DAILY UPDATE: Boeing Down as Stocks End Mixed

Posted on March 12, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Stocks were mixed yesterday as investors looked ahead to what today’s government inflation data will bring. Boeing took a dive and the stock is down 24% this year.

Here’s where the major benchmarks ended:

  • The S&P 500® index (SPX) fell 5.75 points (0.1%) to 5,117.94; the Dow Jones Industrial Average® ($DJI) gained 46.97 points (0.1%) to 38,769.66; the NASDAQ Composite® (COMP) declined 65.84 points (0.4%) to 16,019.27.
  • The 10-year Treasury note yield (TNX) was up almost 1 basis point to 4.096%.
  • The CBOE Volatility Index® (VIX) rose 0.45 to 15.19. 

Chip maker weakness sent the Philadelphia Semiconductor Index (SOX) down 1.36% Monday following a 3.5% drop Friday, when the benchmark initially set a record intra-day high above 5,217. The index is still up 17% this year.

Other sectors outside of tech extended recent strength, including the Dow Jones Utility Index ($DJU), which gained for the fourth straight day and ended at its highest level since February 1. The S&P Energy Index ($SP500#10) reached its highest level since late October, while the S&P 500 Materials Index ($SP500#15) advanced over 1% to its highest post in nearly two years.

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DAILY UPDATE: UnitedHealth Group Still Down as Stock Markets Dips with Chip Makers

Posted on March 9, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

Tomorrow is the start of daylight saving time. Enjoy the extra hour of evening light.

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UnitedHealth Group is laying out a timeline to restore its systems as a cyberattack on its Change Healthcare subsidiary continues to disrupt the health care industry for nearly a third week. The company said Thursday it’s still working “aggressively” to restore its services after the attack Feb. 21st caused it to shut down its insurance claims and payment platforms, leaving health care providers and pharmacies across the nation unable to process prescriptions or pay employees, but as of now, its electronic prescribing is back to being “fully functional.”

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Stocks tumbled yesterday, giving the Dow its worst week since October as Nvidia’s seemingly unstoppable rally…stopped. Meanwhile, bitcoin notched another record, hitting $70,000 for the first time before the volatile cryptocurrency retreated.

Government: The Senate passed vital funding bills just barely ahead of a shutdown deadline, ensuring the government can stay open—at least for now. But they still need to pass more before March 22nd.

Here’s where the major benchmarks ended:

  • The S&P 500 index (SPX) fell 33.67 points (0.7%) to 5,123.69, down 0.3% for the week; the Dow Jones Industrial Average® ($DJI) lost 68.66 points (0.2%) to 38,722.69, down 0.9% for the week; the NASDAQ Composite (COMP) dropped 188.26 points (1.2%) to 16,085.11, down 1.2% for the week.
  • The 10-year Treasury note yield (TNX) fell more than 1 basis point to 4.079%.
  • The CBOE Volatility Index® (VIX) rose 0.30 to 14.74.

The Philadelphia Semiconductor Index (SOX) sank 3.5% Friday but still gained 0.6% for the week, its third straight weekly advance. Bank and utility shares were among the market’s few areas of strength, and small-cap stocks held up relatively well. The Russell 2000® Index (RUT) fell 0.1% after earlier climbing to a two-year high but still added 0.3% for the week, its fourth weekly gain in the past five.

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DAILY UPDATE: Corporate M&A Activity Increasing as Stock Markets End Mixed

Posted on February 28, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Merger and Acquisition (M&A) activity was down in 2023, but McKinsey says we should keep our chins up based on the strong final months of the year and economic optimism among professionals. For example, Global M&A activity last year totaled $3.1 trillion, dropping 16% from 2022, McKinsey found in a new report by senior partners Jake Henry and Mieke Van Oostende. But, the value of M&A activity in the fourth quarter increased 41% over Q3 and 37% year over year.

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Stocks were mixed yesterday, with the S&P 500 and NASDAQ inching up and the Dow Jones dropping ahead of the release of key inflation data later this week. Viking Therapeutics, whose stock more than doubled after it reported positive results for its weight-loss drug trial in a bid to break into a sector dominated by Eli Lilly and Novo Nordisk.

Here’s where the major stock market benchmarks ended:

  • The S&P 500® index (SPX) rose 8.65 points (0.2%) to 5,078.18; the Dow Jones Industrial Average® (DJI) fell 96.82 points (0.3%) to 38,972.41; the NASDAQ Composite® (COMP) gained 59.05 points (0.4%) to 16,035.30.
  • The 10-year Treasury note yield (TNX) rose about 1 basis point to 4.309%.
  • The CBOE Volatility Index® (VIX) dropped 0.31 to 13.43.

Retailer strength helped lift the S&P Retail Select Industry Index (SPSIRE) 2.4% to its highest level in 22 months. Utility shares were also strong as the sector rebounded from the previous day’s slump. The small-cap Russell 2000® (RUT) jumped 1.3% to extend a nearly week-long rally and posted its second-highest close of the year.

In other markets, WTI crude oil (/CL) futures surged 1.4% and settled just under $79 per barrel, the market’s highest close since early November. Strength in oil reflects concern over conflict in the Middle East and expectations OPEC may extend production cuts beyond the first few months of 2024.

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DAILY UPDATE: Trump’s SPAC as the S&P 500 Records a New High

Posted on February 16, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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The U.S. Securities and Exchange Commission allowed Donald Trump’s media and technology company to merge with a blank-check acquisition [SPAC] vehicle in a deal that currently values the parent of his social media app Truth Social at as much as $10 billion.

SPAC: https://medicalexecutivepost.com/2022/06/13/spac-v-direct-listing-v-ipo/

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Here’s where the major benchmarks ended:

  • The S&P 500 index rose 29.11 points (0.6%) to 5,029.73; the Dow Jones Industrial Average® (DJI) gained 348.85 points (0.9%) to 38,773.12; the NASDAQ Composite® (COMP) added 47.03 points (0.3%) to 15,906.17.
  • The 10-year Treasury note yield (TNX) fell more than 2 basis points to 4.242%.
  • The CBOE Volatility Index® (VIX) lost 0.37 to 14.01.

Bank shares were among the market’s strongest performers with an assist from Wells Fargo (WFC), whose shares jumped more than 7% following reports a bank industry regulator had ended a penalty it imposed after a fake accounts scandal.

Energy companies also posted outsized gains behind a rebound in crude oil prices. Also, small-cap shares extended a sharp upswing as the Russell 2000® Index (RUT) gained 2.5% and ended at its highest level since late December.

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DAILY UPDATE: Stocks Markets Collapse!

Posted on February 14, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Off-the-charts inflation may be a distant 2022 phenomenon, but we’re not entirely over it. Price growth is still not back to levels that would satisfy Jerome Powell, and shoppers continue to deal with the fallout. Prices grew faster than economists expected last month, according to the consumer price index data the government released yesterday.

They climbed 0.3% in January (slightly more than in December) and 3.1% from a year prior. Excluding food and energy prices, January’s inflation was 0.4%, a bit over December’s reading, and 3.9% more than the prior January. And we point out that things aren’t so bad, since inflation isn’t too far from the Fed’s 2% annual target. But shoppers might argue that just because prices are growing more slowly doesn’t mean things are costing them less.

Here’s where the major benchmarks ended:

  • The S&P 500® index (SPX) fell 68.67 points (1.4%) to 4,953.17, its lowest close since February 5; the Dow Jones Industrial Average lost 524.63 points (1.4%) to 38,272.75; the NASDAQ Composite® (COMP) dropped 286.94 points (1.8%) to 15,655.60.
  • The 10-year Treasury note yield gained nearly 15 basis points to 4.316%.
  • The CBOE Volatility Index® (VIX) rose 1.89 to 15.82.

Bank shares were among the worst performers Tuesday amid concerns the CPI numbers suggested the Fed will maintain a higher-for-longer interest rate tack that could crimp lenders’ margins. The KBW Regional Banking Index (KRX) plunged 4.5%. Small-cap stocks, another group sensitive to interest rates, also fell sharply, with the Russell 2000® Index (RUT) sinking 4%.

In other markets, the U.S. Dollar Index (DXY) rallied about 0.7% to its strongest level in nearly three months, reflecting expectations interest rates will remain elevated.

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DAILY UPDATE: Bloomberg Health Staffing Philanthropy as Stock Markets Hit Record Highs, Again!

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.

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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.

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DAILY UPDATE: Powell Speaks and the Stock Markets Tumble

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. 

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DAILY UPDATE: Prior Medical Authorizations Up as Stock Markets Rise to Record Highs!

Posted on February 3, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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A new 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.

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Here’s where the major benchmarks ended:

  • 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.

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DAILY UPDATE: Tech Industry Sheds Workers as the Stock Markets Rebound

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 Dutch superstition 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.

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The tech industry has shed tens of thousands of workers over the last year or so, including thousands this month alone across companies including Unity, Twitch, Amazon, Meta, Microsoft, eBay and Google. It also emerged that PayPal is firing around 2,500 people. 

Here’s where the major benchmarks ended:

  • 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.

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Cigna Sells Medicare Part C as 23andMe Crashes

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.

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DAILY UPDATE: Microsoft, Google and IMF Up Yesterday, as UPS and the Stock Markets Collapse Today

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.

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Here’s where the major benchmarks ended:

  • 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%.

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DAILY UPDATE: Evergrande and the FanDuel-Flutter as Stocks End Mixed Awaiting the FOMC

Posted on January 31, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Embattled China Evergrande ordered to liquidate by Hong Kong court

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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.

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Here’s where the major benchmarks ended:

  • 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.

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DAILY UPDATE: Stock Markets Blast Off Again!

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 WTI Crude Oil futures (/CL) reversed an initial rally to a two-month high and ended with a loss of more than 1%.

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DAILY UPDATE: Stocks End Mixed

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%.

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DAILY UPDATE: R.I.P. Medical Debt as Stock Markets End Mixed

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.

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Here’s where the major benchmarks ended:

  • 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.

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DAILY UPDATE: Crypto-Currency, ETFs and the Stock Markets

Posted on January 8, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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The Markets as of 10:00am ET. Here’s what these numbers mean.
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.

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DAILY UPDATE: Healthcare Artificial Intelligence Safety as the DJIA Sets Record

Posted on December 15, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Twenty-eight healthcare companies, including CVS Health , are signing U.S. President Joe Biden’s voluntary commitments aimed at ensuring the safe development of artificial intelligence (AI), a White House official said yesterday. The commitments by healthcare providers and payers follow those of 15 leading AI companies, including Google, OpenAI and OpenAI partner Microsoft to develop AI healthcare models responsibly.

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Health insurance company Humana is being accused of allegedly wrongfully denying care to elderly patients, who are enrolled in Medicare Advantage Plans, using an augmented intelligence model “to override” physicians’ orders on “necessary care patients require,” according to a new lawsuit.

The lawsuit, filed by two Humana Medicare Advantage Plan customers on December th 12 in Kentucky, claims that Humana uses an AI model called nH Predict, and it allegedly has a high error rate. And allegedly, despite knowing that it’s inaccurate, the company still uses it.

Related: CVS, Kroger and Rite Aid face unsettling medical privacy concerns

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Here is where the major benchmarks ended:

The S&P 500 index was up 12.46 points (0.3%) at 4,719.55; the Dow Jones Industrial Average was up 158.11 points (0.4%) at 37,248.35; the NASDAQ Composite® (COMP) was up 27.59 points (0.2%) at 14,761.56.

  • The 10-year Treasury note yield (TNX) was down about 11 basis points at 3.923%, falling under 4% for the first time since early August.
  • The CBOE® Volatility Index (VIX) was up 0.25 at 12.44.

Financial shares remained among the market’s strongest post-FOMC gainers, reflecting ideas that lower interest rates will boost profit margins for banks. Goldman Sachs (GS) rallied nearly 6%, the second-best gain among Dow companies, and hit a 23-month high. The KBW Bank Index (BKX), which includes major companies like Bank of America (BAC) and Citigroup (C) as well as several regional lenders, surged 5% to a nine-month high.

Also, the small-cap Russell 2000® Index (RUT) continued to outgain large-cap counterparts, rising 2.7% to a 4 ½-month high.

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DAILY UPDATE: Norton Healthcare Hacked – Pharma Chains Give Health Data to Police and the Stock Markets Climb

Posted on December 13, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Kentucky-based healthcare provider Norton Healthcare has confirmed that it has suffered a significant ransomware attack that may have put the data of millions of its patients at risk. In a filing to the Maine Attorney General on December 8th, the healthcare giant said that 2.5 million individuals had been affected by the breach.

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Meanwhile, the nation’s largest pharmacy chains have handed over Americans’ prescription records to police and government investigators without a warrant, a congressional investigation found, raising concerns about threats to medical privacy. Though some of the chains require their lawyers to review law enforcement requests, three of the largest — CVS Health, Kroger and Rite Aid, with a combined 60,000 locations nationwide — said they allow pharmacy staff members to hand over customers’ medical records in the store.

The policy was revealed in a letter sent to Xavier Becerra, the secretary of the Department of Health and Human Services, by Sen. Ron Wyden (D-Ore.) and Reps. Pramila Jayapal (D-Wash.) and Sara Jacobs (D-Calif.).

HIPAA anyone?

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Here’s where the major benchmarks ended:

  • The S&P 500 index was up 21.26 points (0.5%) at 4,643.70; the Dow Jones Industrial Average®(DJI) was up 173.01 points (0.5%) at 36,577.94; the NASDAQ Composite® (COMP) was up 100.91 points (0.7%) at 14,533.40.
  • The 10-year Treasury note yield (TNX) was down about 3 basis points at 4.206%.
  • The CBOE® Volatility Index (VIX) was down 0.56 at 12.07.

Technology shares were among Tuesday’s strongest performers despite a 12% drop in Oracle (ORCL), which plunged after reporting lighter-than-expected quarterly revenue late Monday. The Philadelphia Semiconductor Index (SOX) posted its highest close since January 2022.

Financial shares were also firm. Energy shares were under pressure because WTI Crude Oil futures (/CL) extended a slump below $70 per barrel and settled at its lowest price since late June.

Here is where the major benchmarks ended:

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DAILY UPDATE: Non-Physician Practice Ownership Quality Down as Stock Markets Slip

Posted on December 6, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Nearly 60% of doctors who practice as employees of hospitals and other corporate entities say that non-physician practice ownership results in lower quality patient care, per a new survey commissioned by the Physicians Advocacy Institute. Loss of face time with patients and greater focus on finances negatively impact quality, they say.

Here is where the major benchmarks ended:

Here’s where the major benchmarks ended:

  • The S&P 500 index was down 2.60 points (0.1%) at 4,567.18; the Dow Jones Industrial Average was down 79.88 points (0.2%) at 36,124.56; the NASDAQ Composite® (COMP) was up 44.42 points (0.3%) at 14,229.91.
  • The 10-year Treasury note yield was down about 11 basis points at 4.18%.
  • The CBOE® Volatility Index (VIX) was down 0.23 at 12.85.

Energy shares were among Tuesday’s weakest performers on pressure from slumping crude oil futures, which dropped for a fourth consecutive day and hit a five-month low amid concern over global demand. Retail and transportation sectors were also soft. Technology and consumer discretionary shares were among the few gainers.

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DAILY UPDATE: Stock Indexes Pull Back

Posted on December 5, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Here is where the major benchmarks ended yesterday:

  • The S&P 500® index (SPX) was down 24.85 points (0.5%) at 4,569.78; the Dow Jones Industrial Average® (DJI) was down 41.06 points (0.1%) at 36,204.44; the NASDAQ Composite (COMP) was down 119.54 points (0.8%) at 14,185.49.
  • The 10-year Treasury note yield (TNX) was up about 4 basis points at 4.264%.
  • The BOE® Volatility Index (VIX) was up 0.45 points at 13.08.

Technology and communications services shares were among the weakest performers Monday, with the Philadelphia Semiconductor Index (SOX) dropping 1.2%, its lowest level since mid-November.

By contrast, many smaller companies held up better. The small-cap-focused Russell 2000® Index (RUT) rose 1% and ended at a three-month high, extending a recent upswing. In other markets, gold futures (GC) plunged after earlier posting an intraday record above $2,152 an ounce.

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DAILY UPDATE: McLaren Health Care and Mr Cooper Bank Experience Security Breach as Stocks are Mixed Ahead of Inflation Data

Posted on November 14, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Michigan-based healthcare nonprofit McLaren Health Care notified more than 2 million people about a data breach exposing personal information on Thursday, according to a data breach notification report. Unauthorized access to McLaren systems began on July 28th and lasted through August 23rd before the company noticed it a week later on August 31st, according to a notice on the McLaren website.

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And, top US mortgage lender Mr Cooper has confirmed that “certain customer data” may have been exposed following a recent cyberattack. Precisely which data could have been exposed remains unconfirmed as the company continues to investigate “around the clock,” but affected customers are being promised complimentary credit monitoring services in due course.

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And so, here is where the major benchmarks ended today:

  • The S&P 500® Index (SPX) was down 3.69 points (0.1%) at 4,411.55; the Dow Jones Industrial Average was up 54.77 points (0.2%) at 34,337.87; the NASDAQ Composite (COMP) was down 30.36 points (0.2%) at 13,767.74.
  • The 10-year Treasury note yield was up about 1 basis point at 4.636%.
  • CBOE’s Volatility Index (VIX) was up 0.59 at 14.76.

Energy shares were among the strongest performers Monday, with an assist from stronger crude oil futures, which jumped for a second straight day but remain near 3½-month lows touched last week. Health care and consumer staples were also higher. Utilities led decliners, with the Dow Jones Utility Index (DJU) falling to its lowest level in over a week.

From a technical standpoint, chart patterns “remain in the bulls’ favor,” Nathan says, with the S&P 500 closing above 4,400 and its 100-day moving average (currently just above 4,402) for the second day in a row. He pegs key near-term resistance at roughly 4,500. That’s about where the index encountered resistance in late August and early September, with 4,600 a key intermediate hurdle for the bulls.

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