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Posted on February 10, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The S&P 500 index closed above 5,000 for the first time ever, as investors reflected on robust company earnings and data showing inflation rose even less than was previously thought in December. One stock that wasn’t going places: Expedia, which fell after reporting earnings that took a hit from low airfares.
Here’s where the major benchmarks ended:
The S&P 500 index rose 28.70 points (0.6%) to 5,026.61, up 1.4% for the week; the Dow Jones Industrial Average lost 54.64 points (0.1%) to 38,671.69, up 0.04% for the week; the NASDAQ Composite® (COMP) surged 196.95 points (1.3%) to 15,990.66, up 2.3% for the week.
The 10-year Treasury note yield (TNX) rose less than 1 basis point to 4.175%.
The CBOE Volatility Index® (VIX) rose 0.14 to 12.93.
Technology sector strength was highlighted by chip makers, as the Philadelphia Semiconductor Index (SOX) gained 2%. Regional banks also ended the week on a firm note after slumping in recent days, and small-cap stocks also firmed. The small-cap Russell 2000® Index (RUT) jumped 1.5% Friday and ended the week with a gain of 2.4%, ending just below its high for the year.
In other markets, WTI crude oil (/CL) futures gained for the fifth straight day, completing a 7.2% gain for the week amid growing concern the Middle East conflict may disrupt supplies.
Posted on February 9, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Stat: $1.43 billion. That’s Uber’s first full-year profit since 2018. And, it’s the first time the rides hare giant has shown a profit from its operations. The company has had $30 billion in operating losses since 2016. (the Wall Street Journal)
Stocks ticked up, putting the S&P 500over the 5,000-point milestone for the first time, as more strong company earnings poured in. And, Arm soared 48% after it surprised investors with record computer chip sales.
Here’s where the major benchmarks ended:
The S&P 500 index added 2.85 points (0.1%) to 4,997.91, after briefly rising to 5,000.40, breaching the 5,000 level for the first time; the Dow Jones Industrial Average gained 48.97 points (0.1%) to 38,726.33; the NASDAQ Composite climbed 37.07 points (0.2%) to 15,793.71.
The 10-year Treasury note yield (TNX) rose more than 5 basis points to 4.154%.
The CBOE Volatility Index® (VIX) fell 0.04 to 12.79.
Semiconductor shares were among the strongest performers Thursday behind Arm Holdings (ARM), which soared 48% after the chip maker reported a better-than-expected quarter profit. The Philadelphia Semiconductor Index (SOX) gained 1.6%. Energy shares were also firm as WTI crude oil (/CL) futures surged 3.6% to a high for the month above $76 per barrel, reflecting growing concern the Middle East conflict may disrupt supplies.
Posted on February 8, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Billionaire Michael Bloomberg is taking a swing at the healthcare staffing shortage. His philanthropy arm recently dedicated $250 million to create high schools that move grads straight into healthcare jobs. The schools plan to partner directly with big-name health systems, including Mass General Brigham and Northwell Health.
Stocks climbed as investors got good news from companies reporting their quarterly earnings, including Chipotle and Ford. NY Community Bancorp continued its wild ride since reporting surprise Q4 losses, finishing on an upward swing yesterday after reassuring investors about its liquidity and deposits—though it’s still down 31% from the beginning of the month.
Here’s where the major benchmarks ended:
The S&P 500 index rose 40.83 points (0.8%) to 4,995.06; the Dow Jones Industrial Average gained 156.00 points (0.4%) to 38,677.36; the NASDAQ Composite® (COMP) added 147.65 points (1.0%) to 15,756.64.
The 10-year Treasury note yield (TNX) rose slightly more than 2 basis points to 4.117%.
The CBOE Volatility Index® (VIX) fell 0.23 to 12.83.
Transportation shares were among the strongest performers behind gains in trucking companies like XPO, Inc. (XPO), which rallied 18% after reporting stronger-than-expected earnings before Wednesday’s open. The Dow Jones Transportation Average (DJT) rose 0.4% and hit its highest level since mid-August. Consumer discretionary and semiconductor shares also ranked among the strongest sectors.
Posted on February 7, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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According to Wikipedia, Snapchat is an American multimediainstant messaging app and service developed by Snap Inc., originally Snapchat Inc. One of the principal features of Snapchat is that pictures and messages are usually only available for a short time before they become inaccessible to their recipients. The app has evolved from originally focusing on person-to-person photo sharing to presently featuring users’ “Stories” of 24 hours of chronological content, along with “Discover”, letting brands show ad-supported short-form content. It also allows users to store photos in a password-protected area called “my eyes only”. It has also reportedly incorporated limited use of end-to-end encryption, with plans to broaden its use in the future.
Snapchat was created by Evan Spiegel, Bobby Murphy, and Reggie Brown, former students at Stanford University. It is known for representing a mobile-first direction for social media, and places significant emphasis on users interacting with virtual stickers and augmented reality objects. In July 2021, Snapchat had 293 million daily active users, a 23% growth over a year. On average more than four billion Snaps are sent each day. Snapchat is popular among the younger generations, particularly those below the age of 16, leading to many privacy concerns for parents.
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So yesterday, Snap laid off 10% of its staff. The job cuts, which amount to roughly 540 people, are Snap’s largest since 2022. Ad revenue at the social media giant has slowed since Apple changed its privacy policy, making it harder for advertisers to access user data.
Meta also suffered from the changes but has rebounded after the company laid off thousands of workers as part of CEO Mark Zuckerberg’s “year of efficiency.” Snap’s layoffs prolong a ghastly start to 2024 for the tech industry, which has endured 32-K job cuts already this year, as per the Layoffs.
Posted on February 7, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Stocks rose yesterday as investors mulled earnings reports that beat expectations from companies like Palantir and Spotify. But not every company had good news to share: Snap plunged after hours when it reported less revenue than expected and said the Middle East conflict was a headwind to growth. Meanwhile, New York Community Bancorp fell to its lowest since 1997, and Moody’s downgraded it to junk.
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Here’s where the major benchmarks ended:
The S&P 500® index (SPX) rose 11.42 points (0.2%) to 4,954.23; the Dow Jones Industrial Average® (DJI) gained 141.24 points (0.4%) to 38,521.36; the NASDAQ Composite® (COMP)added 11.32 points (0.1%) to 15,609.00.
The 10-year Treasury note yield (TNX) fell about 7 basis points to 4.089%.
The CBOE Volatility Index® (VIX) dropped 0.60 to 13.07.
Transportation shares were among the strongest performers Tuesday behind strength in United Parcel Service (UPS), which jumped 4.8% following an analyst upgrade. The Dow Jones Transportation Average (DJT) rose 2.1% to end at its highest level since late December. Energy shares also firmed as WTI Crude Oil (/CL) futures gained 1%.
Posted on February 6, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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As Jerome Powell goes, so goes the market. Stocks tumbled yesterday after Federal Reserve Chairman Jerome Powell went on 60 Minutes over the weekend and said he’s in no rush to cut interest rates. Meanwhile, shares of Estée Lauder jumped ~12% after the cosmetics company announced it was laying off 5% of its employees amid weak demand in Asia.
Here’s where the major benchmarks ended:
The S&P 500 index fell 15.80 points (0.3%) to 4,942.81; the Dow Jones Industrial Average dropped 274.30 points (0.7%) to 38,380.12; the NASDAQ Composite® (COMP) declined 31.28 points (0.2%) to 15,597.68.
The 10-year Treasury note yield surged nearly 14 basis points to 4.166%.
The CBOE Volatility Index® (VIX) fell 0.18 to 13.67.
Materials and real estate sector shares were among the market’s weakest performers Monday, and banks and utilities were also under pressure. Semiconductors were one of the few sectors to post gains. In other markets, the U.S. Dollar Index (DXY) strengthened to its highest level since mid-November amid expectations interest rates will remain elevated.
Posted on February 4, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Apple, Amazon, and Meta just released their latest earnings season financials and the vibes were good. All three beat Wall Street’s revenue expectations, with Amazon reporting a gargantuan $170 billion for Q4 2023. Meta [FB] announced it will pay out its first-ever dividend to shareholders, sending its stock soaring in after-hours trading.
And Apple reported a revenue increase for the first time in a year as it prepares to launch the Vision Pro mixed-reality device today. Apple, however, also revealed a 13% sales decline in China amid local competition with Huawei.
Posted on February 3, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Anew set of rules from the Biden administration seeks to rein in private health insurance companies’ use of prior authorization – a byzantine practice that requires people to seek insurance company permission before obtaining medication or having a procedure. The cost-containment strategy often delays care and forces patients, or their doctors, to navigate opaque and labyrinthine appeals.
The S&P 500 index rose 52.42 points (1.1%) to 4,958.61, up 1.4% for the week; the Dow Jones Industrial Average gained 134.58 points (0.4%) to 38,654.42, up 1.4% for the week; the NASDAQ Composite rallied 267.31 points (1.7%) to 15,628.95, up 1.1% for the week.
The 10-year Treasury note yield (TNX) surged about 16 basis points to 4.024%.
The CBOE Volatility Index® (VIX) fell 0.04 to 13.84.
The market’s strength continued to be driven by the biggest companies, while smaller names lagged. The small-cap Russell 2000® Index (RUT) fell 0.6% Friday and posted a drop of 0.8% for the week. In other markets, the U.S. dollar index (DXY) rose 0.8%, reaching its strongest level in nearly two months, amid expectations interest rates will remain elevated, which boosted demand for dollar-denominated assets, such as Treasuries.
Recently, New York Community Bancorp (NYCB) shares took an 11% tumble—on top of a 38% plunge on Wednesday—after the bank said it’s dealing with surging losses from office buildings and multifamily apartment buildings. It’s a sign that commercial real estate (CRE) lenders are reckoning with the fact that they might not get their money back as commercial landlords struggle with high vacancies and interest rates:
More than $2.2 trillion in US commercial property loans will come due by 2027, according to the Wall Street Journal.
The default risk is worse for regional banks, where CRE loans make up nearly 29% of all assets, versus 6.5% at big national banks.
The KBW Regional Banking Index also dropped 9.2% since Wednesday, the most since Silicon Valley Bank’s collapse last year. (Coincidentally, most of the assets of Signature Bank, which failed shortly after SVB, were bought by NYCB.)
Posted on February 2, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
LEAP YEAR: This February month is a Leap Year. It’s stuffed with 29 days for 2024. If we didn’t have leap years, then our seasons would completely flip every ~750 years!
GROUND HOG DAY: A tradition observed in the United States and Canada on February 2nd of every year. It derives from the Pennsylvania Dutchsuperstition that if a ground hog emerges from its burrow on this day and sees its shadow, it will retreat to its den and winter will go on for six more weeks; if it does not see its shadow, spring will arrive early.
The S&P 500® index (SPX) rose 60.54 points (1.3%) to 4,906.19; the Dow Jones Industrial Average (DJI) gained 369.54 points (1.0%) to 38,519.84; the NASDAQ Composite® (COMP) added 197.63 points (1.3%) to 15,361.64.
The 10-year Treasury note fell over 10 basis points to 3.86%.
The CBOE Volatility Index® (VIX) fell 0.47 to 13.88.
Regional bank shares remained under pressure in the wake of poorly received quarterly results earlier this week from New York Community Bancorp (NYCB), which took over the failed Signature Bank in 2023. The bank’s shares fell another 11% on top of a 38% drop Wednesday while the KBW Regional Banking Index (KRX) sank 2.3% to a two-month low. The bank weakness was offset by strength in several other sectors, including retail and consumer discretionary.
Posted on February 1, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The FOMC just held interest rates steady and interest rates probably won’t go down in March.
Most investors were expecting the Federal Reserve to finally start cutting interest rates at its next meeting in March, but after its latest meeting concluded yesterday, Jerome Powell splashed cold water on that idea.
Speaking during a press conference, Powell explained that he doesn’t think it’s likely that the Federal Reserve will have reached “a level of confidence” that inflation has come down enough to start slashing rates that soon.
However, he at least said cuts were likely coming sometime this year. And, the markets crashed. Technology stocks in particular had a rough one, giving the NASDAQ its worst day since October.
And, NY Community Bancorp—which scooped up most of failed Signature Bank’s assets last year—tanked after reporting a surprise loss for Q4, spurring fears of another regional banking crisis.
Posted on February 1, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
HCSC will acquire Cigna’s Medicare Advantage, Part D, supplemental benefits and CareAllies businesses, and the parties expect the deal to close in the first quarter of 2025. And, as January exits, we enter the thick of earnings call season. This week executives at AbbVie, Cigna, and Merck—to name a few—will brief healthcare investors on how their companies fared in 2023, and provide insights on what to expect in 2024.
And, Anne Wojcicki’s billions have vanished. 23andMe’s valuation has crashed 98% from its peak and NASDAQ has threatened to delist its sub-$1 stock. Wojcicki reduced staff by a quarter last year through three rounds of layoffs and a subsidiary sale. The company has never made a profit and is burning cash so quickly it could run out by 2025.
Posted on February 1, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Microsoft and Google rode the AI wave to huge quarters. Microsoft posted revenues of ~$62 billion in its fiscal Q2 ending Dec. 31, a year over year increase of 17.6% and ahead of analyst’s expectations. That was its best revenue growth in seven quarters, thanks to the release of new AI-enabled Office products. Meanwhile, Google reported strong results, too: Ad revenue at YouTube skyrocketed to $9.2 billion in Q4 of last year, up from below $8 billion the year before. Alphabet CEO Sundar Pichai said YouTube is “already benefiting from our AI investments and innovation.” Alphabet’s total revenue was up 13% year over year to ~$86 billion.
UPS slashed 12k jobs. The shipping giant said it will require employees to return to the office five days a week this year as it changes how it operates amid a slowdown in demand. Revenue declined in Q4, while annual sales fell 9.3% in 2023. Amazon, its biggest customer, accounted for 11.8% of revenue last year, up from the year before, as revenue from other customers declined due to lower demand and more in-store pickups, executives said. UPS is also dealing with higher labor costs due to the deal it made with the Teamsters union to avoid a strike last summer.
The IMF has the US to thank for raising its global forecast. The International Monetary Fund—the UN’s flagship financial agency—said the global economy will grow 3.1% this year, a slight increase from its projection in October. That’s largely due to the strength of the US economy, which has defied economists’ expectations, growing 3.3% in the fourth quarter of 2023. But the improved outlook was also boosted by economic stimulus in China, which has faced deflation and a real estate crisis, among other issues. Other economies, including India, Brazil, and Russia, also performed better than expected, helping to juice the IMF’s forecast.
The S&P 500® index (SPX) fell 79.32 points (1.6%) to 4,845.65; the Dow Jones Industrial Average® (DJI) lost 317.01 points (0.8%) to 38,150.30; the NASDAQ Composite® (COMP) dropped 345.89 points (2.2%) to 15,164.01, a two-week low.
The 10-year Treasury note yield (TNX) decreased nearly 9 basis points to 3.969%.
The CBOE Volatility Index® (VIX) jumped 1.03 to 14.34.
Regional banks led Wednesday’s declines after New York Community Bancorp (NYCB), which took over the failed Signature Bank last year, reported a fourth-quarter loss of $193 million, sending its shares down nearly 38%. The KBW Regional Banking Index (KRX) sank 6%. Communications services shares were also among the weakest performers. Energy companies were also under pressure as WTI Crude Oil futures (/CL) shed nearly 3%.
January is nick-named the “divorce month” because of an uptick in activity for divorce lawyers after the New Year. Yet, January to April 15th is also a very low period in terms of people inquiring about divorce mediation. The reason is that couples generally want to know where they stand financially before pursuing divorce.
And, with the economy improving in 2024, people may be less inclined to wait. While anecdotal evidence abounds, hard figures are more elusive. An analysis of national divorce filings between 2008 and 2011 by legal information website FindLaw.com found a spike in January and a gradual rise until a peak in late March.
UPDATE 2024: The exclusivity of marriage in the contemporary era has dire, compounding consequences across generations. As researchers Shelly Lundberg, Robert A. Pollak and Jenna Stearns document, in 1960, people with and without college degrees married and formed families in a similar manner, but today, just 11% of childbirths for those with college degrees are non-marital, while 58% of childbirths for those without are. This cleavage makes possible what the Brookings Institution’s Melissa Kearney describes as “two-parent privilege,” an emerging phenomenon through which well-off couples transmit educational and economic advantages to their children. Viewed from this angle, it should not surprise us that many Americans think the rich are galloping ever further ahead.
Posted on January 31, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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China Evergrande, which owes $300 billion, ordered to liquidate. Yesterday,a Hong Kong court ordered the debt-burdened real estate firm to wind up its business—though it’s not clear if mainland Chinese authorities will enforce it. As one of the largest developers to struggle with debt, the company, which defaulted in 2021, has become a symbol of the real estate bust in China, which has so many homes sitting vacant that an ex-official admitted even its population of 1.4 billion could not fill them. Now, investors around the world will be watching the liquidation process to see how foreign investors fare as a test of how China’s system treats international businesses.
FanDuel parent Flutter lists on New York Stock Exchange. Rob Gronkowski visited the NYSE trading floor yesterday to celebrate the kickoff of the company selling shares in New York, which—for now—is a secondary listing to the European company’s primary London Stock Exchange listing. The move steps up its competition with DraftKings. And with US sports betting booming thanks to legal changes, the FanDuel parent wants to go all in and is proposing making the NYSE its primary trading venue, which would be a blow to the London exchange.
The S&P 500® index (SPX) fell 2.96 points (0.1%) to 4,924.97; the Dow Jones Industrial Average gained 133.86 points (0.4%) to 38,467.31; the NASDAQ Composite® (COMP) lost 118.15 points (0.8%) to 15,509.90.
The 10-year Treasury note yield (TNX) tumbled about 3 basis points to 4.059%.
The CBOE Volatility Index® (VIX) dropped 0.29 to 13.31.
Chipmaker shares were among the market’s weakest performers, with the Philadelphia Semiconductor Index (SOX) sinking 1.6%. The small-cap Russell 2000® Index (RUT) lost 0.8%, giving back part of Monday’s 1.7% gain. Energy and financial companies were among the strongest sectors.
Posted on January 30, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Markets: Stocks had a strong start to the week, with the S&P 500 and the Dow once again hitting new records. That’s mostly thanks to a boom in Big Tech as investors anticipate a slew of high-profile earnings (not to mention a Fed meeting) this week. Microsoft, Meta, and Uber all reached all-time highs.
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Here’s where the major benchmarks ended today:
The S&P 500 index rose 36.96 points (0.8%) to 4,927.93; the Dow Jones Industrial Average gained 224.02 points (0.6%) to 38,333.45; the NASDAQ Composite® (COMP) added 172.68 points (1.1%) to 15,628.04.
The 10-year Treasury note yield (TNX) dropped about 8 basis points to 4.08%.
The CBOE Volatility Index® (VIX) rose 0.37 to 13.63.
Consumer discretionary and banks were among the market’s strongest sectors Monday, and small caps were also strong. The Russell 2000® Index (RUT), a small-cap benchmark, outpaced its large-cap counterparts with a gain of 1.7%, ending near a four-week high. Energy shares took pressure after WTICrude Oil futures (/CL) reversed an initial rally to a two-month high and ended with a loss of more than 1%.
Posted on January 29, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Tech giants highlight busiest earnings week of the season: Five of the Magnificent Seven—Apple, Microsoft, Amazon, Meta, and Alphabet—will deliver their Q4 results, and we advise you against taking a shot every time AI is mentioned. On Wednesday, Boeing is scheduled to give an update on how the 737 Max 9 debacle will impact its 2024 forecasts. In all, 106 S&P 500 companies will report this week, including Starbucks, Pfizer, GM, and Big Oil.
Fed meeting and jobs report: As if those earnings won’t keep Wall Street on its toes, the Fed will wrap up its first meeting of the year on Wednesday and the January jobs report will drop on Friday. Chair Jerome Powell will almost certainly keep interest rates unchanged for now, but investors are keen to hear whether he predicts a rate cut in March. On the jobs front, US employers are expected to have continued hiring briskly in January, despite the wave of high-profile layoff announcements.
Posted on January 28, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The US GDP grew 3.3% in Q4, per the Commerce Department, annihilating Wall Street’s expectations of 2% growth. For the year, the US economy expanded 2.5% in 2023, up from 1.9% in 2022. That also outpaced Wall Street’s estimates from the beginning of the year. The growth was driven by strong consumer spending made possible by rising wages and a sturdy job market, even as the country dealt with inflation. That, too, improved in Q4: Prices increased 2.7% on an annual basis, down from a 5.9% increase the year prior. The GDP smash adds more fuel to the expectation that the Fed will cut interest rates this year.
The cuts across Xbox and Activision Blizzard account for 8% of Microsoft’s video game division. The tech giant closed on its $69 billion acquisition of Call of Duty-maker Activision Blizzard in October and has since made several leadership changes. CEO Bobby Kotick stepped down in December, and now Blizzard President Mike Ybarra has decided to leave, according to an internal memo obtained by The Verge. An upcoming survival game has also been canceled. The cuts come as several gaming-related companies, including Twitch, Discord, Unity, and Riot Games, have conducted layoffs.
Posted on January 27, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Here’s where the major benchmarks ended:
The S&P 500® index (SPX) fell 3.19 points (0.1%) to 4,890.97, up 1.1% for the week; the Dow Jones Industrial Average gained 60.30 points (0.2%) to 38,109.43, up 0.6% for the week; the NASDAQ Composite® (COMP) dropped 55.13 points (0.4%) to 15,455.36, still up 0.9% for the week.
The 10-year Treasury note yield (TNX) rose about 1 basis point to 4.143%.
The CBOE Volatility Index® (VIX) fell 0.19 to 13.26.
Energy shares extended a strong week as WTI Crude Oil futures (/CL) rallied further, reaching a two-month high just under $78 per barrel. Regional banks were also among the market’s strongest performers Friday. Small-cap stocks gained modestly to end a firm week with the Russell 2000® Index (RUT) posting a weekly gain of about 1.8%.
Posted on January 26, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Here’s where the major benchmarks ended:
The S&P 500 index rose 25.61 points (0.5%) to 4,894.16, a record high close; the Dow Jones Industrial Average® (DJI) gained 242.74 points (0.6%) to 38,049.13, also a record high; the NASDAQ Composite rose 28.58 points (0.2%) to 15,510.50.
The 10-year Treasury note yield (TNX) fell about 5 basis points to 4.13%.
The CBOE Volatility Index® (VIX) rose 0.31 to 13.45.
Energy companies were among the market’s strongest performers Thursday, boosted by a rally in WTI crude oil (/CL) futures, which surged 2.8% and ended near a two-month high above $77 per barrel amid concerns conflict in the Middle East and the Russia-Ukraine war may disrupt global oil supplies.
Posted on January 25, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Alarmed by a surge in fraud draining bank accounts through popular mobile payment apps like Venmo,Cash App and Zelle, Manhattan District Attorney Alvin Bragg, Jr., has sent scathing letters to the CEOs of each company, demanding immediate action to protect consumers.
In the letters, Bragg described the crimes as involving an unauthorized user gaining access to unlocked devices, then stealing significant sums of money from bank accounts by making purchases with the mobile payment apps and using financial information from them to open new accounts.
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And, the U.S. economy expanded at a 3.3% annualized pace in the final quarter of 2023, the Commerce Department said on Thursday.
Why it matters: It’s much stronger growth than economists expected and caps a year of economic resilience as the nation avoided a projected recession.
Here’s where the major benchmarks ended:
The S&P 500 index rose3.95 points (0.1%) to 4,868.55; the Dow Jones Industrial Average® (DJI) lost 99.06 points (0.3%) to 37,806.39; the NASDAQ Composite gained 55.97 points (0.4%) to 15,481.92.
The 10-year Treasury note yield (TNX) increased about 4 basis points to 4.18%.
The CBOE Volatility Index® (VIX) rose 0.59 to 13.14.
Tech-related strength helped boost the NASDAQ-100® (NXD), which includes the NASDAQ’s largest non-financial companies, by 0.6% to a record close. Energy shares were also strong behind continued gains in WTI Crude Oil (/CL) futures, which rose 1.4% and settled near a two-month -high after the Energy Information Administration reported a 7.5% drop in U.S. oil production last week, reflecting disruptions from winter storms. Small-cap shares lagged as the Russell 2000® Index (RUT) fell 0.7%.
Posted on January 24, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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New York City intends to wipe out more than $2 billion in medical debt for up to 500,000 residents, tackling a top cause of personal bankruptcy, Mayor Eric Adams just announced yesterday.
The city is working with RIP Medical Debt, a nonprofit that buys medical debt in bulk from hospitals and debt collectors for pennies on the dollar. The group targets the debt of people with low incomes or financial hardships and then forgives the amounts.
The S&P 500 index rose 14.17 points (0.3%) to 4,864.60; the Dow Jones Industrial Average lost 96.36 points (0.3%) to 37,905.45; the NASDAQ Composite® (COMP) rose 65.66 points (0.4%) to 15,425.94.
The 10-year Treasury note yield (TNX) gained about 4 basis points to 4.138%.
The CBOE Volatility Index® (VIX) fell 0.64 to 12.55.
Shares of banks and retailers were among the market’s weakest areas Tuesday, while consumer staples were among the upside leaders. Oilfield services companies were also strong, as strong quarterly results from Halliburton (HAL) helped offset a slide in crude oil futures. In other markets, the U.S. dollar index (DXY) hit its strongest level since mid-December, partly reflecting the Bank of Japan’s decision to keep short-term interest rates unchanged.
Posted on January 24, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Theranos founder and ex-CEO Elizabeth Holmes was just banned from US federal health care programs for nine decades, according to the US the health department. Holmes was sentenced in November 2022 to 11 years in prison following a trial that determined she knew her blood-testing startup, which was founded in 2003 and which claimed to be able to test for a range of diseases and risks with one finger prick, produced inaccurate and faulty results. Before government probes, Theranos raised hundreds of millions of dollars, named prominent former U.S. officials to its board, and explored a partnership with the U.S. military to use its tests on the battlefield.
So, just what is a Federal Health Care Program?
Federal Health Care Program means any plan or program that provides health benefits, whether directly, through insurance, or otherwise, which is funded directly, in whole or in part, by the United States Government, including, but not limited to, Medicare, Medicaid/MediCal, managed Medicare/Medicaid/MediCal, TriCare/VA/CHAMPUS, SCHIP, Federal Employees Health Benefit Plan, Indian Health Services, Health Services for Peace Corp Volunteers, Railroad Retirement Benefits Black Lung Program, Services Provided to Federal Prisoners, and Pre- Existing Condition Insurance Plans (PCIPs).
Posted on January 20, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Drugmakers kicked off 2024 by raising the list prices for Ozempic, Mounjaro and dozens of other widely used medicines. Companies including Novo Nordisk, the maker of Ozempic, and Eli Lilly, which sells Mounjaro, raised list prices on 775 brand-name drugs during the first half of January 2024, according to an analysis for The Wall Street Journal by 46brooklyn Research, a nonprofit drug-pricing analytics group.
The drugmakers raised prices of their medicines by a median 4.5%, though the prices of some drugs rose by around 10% or higher, according to the research group. The median increase is higher than the rate of inflation, which ticked up to 3.4% in December.
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Reddit’s IPO is reportedly due in March. According to Reuters, the social media platform’s long-awaited initial public offering will launch by the end of March after it makes its public filing in late February. It’ll be the first big social media IPO since 2019, when Pinterest went public. All eyes will fall on Reddit’s own users, who are known to fuel meme stock rallies—namely AMC and GameStop—and could help prop up the company’s debut on the stock market. Valued at about $10 billion as of 2021, Reddit reportedly will sell 10% of its shares as it competes with TikTok and Facebook for attention and ad dollars.
Here’s where the major benchmarks ended:
The S&P 500 index rose 58.87 points (1.2%) to 4,839.81, up 1.2% for the week; the Dow Jones Industrial Average gained 395.19 points (1.1%) to 37,863.80, up 0.7% for the week; the NASDAQ Composite® (COMP) increased 255.32 points (1.7%) to a two-year high of 15,310.97, up 2.3% for the week.
The 10-year Treasury note yield (TNX) fell about 1 basis point to 4.132%.
The CBOE Volatility Index® (VIX) fell 0.83 to 13.30.
Strength in Nvidia and other chipmakers like Advance Micro Devices (AMD), which surged 6%, lifted the Philadelphia Semiconductor Index (SOX) 4% to a record high close. Regional banks were also among the market’s strongest performers, as the KBW Regional Banking Index (KRX) added nearly 2%. Food and beverage companies and utilities were among the weakest performers.
I’m a late career entry and 55 year old burned out doctor who wants out. Can I retire in 2 years with a pension of $6,100 a month (net). I have $825,000 in my 401(k) and 457 plan and a mortgage of $95,000 at 5.30%. I am not planning to move and will retire in place.
SOME THOUGHTS AND ANSWERS?
Congratulations on you solid retirement fund on top of a pending pension.
The first step you should take is to create a detailed budget for your retirement years. Consider expected living costs, healthcare expenses, travel and any other major expenses. Many folks make the mistake of setting up a monthly budget, but keep out significant milestones that are often costly, such as paying for a child’s college education or wedding.
Next, you should figure out your plan for housing. Mortgage payments, upkeep and taxes are important considerations. There was no mention of mortgage equity.
Another factor to take into account is state and Federal tax projections. If the 401(k) funds are all pre-tax dollars, any distributions will be taxable and there may be penalties if funds are withdrawn prior to 59 ½ years old. That will impact your retirement plan if you’re preparing to retire at 57-58.
It also sounds like you haven’t taken into account your Social Security allowance. It’s possible that your pension is one that comes with a government pension offset which would explain why you didn’t include it. On the other hand, maybe you’re thinking it’s far out enough that it doesn’t factor into your calculations?
Finally, you may want to look for a fee-only financial advisor that is paid directly by the client and doesn’t receive commissions for recommending financial products. So, advice is less biased. And get a fiduciary advisor which means they are required to put your best interests ahead of their own.
Also, someone with medical niche specificity. Good Luck!
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NOTE: This is not an offer to buy or sell any security or interest. All investing involves risk, including loss of principal. Working with an adviser may come with potential downsides such as payment of fees (which will reduce returns). There are no guarantees that working with an adviser will yield positive returns. The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest.
Posted on January 18, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The Cigna Group (NYSE:CI) has announced leadership changes designed to continue accelerating growth across Evernorth Health Services and Cigna Healthcare.
Brian Evanko to continue as CFO, will serve as new President and CEO of Cigna Healthcare and Ann Dennison to join The Cigna Group as Deputy CFO.
Here’s where the major benchmarks ended:
The S&P 500 index fell 26.77 points (0.6%) to 4,739.21; the Dow Jones Industrial Average® (DJI) lost 94.45 points (0.3%) to 37,266.67; the NASDAQ Composite® (COMP) dropped 88.73 points (0.6%) to 14,855.62.
The 10-year Treasury note yield rose more than 3 basis points to 4.10%.
The CBOE® Volatility Index (VIX) climbed 0.95 to 14.79.
Real estate and utility shares were among the market’s weakest performers Wednesday, with the Dow Jones Utility Average (DJU) losing 1.4% and ending at its lowest level since late November. Small-cap stocks also remained under pressure. The Russell 2000® Index (RUT) fell 0.7% and ended at a five-week low. In other markets, the U.S. Dollar Index (DXY) strengthened to a five-week high as the retail sales report fueled optimism over the economy.
Posted on January 17, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Many analysts are talking about a rebound in healthcare stocks in 2024. If that’s the case, investors should load up on shares of UnitedHealth Group (NYSE:UNH) and buy the dip after the company’s Q4 results. The largest healthcare insurer in the U.S. reported Q4 financial results that beat Wall Street forecasts on the top and bottom lines. But, UNH stock dropped 3% due to higher-than-expected utilization rate for medical services.
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Uber is shutting down alcohol delivery app Drizly, the company confirmed, three years after acquiring the platform for $1.1 billion. Drizly will officially shut down at the end of March, Uber told The Associated Press. That means orders are open until then, Drizly said in details posted on X, the platform formerly known as Twitter.
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And, after a rocky couple of years for the Chinese economy, the country’s stock market appears to be in free fall now, with authorities asking institutional investors not to sell stocks in an attempt to stabilize share prices as foreigners are pulling out. On Monday, Chinese equities dipped after the country’s central bank decided to keep its medium-term policy rate unchanged at 2.5 percent, failing to cut interest as was widely expected by investors. The country’s CSI 300 was at its lowest level since 2019, a record only previously beaten in October 2023.
Here’s where the major benchmarks ended:
The S&P 500® index (SPX) fell 17.85 points (0.4%) to 4,765.98; the Dow Jones Industrial Average lost 231.86 points (0.6%) to 37,361.12; the NASDAQ Composite® (COMP) declined 28.41 points (0.2%) to 14,944.35.
The 10-year Treasury note yield rose about 11 basis points to 4.06%.
The CBOE® Volatility Index (VIX) rose 0.59 to 13.84.
Banks and energy shares were among the weakest performers Tuesday, the latter sector pressured by a 1.1% drop in crude oil futures. Climbing yields appeared to drag down financial shares, with the KBW Regional Banking Index (KRX) sinking 1.7% to its lowest level in over a month. Semiconductors were among the few sectors to post gains.
Posted on January 16, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
The stock markets were closed yesterday for MLK Day. But, with everyone there talking about AI, one stock to watch is Nvidia, which has continued to climb this year after soaring nearly 240% last year.
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The Internal Revenue Service (IRS) has announced plans to launch a pilot plan, Direct File, providing a free method for U.S. workers to file their federal taxes. This new system aims to allow taxpayers to submit their federal tax returns at no cost through an in-house filing system. This development presents a significant challenge to tax preparation firms like TurboTax.
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And, despite the IRS, it’s never a bad time to be rich. The world’s five richest people have more than doubled their wealth since 2020, according to Oxfam. Tesla’s Elon Musk, LVMH’s Bernard Arnault, Amazon’s Jeff Bezos, Oracle’s Larry Ellison, and Berkshire Hathaway’s Warren Buffett together had $405 billion in March 2020 compared to $869 billion as of November 2023, the charity group found.
Oxfam predicts that if things continue as they are, the world will see its first trillionaire within the next 10 years—though the anti-poverty group also noted that almost 5 billion people have become poorer over roughly the same period.
DEFINITION: Venture capital (VC) is a form of private equity and a type of financing that investors provide to start-up companies and small businesses that are believed to have long term growth potential. Venture capital generally comes from well-off investors, investment banks, and any other financial institutions. Venture capital doesn’t always have to be money. In fact, it often comes as technical or managerial expertise. VC is typically allocated to small companies with exceptional growth potential or to those that grow quickly and appear poised to continue to expand.
DEFINITION:Disruptive innovation is a business that creates a new market or value network, or enters at the bottom of an existing market and eventually displaces established market-leading firms, products, and alliances. The term, “disruptive innovation” was popularized by the American academic Clayton Christensen and his collaborators beginning in 1995, but the concept had been previously described in Richard N. Foster‘s book “Innovation: The Attacker’s Advantage” and in the paper Strategic Responses to Technological Threats.
Start-Ups and industry disruptors: Here are just a few of the recent collapses, as per the New York Times:
WeWork, which raised over $11 billion as a private startup, went bankrupt earlier this fall.
Hopin, the virtual events startup that rode a Covid Virus wave to a $7.6 billion valuation, sold its primary business units for $15 million.
The e-scooter company Bird, which became the fastest startup ever to land a $1 billion valuation, was de-listed from the NYSE and is now worth $7 million.
Overall, more than 3,200 private venture-capital backed US startups that have collectively raised $27.2 billion have gone out of business this year, according to the New York Times and PitchBook. So, why are the disruptors doing down?
Well, the Federal Reserve raised interest rates to a 22-year high. The cost of capital has become far more expensive, and investments that are less risky have gotten more attractive. This year has been particularly bad.
It’s a sad and instantaneous end to the golden Venture Capital years fueled by low interest rates and the growth of the mobile interne. Investment in US startups jumped by 8x between 2012 and 2022 to $344 billion dollars.
Posted on January 14, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
Chat-Bots
By Staff Reporters
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Microsoft just unseated Apple yesterday as the world’s most valuable publicly traded company…and then gave the throne right back. The AI-fueled stock rally that Microsoft has enjoyed for months finally buoyed the software company’s market capitalization to $2.9 trillion Thursday-Firday morning, briefly edging past Apple’s $2.89 trillion. Apple had been the most valuable company in the world for a year and a half, and on-and-off for more than a decade.
Apple was back on top by midday, but Microsoft’s momentary reign—the fourth time it’s briefly overtaken Apple since 2018—indicates that the tables may be turning between these longtime rivals.
Employees in its streaming divisions, Google cut about a thousand roles across its Assistant and core engineering teams, The Verge reported. The company is also reportedly removing 17 “underutilized” features from its voice-activated Google Assistant software, which launched in 2016 to compete with Apple’s Siri and Amazon’s Alexa. Google announced last year that it would integrate its generative AI chatbot, Bard, into Assistant.
Posted on January 14, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Walgreens doled out some tough medicine to its investors this week when it cut its quarterly dividend to shareholders nearly in half, in a move to conserve cash and strengthen its long-term financial position, according to CEO Tim Wentworth.
Illinois-based Walgreens Boots Alliance Inc (WBA), which operates one of the largest US drugstore chains, on Thursday declared a quarterly dividend of 25 cents per share, a reduction from 48 cents per share the previous quarter. The dividend will be payable on March 12th.
The move will allow Walgreens to increase cash flow and free up capital “to invest in sustainable growth initiatives in our pharmacy and healthcare businesses, which we believe will ultimately improve shareholder value,” Wentworth said in a statement.
States that have long pushed the FDA to allow drug importation from Canada touted the move as a major step forward in their efforts to lower prescription drug spending and rein in healthcare costs. But while the idea of importing drugs from Canada is new for states, some businesses have been using existing drug import pathways to help consumers save money on certain high-cost medications.
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More than 20 million US residents—a record number, according to the Biden administration—have signed up for health insurance through the Affordable Care Act’s marketplaces. (the New York Times)
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Here’s where the major benchmarks ended:
Stocks were a mixed bag yesterday as investors pored over the first big earnings reports and new data showing that wholesale prices surprisingly went down in December. Airlines took a hit after Delta beat earning expectations but lowered its profit forecast.
The S&P 500 index rose 3.59 points (0.1%) to 4,783.83, up 1.8% for the week; the Dow Jones Industrial Average® (DJI) fell 118.04 points (0.3%) to 37,592.98, up 0.3% for the week; the NASDAQ Composite rose 2.57 points to 14,972.76, up 3.1% for the week.
The 10-year Treasury note yield (TNX) fell about 3 basis points to 3.943%.
The CBOE® Volatility Index (VIX) rose 0.26 to 12.70.
Retailers and consumer discretionary shares were among the market’s weakest performers Friday, and regional banks were also under pressure. The KBW Regional Banking Index (KRX) fell 2% for the week and ended at a one-month low. Energy shares led gainers behind strength in crude oil futures. The small-cap-focused Russell 2000® Index (RUT) ended little-changed for the week but is still down 3.8% so far this year.
Posted on January 12, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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JPMorgan Chase’s profit fell in the fourth quarter as the lender set aside nearly $3 billion to help refill a government deposit insurance fund. JPMorgan and several major banks are required to pay a bulk of the $16 billion to replenish the Federal Deposit Insurance Corporation’s deposit insurance fund (DIF), which was drained after Silicon Valley Bank and Signature Bank failed last year.
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Bank of America’s fourth-quarter profit shrank as the lender took $3.7 billion in combined charges to refill a government deposit insurance fund and phase out a loan index. Its net interest income (NII) – the difference between what banks earn from loans and pay to depositors – fell 5% to $13.9 billion as the company spent more to keep customer deposits and demand for loans stayed subdued amid high interest rates.
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Wells Fargo press release (NYSE:WFC): Q4 Non-GAAP EPS of $1.29 beats by $0.20. Revenue of $20.48B (+2.2% Y/Y) beats by $100M. Shares -1% PM. Fourth quarter 2023 results included: ◦ $(1.9) billion, or ($0.40) per share, of expense from an FDIC special assessment ◦ $(969) million, or ($0.20) per share, of severance expense for planned actions ◦ $621 million or $0.17 per share, of discrete tax benefits related to the resolution of prior period tax matters ◦ Provision for credit losses in fourth quarter 2023 included an increase in the allowance for credit losses driven by credit card and commercial real estate loans, partially offset by a lower allowance for auto loans. The change in allowance for credit losses also included higher net loan charge-offs for commercial real estate office and credit card loans
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Citigroup (C) is in the middle of a complicated restructuring. It made it clear Wednesday that its fourth quarter earnings report Friday will be complicated, too.
The giant New York-based bank said in a regulatory document it will take more than $3 billion in one-time reserves and expenses as part of those fourth quarter results. They include everything from a $1.3 billion reserve build for currency exposure in Argentina and Russia to $780 million in charges related to severance costs and other aspects of a wide-ranging restructuring of the bank led by CEO Jane Fraser.
The S&P 500® index (SPX) fell 3.21 points (0.1%) to 4,780.24; the Dow Jones Industrial Average® (DJI) gained 15.29 points to 37,711.02; the NASDAQ Composite® (COMP)rose 0.55 point to 14,970.19.
The 10-year Treasury note yield dropped about 4 basis points to 3.988%.
The CBOE® Volatility Index (VIX) fell 0.25 to 12.44.
Nathan Peterson, director of derivatives analysis at the Schwab Center for Financial Research, noted that technology was one of few sectors to buck Thursday’s market weakness, as so-called mega-caps including Nvidia (NVDA) and Microsoft (MSFT) notched new record highs. Also, Amazon (AMZN), Google parent Alphabet (GOOGL), and Netflix (NFLX) each posted new 52-week highs, illustrating continued investor rotation back into that sector.
In other markets, the Securities and Exchange Commission (SEC) approved exchange-traded funds (ETF) linked to the spot bitcoin market late Wednesday. The spot market, also known as the cash market, refers to forums where commodities, securities, and other assets can be immediately exchanged between buyers and sellers. The move opens up a new crypto inroad for investors who might otherwise not want to hold actual bitcoin and looks like a potential bellwether event for individual investors and crypto itself. ETFs linked to spot bitcoin began trading today.
Bitcoin prices have nearly tripled since the start of 2023, reaching $47,000 earlier this month, partly reflecting anticipation of the SEC decision and amid hopes of easing interest rate policy.
Investors are a day away from an inflation report that may offer some direction in a young year that has seen markets meander, with a brief sell-off and a partial rally back. More action may come as Wall Street banks kick off earnings season on Friday.
Here is where the major benchmarks ended:
The S&P 500 index rose 26.95 points (0.6%) to 4,783.45, a two-year closing high; the Dow Jones Industrial Average® (DJI) increased 170.57 points (0.5%) to 37,695.73; the NASDAQ Composite gained 111.94 points (0.8%) to 14,969.65.
The 10-year Treasury note yield (TNX) added about 2 basis points to 4.04%.
The CBOE® Volatility Index (VIX) fell 0.06 to 12.70.
Among market sectors, the S&P 500 Communication Services Index (SP500#50), which includes “mega-cap” tech companies like Google parent Alphabet (GOOGL) and Facebook parent Meta Platforms (META), gained 1.2% and ended near a two-year high. Consumer discretionary shares were also firm. Energy stocks were one of the weakest performers behind a 1.3% drop in crude oil futures.
Peterson noted strength in tech shares may in part reflect news from this week’s Consumer Electronics Show in Las Vegas, with escalating bullishness surrounding artificial intelligence (AI) driving further gains in Nvidia (NVDA) and other chip companies capable of serving the most advanced forms of AI. Nvidia has jumped more than 10% so far this week and posted a record high for the third straight day.
Bond yields and stock prices often move inversely to each other, in part because higher interest rates on virtually risk-free bonds lower the premium investors can expect from riskier assets like stocks, making it less appealing to buy equities. Last week, the 10-year Treasury yield briefly increased to 4.10%, near a three-week high, before dropping back near 4% Monday.
The S&P 500 index was up 66.30 points (1.4%) at 4,763.54; the Dow Jones Industrial Average was up 216.90 points (0.6%) at 37,683.01; the NASDAQ Composite was up 319.70 points (2.2%) at 14,843.77.
The 10-year Treasury note yield (TNX) was down about 3 basis points at 4.015%.
The CBOE® Volatility Index (VIX) was down 0.28 at 13.07.
Semiconductors shares were among the strongest performers, helped by a surge of 6.4% in Nvdia Corp. (NVDA), the top 2023 performer in the S&P 500 with a gain of 239%. Small-cap stocks were also firm as were consumer discretionary and communication services. The Russell 2000® Index (RUT) gained 1.9% to partly climb back from last week’s 3.7% drop.
Energy shares were soft because crude oil futures sank nearly 4% following reports Saudi Arabia lowered its prices.
Markets: One week into 2024, stocks and bonds are off to their worst start in 21 years as investors maybe got a bit ahead of their skis in anticipating Fed rate cuts.
This week, Wall Street will be focused on fresh inflation data and the beginning of Q4 earnings season.
Bitcoin ETF cleared for launch? The first spot bitcoin ETF—could be approved by regulators this week in what would be a watershed moment for Wall Street’s embrace of digital tokens. The hype around these proposed funds, which would allow regular investors to gain exposure to bitcoin without buying it directly, drove bitcoin’s price up 162% over the past year.
Here is where the major benchmarks ended:
The S&P 500 Index was up 84.15 points (1.9%) at 4,495.70; the Dow Jones Industrial Average (DJI) was up 489.83 points (1.4%) at 34,827.70; the NASDAQ Composite (COMP) was up 326.64 points (2.4%) at 14,094.38.
The 10-year Treasury note yield (TNX) was down about 18 basis points at 4.453%.
CBOE’s Volatility Index (VIX) was down 0.60 at 14.16.
The small-cap focused Russell 2000 Index (RUT), which has lagged large-cap benchmarks for most of the year, jumped more than 5% Tuesday. Small-caps are often seen as being more exposed to the economic cycle and had suffered because of concerns that high interest rates could push the economy into recession.
Other interest rate-sensitive sectors, such as real estate, materials, and utilities, also saw outsize gains.
Markets: Stocks climbed a bit on Friday as investors took in the news that the US added more jobs than expected in December, capping off an epic 2023 for the labor market. But it wasn’t a bright start to the year, as all three major averages broke a nine-week winning streak. Stock spotlight: The country’s largest hospital landlord, Medical Properties Trust, tanked after revealing that its biggest tenant was $50 million behind on rent.
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Yesterday, the Food and Drug Administration (FDA) approved Florida’s request to import bargain medications from the country. It’s the first state to get permission from the agency to bring in medications from Canada under a law Congress passed 20 years ago to help Americans pay less for drugs. Florida officials say ordering cheaper drugs for conditions like HIV and diabetes from Canadian wholesalers will save Medicaid and other state programs $150 million over the first year.
DEFINITION: A stock dividend is a payment to shareholders that consists of additional shares rather than cash. The distributions are paid in fractions per existing share. For example, if a company issues a stock dividend of 5%, it will pay 0.05 shares for every share owned by a shareholder. The owner of 100 shares would get five additional shares.
Stat: 3.9%. That’s Walgreens’s new dividend yield after the pharmacy chain cut its quarterly dividend of 7.0%. The company said that it was using the money to “strengthen [its] long-term balance sheet and cash position.” Walgreens stock fell 11% the day after the announcement. (CNBC)
Here is where the major benchmarks ended:
The S&P 500 index was up 8.56 points (0.2%) at 4,697.24, down 1.6% for the week; the Dow Jones Industrial Average® (DJI) was up 25.77 points (0.1%) at 37,466.11, down 0.6% for the week; the NASDAQ Composite® (COMP) was up 13.77 points (0.1%) at 14,524.07, down 3.2% for the week.
The 10-year Treasury note yield (TNX) was up about 6 basis points at 4.051%.
The CBOE® Volatility Index (VIX) was down 0.77 at 13.36.
Consumer staples and real estate ranked among the market’s weakest performers Friday, and technology shares remained under pressure with tech bellwether Apple (AAPL) extending this week’s nearly-6% slide and ending near a two-month low. Financial shares were one of the stronger sectors with the Philadelphia KBW Bank Index (BKX) rising 1.6% to a 10-month high. Small-cap stocks remained in the red with the Russell 2000® Index (RUT) ending the week down 3.7%.
The S&P 500® index (SPX) was down 16.13 points (0.3%) at 4,688.68; the Dow Jones Industrial Average® (DJI) was up 10.15 points at 37,440.34; the NASDAQ Composite was down 81.91 points (0.6%) at 14,510.30.
The 10-year Treasury note yield (TNX) was up about 9 basis points at 3.997%.
The CBOE® Volatility Index (VIX) was up 0.08 at 14.12.
Oilfield services and consumer discretionary shares were also among the market’s weakest performers Thursday. Banking and health care were among the strongest sectors, illustrating renewed investor interest in stocks that lagged the broader market last year.
And, Eli Lilly is poised to sell medicine directly to consumers — with an emphasis on newly popular weight-loss drugs — in a move toward cutting out the controversial middle players in drug distribution.
Posted on January 4, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Today the Earth is the closest it can get to the sun, a point in orbit known as perihelion, which happens every year two weeks after the December solstice.
The S&P 500® index (SPX) was down 38.02 points (0.8%) at 4,704.81; the Dow Jones Industrial Average® (DJI) was down 284.85 points (0.8%) at 37,430.19; the NASDAQ Composite was down 173.73 points (1.2%) at 14,592.21.
The 10-year Treasury note yield (TNX) was down about 3 basis points at 3.91%.
The CBOE® Volatility Index (VIX) was up 0.84 at 14.04.
In addition to tech shares, retailers and banks were also among the market’s weakest performers Wednesday. Small-cap stocks were also under pressure with the Russell 2000® Index (RUT) down about 2.7% to a three-week low. Energy shares strengthened behind a jump of nearly 4% in crude oil futures.
Driving much of the tech slump was a 4% drop by Apple’s stock, a dive precipitated by an analyst downgrade questioning why the $2.9 trillion (market capitalization) company is trading at such an expensive valuation considering its negative earnings and profit growth.
Other members of the “magnificent seven” tech stocks, which gained a collective $5.1 trillion in market cap last year, also flailed Tuesday. Alphabet, Amazon, Meta, Microsoft, Nvidia and Meta each fell 1.6% or more, while Tesla was the sole magnificent seven member in the green, as its shares slipped less than 1% after reporting more fourth-quarter electric vehicle deliveries than fore-casted.
Here is where the major benchmarks ended:
The S&P 500 index was down 27.00 points (0.6%) at 4,742.83; the Dow Jones Industrial Average® (DJI) was up 25.50 points (0.1%) at 37,715.04; the NASDAQ Composite was down 245.41 points (1.6%) at 14,765.94.
The 10-year Treasury note yield (TNX) was up about 7 basis points at 3.931%.
The CBOE® Volatility Index (VIX) was up 0.73 at 13.18.
Semiconductor companies led the way lower Tuesday after Bloomberg reported Netherlands-based ASML Holding NV (ASML) canceled shipments of some of its machines to China at the request of U.S. President Biden’s administration weeks before export bans on the high-end chipmaking equipment came into effect. The Philadelphia Semiconductor Index (SOX) tumbled 3.7%. Health care and energy sectors were among the few areas of strength, the latter gaining despite a 1.6% drop in crude oil futures.
Markets: The stock market was closed yesterday to give investors time to celebrate New Year’s Day 2024. As the just passed old year, 2023, provided plenty of reasons to pop bottles and celebrate:
For example, global stock markets had their best year since 2019, and all three major US indexes finished the year higher than they started it, with tech company gains pushing the NASDAQ up the most. Even among tech giants, Nvidia was a standout, boosted by A.I. suddenly being everywhere.
But, all major markets are down as of this posting time, today.
The S&P 500 index fell 13.52 points (0.28%) to 4,769.83; the Dow Jones Industrial Average® was down 20.56 points (0.05%) at 37,689.54; the NASDAQ Composite® (COMP) was down 83.78 points (-0.56%) at 15,011.35.
The 10-year Treasury note yield (TNX) rose nearly 2 basis points to 3.86%.
The CBOE® Volatility Index (VIX) finished nearly unchanged at 12.51, still near recent four-year lows.
The S&P 500 and Dow Jones Industrial Average posted their ninth consecutive weekly advances, but the NASDAQ Composite finished slightly lower for the week, hurt in part by a soft performance from Apple (AAPL). The Russell 2000® Index (RUT) fell 1.18% on Friday but climbed 15% for the year.
A health system in Michigan has experienced its second cybersecurity breach this year, affecting more than 1 million patients, according to state officials. Michigan Attorney General Dana Nessel announced Tuesday there was a breach at HealthEC, a vendor that provides services to Corewell Health’s southeast Michigan properties. The breach exposed patients’ personal and medical information.
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With Nvidia and Tesla on the rise, acronyms like FAANG and MAMAA no longer cut it: The top tech giants (Amazon, Alphabet, Apple, Meta, Google, plus Nvidia and Tesla) have now been dubbed the “Magnificent Seven.” Buoyed by the generative AI gold rush, they were responsible for 29% of the S&P 500’s total value.
Here is where the major benchmarks ended:
Here’s where the major benchmarks ended:
The S&P 500 index was up 1.77 points at 4,783.35; the Dow Jones Industrial Average was up 53.58 points (0.1%) at 37,710.10; the NASDAQ Composite® (COMP) was down 4.04 points at 15,095.14.
The 10-year Treasury note yield (TNX) was up nearly 6 basis points at 3.844%.
The CBOE® Volatility Index (VIX) was up 0.03 at 12.46.
The S&P 500, Dow Jones Industrial Average, and NASDAQ Composite are all on track for a ninth consecutive weekly advance. Other parts of the market Thursday turned in mixed performances. The Russell 2000® Index (RUT) fell 0.4% but is still on track for a seventh consecutive weekly gain and has climbed 17% for the year.
3,200 business startups failed in 2023, according to PitchBook data. Those startups raised more than $27 billion combined, or roughly the 2022 GDP of Cambodia. (Business Insider).
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Here’s where the major benchmarks ended:
The S&P 500 index was up 6.83 points (0.1%) at 4,781.58; the Dow Jones Industrial Average was up 111.19 points (0.3%) at 37,656.52; the NASDAQ Composite® (COMP) was up 24.60 points (0.2%) at 15,099.18.
The 10-year Treasury note yield was down over 9 basis points at 3.791%.
The CBOE® Volatility Index (VIX) was down 0.49 at 12.50.
Small-cap stocks continued a strong finish to the year as the Russell 2000® Index (RUT) gained 0.3% to settle at its highest level since April 2022. Retailer shares were among the market’s strongest performers amid reports of strong holiday sales. The S&P Retail Select Industry Index (SPSIRE) rose 0.6% and ended near an 11-month high.
In other markets, the U.S. dollar traded around $1.11 versus the euro (EUR/USD), its weakest level since late July and a reflection of expectations that lower rates in the United States will prompt investors to seek higher returns elsewhere.
Posted on December 27, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
GOODBYE FORM 1099-Ks
By Staff Reporters
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The IRS just said it is again delaying the implementation of a 2021 law that requires payment platforms such as Venmo, Paypal or Cash App to send tax forms called 1099-Ks to anyone who received more than $600 in the current tax year.
It’s the second consecutive year the IRS has delayed enacting the new regulation, after the tax agency last year pushed off the new law until 2023. On Tuesday, the IRS said it will push the regulation back another year “to reduce taxpayer confusion” after hearing from taxpayers, tax professionals and payment processors.
Consumer spending grew solidly this holiday season, rebuking concerns of a slowdown and reinforcing positive signals about the U.S. economy as it approaches the end of a tumultuous year.
Buying among shoppers rose 3.1% over the holidays compared to the same period last year, according to data released on Tuesday by Mastercard SpendingPulse, which measures in-store and online purchases from November 1st to December 24th across all forms of payment. The data is not adjusted for inflation.
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Here’s where the major benchmarks ended:
The S&P 500 index was up 20.12 points to 4,774.75 up 0.42%; the Dow Jones Industrial Average was up 159.36 points at 37,54533, up 0.2% ; the NASDAQ Composite® (COMP) was up 81.6 points to 15,074.57 up 0.54% to start the week.
The 10-year Treasury note yield (TNX) was down 1 basis point to 3.895%.
The CBOE® Volatility Index (VIX) was down 0.38% to 12.98.
Small-cap stocks continued to outpace their larger cousins, a common theme lately. The Russell 2000® Index rose Tuesday following six weeks of gains. Financials and real estate sectors were among strongest S&P 500 performers during the session, and the Russell 2000 has a heavy exposure to financials. In other markets, the U.S. Dollar Index (DXY) extended its recent slide and now trades at five-month lows, reflecting ideas that potentially lower interest rates may prompt investors to seek higher returns elsewhere.
With just three trading days left in 2023, the S&P 500 and other major equity benchmarks are poised to turn in a strong year that may more than make up for 2022’s losses. With Tuesday’s gains factored in, the SPX is closing in on its all-time high close just below 4,800 posted in early 2022. Through Tuesday, the S&P 500 was up more than 24% for the year, after tumbling 19.4% in 2022. The Dow Jones Industrial Average and the NASDAQ Composite were up 13% and 44%, respectively, after losing 8.8% and 33% in 2022.
Posted on December 24, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
LATE DECEMBER – EARLY JANUARY RISE
By Staff Reporters
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RALLY: A rally is a period of sustained increases in the prices of stocks, bonds or indices … An increase in prices during a primary trend bear market is called a bear market rally. A bear market rally is sometimes defined as an increase of 10% to 20%.
Now, a Santa Claus Rally describes a sustained increase in the stock market that occurs in the last week of December through the first two trading days in January. There are numerous explanations for the causes of a Santa Claus rally including tax considerations, a general feeling of optimism and happiness on Wall Street, and the investing of holiday bonuses.
Another theory is that some very large institutional investors, a number of which are more sophisticated and pessimistic, tend to go on vacation at this time, leaving the market to retail investors, who tend to be more bullish.
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