DAILY UPDATE: Another Health System Data Breach as the “Magnificent Seven” Stocks End Mixed

Posted on December 29, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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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.

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DAILY UPDATE: Health Care, FOMC and the Tepid Markets

Posted on December 12, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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SPONSOR: http://www.MarcinkoAssociates.com

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In healthcare, legislators could vote next week on a major health reform package that includes a ban on spread pricing in Medicaid and a push toward site-neutral payments.

In more news from the Hill, a bipartisan bill was introduced that seeks to cancel a 3.4% Medicare pay cut to docs, which has drawn plenty of ire from the industry.

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The final FOMC meeting of the year will take place this week, and like most work meetings in mid-December, not a whole lot is going to happen. Chair Jerome Powell is widely expected to leave interest rates unchanged as inflation continues its descent to a 2% target. But 2024 planning is in full swing, and investors are desperate to learn when the Federal Reserve thinks it will need to cut rates next year.

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Here is where the major stock index benchmarks ended:

  • The S&P 500 index was up 18.07 points (0.4%) at 4,622.44; the Dow Jones Industrial Average® (DJI) was up 157.06 points (0.4%) at 36,404.93; the NASDAQ Composite was up 28.51 points (0.2%) at 14,432.49.
  • The 10-year Treasury note yield (TNX) was little-changed at 4.239%.
  • The CBOE® Volatility Index (VIX) was up 0.28 at 12.63.

In addition to retailers, semiconductor company shares also posted outsized gains Monday, boosted in part by a jump of nearly 10% in Broadcom (AVGO). The Philadelphia Semiconductor Index (SOX) gained more than 3% and ended near a two-year high. Transportation companies were also strong.

In other markets, Natural Gas futures (/NG) plunged more than 6% to a six-month low, reflecting warmer-than-normal U.S. temperatures and excess supplies.

Finally, the so-called Magnificent Seven stocks of Apple, Microsoft, Alphabet, Amazon.com, Nvidia, Tesla and Meta Platforms each fell at least 0.8%. Meta led the declines, dropping 2.2%. But only one out of 11 S&P 500 sectors fell. Even the information technology sub-index ticked higher, reflecting gains outside of the largest companies in the sector.

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