact on rising prices through 2023 is expected to be “negligible.”
Posted on October 1, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The US government votes to keep doing its job
President Biden signed legislation yesterday to fund the government long enough to keep the lights on through Dec. 16, averting a partial shutdown with the midterm elections looming.
The House passed the bill mere hours before a midnight deadline to keep federal agencies running (the Senate approved its version on Thursday). The legislation also lays out $18.8 billion for disaster recovery, including rebuilding after Hurricane Ian, and $12.4 billion to help Ukraine fight Russia.
Posted on October 1, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The S&P 500 tumbled 1.5% after trying — and failing — to find its footing earlier in the session, while the Dow Jones Industrial Average erased nearly 500 points, or 1.7%. The technology-focused NASDAQ Composite declined 1.5%.
The NASDAQ and S&P 500 are now in three-quarter losing streaks for the first time since 2009. The Dow also posted a third-straight losing quarter, its first such time since 2015. All of the major indexes are down at least 21% on the year.
The S&P 500’s drop on Friday marked its 50th decline of 1% or more this year, the most downside volatility since 2009, according to Compound Advisors’ Charlie Bilello. For the month, the S&P 500 and Dow were down more than 9%, and the NASDAQ about 5.5%. September’s 9.3% decline for the S&P was its largest one-month percentage decline since March 2020.
Posted on September 29, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Domestic Markets: The Dow and the S&P 500 both snapped six-day losing streaks after the Bank of England stepped in to calm investor fears about its teetering markets. That announcement helped crashing bonds recover in a big way, and the 10-year US Treasury yield (which moves inversely to prices) posted its biggest one-day drop since 2009.
Posted on September 28, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Bitcoin, the world’s largest digital asset by market value, fell as much as 1.2% to trade around $18,878, failing to sustain an earlier advance. Ether, the second-largest cryptocurrency, also dropped. Most major digital assets were posting declines as of 1:45 p.m. in New York.
The downturn occurred as US stocks turned lower, with the S&P 500 on pace for a sixth session of losses. Global financial markets have been gripped by volatility as central banks continue to promise that they’re going to keep raising interest rates to fight inflation that’s proven stickier than many had thought.
Posted on September 27, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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US stocks closed lower as markets dim view of the UK’s new budget plan weighed on markets.
US bond yields soared with the 10-year up as much as 21 basis points.
The British pound declined to a record low against the dollar at one point early in the day.
US stocks ended lower amid turmoil stemming from the reaction to the UK’s new budget plan, which includes some of the steepest tax cuts in decades and has led to fears of worsening inflation and government budget shortfalls.
Finally, extending its losses after a historically bad day on Friday, when the tax plan was announced, the British pound currency plunged as low as $1.035 in the early hours of this morning, before recovering in the afternoon amid speculation that the Bank of England would make a statement about the currency moves, and bets that policymakers would have to raise interest rates on an emergency basis.
Posted on September 26, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The worst bond market decline since 1949 is set to disrupt the stock market, according to Bank of America.
The bank said soaring interest rates will unwind the most crowded trades in the stock market, including long US tech.
“Bond crash in recent weeks means highs in credit spreads, lows in stocks are not yet in,” BofA said.
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Specifically, ongoing bond market crash can lead to a credit event that would effectively unwind the long US dollar, long US tech, and long private equity trades, which have been widely held by investors for years. Those crowded trades have helped catapult mega-cap tech companies like Apple, Amazon, Alphabet and Microsoft into trillion-dollar behemoths that make up nearly 20% of the S&P 500.
Posted on September 24, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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U.S. stocks closed sharply lower with the Dow Jones Industrial Average ending at its lowest closing value since November 2020. All three major benchmarks suffered another week of losses as bond yields rose in the wake of the Federal Reserve’s interest rate hike on Wednesday.
The Dow Jones Industrial Average shed 486.27 points, or 1.6%, to close at 29,590.41.
The S&P 500 dropped 64.76 points, or 1.7%, to finish at 3,693.23.
The NASDAQ Composite slid 198.88 points, or 1.8%, to end at 10,867.93.
For the week, the Dow dropped 4% while the S&P 500 slid 4.6% and the NASDAQ tumbled 5.1%, according to Dow Jones Market Data. All three major indexes declined for a second straight week.
Posted on September 23, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Equity markets declined for the third straight day in the wake of the U.S. Federal Reserve‘s most recent increase to the benchmark interest rate.
The S&P 500 fell 31.94 points, or 0.84%, to 3,757.99, while the Dow Jones Industrial Average declined by 107.1 points, or 0.35%, to 30,076.68. The NASDAQ Composite dropped 153.39 points, or 1.37%, to 11,066.80.
All three indexes are on pace to end the week in the red, as investors worry continued rate hikes meant to combat high inflation, could result in a recession.
Posted on September 22, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The Federal Reserve hiked its key interest rate by 0.75% for the third time in a row as it races to get ahead of the galloping inflation that is sapping the earnings of American consumers. In its latest economic forecast, the Federal Open Market Committee said it now projects that the U.S. unemployment rate will climb from 3.7% to 4.4% — meaning hundreds of thousands more Americans will be without jobs.
The stock market did not respond well after the interest rate news was announced, with the Dow Jones Industrial Average dropping 522 points, or 1.7%, at the close. The S&P and NASDAQ saw similar percentage drops.
Posted on September 20, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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U.S. stocks found their solid footing in the final hour of back-and-forth trading after all three major indexes logged their worst week in three months. The S&P 500 climbed about 0.7%, while the Dow Jones Industrial Average rose nearly 200 points, or 0.6%. The tech-heavy NASDAQ gained 0.8%.
In the bond market, the benchmark U.S. 10-year Treasury touched 3.5%, its highest level since 2011, while the 2-year Treasury note inched toward 4%.
Posted on September 19, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Bitcoin just dropped 1.54% to $19,804, slipping from the 20,000 mark after losing $310 from its previous close. The world’s biggest and best-known cryptocurrency is down 58.9% from the year’s high of $48,234 on March 28th.
Ether, the coin linked to the Ethereum blockchain network, dropped 3.2 % to $1,422.1 losing $47 from its previous close.
Posted on September 18, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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One of the most philanthropic billionaires of all time is Berkshire Hathaway CEO Warren Buffett. The CEO recently made his annual gift to the Gates Foundation. Here’s what Bill Gates had to say of the gift and how much Buffett has donated to the foundation over the years.
On June 14, Buffett made donations of Berkshire Hathaway shares to several organizations. Buffett converted 9,608 Class A shares of Berkshire Hathaway into 14,412,000 Class B shares. The CEO then donated 11,003,166 Class B shares to the Bill & Melinda Gates Foundation, 1,100,316 to the Susan Thompson Buffett Foundation, and 770,218 shares each to the Sherwood Foundation, Howard G. Buffett Foundation and the NoVo Foundation.
After the donations, Buffett owns 229,016 Class A shares and 276 Class B shares of Berkshire Hathaway.
Posted on September 16, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Wall Street ended sharply lower today extending its losses in late afternoon trading as a raft of economic data failed to alter the expected course of aggressive tightening by the Federal Reserve amid growing warnings of global recession. The sell-off gathered momentum toward the end of the session, with market leaders including Microsoft Corp, Apple Inc and Amazon.com Inc hitting the tech-laden NASDAQ hardest.
After the bell, FedEx Corp tumbled 14.5% after the package delivery company said its fiscal first-quarter results were hit by global volume softness and it withdrew its financial forecast, saying it expected further deterioration of business conditions. FedEx’s warning sent shares of rival United Parcel Service down 5.7% in extended trade.
Earlier, in the trading session, the benchmark S&P 500 closed a hair above 3,900, seen by many analysts as a key technical support level that has been tested several times over the past two weeks.
Interest rate-sensitive banks helped soften the blue-chip Dow’s decline.
Posted on September 15, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The wobbly trading came as investors weighed another snapshot of inflation. Markets have been on edge about the possibility of a recession after a string of interest rate hikes by the Federal Reserve this year as the central bank fights inflation.
The S&P 500 rose 0.3% after wavering between small gains and losses much of the afternoon. The benchmark index was coming off its biggest drop since June 2020, which ended a four-day winning streak.
The Dow Jones Industrial Average closed 0.1% higher, while the Nasdaq composite rose 0.7%. Smaller company stocks also rose, pushing the Russel 2000 to a 0.4% gain.
Bond yields remained relatively stable after leaping higher on Tuesday. The yield on the two-year Treasury rose to 3.79% from 3.75% late Tuesday, when it soared on expectations for more aggressive interest rate hikes by the Federal Reserve.
The yield on the 10-year Treasury, which helps dictate where mortgages and rates for other loans are heading, held steady at 3.41%.
A report on inflation at the wholesale level showed prices are still rising rapidly, with pressures building underneath the surface, even if overall inflation slowed. It echoed a report on inflation at the consumer level Tuesday, which raised expectations for interest-rate hikes and triggered a rout for markets.
Posted on September 14, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
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Stocks nosedived after a surprising inflation report showed prices rose more than expected last month. All three major averages logged their worst day since June 2020. Technology stocks led the way down, with the NASDAQ Composite plunging 5.2%. Tuesday’s session marks the seventh time this year the NASDAQ slid 4% or more, per data from Bespoke Investment Group. No declines of the same size were recorded last year, while 10 were experienced in 2020.
The S&P 500 sank 4.3%, while the Dow Jones Industrial Average erased 1,300 points, or roughly 4%.
The Bureau of Labor Statistics released its Consumer Price Index (CPI) for August early Tuesday, which showed prices rose 8.3% over the prior year and 0.1% over the prior month. Economists had expected an 8.1% increase in inflation over last year and a decline of 0.1% over the prior month.
Posted on September 13, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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U.S. stocks kicked the week off higher as Wall Street inched closer to highly-anticipated inflation data this week. The S&P 500 climbed 1%, while the Dow Jones Industrial Average jumped 230 points, or 0.7%. The technology-heavy NASDAQ Composite led the way up, soaring 1.3%. The moves build on a recent rebound rally that helped all three major averages log weekly gains for the first time in three weeks on Friday. The S&P 500 and NASDAQ each rose more than 4% during over the holiday-shortened week, while the Dow rose 3.2%.
In commodities, oil prices edged higher, extending a streak of recent back-and-forth action. West Texas Intermediate (WTI) futures rose about 1.3% to $87.91 per barrel and Brent crude oil advanced 1.4% to $94.13 per barrel.
Posted on September 12, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Coal is making a comeback as Europe races to find alternatives to Russian natural gas. The price of coal is 5 times higher than normal as countries try to secure energy supply for winter. Surging natural gas prices and a hydro-power crunch are other factors, too.
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Gasoline prices fell sharply in August, airfares dropped and used cars and hotels ebbed, while rent increases also gave hints of slowing, according to private firms that track such data.
Still, food prices continued to soar this past month and prices for a range of goods and services remained much higher than a year earlier, the figures show.
The path of inflation could influence looming decisions by the Federal Reserve about how high to lift interest rates. Inflation could also shape midterm elections as voters assess their pocketbooks.
Posted on September 11, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Tencent Holding Ltd (OTC: TCEHY) shareholders added $7.6 billion in shares to Hong Kong’s clearing and settlement system, spurring speculation that its biggest shareholder, Naspers Ltd (OTC: NAPRF), offloaded part of its 29% stake, the Financial Times reports. Earlier, Tencent’s international investment arm Prosus backed out of its pledge not to sell stock in Tencent. Global investors downsized their holdings in Chinese technology stocks following a government crackdown and regulatory onslaught. The S&P China Tech 50 index has been down 36% over the past 12 months. SoftBank sold the bulk of its stake in Alibaba Group Holding Limited (NYSE: BABA) in August.
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New York Gov. Kathy Hochul on Friday declared a state of emergency to boost polio vaccination rates amid more evidence the virus is spreading in communities. Poliovirus has now been detected in sewage samples from four counties in the New York metropolitan area as well as the city itself. Health officials said everyone who is unvaccinated should receive their shots immediately. Some New Yorkers should also receive a single, lifetime booster dose.
Posted on September 10, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Jessie Hellmann
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Doctors are again ramping up what has become a perennial lobbying campaign to urge Congress to increase Medicare payments in order to offset cuts scheduled to go into effect Jan. 1. The cuts, the result of a 2020 Centers for Medicare and Medicaid Services decision to increase payments for underpaid services like primary care and maternal health, are meant to offset the costs of increasing payments for those services.
Without action from Congress, the Medicare conversion factor, which is used to calculate billing codes into payment rates, would see a 4.5 percent cut, amounting to about $3 billion or $4 billion less for providers paid under the Medicare Physician Fee Schedule. As in past years, more expensive specialties like radiology, surgery, and podiatry are estimated to see the largest cuts, ranging from 4 to 7 percent.
Posted on September 10, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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For Friday, the Dow Jones Industrial Average rose 377.19 points, or 1.19%, to 32,151.71, the S&P 500 gained 61.18 points, or 1.53%, to 4,067.36 and the NASDAQ Composite added 250.18 points, or 2.11%, to 12,112.31. For the week, the Dow advanced 2.7%, the S&P 500 climbed 3.6% and the NASDAQ gained 4.1%. And, U.S. equity funds recorded outflows of $11.5 billion in the week to Wednesday, their largest outflow in 11 weeks, Bank of America Merrill said today. Volume on U.S. exchanges was 9.91 billion shares, compared with the 10.24 billion average for the full session over the last 20 trading days.
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Commodities: In commodity news, oil traded up 3.1% to $86.16, while gold traded up 0.3% at $1,725.40. Silver traded up 1.1% to $18.65 on Friday while copper rose 0.6% to $3.5490.
Euro zone: European shares were higher today. The Eurozone’s STOXX 600 gained 1.57%, London’s FTSE 100 rose 1.38%, while Spain’s IBEX 35 Index rose 1.52%. The German DAX gained 1.39%, French CAC 40 rose 1.5% and Italy’s FTSE MIB Index gained 1.85%. Industrial production in France dropped by 1.6% from a month ago in July versus a revised 1.2% increase in June, while industrial production in Spain gained by 5.3% year-over-year in July.
Posted on September 9, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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According to a new report by CoreLogic, annual home-price appreciation has slowed for the third month in a row in July, to 15.8%, down from 18.3% in June. And between June and July, home prices actually fell by 0.3%, “a trend not seen between 2010 and 2019,” the company said. The last time home prices dropped month over month was in December 2018. CoreLogic is now expecting home prices to grow annually by 3.8% in July 2023. That’s a big drop from how home prices were trending over the last two years.
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The British Pound Sterling fell to $1.1406, a level not seen since 1985 when Margaret Thatcher was prime minister. Like many countries, Britain has been battling double-digit inflation and also the prospect of a long economic contraction.
Posted on September 7, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The Bureau of Labor Statistics revealedin its most recent jobs report that the U.S. non-farm payrolls added a modest 315,000 jobs in August, 2022. More people are actively seeking jobs, too, meaning that the unemployment jumped to 3.7%, its highest in six months. Economists are celebrating the paradox that is the good news of more people going without work.
“In our view, the August employment report contains enough good news for the Fed that will lead them to slow the pace of rate hikes beginning in September,” wrote Bank of America Research in a note shared on Friday. Meanwhile, Julia Pollak, chief economist for the jobs site ZipRecruiter, sent out a note summing up the observations of many economists like her who closely watch each job report: The unemployment situation is the best news to come out of this data.
Posted on September 6, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Investors should avoid “distorted markets that have created a lot of damage,” Mohamed El-Erian said.
The economist recommended holding cash and short-term bonds. Unusually, both stocks and bonds have experienced corrections in recent weeks. Stock and bond markets appear “distorted,” meaning it’s high time for investors to tweak their portfolios. El-Erian spoke against a backdrop of falling stock and bond prices in recent weeks, that investors should hold cash and short-term, fixed-income assets.
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The euro dropped below $0.99 for the first time in two decades after Russia halted the flow of natural gas. A surge in the dollar piled pressure on other major currencies, with investors flocking towards the “safe-haven” asset. Analysts expect the euro-zone economy to tip into a recession in the coming months as the energy crisis bites.
Posted on September 5, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Undeterred by the weakness, Cathie Wood continued to bulk up on the stock last week. The fund manager’s Ark Invest bought 21,026 shares of Nvidia, valued at over $2.9 million, on Friday, a daily trade disclosure showed.
The purchases were effected through the ARK Autonomous Technology & Robotics ETF (BATS: ARKQ) and ARK Next Generation Internet ETF (NYSE: ARKW). Last week, the firm spent about $41.5 million on Nvidia, and bought 297,8181 shares in the process.
Posted on September 4, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
THE COMMON BRIDGE
By Richard Helppie
The Federal Reserve just hiked interest rates by three quarters of a percentage point, its most aggressive move yet to try to control inflation, as it squeezes the U.S. economy.
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An Interview with the former Chairman, President, and CEO of Washington Mutual Bank, Kerry Killinger
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DEFINITION: In economics, inflation refers to a general progressive increase in prices of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money.
Editor’s Note: We hope you enjoy the podcast video below. If you’d rather just listen to the podcast, click this link to Apple Podcasts: The Common Bridge. It is also available on all podcast platforms. We have also included the transcript to this program below.
Posted on September 4, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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U.S. stocks saw their lowest close since July following a spectacular intraday reversal triggered by fears of a prolonged disruption to European natural gas supplies, which rattled global markets.
The NASDAQ extended its losing streak to a sixth day cementing its longest string of daily losses since August 2019. The tech-heavy index has fallen roughly 8% in that time.
Meanwhile, the S&P 500 recorded its biggest ‘blown lead’ since April, after rallying during morning trading following a ‘goldilocks’ August jobs report. The S&P 500 closed 42.59 points, or 1.1%, lower at 3,924.26.
The NASDAQ Composite fell 154.26 points, or 1.3%, to 11,630.86.
The Dow Jones Industrial Average retreated 337.98 points, or 1.1%, to 31,318.44.
All three indexes recorded a loss for the third week in a row.
Posted on September 3, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Stocks fell sharply surrendering all of the gains from a post-jobs report rally ahead of the Labor Day holiday weekend. The S&P 500 shed 1.1%, while the Dow Jones Industrial Average fell by the same margin, or about 340 points. The tech-heavy NASDAQ logged the biggest slide of the major averages, capping the session down 1.3%.
The losses came after a rally earlier in the day suggested some investor optimism that a more modest 0.50% interest rate hike could be coming from the Fed later this month after the August jobs report showed job growth moderated last month, as expected.
Posted on September 2, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Cracks are beginning to form in the resiliency of Ark Invest’s retail-driven shareholder base, as its flagship fund suffers its biggest outflow in nearly a year. The Ark Invest Disruptive Innovation ETF saw outflows of $820 million in August, just shy of its September 2021 outflow of $939 million, according to data from VettaFi. The about-face could mark the beginning of a reversal of a more than year-long trend in which Ark saw positive inflows from its investors despite flagging performance. Year-to-date, the flagship ETF has seen about $1 billion in inflows. Ark Invest CEO Cathie Wood has chalked up the resiliency of her investor base to Ark’s practice of being transparent with its investment research and long-term views. “Ark is net inflowing this year, and I think it’s because we give away our research, and our research is unique. It’s original research. And we’re trying to help people understand how the world is going to change during the next five to 10 years, and how rapidly it’s going to change,” she said in a video update earlier this year.
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U.S. jobless numbers are the lowest in two months, according to seasonally adjusted results for the week ended Aug. 27th by the Department of Labor. There were 232,000 unemployment claims, the lowest since June 25, according to the Labor Department report. The report said continuing claims rose by 26,000 to a total of 1.44 million. The four-week moving average initial jobless claims number was 241,500, down 4,000 from the previous week. The Bureau of Labor Statistics reported 11.2 million U.S. job openings as of the last business day in July. The numbers show hiring demand remains strong. In remarks Aug. 26, Fed Chair Jerome Powell indicated efforts to slow inflation could “bring some pain” to households through higher interest rates, a softening labor market and slower growth.
Posted on August 31, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
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By Staff Reporters
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According to the USBLS, the number of open Job positions ticked up unexpectedly in July, with around 11.2 million jobs available, slightly higher than June’s revised total of 11 million openings, according to the latest Job Openings and Labor Turnover Survey (JOLTS). Economists had expected there to be about 10.5 million jobs added, according to estimates from Refinitiv. The June total was revised up by about 300,000 positions.
Oil closed down almost $6 a barrel with global crude benchmark Brent falling beneath key $100 pricing, after a pro-Tehran television station out of London reported that Iran and the United States have reached a deal to revive a nuclear deal that could legitimately put the Islamic Republic’s oil back on the export market.
Stocks fell again on Wall Street, posting their third loss in a row as traders worry that high interest rates are here to stay for a while. The S&P 500 fell 1.1% bringing its loss in the past three days to 5.1%. The Dow Jones Industrial Average and the NASDAQ also fell. Energy companies fell along with sliding crude oil prices. Technology stocks and industrial companies were also weak. The yield on the 10-year Treasury held steady.
Posted on August 30, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Stocks closed broadly lower on Wall Street yesterday, adding to their hefty losses from last week when the Federal Reserve pledged to keep interest rates high as long as it takes to tame inflation.
The S&P 500 fell 0.7% after wavering between small gains and losses. The Dow Jones Industrial Average fell 0.6% and the NASDAQ composite lost 1%. Smaller company stocks also fell, pulling the Russell 2000 0.8% lower.
The selling was widespread, with technology and health care stocks among the biggest weights on the market. Only energy and utilities stocks rose.
Posted on August 29, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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“Restoring price stability will take some time and requires using our tools forcefully to bring demand and supply into better balance,” the FOMC’s Jerome Powell cautioned Friday in Jackson Hole, Wyoming.
U.S. Treasury bond yields spiked higher today, lifting yields on benchmark 2-year notes to the levels last seen prior to the global financial crisis, as investors re-set interest rate expectations in the wake of Fed Chair Powell’s hawkish Jackson Hole address.
Powell’s pledged to “forcefully” use the Fed’s tools to bring down inflation, alongside a warning that doing so will bring “some pain to households and businesses” in the world’s largest economy, caught many in the bond market by surprise Friday, given that the Fed’s preferred measure of inflation continues to show consistent moves to the downside.
The core PCE Price Index recorded its first monthly decline in more than two years in July, according to data published Friday, suggesting consumer price pressures are beginning to ease amid tumbling gas prices and an improving labor market.
Posted on August 27, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
August 26, 2022 – What a Day!
By Staff Reporters
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How did stocks trade?
The Dow Jones Industrial Average DJIA, -3.03% plunged 1008.38 points, or 3%, to close at 32,283.40, in its largest percentage drop since May 18.
The S&P 500 SPX, -3.37% dropped 141.46 points, or 3.4%, to finish at 4,057.66, in its biggest percentage decline since June 13.
The NASDAQ Composite COMP, -3.94% tumbled 497.56 points, or 3.9%, to end at 12,141.71, in its largest percentage drop since June 16.
For the week, the Dow sank 4.2%, while the S&P 500 shed 4% and the NASDAQ lost 4.4%. All three benchmarks booked a second straight week of losses, according to Dow Jones Market Data.
Posted on August 16, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Equity indices are in line for a slightly softer open, though bulls should not be too disheartened. It has been a feature of recent sessions, where in the early going stocks were struggling to hold their ground but eventually gave way to further gains as buyers took firm control.
Such underlying momentum has helped the S&P 500 climb 17.2% from its 2022 low touched in mid June, bolstered by hopes that a peak in inflation will allow the Federal Reserve to be less aggressive in hiking borrowing costs.
Poor economic data from China and a miserable survey of U.S. east coast manufacturing released at the start of the week may also provide the Fed with a reason to adopt a less hawkish stance. Consequently, some of the current session’s caution may reflect wariness ahead of a further update on Fed thinking due Wednesday, when the central bank releases the minutes of its latest monetary policy meeting. The U.S. 10-year Treasury yield is TMUBMUSD10Y, 2.801% up 1.2 basis points to 2.799%.
Posted on August 12, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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U.S. Treasury Secretary Janet Yellen told the Internal Revenue Service commissioner that if the Inflation Reduction Act becomes law additional IRS resources should not be used to increase audit rates on taxpayers making under $400,000 a year. “This means that, contrary to the misinformation from opponents of this legislation, small business or households earning $400,000 per year or less will not see an increase in the chances that they are audited,” Yellen said in a letter to IRS Commissioner Charles Rettig.
Meanwhile, the nationwide average price for a gallon of gas dropped to $3.99 according to AAA. That’s down 20% from the mid-June high, and it’s the first time the average has dipped below $4 since early March. Gasoline prices usually rise and fall with the cost of oil, and crude has also been dropping. The U.S. benchmark price is down nearly one-fourth since early June. Other factors are also behind this year’s roller-coaster ride in energy prices. Gasoline prices hit a record $5.02 on June 14. At the time, U.S. crude was about $120 a barrel and the benchmark international price was even a couple dollars above that. Since then, however, oil prices have tumbled.
Posted on August 11, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Inflation eased off historically high levels in July, raising hopes that a relentless surge in prices may have peaked. Consumer prices increased 8.5% from a year ago, down from a 9.1% annual rise – a 40-year high – in June, according to the Labor Department’s Consumer Price Index. Gasoline prices fell but food and rent continued to march higher. Economists surveyed by Bloomberg had estimated yearly inflation would fall to 8.7%. On a monthly basis, consumer prices were unchanged, compared to a 1.3% rise in June. Core prices, which exclude volatile food and energy items and generally provide a better gauge of future trends, increased 0.3% in July following a 0.7% rise the prior month. That held the annual increase at 5.9% after three straight monthly declines.
And, in a bit of good news for aged Americans, Social Security payments may take their biggest jump in years. The surge could be as high as 10%, which is larger than recent increases in the consumer price index. Social Security carries an official name of the “Old-Age, Survivors, and Disability Insurance (OASDI).” Even the rich can get benefits. The income calculation tops out at a maximum of $142,800.
Posted on August 9, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Japanese technology company SoftBankGroup posted a $23.4 billion loss in this April-June quarter as the value of its investments sank amid global worries about inflation and interest rates. SoftBank Group Corp.’s loss of 3.16 trillion yen was a reversal from its 762 billion yen profit in the same quarter a year earlier. The company said that quarterly sales rose 6%. And, for the fiscal year that ended in March 2022, Softbank racked up losses of 1.7 trillion yen ($13 billion), a reversal from the 4.9 trillion yen profit for the previous year. Annual sales grew 10.5% to 6.2 trillion yen ($46 billion).
The Treasury Department has imposed sanctions on virtual currency mixer Tornado Cash, which has allegedly helped to launder more than $7 billion worth of virtual currency since its creation in 2019. Treasury’s Office of Foreign Assets Control says Tornado Cash’s systems were used, among other things, to launder more than $96 million drawn from the June Harmony blockchain bridge theft and August Nomad crypto firm heist. Mixing services combine various digital assets, including potentially illegally obtained funds and legitimately obtained funds, so that illegal actors can obscure the origin of the stolen funds. Secretary of State Antony Blinken said in a statement that the U.S. “will continue to pursue actions against mixers laundering virtual currency for criminals and those who assist them.”
Posted on August 8, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Home builders face multiple demand and supply-side pressures. On the demand front, potential home buyers have receded from the market. Existing home sales slid 5.4% in June. Meanwhile, borrowing capacity has been curtailed by rising interest rates. The average mortgage rate has accelerated at the fastest pace in 35 years. A 15-year fixed rate mortgage is now about 4.8%, up from 2.2% a year ago. These factors have effectively destroyed demand. Meanwhile, the supply chain for home building material and the cost of labor continues to increase the cost of building new homes. This is why home builders’ sentiment dropped 12 points in June, according to the NAHB survey.
Posted on August 7, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
Gossip -OR- True
By Staff Reporters
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1. Oracle insiders describe “complete chaos” from layoffs and restructuring.Oracle began a sizable layoff, potentially impacting thousands of employees — and those who haven’t yet been laid off are scrambling to figure out whether they’ll be next.
2. The FOMC is deepening its investigation into Amazon’s Prime sign-up and cancellation process. The FTC sent out subpoenas and other demands for information after Insider reporting. Here’s our scoop on what’s going on.
3. Axed “Robinhoodies” say they were tipped off to layoffs weeks ago. Former employees said they saw signs of belt-tightening — including plans to shrink office space — long before the company laid off 23% of its staff. Five former employees took us behind the scenes.
4. Elon Musk’s counter-suit against Twitter says the company is operating a “scheme” to mislead investors. Musk argued that he is entitled to drop the deal entirely — and Twitter pushed back, saying the billionaire’s story is “implausible.” Get the big takeaways.
5. Nike is offering $5,000 employee bonuses for some tech job referrals. Grappling with internal turmoil and a wave of exits, the company announced the new referral program, met with mixed reviews from employees. Here’s what we know.
6. Fifteen current and former Apple female employees say the company dismissed claims of misconduct. After the Financial Times reported the HR unit retaliated against some of them after speaking up about the incidents, Apple vowed to “make changes.” What we know so far.
7. Startup founders’ mental health is crumbling. Dried-up funding and the stress of a turbulent economic year has piled stress on founders who are already trying to do the impossible: build iconic tech companies. Why some founders “are especially not OK.”
8. Elon Musk denied that he’s planning to build his own private airport in Texas. Local news site Austonia reported last week that an airport could help grow his companies in the region, but Musk said that’s “not true” Get the full rundown here.
9. Mark Zuckerberg is minting an NFT of his Little League baseball card. In a post announcing Instagram’s expanded support for NFTs, Zuckerberg shared his own “soon-to-be NFT.” See the potential digital collectible of a young Zuck.
10. Unsend text messages using iOS 16. iPhone users with iOS 16 will have 15 minutes to un-send a text — and delete it from the recipient’s phone. How it works and how to do it.
Posted on August 6, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The sizzling-hot July jobs report could force the Federal Reserve to continue raising interest rates at the fastest pace since 1994 as it tries to cool inflation and the labor market. U.S. employers unexpectedly added 528,000 jobs in July, a surprisingly strong gain that defied fears of a slowdown in labor markets as they confront scorching-hot inflation and rising interest rates. Wage growth also accelerated, surging by 0.5% in the one-month period from June. But the blowout jobs report, coupled with higher-than-expected wage growth, could ultimately pave the way to a third consecutive interest rate hike of 75 basis points — triple the usual size — when FOMC policymakers meet in September. Therefore, traders are already pricing in a 70% chance of another super-sized increase in the fall, according to the CME Group’s FedWatch tool, which tracks trading.
And, the 10-year Treasury yield rose on the back of a stronger-than-expected jobs report for July. The yield on the 10-year Treasury was 2.83%, and the yield on the 30-year Treasury bond was up 10 basis points and trading at 3.068%. Meanwhile, the 2-year was up 20 basis points to 3.242%. Yields move inversely to prices. The data showed non-farm payrolls increase 528,000 last month and surpassed DJIA’s expectations of 258,000. At the same time, wage growth rose with average earnings climbing 0.5% for the month and 5.2% over last year. The stronger than anticipated report showed that the U.S. is not likely in a recession. This move marks a reversal from the recent trend that saw the 10-year yield trending lower on fears the Fed’s hiking campaign was tipping the economy into a recession. Earlier this week, the 10-year yield fell to 2.50% and its lowest since April, according to FactSet.
Posted on August 4, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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MARKETS: Stocks rebounded after back-to-back losing sessions earlier this week: The Dow Jones Industrial Average was up 1.3%, over 400 points, while the S&P 500 rose 1.6% and the tech-heavy NASDAQ 2.6%. Markets got a boost after a surprise rebound in the U.S. services sector in July, with the ISM non-manufacturing purchasing managers index rising to a reading of 56.7—above 55.3 last month and 54 expected by economists. Investors also cheered comments from St. Louis Federal Reserve President James Bullard, who told CNBC that the U.S. economy is “not in a recession right now” and the Fed will keep hiking rates to bring down inflation. Shares of vaccine maker Moderna surged 16% after reporting strong quarterly profits and announcing $3 billion in share buybacks, while shares of coffee chain Starbucks jumped nearly 5% after similarly beating expectations. But, hawkish remarks from Federal Reserve [FOMC] officials this week suggest investors may be premature in assuming the Fed will be shifting its monetary policy approach anytime soon.The Federal Reserve raised its target fed funds rate by 0.75% last week to a new range of between 2.25% and 2.5%, its second 0.75% rate hike in two months. The market has reacted strongly to commentary by the Fed Chairman.
Venture capital is the latest to feel the pinch from the economic downturn, with venerable Silicon Valley incubator Y Combinator’s Summer 2022 cohort consisting of less than 250 companies, down from over 400 last Winter’s list – a drop of 40 percent.…”The economic downturn and almost certain resulting changes to come in the venture funding environment, as well as the realities of being back in person, led to our decision to reduce the number of companies we funded”. Lindsay Amos, Y Combinator’s communications director, confirmed to The Register that the incubator had done so intentionally, attributing the reduction to the current state of the economy. Despite the downturn, Amos said, Y Combinator’s summer 2022 cohort “is still a large batch relative to the last five years.” Amos said that batch sizes vary because “we are constantly evaluating every aspect of our batches and the environment in which the companies will be operating.”
Posted on August 3, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The dollar sank to a one-month low after data last week showed the US is technically in recession.
It reflects a “sell-the-fact” reaction in markets as investors expect milder Fed rate hikes.
A weak Chinese economy is also affecting the performance of the greenback on demand concerns.
The US dollar index, which measures the greenback’s performance against six other currencies including the Japanese yen, slipped 0.52% to trade at $105.35 – its lowest since July 5th. The safe-haven currency has endured sharp sell-offs in recent weeks, only rising on two days since mid-July as a “sell-the-fact” reaction hits markets over expectations that the Fed will become less aggressive in its monetary policy after data showed US GDP contracted for two straight quarters – the technical definition of a recession.
London-based BP earnings tripled and underlying replacement cost profit, which excludes one-time items and fluctuations in the value of inventories, jumped to $8.45 billion from $2.80 billion in the same period a year earlier. The soaring earnings allowed BP to return billions of dollars to shareholders, with the company boosting its dividend by 10% and announcing that it would buy back $3.5 billion in shares. BP said it expects to increase dividends by about 4% annually through 2025.
Moreover, job openings in the U.S. fell to 10.7 million in June to mark the lowest level since last fall, signaling that a red-hot labor market is cooling off a bit as the economy slows. Job openings slipped from 11.3 million in May. They have dropped three months in a row after peaking in the early spring at a record 11.9 million.The last time job openings dipped below 11 million was in November last year. The number of people who quit jobs in June, meanwhile, only fell slightly to 4.23 million, the Labor Department said Tuesday. Quits topped 4 million one year ago for the first time ever, part of a pandemic-era trend that’s become known as “the great resignation.” Before the pandemic, the number of people quitting jobs averaged fewer than 3 million a month.The high number of people quitting jobs suggests the labor market is still quite robust, though. Most people who quit usually find a better job. Layoff also stayed at historically very low levels. Big picture: The economy is cooling off — and so is a sizzling labor market.
Finally, semi-conductor stocks plunged. For example, shares of Taiwan Semiconductor Manufacturing Company (TSMC)—the world’s biggest and most valuable semiconductor manufacturer valued at $440 billion—fell 2.4%. Its Taiwanese peers United Microelectronics and MediaTek dipped 3% and 1.6%, respectively. Meanwhile, U.S. chip-maker Intel stock dropped 1.5% on the same day.
Posted on August 2, 2022 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Stocks dipped at the start of August. The S&P 500 gave up an early gain to end down 11.7 points, or 0.3%, to close at 4,118.6. The Dow Jones Industrial Average dipped 46.7 points to 32,708, or 0.1%, and the tech-heavy NASDAQ fell 0.2%. Smaller company stocks also gave back some of their recent gains, nudging the Russell 2000 0.1% lower. Bond yields mostly fell. The yield on the 10-year Treasury, which influences mortgage rates, fell to 2.60% from 2.65% late Friday.
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Jim Rogers is bracing for an epic stock-market crash and a painful recession.
George Soros’ former partner sees the US dollar, energy, and agriculture as solid short-term bets.
Jim Rogers warned a historic stock-market crash is on the horizon, touted energy and agriculture as near-term winners, and cautioned that curbing inflation would require much higher interest rates during a recent Kitco News interview. Rogers is best known as the co-founder of Quantum Fund and Soros Fund Management. The veteran investor predicted a painful recession, ruled out bitcoin succeeding as a currency, and asserted that even a Russia-Ukraine peace deal wouldn’t prevent asset prices from eventually plunging.
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And now, some cautionary advice for workers worried about an economic downturn. “It will be mostly a white-collar recession. And the blue-collar recession will not be in the same places that we saw in the past.” That was William Lee, chief economist at the Milken Institute, a Santa Barbara, Calif.-based think tank, in an interview with MarketWatch, speculating on the nature of America’s next recession. Amid rising expectations among economists of a recession — commonly defined as two consecutive quarters of negative growth — Lee said there’s still a demand for blue-collar workers in service and manufacturing, which will help protect those workers if a recession hits. Even with a low unemployment rate of 3.6%, lower-income workers are always vulnerable in any economic downturn, but adding to comments he made on Bloomberg Radio earlier this week, Lee said there may be exceptions to that rule this time around.
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Finally, there’s an optimistic outlook considering June’s hot inflation reading of 9.1%, the fastest rise in prices in 41 years. It prompted another 75-point rate hike from the central bank last week, bringing the policy rate to 2.25%-2.5%. But there are signs the inflation fight is beginning to show results, Fundstrat said. July’s stock market performance was the strongest since November 2020, and inflation expectations have come down since July’s FOMC meeting.
The economy has entered a technical recession — but it could be just a growth scare, Fundstrat said.
Inflation expectations have flattened, and markets now see the policy rate peaking at 3.28% in January 2023.
It suggests that the stock market may not fall as sharply as some banks have predicted.
The economy entered a technical recession following the second straight quarterly decline for US GDP, but the market could be looking at a growth scare instead of a full blown recession and inflation should start falling sharply beginning with July’s reading, Fundstrat said in a note over the weekend.
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