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Posted on April 22, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Earth Day is celebrated on April 22nd annually. The day was born out of a massive oil spill in Santa Barbara, California and carried forward today by the Earth Day Network. Earth day was created to help bring awareness and support for environmental protection around the world. Arbor Day is another popular observance to help the environment by encouraging individuals to plant trees and other plants in an effort to take care of our environment.
LYFT plans to cut 1,200 jobs as the latest cuts could impact 30% or more of its’ 4,000 employees.The company planned to announce the move after a board meeting next week but did so sooner. The cuts could help Lyft slash 50% of its costs as it doesn’t count drivers as employees.
The S&P 500® Index was up 3.73 points at 4133.52; the Dow Jones industrial average was up 22.34 at 33,808.96; the NASDAQ Composite was up 12.90 (0.1%) at 12,072.46.
The 10-year Treasury yield was up about 2 basis points at 3.566%.
CBOE Volatility Index was down 0.44 at 16.73.
Consumer Discretionary and Consumer Staples led gainers among S&P 500 sectors, while energy companies continued to slump in the wake of this week’s sell-off in crude oil prices. The PHLX Oil Service index sank 4% this week and ended at a three-week low. WTI crude futures rose slightly Friday but still dropped almost 6% for the week.
Earnings Round-Up
Major companies reporting quarterly results over the past day included:
Procter & Gamble (PG) reported Earnings Per Share (EPS) of $1.37 per share for the first quarter, about 5 cents above analysts’ forecasts, as well as stronger-than-expected revenue of $20.7 billion. The company also raised its outlook for 2023 organic sales growth to 6% from its earlier forecast of 4% to 5%. Its shares rose more than 3%.
Regions Financial (RF), the latest smaller U.S. bank to report, fell short of EPS forecasts, though revenue met expectations and deposits remained stable. The company’s shares fell about 3%.
CSX Corp. (CSX) reported first-quarter EPS of 48 cents, surpassing analysts’ expectations by about 5 cents, and revenue of $3.71 billion also topped forecasts. The railroad company’s shares rose more than 3%.
Schlumberger (SLB) reported net income of 63 cents per share, beating analysts’ forecasts of 61 cents, as well as higher-than-expected revenue. However, the oilfield service company’s shares more than 4% after suggesting the North American onshore market may plateau this year.
Freeport-McMoRan (FCX) reported a profit of 46 cents per share, which was better than analysts’ were expecting but still down by about half from a year earlier. The company’s mining volumes and supply chains were hampered by extreme weather and protests in Peru. The company’s shares fell more than 4%.
HCA Healthcare (HCA) reported EPS of $4.85, beating expectations by about 70 cents, and raised its earnings and revenue forecasts for the full year. Its shares jumped nearly 4%.
Women earn as much as or more than their husbands in just under half of US opposite-sex marriages, a significant advancement for economic equality from past decades, according to a new Pew Research study.
Sixteen percent of wives in opposite-sex marriages are the sole or primary breadwinners in their home (“primary” meaning they make more than 60% of the household’s income). This share is triple the 5% of women breadwinners from 50 years ago.
In 29% of marriages, both spouses bring home about the same income.
But, according to MorningBrew, in marriages where both partners have the same income, women spend about four-and-a-half more hours per week on chores and care giving than men.
And when women become the house’s primary income earner, little really changes about how much time either partner spends on chores, Pew found. But in this scenario, men report almost five more hours of leisure time per week than men in egalitarian households
Posted on April 20, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Meta Platforms, the billionaire’s social media empire, will reportedly cut thousands more jobs. And the bloodbath is not over, according to the latest reports. Meta plans to eliminate thousands more jobs. According to Bloomberg News, an internal memo has been sent to managers, asking them to prepare for tough new announcements. The job cuts, which total 4,000, are expected to affect Facebook, WhatsApp and Instagram. They would also affect Reality Labs, the division that houses the group’s Metaverse projects — Quest virtual-reality headsets. In 2021 and 2022, Reality Labs, which is supposed to build the company’s next big thing, recorded a cumulative loss of nearly $24 billion, including $13.7 billion just last year.
And, Walt Disney Company plans to cut thousands of jobs next week, in another lay-off round that includes about 15% of the staff in its entertainment division, according to people familiar with the plans. Disney Entertainment will bear a significant chunk of the job cuts – with approximately 15% of the division’s staffers set to exit next week, according to a report. Disney has more than 200,000 employees across its various businesses.
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And now, the Markets:
The S&P 500 Index fell 0.35 point to 4154.52; the Dow Jones industrial average was down 79.62 (0.2%) at 33,897.01; the NASDAQ Composite was up 3.81 at 12,157.23.
The 10-year Treasury yield was up about 2 basis points at 3.60%.
CBOE’s Volatility Index was down 0.37 at 16.46.
Transportation was one of the top gainers among S&P 500 sectors yesterday, thanks in part to strength in United Airlines (UAL) and other top carriers. Real estate and financials were also higher, while oilfield services stocks were among the weakest performers due to a sharp drop in crude oil prices. WTI futures fell below $80, their lowest level in nearly three weeks.
Oil prices rallied at the start of this month after members of OPEC+ announced a production cut.
Posted on April 17, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
RUN
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This morning, April 17th, about 30,000 people will run at varying speeds, 26.2 miles from Hopkinton, MA, to Boylston Street in one of the most famous races in the world: the Boston Marathon.
This year’s race will symbolize endurance in more ways than one. It will mark 10 years since two bombs exploded near the finish line, killing three people, wounding almost 300, and shaking the city on its most celebratory day. Held on Patriot’s Day, which commemorates the first battles of the Revolutionary War, Boston is the oldest continuously running marathon in the world, dating back to 1897. And simply qualifying for it is an achievement: Strict entry rules require that men age 18–34 record an official marathon time of three hours or less; for women of the same age, the qualifying time is 3:30.
National Healthcare Decisions Day (NHDD) exists to inspire, educate and empower the public and providers about the importance of advance care planning. NHDD is an initiative to encourage patients to express their wishes regarding healthcare and for providers and facilities to respect those wishes, whatever they may be.
NHDD was founded in 2008 by Nathan Kottkamp, a Virginia-based health care lawyer, to provide clear, concise, and consistent information on healthcare decision-making to both the public and providers/facilities through the widespread availability and dissemination of simple, free, and uniform tools (not just forms) to guide the process.
NHDD is a series of independent events held across the country, supported by a national media and public education campaign. In all respects, NHDD is inclusive and brings a variety of players in the larger healthcare, legal, and religious community together to work on a common project, to the benefit of patients, families, and providers. A key goal of NHDD is to demystify healthcare decision-making and make the topic of advance care planning inescapable. Among other things, NHDD helps people understand that advance healthcare decision-making includes much more than living wills; it is a process that should focus first on conversation and choosing an agent.
As of June 2016, The Conversation Project has been responsible for the management, finances, and structure of NHDD. NHDD’s founder, Nathan Kottkamp, continues to be involved in NHDD and provides leadership by ensuring the maintenance of NHDD’s high quality resources and support for the community.
DEFINITION: What is advance care planning for financial advisors and lawyers?
Advance care planning involves discussing and preparing for future decisions about your medical care if you become seriously ill or unable to communicate your wishes with your estate planning attorney or financial advisor. Having meaningful conversations with your loved ones is the most important part of advance care planning. Many people also choose to put their preferences in writing by completing legal documents called advance directives.
What are advance directives?
Advance directives are legal documents that provide instructions for medical care and only go into effect if you cannot communicate your own wishes.
The two most common advance directives for health care are the living will and the durable power of attorney for health care.
Living will: A living will is a legal document that tells doctors how you want to be treated if you cannot make your own decisions about emergency treatment. In a living will, you can say which common medical treatments or care you would want, which ones you would want to avoid, and under which conditions each of your choices applies. Learn more about preparing a living will.
Durable power of attorneyfor health care: A durable power of attorney for health care is a legal document that names your health care proxy, a person who can make health care decisions for you if you are unable to communicate these yourself. Your proxy, also known as a representative, surrogate, or agent, should be familiar with your values and wishes. A proxy can be chosen in addition to or instead of a living will. Having a health care proxy helps you plan for situations that cannot be foreseen, such as a serious car accident or stroke. Learn more about choosing a health care proxy.
Think of your advance directives as living documents that you review at least once each year and update if a major life event occurs such as retirement, moving out of state, or a significant change in your health.
Advance care planning is not just for people who are very old or ill. At any age, a medical crisis could leave you unable to communicate your own health care decisions. Planning now for your future health care can help ensure you get the medical care you want and that someone you trust will be there to make decisions for you.
Advance care planning for people with dementia. Many people do not realize that Alzheimer’s disease and related dementias are terminal conditions and ultimately result in death. People in the later stages of dementia often lose their ability to do the simplest tasks. If you have dementia, advance care planning can give you a sense of control over an uncertain future and enable you to participate directly in decision-making about your future care. If you are a loved one of someone with dementia, encourage these discussions as early as possible. In the later stages of dementia, you may wish to discuss decisions with other family members, your loved one’s health care provider, or a trusted friend to feel more supported when deciding the types of care and treatments the person would want.
What happens if you do not have an advance directive?
If you do not have an advance directive and you are unable to make decisions on your own, the state laws where you live will determine who may make medical decisions on your behalf. This is typically your spouse, your parents if they are available, or your children if they are adults. If you are unmarried and have not named your partner as your proxy, it’s possible they could be excluded from decision-making. If you have no family members, some states allow a close friend who is familiar with your values to help. Or they may assign a physician to represent your best interests. To find out the laws in your state, contact your state legal aid office or state bar association.
Will an advance directive guarantee your wishes are followed?
An advance directive is legally recognized but not legally binding. This means that your health care provider and proxy will do their best to respect your advance directives, but there may be circumstances in which they cannot follow your wishes exactly. For example, you may be in a complex medical situation where it is unclear what you would want. This is another key reason why having conversations about your preferences is so important. Talking with your loved ones ahead of time may help them better navigate unanticipated issues.
There is the possibility that a health care provider refuses to follow your advance directives. This might happen if the decision goes against:
The health care provider’s conscience
The health care institution’s policy
Accepted health care standards
In these situations, the health care provider must inform your health care proxy immediately and consider transferring your care to another provider.
Other advance care planning forms and orders from doctors
You might want to prepare documents to express your wishes about a single medical issue or something else not already covered in your advance directives, such as an emergency. For these types of situations, you can talk with a doctor about establishing the following orders:
Do not resuscitate (DNR) order: A DNR becomes part of your medical chart to inform medical staff in a hospital or nursing facility that you do not want CPR or other life-support measures to be attempted if your heartbeat and breathing stop. Sometimes this document is referred to as a do not attempt resuscitation (DNR) order or an allow natural death (AND) order. Even though a living will might state that CPR is not wanted, it is helpful to have a DNR order as part of your medical file if you go to a hospital. Posting a DNR next to your hospital bed might avoid confusion in an emergency. Without a DNR order, medical staff will attempt every effort to restore your breathing and the normal rhythm of your heart.
Do not intubate (DNI) order: A similar document, a DNI informs medical staff in a hospital or nursing facility that you do not want to be on a ventilator.
Do not hospitalize (DNH) order: A DNH indicates to long-term care providers, such as nursing home staff, that you prefer not to be sent to a hospital for treatment at the end of life.
Out-of-hospital DNR order: An out-of-hospital DNR alerts emergency medical personnel to your wishes regarding measures to restore your heartbeat or breathing if you are not in a hospital.
Physician orders for life-sustaining treatment (POLST) and medical orders for life-sustaining treatment (MOLST) forms:These forms provide guidance about your medical care that health care professionals can act on immediately in an emergency. They serve as a medical order in addition to your advance directive. Typically, you create a POLST or MOLST when you are near the end of life or critically ill and understand the specific decisions that might need to be made on your behalf. These forms may also be called portable medical orders or physician orders for scope of treatment (POST). Check with your state department of health to find out if these forms are available where you live.
At enrollment, Medicare in the future could offer three advancedirectives with goals of care: DirectiveA: CONSENT to treat — inpatient medical treatment DirectiveB: CONSENT to comfort — home bound holistic care DirectiveC: CHOOSE against medical advice — outpatient palliative resources.
Posted on April 14, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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According to Wikipedia, the Web3 (also known as Web 3.0 and sometimes stylized as web3) is an idea for a new iteration of the World Wide Web based on blockchain technology, which incorporates concepts such as decentralization and token-based economics. Some technologists and journalists have contrasted it with Web 2.0, wherein they say data and content are centralized in a small group of companies sometimes referred to as “Big Tech“. The term “Web3” was coined in 2014 by Ethereum co-founder Gavin Wood, and the idea gained interest in 2021 from cryptocurrency enthusiasts, large technology companies, and venture capital firms.
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Now, some experts argue that web3 will provide increased data security, scalability, and privacy for users and combat the influence of large technology companies.
Others have raised concerns about a decentralized web, citing the potential for low moderation and the proliferation of harmful content,the centralization of wealth to a small group of investors and individuals, or a loss of privacy due to more expansive data collection. Others, such as Elon Musk and Jack Dorsey, have argued that web3 only currently serves as a buzzword.
Posted on April 13, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The consumer-price index, a closely watched inflation gauge that measures what consumers pay for goods and services, rose 5% last month from a year earlier, down from February’s 6% increase and the smallest gain since May 2021, the Labor Department said yesterday. Earlier, the consumer price index for March came in below expectations, rising 0.1% monthly compared to forecasts for a 0.2% increase. Many other indicators have inflation continuing to fall in the coming months as tightening credit conditions and weaker economic demand take a bite out of economic growth.
The following is a round-up of today’s market activity:
The S&P 500 Index was down 16.99 (0.4%) at 4091.95; the Dow Jones industrial average was down 38.29 (0.1%) at 33,646.50; the NASDAQ Composite was down 102.54 (0.9%) at 11,929.34.
The 10-year Treasury yield was down about 3 basis points at 3.404%.
CBOE’s Volatility Index was down 0.01 at 19.09.
Technology stocks led Wednesday’s declines, with the PHLX semiconductor index sinking 1.8%. Consumer discretionary and transportation were also among the weakest sectors, while oilfield services led gainers as crude oil prices extended a recent rally.
WTI crude futures jumped over 2% above $83 a barrel and ended near a five-month high. Gold futures rose a second straight day and remain above $2,000 an ounce.
Posted on April 10, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
NOW AVAILABLE
By Staff Reporters via CMS
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Open Payments is a national disclosure program that promotes a transparent and accountable healthcare system. Open Payments houses a publicly accessible database of payments that reporting entities, including drug and medical device companies, make to certain healthcare providers, which are referred to as covered recipients.
Pre-publication review and dispute for the Program Year 2022 Open Payments data opened on April 1st and is available through May 15th, 2023. Disputes must be initiated by May 15th, 2023 in order to be reflected in the June 2023 data publication.
Posted on April 7, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
Happy 75th Birthday
By Staff Reporters
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It’s World Health Day and the 75th birthday of the World Health Organization (WHO). Thanks to the WHO, we have almost eradicated diseases like polio and smallpox, and the organization led the largest-ever response to a global health crisis against the Covid-19 pandemic.
So, why not Celebrate this WorldHealthDay by taking care of yourself? It doesn’t have to be tough or uninteresting to eat a well-balanced, nutrient-dense diet, reduce alcohol intake or go for a walk or other exercise. And, stick around for next year!
Posted on April 6, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
“Sameach Pesach”
Holy [Maundy] Thursday
By Staff Reporters
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Markets: The NASDAQ extended its losing streak for a third day yesterday amidst a mixed showing for stocks overall. Among the tech stocks having a rough day was cybersecurity giant Zscaler, as investors got new data suggesting the labor market may be cooling (setting off recession jitters again).
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This week’s economic numbers “all point to a softening economy,” but not necessarily a “soft landing,” says Kevin Gordon, senior investment strategist at the Schwab Center for Financial Research. An economic slowdown that averts recession “is what the Fed is looking for, but the market is saying today—with both stock prices and bond yields lower—that recession fears are outweighing hopes for a soft landing,” Kevin says.
The S&P 500® Index fell 10.22 points (0.3%) to 4090.38; the Dow Jones industrial average rose 80.34 (0.2%) to 33482.72; the NASDAQ Composite fell 129.47 (1.1%) to 11996.86.
The 10-year Treasury yield fell about 3 basis points to 3.309%.
CBOEs Volatility Index was up 0.12 at 19.12.
Among S&P 500 sectors, consumer discretionary and industrial stocks led declines. One bright spot was the healthcare sector, which jumped nearly 2%, helped by gains in Johnson & Johnson (JNJ) and Eli Lilly (LLY). Recession concerns weighed particularly heavily on small-cap stocks, as the Russell 2000 index dropped near a two-week low. WTI crude futures fell slightly but remained above $80 a barrel and near two-month highs.
Gold futures extended this week’s rally and ended at a 13-month high.
Posted on April 1, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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April Fools’ Day—occurring on April 1 each year—has been celebrated for several centuries by different cultures, though its exact origins remain a mystery. April Fools’ Day traditions include playing hoaxes or practical jokes on others, often yelling “April Fools!” at the end to clue in the subject of the April Fools’ Day prank. While its exact history is shrouded in mystery, the embrace of April Fools’ Day jokes by the media and major brands has ensured the unofficial holiday’s long life.
Investors celebrated a lower-than-expected reading on the Federal Reserve’s preferred inflation gauge by driving major U.S. stock indexes higher Friday, the last trading day of the first quarter. Sentiment got a boost after reports that the personal consumption expenditures (PCE) index rose 0.3% in February, a little below the 0.4% economists were expecting, and 5% from the same month a year ago. Core PCE inflation, which excludes volatile food and inflation prices, was also up 0.3% from the previous month and 4.6% from a year earlier. PCE and core PCE both rose 0.6% in January from the month before.
Despite wild fluctuation due to continuous rate hikes from the Fed and an unexpected bank panic, stocks and bonds managed to turn in a pretty, pretty, pretty good performance for the quarter. The S&P 500 gained 7%, and the Dow Jones Industrial Average gained 0.4%.
But, tech companies were indisputably the market leaders.
Wall Street rewarded tech companies’ layoffs and other cost cutting measures, giving tech stocks a resurgence. And with ChatGPT becoming a household name, investors have their money on generative AI as the next big bet. As of last night:
The tech-heavy NASDAQ Composite index rose a whopping 18% since January 1st, its largest quarterly gain in two years.
Stocks of the tech giants leading the charge in AI-powered search, Microsoft and Alphabet, are up 20% and 16%, respectively.
Bank stocks were a delight for short sellers, who made $2 billion betting against the sector in the past three months.
Smaller institutions were most badly injured by the bank panic: The SPRD S&P Regional Banking ETF, which consists of non-behemoth banks, had more than a quarter of its value wiped out in Q1.
Large banks are feeling the pinch of rising interest rates: Global merger and acquisition deals suffered the biggest first-quarter decline since 2001, according to data analyzed by the Financial Times.
“The 0.3% monthly increase in core PCE was a step in the right direction but suggests the path to 2% inflation will still likely be long and bumpy,” says Collin Martin, a fixed income strategist at the Schwab Center for Financial Research.
The S&P 500 Index rose 58 points (1.44%) to 4109.05; the Dow Jones industrial average was up 415 points (1.26%) at 33274.15; the NASDAQ Composite was up 208 points (1.74%) at 12221.91.
The 10-year Treasury yield slipped seven basis points to 3.482%.
CBOEs Volatility Index was down 22 basis points (1.16%) at 18.78.
Over the past decade, the Federal Reserve has manipulated asset prices by interfering with free markets by deciding what both short-term and long-term interest rates should be. This resulted in an increase in risk-taking behavior among investors.
Risk became a four-letter word uttered only by curmudgeons; the only thing investors feared was being left out. The more risk you took, the more money you made – until you lost it all.
Posted on March 25, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Eye doctors can track changes in your vision, as well as detect abnormalities in the retinas and lenses of the eyeball. If your eyes are reddened and itchy and the issue is not resolved with over-the-counter eye drops, make sure you see a doctor to eliminate the possibility of an eye infection.
VISION RULE: Here’s your reminder to practice the 20-20-20 rule: Every 20 minutes, take a 20-second break from your screen and look at something 20 feet away.
One nonprofit, United Network for Organ Sharing, has had a monopoly on running the system for nearly four decades, but the government’s proposal includes potentially bringing more organizations in, as well as upping funding and modernizing the computer systems involved.
Posted on March 18, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
Blue Cross Blue Shield has deployed several trackers on its website, according to the web extension Ghostery, a tool that can tell you what kind of technology web pages are using.
Ghostery returned a list of trackers from Twitter, Google, and LinkedIn.
Though we don’t know specifically what kind of data is being transferred, these pixels are usually installed to help marketing departments. Tracking pixels, for the uninitiated, are hidden or embedded graphics that can give a more complete picture of a customer’s journey: what they’ve clicked on, if they’ve searched for something specific, if they’ve put something in a shopping cart, or whether an advertisement drove them to, say, Blue Cross Blue Shield’s homepage. For example, if an insurer wants to show that its ads are working, it can use a pixel to determine that it was their ad that got someone to finally sign up for health insurance, not Susan in HR.
Trackers are ubiquitous, but experts and consumers have raised serious questions about the data that’s shared between companies. For example, investigative reporting outlet The Markup found that hospitals shared sensitive information with Facebook through the Meta pixel. And just this month, Indianapolis-based Community Health Network reported that pixels may have affected 1.5 million of its patients.
For more, read Marketing Brew’s interview with sociologist Mary F.E. Ebeling, who wrote a book about the collection of sensitive health data.
Each year in the middle of March, tens of thousands of graduating American medical students find out where they are going for their residency — and whether they will be whisked away from their families, friends, and romantic partners.
For many relationships in which one or both people are in medical school, residency “Match Day” — which falls today, on March 17th this year — can be the end of another match. This mass breakup and match happened to many of my own classmates, and to students at medical schools all around the country. But, fortunately not to me years ago.
Posted on March 17, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
Good morning and Happy Saint Patrick’s Day
By Staff Reporters
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The European Central Bank (ECB) lifted its three policy rates by 50 basis points for the sixth consecutive time, raising the benchmark for borrowing costs in the Euro-zone to 3.0% from 2.5%, the highest level since late 2008, as inflation is seen overshooting its 2% target through 2025.
U.S. stocks blasted higher reversing some recent losses as the banking sector continues to remain in the headlines. First Republic climbed after reports that it could receive up to $30 billion in deposits from some of the nation’s largest banks in an attempt to stabilize the lending firm. In other equity news, Adobe topped quarterly expectations and offered upbeat guidance, while Dollar General offered mixed results.
The economic calendar was also busy today, as jobless claims declined more than anticipated, import prices dipped, housing construction activity rose much more than projected, and manufacturing output in Philadelphia remained solidly in contraction territory.
Treasury yields were higher too and the U.S. dollar dipped, while crude oil prices rose, and gold moved modestly to the downside.
Asia finished mostly lower amid the global banking worries, and markets in Europe rebounded even as the European Central Bank followed through with a 50-basis point rate hike despite the financial market turbulence. Finally, Suisse rallied after getting some capital support from the Swiss National Bank.
Posted on March 16, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Great Britain’sNational Health Service, which is meant to provide “free” universal healthcare, is collapsing under the strain of long wait times, hidden data, and excess deaths. Long held up as the crown jewel of “socialized healthcare,” the world’s largest government-run system is unraveling. The crisis has led to a surge in excess deaths that has outlasted the coronavirus pandemic, with ambulance and emergency room delays linked to hundreds of deaths each week, leaked internal data suggest. Hospitals already near capacity last fall could not keep pace as the winter flu season took hold.
U.S. equities were able to claw out of a deep hole to finish mixed, as the recent turmoil in the banking sector on this side of the pond made its way to Europe.
Swiss regulators stepped in to reassure global financial markets after fresh fears about the viability of Credit Suisse threatened wider fallout just days after two historic U.S. bank failures. The Swiss National Bank issued a statement late Wednesday offering the embattled lender financial support if necessary, a move that helped markets pare some of the day’s steep losses. Other bank stocks took hits as well, with JPMorgan closing down 4% and Wells Fargo and Goldman Sachs closing down about 3%. Bank of America closed down less than 1%.
The broader Dow Jones Industrial Index ended Wednesday’s session down about 280 points — roughly 0.9% — while the S&P 500 closed 0.7% lower. The tech-heavy NASDAQ finished the day roughly flat.
The worries overshadowed a welcome benign read on February producer price inflation and a retail sales report that showed a key core component of spending unexpectedly rose and the prior month’s figures were revised to larger-than-expected jumps.
In other economic news, home builder sentiment unexpectedly improved, mortgage applications rose for a second-straight week, but manufacturing output in New York contracted much more than anticipated, and business inventories surprisingly dipped. In other equity news, Lennar Corporation topped quarterly expectations.
Treasury yields tumbled and the U.S. dollar rallied, while crude oil prices dropped, and gold was higher. Asia finished mostly higher after the rebound in the U.S. yesterday, while markets in Europe fell with the banking worries dragging stocks lower across the board.
Posted on March 14, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Editor’s Note:FHA manual underwriting guidelines were updated in 2020 and require that, for those applicants with credit scores below 620 or a debt-to-income (DTI) ratio that exceeds 43%, mortgage applications must be manually underwritten. For a fiercely frugal doctor, or debt adverse medical professional with “poor” credit because of little to no debt, this may actually be good for them. But, it may also make it difficult for a modern automated mortgage lender to issue a loan. Our debt ridden and consumer driven society is largely causative.
With many Lenders now making automated lending decisions, much like emerging healthcare A.I. initiatives, it can seem confusing why others are still sticking to a manual process. But, a few physicians with little to no credit/debt history, and hence a low FICO score, may actually find it a bonus.
Many mortgage lenders currently use computer-based systems to assist with their lending decisions. These systems will look at your client’s credit score, borrowing history, etc. to decide whether or not to approve a mortgage application. It can then be argued that the value of an Underwriter is decreasing; much like physicians are slowly being devalued for many emerging reasons.
Now, understand that not all [minority of clients] applicants will fit into the box that automated decision making systems like. Due to this, there is a need for manual decisions to be made, that will benefit both the Lender and the Borrower (client)!
Manual underwriting allows our Underwriters to look at the bigger picture and get a balanced view on the potential physician and/or client’s ability to repay the mortgage they are applying for. This means they can have a look at the overall risk to the Society and consider what conditions can be used to meet our lending policies. By using manual underwriting in every case, this embeds sensible and responsible decision making within the Society.
A hands-on approach means a look deeper into your financial position, and consider cases where physician clients may have:
Low credit scores;
Minimal credit history;
Self-employed applicants;
Applicants in fixed term employment contracts; and
Many more; like really a good personal risk profile.
Manual Underwriters
It is clear to see the benefits for the Society, and physicians, retrospectively. Some benefits of manual underwriting, according to experts David Cox and Richard Groom, include;
“I like that we can look at cases that many other high street lenders wouldn’t consider. This doesn’t mean we are risk takers; we just apply common sense”.
“I enjoy the hands-on approach we apply. Every applicant is different, so why should they all be pushed through an automated system?”
“Just because something doesn’t quite fit, it shouldn’t result in a computer says no decision. It’s great to be able to look at an individual’s situation and see what changes we can make to turn the negative to a positive”.
“The great thing about manual underwriting is that while our lending policy is the core of what we do, applying a manual approach means we can consider applications outside of this, where it benefits the borrower and the Society”.
Posted on March 13, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Saudi Aramco made what iss probably the “highest net income ever recorded in the corporate world,” Saudi Aramco’s CEO Amin Nasser just said. The state-owned oil giant brought in an astonishing $161.1 billion in net income in 2022, up 46.5% from the previous year. Rising oil prices lifted all energy companies last year, but Aramco raked in almost triple ExxonMobil’s 2022 profits (record for any Western oil company).
So, after getting mixed signals about the economy from Friday’s jobs report, the Fed will take a fine-toothed comb to the consumer price index, which drops tomorrow.
Banks: At the end of an extremely stressful weekend, depositors of collapsed Silicon Valley Bank were told they would be made whole. Yesterday evening, the US government informed anxious SVB depositors that they’d have access to all the money they stashed with the lender today, even if the amount exceeded the $250,000 limit insured by the FDIC. In addition to backstopping depositors, the Fed is offering additional funding to some banks to limit the contagion from spreading across the banking sector.
And, according to MorningBrew, the Fed’s aggressive action shows how the implosion of Silicon Valley Bank on Friday could have quickly turned into a full-blown banking crisis when markets open this morning.
Banking is a confidence game, and if people and businesses felt their uninsured deposits were at risk, they could start pulling money from other banks in a catastrophic bank run.
The government had a hard deadline of 9:30am ET this morning to restore confidence in the banking system, and it beat it.
However, in their announcement, regulators also noted the closure of a second bank, New York-based Signature Bank, over “systemic risk.” All of Signature’s depositors will be made whole, they said.
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ALERT: HSBC Holdings PLC just said that it purchased Silicon Valley Bank UK Ltd., the U.K. arm of the collapsed Silicon Valley Bank, for 1 pound ($1.20). HSBC said the acquisition will help strengthen its franchise in the U.K. As of March 10th, SVBUK had loans of around GBP5.5 billion and deposits of around GBP6.7 billion, while tangible equity is expected to be around GBP1.4 billion. The acquisition was completed immediately.
The Bank of England said it took the decision to sell SVBUK to stabilize the business, ensure continuity of banking services, minimize disruption to the country’s technology sector and support confidence in the financial system.
Posted on March 12, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Mar 12, 2023 – Daylight Saving Time Started
When local standard time was about to reach Sunday, March 12, 2023, 2:00:00 am clocks were turned forward 1 hour to Sunday, March 12, 2023, 3:00:00 am local daylight time instead.
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Meanwhile, although markets are still pricing in additional Fed rate hikes at upcoming policy meetings, concerns about the financial sector have helped push down the expected “peak” rate.
The following is a round-up of Friday’s market activity:
The S&P 500 Index ended 56.73 points (1.5%) lower at 3,861.59, the benchmark’s lowest close since Jan. 5; the Dow Jones industrial average fell 345.22 points (1.1%) to 31,909.64; the NASDAQ Composite fell 199.47 points (1.8%) to 11,138.89.
The 10-year Treasury yield was down about 22 basis points at 3.704%.
April WTI crude oil futures were up 84 cents at $76.56 per barrel.
The U.S. Dollar Index was down 0.7% at 104.58.
CBOE’s Volatility Index was up 2.19 points at 24.8.
The Federal Deposit Insurance Corp.’s decision to shutter Silicon Valley Bank came a day after the bank, once a top lender in the tech sector, failed in an attempt to raise new capital. The bank’s collapse weighed heavily on shares of regional banks, though large institutions held up better.
Posted on March 10, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The online health insurance marketplace for members of Congress and Washington, D.C., residents was subjected to a hack that compromised the personal identifying information of potentially thousands of lawmakers, their spouses, dependents and employees, according to a letter from House leaders informing their colleagues about the breach and a memo from the Senate’s top security official.
Today the U.S. Bureau of Labor Statistics (US-BLS) will report the number of jobs the U.S. economy added in February as well as other pertinent information surrounding the labor market. Officials at the Fed and investors have been watching the labor market very carefully, which has been red hot with the unemployment rate in January remaining near historic lows at 3.4%. Fed officials believe the tight labor market is empowering consumers to spend through rising consumer prices, which has made inflation sticky. Fed Chairman Jerome Powell has said previously the Fed would like to see some deterioration in the labor market to know that it’s winning its war with inflation.
Bank stocks plunged as investors assessed the potential fallout from the implosions of Silicon Valley Bank and Silvergate Capital.
SVB Financial surprised investors with lowered guidance, a $2.3 billion capital raise, and a massive $1.8 billion loss from its bond portfolio.
“This is sending shock waves through the financials with the regional bank ETF lower by 8%,” NYSE’s Michael Reinking said.
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U.S. stocks declined to close out a choppy trading session, adding to weekly losses that followed this week’s hawkish Congressional testimony from Fed Chairman Jerome Powell. A larger-than-expected increase in weekly initial jobless claims seemed to offer a modest reprieve from the concerns about how aggressive the Fed may be.
The Financial sector saw pressure, as SVB Financial plummeted after selling securities for a loss, and Silvergate Capital dropped after announcing that it would shut down its bank operations and liquidate. As a result of the turmoil in the sector, the shares of numerous banks declined. In other equity news, Dow member American Express increased its share buyback plan and raised its dividend, while GE rallied as the Street cheered its long-term outlook.
Treasury yields were mostly lower with short-term rates giving back recent gains, and the yield curve steepened somewhat after inverting further on Powell’s testimony.
The U.S. dollar relinquished some of this week’s rally, while crude oil prices were lower, and gold traded to the upside.
Asian stocks finished mixed following some cooler-than-expected Chinese inflation reports, and Europe ended mostly lower, as the global markets continued to react to Fed Chair Powell’s comments.
Posted on March 10, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
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By AnonymousLetter Leaker
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DAVE – This is what happens when private equity takes over anesthesiologists and other medical services. Private equity has squeezed so much out of physician lives and their practices, that practice has become intolerable. They are all so burnt out that the physician anesthesiologist must now strike out against their own private equity group owners (NAPA). The trickle-down effect becomes with the hospital now caught in the middle, contracted with a private equity group which provides anesthesia, but they have no anesthesiologist employees.
Where does patient care survive?
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February 2023
Colleagues,
As you may be aware, Inova contracts with North American Partners in Anesthesia (NAPA) to provide anesthesia services at Inova Loudoun Hospital. This week, we received notice that our anesthesiologists at Inova Loudoun Hospital have submitted 90-day notice letters of resignation to NAPA. In the spirit of full transparency, we are sharing this news with our physicians.
Here’s what you need to know:
Although we are monitoring this situation, Inova is not a participant in discussions. They are held solely between the anesthesiologists and NAPA. We are actively working to ensure minimal disruptions to current workflows at our care sites. Our anesthesiologists are among the best in the country, and we fully expect that our team members will continue to provide world-class healthcare to the communities we are privileged to serve.
Per our care mandate, people are at the center of everything we do, and we take any situation that affects the work environment of our team members very seriously. We will continue to communicate with NAPA and keep you apprised of pertinent developments.
If you have questions about this situation, please contact Loren Rufino, Senior Vice President, Perioperative Services.
Thank you,
John J. Moynihan, MD, FACS President, Surgery Service Line
Loren A. Rufino SVP, Perioperative Services Administrator Surgery Service Line
Paula R. Graling, DNP, RN, CNOR, NEA-C,FAAN VP, Nursing, Surgery Service Line
Posted on March 8, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The Dow Jones Industrial Average decreased 575 points (1.7%) to 32,856, the S&P 500 Index was 62 points (1.5%) lower at 3,986, and the NASDAQ Composite lost 145 points (1.3%) to 11,530. In moderate volume, 3.8 billion shares of NYSE-listed stocks were traded, and 5.3 billion shares changed hands on the NASDAQ. WTI crude oil fell $2.88 to $77.58 per barrel. Elsewhere, the gold spot price tumbled $34.80 to $1,819.80 per ounce, and the Dollar Index jumped 1.2% to 105.59.
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And, a key recession indicator flashed its loudest warning ever after Federal Reserve Chairman Jerome Powell said benchmark rates will likely go higher than once anticipated. The inversion between the 2-year and 10-year Treasury yields hit a record 103.5 basis points on Tuesday, according to Refinitiv data. It later narrowed to 102.4 basis points. In normal economic times, shorter-term yields are below longer-term yields. But for months, the 2- and 10-year yields have been inverted amid growing recession fears, as the Fed continues to tighten policy to rein in inflation. The 2-year yield currently sits at 4.992% while the 10-year yield is 3.968%. Meanwhile, there’s a 61.6% probability the Fed will raise its benchmark rate by 50 basis points on March 22, up from 31.4% a day earlier.
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Finally, the economic calendar introduced a read on wholesale inventories, which was un-revised from the preliminary report at a m/m decline in January. Meanwhile, consumer credit for January expanded at a slower-than-expected pace. Q4 earnings season continues to wrap up, as Dick’s Sporting Goods bested earnings estimates, raised its quarterly dividend, and issued full-year guidance that came in above forecasts. In other equity news, Meta Platforms is planning another round of layoffs that could affect thousands of workers, according to a Bloomberg News report.
Treasury yields were mixed, and the U.S. dollar rallied, while crude oil and gold prices were sharply lower.
Asian stocks ended mixed following the Reserve Bank of Australia’s 25 bp rate hike, and European stocks were lower, as international investors digested Powell’s comments.
Since its founding, the company has hired several high-profile neuroscientists from various universities. By July 2019, it had received $158 million in funding (of which $100 million was from Musk) and was employing a staff of 90 employees. At that time, Neuralink announced that it was working on a “sewing machine-like” device capable of implanting very thin (4 to 6 μm in width) threads into the brain, and demonstrated a system that read information from a lab rat via 1,500 electrodes. They had anticipated starting experiments with humans in 2020, but have since moved that projection to 2023.
Several neuroscientists and publications, including the MIT Technology Review, have been critical of claims made by Musk about Neuralink, calling some of the technological promises “highly speculative”. In March 2023, Reuters reported that the Food and Drug Administration rejected a 2022 application for human trials.
The agency had several concerns, including the risk of tiny wires in the chip shifting to other areas of the brain.
Posted on March 6, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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National Dentist’s Day falls on March 6th every year. It was established as a way to show appreciation and thanks for dentists. It’s also a way to bring awareness to dentistry so that people will know more about how to care for their teeth. It also encourages people who may have avoided going to the dentist to come in for a checkup.
“WALL STREET Hell Week: Features several potential landmines for the stock market. One of them is the jobs report on Friday. Employment numbers have been on the rise, and continued strength in the labor market could lead to more interest rate hikes. Another key event this week: FOMC Chair Jerome Powell’s testimony on Capitol Hill. He’s expected to field questions on the trajectory of inflation and the looming debt-ceiling crisis.
Posted on March 5, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Shares of cryptocurrency bank Silvergate Capital plummeted 57% last week after the company delayed its annual financial report and warned investors that it may not survive the recent “crypto winter.” In a filing with the Securities and Exchange Commission, Silvergate said it is “analyzing certain regulatory and other inquiries and investigations that are pending.”
Electric vehicle company Tesla unveiled its latest “master plan” at its highly anticipated analyst and investor meeting but Tesla shares dropped 5.9% amid criticism from analysts that the presentation by CEO Elon Musk lacked clarity and details. Musk reiterated Tesla’s goal of increasing its annual EV production from 1.3 million vehicles in 2022 to 20 million by 2030.
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Chip designer shuns London to list in NYC:UK-based Arm—a company whose tech is inside almost every smartphone—used to be listed in London before being taken private by Softbank. Yesterday it said it’s planning an IPO in New York.The British government has been trying to woo the company to relist in London, and Arm said it wasn’t ruling out a future London IPO. But it’s a big loss for London for now, and it heightens concerns that the UK market is not competitive internationally. Investment bankers are pegging the company’s valuation between $30 billion and $70 billion, per Bloomberg.
Posted on March 3, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The US Senate passed a disapproval resolution formally killing a Department of Labor rule that encourages private retirement plan fiduciaries to consider environment, social and governance (ESG) factors when making investment decisions for over 150 million Americans. ESG is a framework that helps stakeholders understand how an organization is managing risks and opportunities related to environmental, social, and governance criteria (sometimes called ESG factors). ESG is an acronym for Environmental, Social, and Governance. ESG takes the holistic view that sustainability extends beyond just environmental issues. While the term ESG is often used in the context of investing, stakeholders include not just the investment community but also customers, suppliers, and employees, all of whom are increasingly interested in how sustainable an organization’s operations are.
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Stocks Shake Off Fed Uncertainty, Rise in Interest Rates: U.S. equities rallied into the close to finish near the highs of the day, as investors appeared to shake off the persistent rise in interest rates. The markets also digested some earnings reports, as shares of Dow member Salesforce jumped after topping expectations, and Macy’s also moved solidly higher after besting the Street’s forecasts.
However, disappointing guidance from Best Buy took some of the luster of its earnings beat. Elsewhere, the economic calendar added to the Fed uncertainty, as jobless claims unexpectedly dipped, while Q4 productivity was revised lower and unit labor costs were adjusted to the upside. Treasury yields continued their ascent, and the U.S. dollar gained solid ground, while crude oil prices edged higher in choppy trading, and gold was slightly lower.
Asia finished mixed, and Europe posted gains across the board, as the global markets continued to wrestle with recent data.
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Finally, Marc Benioff is bracing for a recession that shows shades of the dot-com crash and financial crisis. The Salesforce CEO is shifting his focus from sales and deals to efficiency and profitability. Benioff warned that falling stocks and recession fears dampen corporate spending.
Posted on March 2, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
A NATIONAL DAY OF RESPECT
SOCIETY OF HOSPITAL MEDICINE
By Staff Reporters
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SHM: National Day Thursday, March 2, 2023, is National Hospitalist Day Occurring the first Thursday in March annually, “National Hospitalist Day celebrates the fastest-growing specialty in modern medicine and hospitalists’ enduring contributions to the evolving healthcare landscape.”
Posted on March 1, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Three cities that saw the steepest home price declines on a seasonally-adjusted, month-over-month basis include Las Vegas, Phoenix, and Portland, with drops of 1.5%, 1.3%, and 1.3%, respectively.
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U.S. equities finished lower in choppy action amid the backdrop of uncertainty regarding the ultimate impact of aggressive monetary policy tightening.
Treasury yields were little changed, and the U.S. dollar was slightly higher, while crude oil and gold prices gained ground. Q4 earnings season continues to wrap up this week, with Target topping forecasts but offering disappointing guidance, while Zoom Video Communications bested forecasts but delivered a mixed outlook.
The economic calendar showed home prices dipped compared to the prior month, while the trade deficit widened more than expected, and wholesale inventories unexpectedly declined. Additionally, consumer confidence and manufacturing activity in the Chicago region unexpectedly declined in February.
Asia finished mixed and Europe also diverged, with the markets continuing to grapple with monetary policy uncertainty.
Posted on March 1, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
MARCH FIRST
By Staff Reporters
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Endometriosis Awareness Day is observed on March 1st, during Endometriosis Awareness Month.
Endometriosis is an inflammatory condition that occurs in women when tissue starts growing outside the uterus. This tissue is the same as that which lines the womb internally. While there are many studies now on this condition, there is still no cure, and awareness is a huge problem. The month, and day, are dedicated to raising awareness and promoting research to find a cure for Endometriosis.
They are also aimed at addressing the stigma that comes with Endometriosis in the form of infertility.
Posted on February 28, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Rare Disease Day is the globally-coordinated movement on rare diseases, working towards equity in social opportunity, healthcare, and access to diagnosis and therapies for people living with a rare disease.
Since its creation in 2008, Rare Disease Day has played a critical part in building an international rare disease community that is multi-disease, global, and diverse– but united in purpose.
Rare Disease Day is observed every year on 28 February (or 29 in leap years)—the rarest day of the year. It was set up and is coordinated by EURORDIS and 65+ national alliance patient organizational partners. Rare Disease Day provides an energy and focal point that enables rare diseases advocacy work to progress on the local, national and international levels.
Posted on February 27, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Twitter cuts more jobs: Just this past weekend, CEO Elon Musk laid off at least 200 workers from the company, which was about 10% of the ~2,000 employees still left at Twitter. When Musk bought the company last fall, there were roughly 7,500 people working there. Product Manager Esther Crawford was one of those let go—she had been heading up the Twitter Blue verification subscription service
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Other retailers in the spotlight: This week’s slate of earnings is all about retail. Target, Dollar Tree, Macy’s, Kroger, and others will give us an update on American consumer health in this period of ripping inflation.
Posted on February 27, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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A new World Health Organization (WHO) report calling for an increased global preparedness for radiological and nuclear emergencies doesn’t spell out any particular current conflict, but it doesn’t need to. The world has become fully aware of the increased dangers of radiological and nuclear threats.
The World Health Organization’s updated list of critical medicines puts a focus on radiological and nuclear emergencies.
The WHO says governments need to have treatments available for citizens exposed to radiation.
New formulas developed in the last decade have, in part, prompted the updated guidelines from WHO.
In the just-issued report, the WHO updated its list of medicines that governments should stockpile for these types of emergencies, including medicines that “either prevent or reduce exposure to radiation or treat injuries once exposure has occurred.”
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Finally, a major sell-off in bonds sent Treasury yields higher, making stocks less attractive to investors. Last week, the major US stock indexes posted their biggest weekly losses of the year.
Posted on February 26, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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All three major stock averages just finished up their worst week of the year so far. A new data drop: One of the Fed’s favorite measures of inflation came out yesterday…and it was higher than expected for January. Meanwhile, Boeing’s shares fell on the news that the company temporarily stopped deliveries of its 787 Dreamliner jets due to a fuselage documentation problem.
Berkshire Hathaway CEO Warren Buffett is releasing his annual shareholder letter. These letters, which 92-year-old Buffett has been writing for more than 60 years, are closely analyzed for his hot takes on the US economy; complete with nitty-gritty business analysis, and folksy advice.
Posted on February 26, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
Large Language Model Meta AI
By Staff Reporters
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Meta joins the AI race with LLlaMa
Well, not *a* llama, but LLaMA, which stands for Large Language Model Meta AI, Meta announced yesterday. Large language models are the tech that fuels applications like OpenAI’s ChatGPT or Google’s Bard.
But LLaMA may be more democratized than its peers in two ways: 1) Any researcher can see its inner workings, which isn’t the case for Google, OpenAI, or Bing and 2) It’s petite compared to its peers, which means it costs less to operate.
Posted on February 25, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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According to Bloomberg, former Treasury Secretary Lawrence Summers said worrying signals of a potential sharp drop-off in activity combined with strength in other indicators point toward an uncertain economic outlook.
Here is Why:
Inventories “look to be building up relative to sales.”Companies are “reporting concerns about their order books.”The business sector appears to have a high payroll head-count relative to “the level of output they’re producing.”“Consumer savings are being depleted, with a low savings rate.” And, “there is stuff when you look down the road a bit that has to be substantially concerning about the Wile E. Coyote kind of moment,” reiterating his reference to the cartoon character that falls off a cliff.
Federal Reserve policymakers will need to “stay nimble and flexible” given the uncertainty, Summers said. The central bank should “resist the pressure to be giving strong signals about what it’s going to do next.”
Finally, the former Treasury chief also reiterated the lack of past examples in which the US managed to avoid a recession when the unemployment rate dropped below 4% and inflation went above 4%. “That’s a powerful historical truth and I think it’s one that’s relevant to our current situation.”
The latest unemployment-rate reading was 3.4%, while the consumer price index climbed 6.4% in January on a year-on-year basis.
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Stocks Fell Following Hot Inflation Report and U.S. equities ended the day and week lower as the markets reacted to a Fed-favored gauge of inflation that came in hotter-than-expected. PCE and Core PCE Price Indexes rose more than anticipated, while personal income increased less than expected, and spending jumped. The moves came as equities have shown some volatility amid festering uncertainty regarding the ultimate economic impact of aggressive global central bank tightening as a result of persistent inflation. In other economic news, new home sales rose, and consumer sentiment was surprisingly revised the upside.
Treasury yields were higher, and the U.S. dollar gained ground, while crude oil prices increased, and gold traded to the downside. Q4 earnings season rounded a corner this week with some second-tier results hitting the tape, as Autodesk disappointed with its guidance and Intuit bested expectations, while Warner Bros. Discovery fell well short of forecasts.
In other equity news, shares of Boeing declined after the company paused delivery of its 787 Dreamliner planes. Asian stocks finished mixed, and markets in Europe fell, with economic data in the respective regions keeping the anxiety over future global monetary policy elevated.
Posted on February 21, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Mardi Gras: New Orleans loves to party all year round, but today aka “Fat Tuesday,” the city will go wild with parades to celebrate Mardis Gras. Down in Rio de Janeiro, Carnival is back in full force and an expected 46 million people will join in on the fun, which lasts through Wednesday.
Shopping insight: Walmart and Home Depot will report earnings this week and share an important update about the American consumer…who seems to be holding up pretty well, despite inflation. Fed minutes on Wednesday, and an inflation report due Friday. Stocks have hit a wall after a blistering start to the year, and the Dow has posted three straight weekly losses.
And, Amazon’scorporate employees will make less money in 2023, people close to the matter just told the Wall Street Journal. Shares of the world’s largest online retailer dropped roughly 36% over the last year, shaking up Amazon’s stock-heavy compensation plan while pulling employee pay much lower than target compensation levels.
Posted on February 20, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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According to Alexandra Bruell at alexandra.bruell@wsj.com the aim of Meta Verified is to increase security and authenticity across the company’s services, Chief Executive Mark Zuckerberg said Sunday in social-media posts. It is also meant to “help up-and-coming creators grow their presence and build community faster,” according to a Meta spokesperson.
The service will cost $11.99 a month for Facebook and Instagram accounts that sign up from a web browser, or $14.99 a month for subscriptions through devices running Android and Apple Inc.’s iOS system, according to Meta. Tests of the service will begin in Australia and New Zealand this week.
In the coming months, the company expects it to roll out in the U.S. and eventually other markets, according to the spokesperson.
Posted on February 20, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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U.S. Markets will be closed for Presidents’ Day. The U.S. Markets will be closed on Monday, February 20, 2023. Please be aware that, when making brokerage transactions after 4 p.m. EST on Friday, February 17, 2023, you will receive the closing price as of Tuesday, February 21, 2023.
But crypto trading takes no days off, and despite the fallout from FTX’s collapse and a flurry of crackdowns by regulators, bitcoin has been on a nice run lately. Last Thursday, it topped $25,000 to hit an eight-month high.
PS: Did you know that Presidents Day (today) doesn’t actually fall on any president’s birthday? While originally celebrated on February 22, the day George Washington was born, the holiday was moved to the third Monday of February in 1971. That’s because Congress passed the Uniform Monday Holiday Act, which moved some federal holidays to Monday so we could all enjoy more three-day weekends.
Posted on February 19, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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HEALTH TRACKER UN-AVAILABLE
After three years of keeping us all updated on Covid case counts, Johns Hopkins University will stop updating its Covid-19 tracking dashboard next month. The tracker was viewed 2.5+ billion times and cost $13 million to run.
I worked at several FQHCs as a medical student and intern, back in the day, both in urban and suburban settings. But, I never was sure what this entity was, exactly. Probably because I was from an under served area, myself.
Thus, they are a critical component of the health care safety net. FQHCs are called Community/Migrant Health Centers (C/MHC), Community Health Centers (CHC), and 330 Funded Clinics. FQHCs are automatically designated as health professional shortage facilities.
Posted on February 17, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Gasoline prices have unexpectedly risen in January, at a time when Americans normally stay put and demand remains relatively flat. Last week, the national average price for regular gas crept up to $3.51 a gallon, according to the American Automobile Association (AAA), jumping up by 12 cents compared to a week before and 41 cents in December. As of today, regular gas was on average $3.49 a gallon. It was a dark surprise for American consumers wary of the skyrocketing prices experienced last summer when gas reached a record height of $5.02 a gallon on average nationwide
U.S. equities declined sharply following another hotter-than-expected read on inflation, as well as hawkish commentary from Fed officials, which seemed to complicate the outlook for further monetary policy tightening. January’s Producer Price Index (PPI) came in above estimates, causing more Fed uncertainty that had already ramped up following this week’s elevated consumer inflation report, and yesterday’s much stronger-than-anticipated retail sales data. A busy day of economic data also included a lower-than-projected level of jobless claims, softer-than-forecasted housing construction activity, and an unexpected tumble in manufacturing activity out of Philadelphia.
Treasury yields were higher following the inflation report, and the U.S. dollar increased, while crude oil prices nudged lower, and gold was little changed. Q4 earnings season continued to roll on, with Dow member Cisco Systems topping forecasts, though Shopify offered disappointing revenue guidance, and Paramount missed expectations.
Asian and European stocks finished higher for the most part, as investors grappled with the U.S. inflation data and monetary policy uncertainty.
The federal government on January 19th reached its approximately $31.4 trillion debt ceiling — which legally caps how much the U.S. can borrow to pay for what tax and other revenue doesn’t cover — and the Treasury Department has since been using “extraordinary measures” along with its current cash flow to keep the government’s obligations paid.
“CBO estimates that under its baseline budget projections, the Treasury would exhaust those measures and run out of cash sometime between July and September of this year,” according to the report.
Posted on February 15, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Microsoft (MSFT) ended a project that aimed to encourage the use of the Metaverse in industrial environments just four months after it was formed, according to a new report by The Information. The 100 members of the team have been laid off as the company wants to prioritize shorter-term projects over those needing longer to generate meaningful revenue.
Tech, led by Nvidia and Tesla, had it better than other sectors.
U.S. equities finished mixed, as investors digested the highly anticipated Consumer Price Index report, and its potential impact on the Fed’s future monetary policy decisions. The headline rate and core rate—excludes food and energy—both rose in line with estimates, but on a year-over-year basis inflation came in slightly hotter than expected. In other economic news, small business optimism rose slightly less than anticipated, and remained below its 48-year average for the thirteenth month in a row.
Earnings results were mixed, as Marriot International and Dow component Coca-Cola both bested EPS estimates and provided upbeat outlooks, while Restaurant Brands International missed earnings expectations, but increased its quarterly dividend.
Treasury yields were higher following the inflation data, and the U.S. dollar nudged lower, while crude oil prices fell, and gold was modestly higher in choppy trading. Asian stocks were mostly higher as markets in the region awaited the CPI report, while European stocks mostly added to its strong year-to-date gains amid the inflation data.
Posted on February 14, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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U.S. stocks rose ahead of some key January inflation data this week, which will begin with the Consumer Price Index (CPI) report. The economic calendar was dormant today, while Q4 earnings season continued down the back stretch, as Check Point Software Technologies topped estimates and announced an increase to its share buyback plan, while Fidelity National Information Services offered disappointing guidance.
Treasury yields were mixed, and the U.S. dollar was lower, while crude oil prices gained ground, and gold traded to the downside.
Asian stocks finished mostly lower ahead of the U.S. inflation data and as tensions between the U.S. and China remained, though markets in Europe rebounded from last week’s decline.
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