BOARD CERTIFICATION EXAM STUDY GUIDES Lower Extremity Trauma
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Posted on September 15, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The forecast for next year’s Social Security increase rose to 3.2% from 3% on Wednesday after the government said inflation ticked up in August. Annual inflation in August rose to 3.7%, from 3.2% in July but off a 40-year high of 9.1% in June 2022. Without the volatile food and energy sectors, the so-called “core” inflation rate was 4.3%, down from July’s 4.7%.
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Illegal drugs are expected to be one of the biggest threats to national security in 2024 as overdose deaths topped 100,000 in the last year, according to the Department of Homeland Security’s annual threat study. In its report released Thursday, DHS said it expects illegal drugs produced in Mexico and sold in the United States will continue to kill more Americans than any other threat.
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U.S. stocks ended sharply higher and the greenback jumped on Thursday as robust economic data failed to budge expectations that the Federal Reserve will leave its key interest rate unchanged next week. The rally boosted a broad array of assets. All three major stock indexes ended higher, as did all 11 major sectors of the S&P 500. The dollar jumped to a six-month high, 10-year Treasury yields rose, and crude oil futures hit their highest this year, helping energy stocks outperform the broader market.
A spate of economic data released before the opening bell showed energy prices, specifically gasoline, were largely responsible for a hotter-than-expected producer prices print and a consensus-beating retail sales reading.
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Here is where the major benchmarks ended:
The S&P 500 Index was up 37.66 points (0.8%) at 4,505.10; the Dow Jones Industrial Average was up 331.58 points (1.0%) at 34,907.11; the NASDAQ Composite (COMP) was up 112.47 points (0.8%) at 13,926.05.The 10-year Treasury note yield (TNX) was up about 4 basis points at 4.286%. CBOE’s Volatility Index (VIX) was down 0.69 at 12.79.
Retailers were among the market’s strongest sectors Thursday in the wake of stronger-than-expected August retail sales reported by the Commerce Department. Energy companies also climbed as crude oil futures extended a rally and topped $90 a barrel for the first time since mid-November. Small-cap stocks joined the upswing, with the Russell 2000 Index (RUT) rising nearly 1.5% and ended at a one-week high. Volatility based on the VIX fell under 13.00 and near pre-pandemic levels of early 2020.
Posted on September 14, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
Yesterday was the first day of trade group America’s Health Insurance Plans 2023 Consumer Experience & Digital Health Forum, a two-day conference focused on emerging digital health innovations and how they’re changing the consumer experience of the US healthcare system.
According to Bankrate’s extensive research, the average cost of auto insurance in the U.S. is $2,014 per year. Minimum coverage, on the other hand, has an average annual cost of $622. However, car insurance is like a fingerprint. Although your circumstances may seem similar, your personalized rating factors will cause your premium to vary from that of friends, family and the national average. Still, knowing the average cost of car insurance might give you the information you need to ensure you’re not overpaying for this necessary financial protection.
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The average cost of new cars is now well over $48,000—up almost $6,000 from two years ago and about $10,000 from September 2020, according to Kelley Blue Book.
Posted on September 13, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
REMINDER
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Starting in 2026, high-income earners over the age of 50 who make more than $145,000 can no longer make catch-up contributions to regular 401(k)s. Instead, those catch-ups will head to Roth accounts. That carries significant tax implications.
Here is where the major benchmarks ended yesterday:
The S&P 500® Index (SPX) was down 25.56 points (0.6%) at 4,461.90; the Dow Jones Industrial Average (DJIA) was down 17.73 points at 34,645.99; the NASDAQ Composite was down 144.28 points (1.0%) at 13,773.61.
The 10-year Treasury note yield (TNX) was down about 2 basis points at 4.272%.
CBOE’s Volatility Index (VIX) was up 0.42 at 14.22.
While tech was the weakest performing sector Tuesday, consumer discretionary and communication services shares were also lower. Energy shares led sector gainers Tuesday as oil prices continued to rise.
The Philadelphia Oil Service Index (OSX) gained more than 2% and ended at its highest level since April 2019. WTI crude futures, the U.S. benchmark, extended gains to near $90 a barrel after OPEC, in a report, slightly increased its forecasts for global consumption in 2023 and 2024.
Posted on September 12, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The U.S. Food and Drug Administration authorized and approved updated COVID boosters on Monday amid rising cases and hospitalizations across the country. The boosters made by Pfizer-BioNTech and Moderna, were formulated to target variants that are currently circulating, which are related to XBB – an offshoot of the omicron variant.
The US economy is in a “rolling recession” and a full-blown downturn looms, Liz Ann Sonders says.
Weakness in consumer goods and manufacturing is being offset by strength in services, she noted.
Charles Schwab’s chief investment strategist doesn’t expect a bunch of interest—rate cuts in 2024.
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Here is where the major benchmarks ended:
The S&P 500 Index was up 29.97 points (0.7%) at 4,487.46; the Dow Jones Industrial Average (DJIA) was up 87.13 points (0.3%) at 34,663.72; the NASDAQ Composite was up 156.37 points (1.1%) at 13,917.89.
The 10-year Treasury note yield (TNX) was up about 3 basis points at 4.29%.
CBOE’s Volatility Index (VIX) was down 0.03 at 13.81.
The consumer discretionary sector, which includes stocks like Tesla and Amazon (AMZN), gained nearly 3% and ended at an eight-week high. Health care and utilities were also higher. Energy shares dropped as crude oil futures eased, but oil prices remained near 10-month highs.
Posted on September 9, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The IRS just announced that it is launching an effort to aggressively pursue 1,600 millionaires and 75 large business partnerships that owe hundreds of millions of dollars in past due taxes. IRS Commissioner Daniel Werfel said that with a boost in federal funding and the help of artificial intelligence tools, the agency has new means of targeting wealthy people who have “cut corners” on their taxes.
“If you pay your taxes on time it should be particularly frustrating when you see that wealthy filers are not,” Werfel told reporters in a call previewing the announcement. He said 1,600 millionaires who owe at least $250,000 each in back taxes and 75 large business partnerships that have assets of roughly $10 billion on average are targeted for the new “compliance efforts.”
Werfel said a massive hiring effort and AI research tools developed by IRS employees and contractors are playing a big role in identifying wealthy tax dodgers. The agency is making an effort to showcase positive results from its burst of new funding under President Joe Biden’s Democratic administration as Republicans in Congress look to claw back some of that money.
“New tools are helping us see patterns and trends that we could not see before, and as a result, we have higher confidence on where to look and find where large partnerships are shielding income,” he said.
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Here is where the major benchmarks ended:
The S&P 500 Index was up 6 points (0.1%) at 4,457.49, down 1.3% for the week; the Dow Jones Industrial Average (DJIA) was up 76 points (0.2%) at 34,576.59, down 0.8% for the week; the NASDAQ Composite was up 13 points (0.1%) at 13,761.53, down 1.9% for the week.
The 10-year Treasury note yield (TNX) remained unchanged at 4.26%.
CBOE’s Volatility Index (VIX) was down 0.56 at 13.84.
Energy shares were among the market’s strongest performers this week on expectations the recent rally in crude oil prices to 10-month highs will boost profits. The Philadelphia Oil Service index (OSX) has gained 5% so far this month and ended Friday at its highest level since April 2019. Utilities and regional banks were also firm.
Retail and transportation sectors were among the weakest performers, and small-cap stocks also took pressure, with the Russell 2000 (RUT) down 3.7% for the week.
Kroger and Albertsons plan to sell stores that are in the Pacific Northwest, the Mountain states and in California, Texas, Illinois, and the East Coast, Reuters reported. A deal could be announced as early as this week.
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Here is where the major benchmarks ended:
The S&P 500® Index (SPX) was down 14.34 points (0.3%) at 4,451.14; the Dow Jones Industrial Average (DJIA) was up 57.54 points (0.2%) at 34,500.73; the NASDAQ Composite was down 123.64 points (0.9%) at 13,748.83.
The 10-year Treasury note yield (TNX) was down about 4 basis points at 4.252%.
CBOE’s Volatility Index (VIX) was down 0.05 at 14.40.
Technology shares were among the market’s weakest performers Thursday, as the Philadelphia Semiconductor Index (SOX) fell nearly 2%. Regional banks and small-cap stocks were also under pressure, with the Russell 2000 (RUT) dropping near a two-week low. Utilities were among the few sectors to post gains.
The U.S. dollar index (DXY) climbed for the fifth consecutive day and touched a six-month high amid ideas interest rates will remain elevated for a prolonged period.
Posted on September 7, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Between Friday and Tuesday morning, Charles Schwab moved more than 7,000 advisors, nearly 4 million accounts held by clients, and $1.3 trillion in assets from TD Ameritrade to Schwab’s platform. It’s a milestone in Schwab’s acquisition and integration of TD Ameritrade, and comes amid an eventful year for Schwab (ticker: SCHW). The company’s stock plummeted in March amid concerns about deposit outflows. Shares have pared some of those losses but are down about 27% this year. Last month, the Westlake, Texas-based company disclosed fresh details on cost-cutting moves, including layoffs and office closures.
The weekend’s TD Ameritrade integration was years in the making. Schwab unveiled its deal to buy its longtime rival for $26 billion in November 2019, after both companies had cut commissions to zero. The acquisition, which closed in 2020, boosted Schwab’s online brokerage business and gave it a dominant position in the RIA custody sector. Registered investment advisors rely on custodians to hold client assets and to provide investment, technology, and other services.
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Now, here is where the major benchmarks ended:
The S&P 500 Index was down 31.35 points (0.7%) at 4,465.48; the Dow Jones Industrial Average (DJIA) was down 198.78 points (0.6%) at 34,443.19; the NASDAQ Composite was down 148.48 points (1.1%) at 13,872.47.
The 10-year Treasury note yield (TNX) was up about 3 basis points at 4.296%.
CBOE’s Volatility Index (VIX) was down 0.44 at 14.45.
Financial and technology shares were among the weakest performers Wednesday, with the KBW Regional Banking Index (KRX) dropping more than 2%. The retail and transportation sectors were also under pressure. Energy stocks were one of the few gainers, lifted by WTI crude futures gaining for the sixth straight day after Saudi Arabia said it would extend a voluntary oil production cut.
The U.S. Dollar Index (DXY) strengthened for the fourth day in a row, rising to its highest point since mid-March.
Posted on September 6, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Chip design firm Arm just submitted an updated filing for its upcoming blockbuster initial public [IPO] offering on the New York Stock Exchange, setting a price range between $47 and $51.
Only 9.4% of Arm’s shares will be freely traded on the NYSE.
Arm was previously dually listed in London and New York, before SoftBank acquired it for $32 billion in 2016.
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Bill Gates’s Acquired 1,703,000 Shares of BUD BEER Amid Slump As Brand Aims To Win Back Customers With NFL Sunday Ticket Campaign.
The S&P 500® Index (SPX) was down 18.94 points (0.4%) at 4,496.83; the Dow Jones Industrial Average (DJIA) was down 195.74 points (0.6%) at 34,641.97; the NASDAQ Composite (COMP) was down 10.86 points (0.1%) at 14,020.95.
The 10-year Treasury note yield (TNX) was up about 10 basis points at 4.272%.
CBOE’s Volatility Index (VIX) was up 0.18 at 14.00.
Trucking firms and other transportation companies were among the market’s weakest performers Monday, with the Dow Jones Transportation Average (DJT) dropping more than 2% to a two-month low. Financial shares were also under pressure, with the KBW Regional Banking Index (KRX) down more than 2%. Energy companies were among the few gainers, lifted by oil’s brief rise above $88 per barrel.
The U.S. Dollar Index (DXY) rose to its highest level in nearly six months, thanks in part to weak economic data reports from Europe and China.
Posted on September 2, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Despite a recent rally, stocks couldn’t climb out of the deep hole they dug themselves earlier in the month, and all three major indexes finished August in the red.
Cannabis companies were the clear winner following news that the Department of Health and Human Services recommended that green pot should be reclassified as a lower-risk substance.
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And, Anthony Fauci MD has said that there is “not going to be the tsunami of cases that we’ve seen” during the darkest days of the COVID-19 pandemic, following the emergence of two new variants of the virus. Speaking to the BBC, the former chief medical advisor to the president, who was regularly the face of the government’s response to the pandemic, played down the seriousness of the new strains, stressing that the vast majority of the population had enough immunity to prevent infections requiring medical intervention.
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Markets: The Dow wrapped up its best week since July as investors celebrated another rock-solid jobs report. The economy added 187,000 jobs in August, and the unemployment rate rose to 3.8% from 3.5%—signs that the labor market is cooling, but not so fast that it’s likely to spark a recession.
Here is where the major benchmarks ended:
The S&P 500 Index was up 8.11 points (0.2%) at 4,515.77; the Dow Jones Industrial Average (DJIA) was up 115.80 points (0.3%) at 34,837.71, up 1.4% for the week; the NASDAQ Composite (COMP) was down 3.15 points at 14,031.81, up 3.2% for the week.
The 10-year Treasury note yield (TNX) was up about 7 basis points at 4.177%.
CBOE’s Volatility Index (VIX) was down 0.49 at 13.08.
Financial companies were among the strongest performers Friday, with the KBW Regional Banking Index (KRX) gaining about 2.5% to a three-week high.
Energy shares were also strong as WTI crude oil futures extended gains after the Energy Information Administration earlier this week reported a larger-than-expected drop in U.S. inventories. Crude futures surged nearly 3% to ended near $86 a barrel, the highest since mid-November. Consumer staples and consumer discretionary were among the weakest performers.
Posted on September 1, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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UBS, the Swiss lender posted the highest quarterly profit ever for a bank in Q2—$29 billion—thanks to its controversial rescue of rival Credit Suisse in March. That acquisition is looking like “one of the biggest steals in financial history,” per the Financial Times, considering the skimpy $3.6 billion price UBS paid for Credit Suisse. While UBS execs have a challenging road ahead integrating Credit Suisse’s businesses into its own, investors seem to think it can pull it off: UBS shares jumped to their highest level since the 2008 financial crisis, making it the second-largest bank in Europe behind HSBC.
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Here is where the major benchmarks ended:
The S&P 500® Index (SPX) was down 7.21 points (0.2%) at 4,507.66, down 1.8% for the month; the Dow Jones Industrial Average (DJIA) was down 168.33 points (0.5%) at 34,721.91, down 2.4% for the month; the NASDAQ Composite was up 15.66 points (0.1%) at 14,034.97, down 2.2% for the month.
The 10-year Treasury note yield (TNX) was down about 2 basis points at 4.098%.
CBOE’s Volatility Index (VIX) was down 0.31 at 13.57.
As was the case for much of the late-August rally, technology shares helped lead gains, with the Philadelphia Semiconductor Index (SOX) up nearly 1% and ending at a four-week high. Retail and consumer discretionary were also among the strongest-performing sectors.
Transportation and utilities lagged. In other markets, WTI crude oil futures extended a week-long rally and ended at a three-week high above $83 a barrel.
Posted on August 31, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Markets: Investors are still in the Upside Down, where bad economic news is good news (and vice versa) thanks to the Fed, so stocks rose yesterday as the market digested data showing the labor market is cooling and there are fewer open jobs. Apple’s hype machine sent its stock climbing as excitement builds for its upcoming iPhone event.
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Here is where the major benchmarks ended:
The S&P 500 Index was up 17.24 points (0.4%) at 4,514.87; the Dow Jones Industrial Average (DJIA) was up 37.57 points (0.1%) at 34,890.24; the NASDAQ Composite was up 75.55 points (0.5%) at 14, 019.31.
The 10-year Treasury note yield (TNX) was little changed at 4.118% after dropping below 4.09% earlier.
CBOE’s Volatility Index (VIX) was down 0.57 at 13.88.
Energy companies were among the strongest performers Wednesday as crude oil futures extended a rally, rising to their highest level in more than two weeks. Retail and transportation shares were also higher. Treasury yields, which have bedeviled the stock market after surging at the start of this month, fell to near three-week lows.
The U.S. Dollar Index (DXY) weakened to a two-week low, thanks to hopes that interest rates may not need to stay so high for so long.
Posted on August 30, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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President Joe Biden’s signature Inflation Reduction Act (IRA), signed into law last year, allows the Medicare health program for Americans aged 65 and over to negotiate prices for some of its most costly drugs.
Medicines on the list include Merck & Co’s diabetes drug Januvia, Eliquis rival Xarelto from Johnson & Johnson, and AbbVie’s leukemia treatment Imbruvica. Other drugs on the list include Amgen’s rheumatoid arthritis drug Enbrel, Boehringer Ingelheim and Eli Lilly’s diabetes drug Jardiance, J&J’s arthritis and Crohn’s disease medicine Stelara and insulin from Novo Nordisk.
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Here is where the major benchmarks ended:
The S&P 500® Index (SPX) was up 64.32 points (1.5%) at 4,497.63; the Dow Jones Industrial Average (DJIA) was up 292.69 points (0.9%) at 34,852.67; the NASDAQ Composite was up 238.63 points (1.7%) at 13,943.76.
The 10-year Treasury note yield (TNX) was down about 10 basis points at 4.112%.
CBOE’s Volatility Index (VIX) was down 0.62 at 14.46.
Technology, Communications Services and Retail shares were among the market’s strongest performers Tuesday. Energy stocks also climbed behind continued strength in crude oil futures, which closed at a two-week high.
The U.S. Dollar Index (DXY) fell along with expectations that interest rates will remain elevated.
Posted on August 29, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Most CFOs think we’ll avoid a recession this year—and that confidence is shared by other members of the C-suite. That’s according to PwC’s August Pulse Survey, which found that only 8% of CFOs predict a recession within the next six months. The survey polled more than 600 C-suite executives from a variety of public and private companies.Among all respondents just 17% strongly agreed there’d be a recession in the next 6 months—a sharp decline from October 2022, when 35% did.Economists, policymakers, and executives “see…the possibility of a soft landing,” Wes Bricker, PwC US vice chair and trust co-leader, said during a media call. “It’s encouraging to see optimism from so many business leaders who participated in our survey.”
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Here is where the major benchmarks ended:
The S&P 500® Index (SPX) was up 27.60 points (0.6%) at 4,433.31; the Dow Jones Industrial Average (DJIA) was up 213.08 points (0.6%) at 34,559.98; the NASDAQ Composite was up 114.48 points (0.8%) at 13,705.13.
The 10-year Treasury note yield (TNX) was down about 3 basis points at 4.21%.
CBOE’s Volatility Index (VIX) was down 0.60 at 15.08.
Energy shares were among Monday’s strongest sectors, as crude oil futures rose for a third-straight session and closed at the highest level in over a week. Regional banks and retailers were also higher.
The U.S. dollar index (DXY) eased slightly but remained near a three-month high, reflecting expectations interest rates will stay elevated.
Posted on August 28, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Markets: Investors weren’t fazed by Jerome Powell’s warning in Jackson Hole that he could raise interest rates even more, sending the S&P 500 and NASDAQ to their first weekly gain in three weeks.
Bonds: But, all the chatter around higher rates has pushed US bond yields to decade-plus highs, which has typically been a drag on stocks.
Focus: Jerome Powell will again be poring over fresh inflation data (Thursday) and the August jobs report (Friday) to guide his next interest rate move. And we’re in stoppage time of earnings season, but a few companies, including Salesforce, Lululemon, and Dollar General, still have to report.
Posted on August 26, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Most CFOs think we’ll avoid a recession this year—and that confidence is shared by other members of the C-suite. That’s according to PwC’s August Pulse Survey, which found that only 8% of CFOs predict a recession within the next six months.
The survey polled more than 600 C-suite executives from a variety of public and private companies. Among all respondents just 17% strongly agreed there’d be a recession in the next 6 months—a sharp decline from October 2022, when 35% did. Economists, policymakers, and executives “see…the possibility of a soft landing,”
Wes Bricker, PwC US vice chair and trust co-leader, said during a media call. “It’s encouraging to see optimism from so many business leaders who participated in our survey.”
The S&P 500® Index (SPX) rose 29 points (0.67%) to 4,405.71; the Dow Jones Industrial Average (DJIA) rose 248 points (0.73%) to 34,346.90; the NASDAQ Composite (COMP) rose 127 points (0.94%) to 13,590.65.
The 10-year Treasury note yield (TNX) was about 2 basis points lower at 4.226%.
CBOE’s Volatility Index (VIX) fell 1.5 points to 15.68.
Friday’s gains left the S&P 500 Index up less than 1% for the week, while the NASDAQ was 2.2% higher, thanks in part to a solid week for tech as investors positioned for the quarterly earnings report from Nvidia (NVDA), widely seen as a bellwether of the artificial intelligence industry. The Dow Jones Industrial Average was still about 0.44% lower, hurt in part by a stumble by Boeing (BA) Thursday.
Energy was the best-performing sector Friday, as crude oil futures rose about 1.2% after a week in the doldrums.
Posted on August 25, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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There are certain types of stocks, bonds and mutual funds that perform better when the market is in decline. Seasoned investors tend to survive bear markets by focusing on the stocks of companies that make products necessary for daily life. Companies that often thrive in a recessionary environment are defensive stocks that provide products and services people simply cannot live without. Stocks included in this list are considered to be defensive by Wall Street analysts.
These type of stocks have performed -5.35% over the past year. By comparison, the S&P 500 is 7.13% over the same period. These types of stocks include: 30.00% of Consumer Cyclical stocks, 30.00% of Consumer Non-Cyclical stocks, 20.00% of Healthcare stocks, 10.00% of Technology stocks and 10.00% of Energy stocks.
Bear markets and recessions also tend to present themselves when market prices have been rising for a time; and investors are feeling irrationally exuberant. But, some markets have seen downturns in 2022 and 2023.
Here is where the major benchmarks ended yesterday:
The S&P 500® Index fell 60 points (1.35%) to 4,376.31; the Dow Jones Industrial Average (DJIA) fell 374 points (1.08%) to 34,099.42; the NASDAQ Composite fell 257 points (1.87%) to 13,463.97.
The 10-year Treasury note yield (TNX) rose 4 basis points to 4.236%.
CBOE’s Volatility Index (VIX) rose roughly 1 point to 17.08.
Consumer discretionary was the weakest sector Thursday, as heavyweight constituents Amazon (AMZN) and Tesla (TSLA) both slid around 2.5%, with communication services and tech right behind. No sector was higher for the day.
Posted on August 24, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Home Mortgage rates just hit their highest mark since 2002, making home ownership even less attainable to potential buyers. Stagnation in the housing market could also put a squeeze on consumer spending, slowing broader economic growth. The average 30-year fixed-rate mortgage, a popular home loan, hit 7.09% last Thursday, up from 6.96% the week before, according to mortgage behemoth the Federal Home Loan Mortgage Corporation (Freddie Mac).
In a statement tied to the release, Freddie Mac noted that the rise of the 10-year Treasury yield and the strength of the economy both contributed to the high rate.
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Here is where the major benchmarks ended:
The S&P 500® Index rose 49 points (1.1%) to 4,436.02; the Dow Jones Industrial Average (DJIA) rose 184 points (0.54%) to 34,472.98; the NASDAQ Composite (COMP) rose 215 points (1.59%) to 13,721.03.
The 10-year Treasury note yield (TNX) fell 15 basis points to 4.180%.
CBOE’s Volatility Index (VIX) fell roughly 1 point to 16.03.
Communication services—which is home to tech-adjacent companies such as Google parent Alphabet (GOOG), Facebook parent Meta (META), and Netflix (NFLX)—and technology were the top-performing sectors Wednesday.
Energy was the laggard, as crude oil futures slipped more than 1% to below $79.
Posted on August 23, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
BREAKING MORNING FINANCIAL NEWS
By Staff Reporters
Dick’s had its worst day ever. The sporting goods retailer lost nearly a quarter of its value after it warned that increased theft and slowing sales of outdoor gear would result in lower-than-expected profits for the rest of the year.
Meanwhile, Macy’s also posted a sad excuse for a quarter, reporting shrinking sales across the board and particularly dramatic declines in categories like active wear and casual apparel. Macy’s CEO said consumers are spending less on goods and more on experiences this summer
Finally, the Dow Jones futures edged higher this Wednesday morning, along with S&P 500 futures and NASDAQ futures. Toll Brothers and Urban Outfitters reported Tuesday night, with Foot Locker and Analog Devices big losers early Wednesday. Nvidia looms large after Wednesday’s close.
Posted on August 23, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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An ETF centered around the bullish stock picks of CNBC’s Jim Cramer is shutting down.The Long Cramer Tracker ETF was launched in February and attracted just $1.3 million in assets.
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Charles Schwab intends to cut jobs and downsize its corporate office space, looking to save upwards of $500 million annually. Investors are underwhelmed, sending Schwab shares down about 3% yesterday.
British antitrust officials said they were reviewing a revised offer by Microsoft to win approval of its $69 billion merger with Activision Blizzard, an effort to clear the biggest remaining regulatory hurdle to the major video games deal. To address the concerns of British regulators that the deal would stunt the development of a new area of gaming technology, Microsoft said it would transfer the cloud streaming licensing rights for all current and new Activision Blizzard games to Ubisoft Entertainment, a rival game publisher.
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Here is where the major benchmarks ended:
The S&P 500® Index (SPX) fell 12 points (0.28%) to 4,387.55; the Dow Jones Industrial Average (DJIA) fell 175 points (0.51%) to 34,288.83; the NASDAQ Composite rose 8 points (0.06%) to 13,505.87.
The 10-year Treasury note yield (TNX) edged down to 4.332%.
CBOE’s Volatility Index (VIX) fell 0.1 points to 17.04.
Posted on August 22, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
“RESERVATION WAGE”
By Staff Reporters
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According to the latest New York Federal Reserve employment survey released Monday, the average “reservation wage,” or the minimum acceptable salary offer to switch jobs, rose to $78,645 during the second quarter of 2023. That’s an increase of about 8% from just a year ago and is the highest level ever in a data series that goes back to the beginning of 2014. Over the past three years, which entails the Covid-19 pandemic era, the level has risen more than 22%.
The number is significant in that wages increasingly have been recognized as a driving force in inflation. While goods prices have abated since pushing overall inflation to its highest level in more than 40 years in mid-2022, other factors continue to keep it well above the Fed’s targeted rate of 2%. The New York Fed data is consistent with an Atlanta Fed tracker, which shows wages overall rising at a 6% annual rate but job switchers seeing 7% gains.
Employers have been trying to keep pace with the wage demands, pushing the average full-time offer up to $69,475, a 14% surge in the past year. The actual expected annual salary rose to $67,416, a gain of more than $7,000 from a year ago and also a new high. Though there was a gap between the wage workers wanted and what was offered, satisfaction with compensation and upward mobility increased across the board.
The S&P 500® Index was up 30.06 points (0.7%) at 4,399.77; the Dow Jones Industrial Average (DJIA) was down 36.97 points (0.1%) at 34,463.69; the NASDAQ Composite (COMP) was up 206.81 points (1.6%) at 13,497.59.
The 10-year Treasury note yield (TNX) touched a fresh 16-year high at about 4.35%, finishing up about 9 basis points at 4.344%.
CBOE’s Volatility Index (VIX) was down 0.21 at 17.09.
Posted on August 19, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Things are looking up for Home Depot. After a gloomy first quarter during which sales fell 4.2%, the retailer performed better than expected in Q2. It reported revenue of $42.92 billion for the quarter, higher than the $42.23 billion it projected earlier in the year. Its earnings per share came in at $4.65, better than the expected $4.45.
But the company is maintaining its guidance for the full year and anticipates a 2%–5% drop in sales for the fiscal year. In its earnings call, CEO Ted Decker struck a cautious note, stating that the home improvement market has entered a period of “moderation” after the pandemic-era DIY boom. Consumers appear to be deferring big-ticket discretionary purchases, such as patio furniture and appliances, Billy Bastek, executive vice president of merchandising, said. Sales of $1,000 or more are down 5.5% YoY. The movement away from large purchases continues a trend that began in Q4 2022.
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Here is where the major benchmarks ended:
The S&P 500® Index edged down a little less than a point to 4,369.71 and was down about 2.1% for the week; the Dow Jones Industrial Average (DJIA) rose 26 points (0.08%) to 34,500.66 and was down about 2.2% for the week; the NASDAQ Composite dropped 26 points (0.2%) to 13,290.78 and was down about 2.6% for the week.
The 10-year Treasury note yield (TNX) pulled back three basis points to 4.250%.
CBOE’s Volatility Index (VIX) fell 3.9% to 17.19.
Energy was the top-performing S&P market sector Friday, as crude oil futures rose more than 1%. Communications services—home to such market heavyweights as Google-parent Alphabet (GOOG) and Facebook-parent Meta Platforms (META)—was the weakest performer, followed by consumer discretionary—home to Amazon (AMZN) and Tesla (TSLA). These sectors tend to do best when the economy has a clear runway for growth and interest rates are lower.
Posted on August 18, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Mortgage rates have climbed to their highest levels in 21 years, according to data released by Freddie Mac on Thursday. The 30-year fixed-rate mortgage averaged 7.09% over the week ending on Thursday, marking a significant increase from 6.96% the week prior, the data showed.
The Federal Reserve has put forward an aggressive string of interest rate hikes as it tries to slash inflation by slowing the economy and choking off demand. That means borrowers face higher costs for everything from car loans to credit card debt to mortgages.
When the Fed imposed its first rate hike of the current series in March 2022, the average 30-year fixed mortgage stood at just 4.45%, Mortgage News Daily data shows.
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Here is where the major benchmarks ended:
The S&P 500 Index was down 33.97 points (0.8%) at 4,370.36; the Dow Jones Industrial Average (DJIA) was down 290.91 points (0.8%) at 34,474.83; the NASDAQ Composite was down 157.70 points (1.2%) at 13,316.93.
The 10-year Treasury note yield (TNX) was up about 3 basis points at 4.286%.
CBOE’s Volatility Index (VIX) was up 1.22 at 18.00.
Consumer discretionary and retail were among the weakest sectors Thursday. Technology shares were also under pressure, even after Cisco Systems (CSCO) reported better-than-expected quarterly results.
Energy stocks held up somewhat better as crude oil futures rose about 1% after the Energy Department reported an unexpectedly large decline in U.S. supplies.
Posted on August 17, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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U.S. stocks were lower after the close on Wednesday, as losses in the Consumer Goods, Technology and Oil&Gas sectors led shares lower.
At the close in NYSE, the Dow Jones Industrial Average fell 0.52%, while the S&P 500 index lost 0.76%, and the NASDAQ Composite index lost 1.15%.
The best performers of the session on the Dow Jones Industrial Average were The Travelers Companies Inc (NYSE:TRV), which rose 1.19% or 1.94 points to trade at 165.42 at the close. Meanwhile, Home Depot Inc (NYSE:HD) added 0.28% or 0.92 points to end at 333.06 and Merck&Company Inc (NYSE:MRK) was up 0.06% or 0.07 points to 108.73 in late trade.
The worst performers of the session were Intel Corporation (NASDAQ:INTC), which fell 3.57% or 1.24 points to trade at 33.53 at the close. Walgreens Boots Alliance Inc (NASDAQ:WBA) declined 1.43% or 0.41 points to end at 28.19 and Caterpillar Inc (NYSE:CAT) was down 1.03% or 2.86 points to 274.51.
The S&P 500 Index was down 33.53 points (0.8%) at 4,404.33; the Dow Jones Industrial Average (DJIA) was down 180.65 points (0.5%) at 34,765.74; the NASDAQ Composite (COMP) was down 156.42 points (1.2%) at 13,474.63.
The 10-year Treasury note yield (TNX) was up about 5 basis points at 4.27%.
CBOE’s Volatility Index (VIX) was up 0.28 at 16.74.
Chipmakers remained weak, with the Philadelphia Semiconductor Index (SOX) down nearly 2% to a 10-week low. Energy companies also slipped as crude oil futures extended a week-long slide by dropping under $80 a barrel to a three-week closing low. Utilities were among the few sectors posting gains.
The U.S. Dollar Index (DXY) hit a six-week high on expectations U.S. rates will remain elevated.
Posted on August 16, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The S&P 500 dropped to a five-week low as weaker-than-expected Chinese data and stronger-than-expected U.S. retail sales fueled concerns about growth and inflation.
Here is where the major benchmarks ended:
The S&P 500 Index was down 51.86 points (1.2%) at 4,437.86; the Dow Jones Industrial Average (DJIA) was down 361.24 points (1.0%) at 34,946.39; the NASDAQ Composite was down 157.28 points (1.1%) at 13,631.05.
The 10-year Treasury note yield (TNX) was up about 3 basis points at 4.217%.
CBOE’s Volatility Index (VIX) was up 1.60 at 16.42.
Financials were among the weakest market sectors, with the KBW Regional Banking Index (KRX) dropping over 3% to a four-week low.
Energy shares were also under pressure after crude oil futures fell to a two-week closing low.
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Stock spotlight: Tesla stock needs a recharge after falling more than 20% from its July peak. Investors are peeved with Tesla’s extended price cuts in China and its plan to release lower-range Model X and Model S vehicles that are $10,000 cheaper than the standard versions.
Posted on August 15, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The Russian ruble traded at nearly 101 to the U.S. dollar on Monday for the first time it has fallen below the symbolic threshold since March last year.
The Russian ruble was near the 100 per USD level, holding at its lowest in 17 months despite the Central Bank of Russia’s announcement of an extraordinary meeting on Tuesday to support the currency amid its freefall. Economists expect the CBR to hike its rate by 150bps to 10%, extending the start of July’s tightening cycle. The ruble is 27% down against the dollar year-to-date amid a slowing economy, unbalanced currency flows, and capital flight from exiting foreign companies. The development of new supply chains since the start of Western sanctions boosted imports to Russia and maintained steady selling pressure on the ruble, with the latest trade surplus sinking by 75% from the prior year and 53% from levels before the war. In the meantime, the outlook on exports deteriorated as demand from key partners in China and India declined. The developments drove the CBR to halt forex purchases under the government’s budget rule to halt forex volatility.
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Here is where the major benchmarks ended:
The S&P 500 Index was up 25.67 points (0.6%) at 4,489.72; the Dow Jones Industrial Average (DJIA) was up 26.23 points (0.1%) at 35,307.63; the NASDAQ Composite was up 143.48 points (1.1%) at 13,788.33.
The 10-year Treasury note yield (TNX) was up about 3 basis points at 4.193%.
CBOE’s Volatility Index (VIX) was down 0.04 at 14.80.
Chipmakers drove gains for the tech-heavy NASDAQ, as the Philadelphia Semiconductor Index (SOX) jumped 2.9% to erase its entire Friday drop.
Financial shares were among the weakest performers, with the KBW Regional Banking Index (KRX) down 1.8%. Oilfield services shares were also weak behind a drop of nearly 1% in crude oil futures.
Posted on August 14, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
.Markets: The market’s rally during the first half of the year has fizzled out this summer despite a greater share of companies beating earnings projections than usual, the WSJ reports. For example, UPS, Apple, and PayPal all topped Wall Street expectations…only to watch shares fall after their reports. Investors suggest it’s a “snap back to reality” moment after market euphoria in H1.
Retailers take the earnings stage. Walmart, Home Depot, and Target will give us a peek into consumer spending, which drives two-thirds of the US economy. Americans filling up their shopping carts (despite interest rates rising to a 22-year high) is one of the main reasons those recession predictions haven’t materialized yet.
US Steel, a symbol of American industrial might in the early 20th century, is considering selling itself.
Posted on August 12, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Starting next month, UnitedHealthcare will move forward with plans to drop prior authorization requirements for a range of procedures, including dozens of radiology services and genetic tests, among others. Prior authorization has often criticized by patients and doctors as an administrative burden that impedes necessary medical care. Insurers meanwhile say prior authorization provides important guardrails against improper health care utilization, helping to keep down costs.
The S&P 500 Index was down 4.78 points (0.1%) at 4,464.05 and down 0.3% for the week; the Dow Jones Industrial Average (DJIA) was up 105.25 points (0.3%) at 35,281.40, up 0.6% for the week; the NASDAQ Composite was down 93.14 points (0.7%) at 13,644.85, down 1.9% for the week.
The 10-year Treasury note yield (TNX) was up about 8 basis points at 4.162%.
CBOE’s Volatility Index (VIX) was down 0.98 at 14.87.
Within the tech sector, chipmakers were particularly weak. The Philadelphia Semiconductor Index (SOX) sank 2.3% to a seven-week low. Energy shares gained amid strength in crude oil futures, which have rallied 11% over the past month to near nine-month highs.
Small-caps ended modestly higher, with the Russell 2000 (RUT) up about 0.1% but still down nearly 1.6% for the week and down 3.9% for the month.
Posted on August 11, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Several US financial firms, including multiple Wells Fargo companies, will pay a combined $549 million in fines after admitting they couldn’t produce discussions about company business from smartphone messaging apps used by their employees, “including those at senior levels.” Both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) fined banks for being unable to produce discussions going back to at least 2019. The regulators say employees used their personal devices to discuss official company business via apps like iMessage, WhatsApp, or Signal and that those “off-channel communications” weren’t “maintained or preserved.”
Not keeping records of those conversations violates the 1934 Securities Exchange Act’s record keeping rules, as well as similar rules from the Investment Advisers Act of 1940, according to the SEC. The CFTC maintains its own record keeping requirements, which it says were violated.
The S&P 500 was up 1.12 points at 4,468.83; the Dow Jones Industrial Average (DJIA) was up 52.79 points (0.2%) at 35,176.15; the NASDAQ Composite was up 15.97 points (0.1%) at 13,737.99.
The 10-year Treasury note yield (TNX) was up about 10 basis points at 4.109%.
CBOEs Volatility Index (VIX) was down 0.07 at 15.89.
Communication services and transportation shares were among the strongest performers Thursday. Energy stocks slipped as crude oil futures tumbled more than 1.5%. Small-caps were also under pressure, with the Russell 2000 (RUT) falling slightly.
Posted on August 10, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
Mark Cuban’s Cost Plus Drug Company has been on a partnering spree lately, and its latest collaborator is Scripta Insights, a digital health company that helps health plans and members find prescription savings.
Scripta plans to incorporate Cost Plus Drugs’s discounted pricing into its Med Mapper, which “maps every drug on the market to every possible way to save,” according to Scripta.
Palantir stock fell 11% to $15.25 yesterday, its biggest drop since November 2022. With that decline, shares are now below their 50-day moving average, at $16.16, for the first time May. It’s broken its uptrend line, which sat around $17, and its first level of support, near $16. Worse still, the stock has fallen for six straight days and is 22% during its losing streak, the worst six-day stretch since May 2022.
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Here is where the major benchmarks ended:
The S&P 500 Index was down 31.67 points (0.7%) at 4,467.71; the Dow Jones Industrial Average (DJIA) was down 191.13 points (0.5%) at 35,123.36; the NASDAQ Composite was down 162.31 points (1.2%) at 13,722.02.
The 10-year Treasury note yield (TNX) was down about 2 basis points at 4.004%.
CBOE’s Volatility Index (VIX) was little changed at 15.99.
Financial shares joined tech stocks in the laggard column Wednesday. The KBW Regional Banking Index (KRX) was down about 1%, while the Philadelphia Semiconductor Index (SOX) dropped about 1.4%. Energy stocks continued to outperform as crude oil futures gained nearly 2% and touched a nine-month high near $85 a barrel.
Oil’s recent rally reflects production cuts by top global producers and concern over supply disruptions stemming from the Russia-Ukraine war.
Posted on August 9, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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(UPI) — A drain on deposits, along with the decline in asset value in a high-interest rate environment, led to a downgrade in ratings for a handful of U.S. banks, Moody’s said. Moody’s Investors Service downgraded the credit rating for smaller lenders such as Pinnacle Financial and put major banks such as Northern Trust under review.
In a report published late Monday, Moody’s said banks may be facing a liquidity and capital crisis “as the wind-down of unconventional monetary policy drains system-wide deposits and higher interest rates depress the value of fixed-rate assets.” Second quarter results for many banks, meanwhile, revealed a struggle to generate profit at a time when Moody’s expects a “mild” recession to emerge in the U.S. economy by early 2024. The investment service added that there was a particular risk coming from the commercial real estate portfolios for some of the banks under review.
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Here is where the major benchmarks ended:
The S&P 500 Index was down 19.06 points (0.4%) at 4,499.38; the Dow Jones Industrial Average (DJIA) was down 158.64 points (0.5%) at 35,314.49; the NASDAQ Composite was down 110.07 points (0.8%) at 13,884.32.
The 10-year Treasury note yield (TNX) was down about 5 basis points at 4.028%.
CBOE’s Volatility Index (VIX) was up 0.27 at 16.04.
Financial and technology shares were among the weakest sectors Tuesday, with the KBW Regional Banking Index (KRX) dropping about 1.5%. Energy stocks were strong as crude oil futures climbed more than 1%.
Volatility based on the VIX spiked to its highest level since late May before receding late in the session. The U.S. Dollar Index (DXY) strengthened on expectations domestic interest rates will remain higher than those in other countries.
Posted on August 8, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Zachary Kirkhorn resigned last week as Tesla’s chief financial officer after 13 years with the electric car giant, according to a filing with the U.S. Securities and Exchange Commission (SEC). The SEC filing show Kirkhorn, who also held the playful title of “Master of Coin,” stepped down on August 4th as Tesla’s CFO. Kirkhorn has served in different finance positions since 2010 and was appointed to CFO in 2019, according to Tesla’s website.
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Here is where the major benchmarks ended:
The S&P 500 Index was up 40.41 points (0.9%) at 4,518.44; the Dow Jones Industrial Average (DJIA) was up 407.51 points (1.2%) at 35,473.13; the NASDAQ Composite (COMP) was up 85.16 points (0.6%) at 13,994.40.
The 10-year Treasury note yield (TNX) was up about 3 basis points at 4.093%.
CBOE’s Volatility Index (VIX) was down 1.29 at 15.81.
Financials and Communication Services were among the best-performing S&P market sectors, while energy shares pulled back as crude oil futures fell nearly 1%. Small-cap stocks were also lower, with the Russell 2000 Index (RUT) easing slightly.
Posted on August 6, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Markets: Stocks embraced the idea that what goes up must come down last week as all three major indexes ticked up in the morning only to fall in the afternoon and finish the week in the red. The back-and-forth reflected a mixed jobs report, which showed jobs being added more slowly but unemployment staying low and wages staying high.
Stock spotlight: Amazon had its best day this year after the market digested its blockbuster quarterly results. The company added over $100 billion to its value, according to Dow Jones Market Data.
Posted on August 5, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Hiring roughly held steady in July as employers added 187,000 jobs despite high interest rates and inflation. The unemployment rate, which is calculated from a separate survey of households, dipped from 3.6% to 3.5%, the Labor Department said Friday. Economists surveyed by Bloomberg had estimated that 200,000 jobs were added last month.
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The geopolitics: Major oil producer Saudi Arabia said yesterday it would extend its output cuts into September and could even deepen those cuts after that, according to state media. By curbing supply, Saudi Arabia hopes to prop up the price of oil—which gives it critical revenue to spend on futuristic cities. But the cuts are angering the White House because they could lead to an uptick in US inflation.
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Apple’s sales are slumping. The iPhone-maker reported its third straight quarter of revenue declines as fewer people join the blue-text mafia. But while Apple is struggling to sell iPhones, it’s doing a great job monetizing its existing customers. The services unit—home to the App Store, Apple TV+, Apple Music, and more—hit a record $21 billion in sales. Amazon was the other Big Tech company to report earnings yesterday: Its glowing financials knocked Wall Street’s socks off.
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Here is where the major benchmarks ended for the day and week:
The S&P 500 Index ended 24 points lower (0.53%) at 4,478.03 and was down 2.27% for the week; the Dow Jones Industrial Average ended 150 points lower (0.43%) at 35,065.62 and was down 1.11% for the week; the NASDAQ Composite ended 50 points lower (0.36%) at 13,909.24 and was down nearly 3% for the week.
The 10-year Treasury note yield (TNX) pulled back 12 points to 4.055%.
CBOE’s Volatility Index (VIX) rose 1 point to 17.33.
Posted on August 4, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Markets: Stocks held steady despite a jump in bond yields (which typically sends equities lower). Gas station, oil prices continued their upward march.
Economy: Jobs Report at 8:30am ET today, as the government will drop the employment situation for July. It is expected to show a softening—but still healthy—labor market. Economists will be especially dialed in to wage growth for insights on the future trajectory of inflation. Workers getting big raises could put upward pressure on prices.
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Here is where the major benchmarks ended yesterday:
The S&P 500® Index (SPX) was down 11.50 points (0.3%) at 4,501.89; the Dow Jones Industrial Average (DJIA) was down 66.63 points (0.2%) at 35,215.89; the NASDAQ Composite (COMP) was down 13.73 points (0.1%) at 13,959.72.
The 10-year Treasury note yield (TNX) was up about 11 basis points at 4.185%.
CBOE’s Volatility Index (VIX) was down 0.11 at 15.98.
Energy was among the strongest sectors Thursday as crude oil futures surged nearly 3%. Consumer Discretionary shares and regional bank stocks recovered some of their losses from the day before.
Utilities were among the weakest sectors, with the Philadelphia Utility Index (UTY) dropping near a four-week low.
MCLEAN, Virginia (Reuters) – U.S. Treasury Secretary Janet Yellen on Wednesday voiced more objections to Fitch Ratings’ downgrade of the main U.S. credit rating, calling it “entirely unwarranted” because it ignored improvements in governance metrics during the Biden administration and the country’s economic strength.
The S&P 500 Index was down 63.34 points (1.4%) at 4,513.39; the Dow Jones Industrial Average (DJIA) fell 348.16 points (1.0%) to 35,282.52; the NASDAQ Composite dropped 310.47 points (2.2%) at 13,973.45.
The 10-year Treasury note yield (TNX) rose about 3 basis points to 4.073%.
CBOE’ss Volatility Index (VIX) was up 2.2 at 16.13.
Consumer discretionary and energy shares were also weaker, with the latter pressured by a more-than 2% drop in crude oil futures.
The U.S. dollar index (DXY) strengthened for a fifth straight day and touched a four-week high, as investors shed riskier assets in favor of what are considered safe havens. Volatility based on the VIX hit its highest level since late May.
Posted on August 2, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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CVS Health is eliminating about 5,000 jobs in an effort to reduce costs as it turns its focus to healthcare services, the company said Tuesday. The cuts represent less than 2% of the company’s total workforce, which comprised of roughly 300,000 employees at the end of 2022. The layoffs will affect “non-customer facing positions,” the company said in an emailed statement to USA TODAY.
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AT&T Inc.’s human resources chief, Angela Santone, will leave the company at the end of September, just as the telecommunications giant is eliminating thousands of jobs as part of a newly expanded $8 billion cost-reduction program. Chief Executive Officer John Stankey informed employees last week in an email that Santone was leaving. She is one of only three female top executives at AT&T.
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Here is where the major benchmarks ended:
The S&P 500 Index was down 12.23 points (0.3%) at 4,576.73; the Dow Jones Industrial Average (DJIA) was up 71.15 points (0.2%) at 35,630.68; the NASDAQ Composite (COMP) was down 62.11 points (0.4%) at 14,283.91.
The 10-year Treasury note yield was up about 8 basis points at 4.037%.
Cboe’s Volatility Index (VIX) was up 0.29 at 13.92.
Financials were among the weakest sectors Tuesday, with the KBW Regional Banking Index (KRX) falling more than 1%.
Energy shares were also under pressure as crude oil futures pulled back from a recent rally.
The U.S. Dollar Index (DXY) strengthened for a fourth consecutive day, rising to its highest level in about three weeks.
Posted on August 1, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
What is the Dow Theory?
By Staff Reporters
Pioneered by Charles H. Dow, one of the founders of The Wall Street Journal and Dow Jones & Co., and the publisher of MarketWatch, the theory states that if two stock-market averages, most commonly the Dow industrials and transport gauges, reach notable new highs within the same short period, then the broader market is likely headed higher.
It also was one of the first theories that sought to codify a methodology for prognosticating where the market might be headed in the intermediate future. For more than a century, it’s been a staple in the repertoire of technical strategists, who aim to glean insights through analysis of stock-market charts and indicators.
Dow Theory has lost some of its luster in modern times, especially as the Dow has taken a backseat in recent years to the S&P 500 and high flying tech-heavy indexes like the NASDAQ Composite and NASDAQ-100 critics also have lambasted it as overly simplistic.
But proponents of the technical Dow Theory can still point to a wealth of historical data showing it generally works as a buy signal, especially if its broadened to include other indexes like the now-dominant S&P 500.
Posted on August 1, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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This week executives from Pfizer, Moderna, AmerisourceBergen, Cigna, and other health companies are set to update investors on their latest financials and product offerings.
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Markets: Stocks ended the day in the green closing out a July where all three major indexes ticked up—the NASDAQ most of all. It was the S&P 500’s fifth-straight month of gains, giving the index its best streak since 2021.
Palantir became the latest company to get a big AI boost after one analyst dubbed it the “Messi of A.I.” because the software company is poised to become a major player.
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The Biden administration just announced it is forming a new Office of Long COVID Research and Practice to study the condition and help those who have been diagnosed with it. The office, which will be under the Department of Health and Human Services, “is charged with on-going coordination of the whole-of-government response to the longer-term effects of COVID-19,” according to a news release.
Posted on July 29, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Markets: Stocks entered the weekend on a high note yesterday, with rising tech stocks and falling inflation leading the way.
Stock spotlight: Tupperware kept climbing yesterday, after gaining more than 300% over the past month. Perhaps it has become the latest meme stock even though it warned in April that it was on the verge of bankruptcy.
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Here is where the major benchmarks ended for the day and week:
The S&P 500 Index was up 45 points (1%) at 4,582.23 and gained about 0.9% for the week; the Dow Jones Industrial Average was up 177 points (0.5%) at 35,459.29 and added 0.7% for the week; the NASDAQ Composite was up 267 points (1.9%) at 14,316.66 and gained nearly 1.5% for the week.
The 10-year Treasury note yield (TNX) fell about 5 points to 3.960%.
CBOE’s Volatility Index (VIX) dropped 1.1 points to 13.29.
Posted on July 28, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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US gross domestic product (GDP) increased at a more-than-expected 2.4% annualized rate last quarter thanks to healthy consumer spending and businesses shelling out on investments. The latest figures show that not only is the US economy not spiraling into a recession due to interest rate hikes, it’s actually getting stronger as the year goes on.
In fact, underlying inflation rose at its slowest pace in two years. This could be a sign of the “soft landing” that FOMC Chair Jerome Powell seeks.
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The European Central Bank also took it a cue from the FOMC and raised interest rates to a 23-year high. Investors think it could be the ECB’s last rate hike this cycle.
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But, according to CNN, Japan’s central bank kept interest rates unchanged today despite rising inflation but hinted that it could gradually abandon years of cheap money, sending the yen soaring and stocks tumbling. The Bank of Japan (BOJ) said it kept unchanged its short-term interest rate at minus 0.1% and maintained its target for the yield on 10-year government bond at around 0%.
But the central bank also said it would adopt a more flexible approach to controlling the yield on government bonds — which affects borrowing costs across the world’s third biggest economy,diluting a key pillar of its longstanding ultra-loose monetary policy.
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After a historic 13-day winning streak, the Dow—along with the other two major indexes—closed lower as its dizzying rise finally succumbed to gravity. There were some strong individual performances, however. Meta kept its impressive 2023 rolling after giving an optimistic earnings report.
Posted on July 28, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The Dow slipped on Thursday, snapping a 13-day winning streak. The blue-chip index fell 237 points after being on track to close higher for a 14th consecutive session. That would have marked the Dow’s longest run of consecutive gains since May 1897. If the Dow had closed higher Thursday and Friday, it would have notched 15 days of gains, its longest daily winning streak ever.
But the index’s run was at historic levels before it was cut short Thursday: On Wednesday it notched its 13th straight day of gains, its best winning streak since 1987 and its highest level since February 2022. The Dow, up roughly 6% for the year, has rallied in recent weeks as cooler-than-expected inflation data has investors more optimistic that a soft landing, or no recession, could be in the cards for the economy.
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Here is where the major benchmarks ended for the day:
The S&P 500 Index was down 29 points (0.64%) at 4,537.41; the Dow Jones Industrial Average was down 237 points (0.67%) at 35,282.72; the NASDAQ Composite (COMP) was down 77 points (0.55%) at 14,050.11.
The 10-year Treasury note yield (TNX) rose about 14 points 4.002%.
CBOE’s Volatility Index (VIX) dropped 5 points to at 13.32.
Posted on July 27, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The Federal Reserve raised its benchmark interest rate another 0.25% on Wednesday, reviving its inflation fight despite a significant cooldown of price increases in recent months. The rate hike brought the Fed’s benchmark interest rate to a 22-year high of between 5.25% and 5.5%. Inflation has fallen significantly from a peak last summer, but remains at a level one percentage point higher than the Federal Reserve’s target of 2%.
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The Dow on Wednesday rose for a 13th straight day, matching its longest winning streak since 1987. If it closes higher today, it would be a streak not seen since 1897 — about a year after the benchmark was created — when the Dow advanced for 14 sessions in a row. During this latest run, the Dow has outperformed, gaining 5%. That momentum hasn’t been seen in the broader S&P 500 and NASDAQ Composite indexes, however. Both are up just 3% since the Dow’s streak began. The S&P 500 has fallen twice in that time, while the NASDAQ has posted three losing sessions
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Here is where the major benchmarks ended for the day:
The S&P 500 Index was down 0.02% at 4,566.75; the Dow Jones Industrial Average (DJIA) was up about 82 points (0.23%) at 35,520.12; the NASDAQ Composite was down 17 points (0.12%) at 14,127.28.
The 10-year Treasury note yield (TNX) edged down to 3.867%.
CBOE’s Volatility Index (VIX) dropped 5 points to at 13.32.
Posted on July 26, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Google Chief Financial Officer Ruth Porat will become president and chief investment officer of parent company Alphabet, ending an eight-year run during which she helped pitch the company to Wall Street.
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Here is where the major benchmarks ended yesterday:
The S&P 500 Index was up about 13 points (0.28%) at 4,567.46; the Dow Jones Industrial Average was up about 27 points (0.08%) at 35,438.07; the NASDAQ Composite was up 86 points (0.61%) at 14,144.56.
The 10-year Treasury note yield (TNX) was little changed at 3.883%.
CBOE’s Volatility Index (VIX) was up 0.09 at 14.00.
Posted on July 25, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The good news continued for the Dow, which notched its 11th straight day of gains yesterday—its best streak since February 2017. But there is much coming that could impact the markets this week, from Big Tech earnings (Microsoft and Alphabet report today) to a likely rate hike from the Fed tomorrow.
Stocks spotlight: Mattel, IMAX, and AMC (boosted from a recent ruling blocking a planned stock conversion) were all up.
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Here is where the major benchmarks ended yesterday:
The S&P 500 Index was up 18 points (0.4%) at 4,554.64; the Dow Jones Industrial Average was up 184 points (0.5%) at 35,411.24; the NASDAQ Composite was up 26 points (0.2%) at 14,058.87.
The 10-year Treasury note yield (TNX) was up about 3 basis points at 3.870%.
CBOE’s Volatility Index (VIX) was up 0.29 at 13.89.
Energy was the strongest sector as crude oil futures added to their recent rally with another 2.3% rise to end near $79 per barrel. Financials were also higher, while utilities and health care lagged.
Posted on July 22, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Regulators fined Deutsche Bank $186 million for not fixing anti-money laundering, due diligence, and sanctions controls. This is the third time since 2015 that the Federal Reserve has fined the troubled bank for internal control failures. (CNN Business)
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Under the YouTube Health Initiative, the company partnered with several healthcare organizations, including traditional health systems like Cleveland Clinic in Ohio and Mass General Brigham in Boston, as well as online health education platforms like Osmosis and Psych Hub. Other partners include the medical journal the New England Journal of Medicine, the World Health Organization, and the American Public Health Association.
These health organizations created videos on a range of health topics, which YouTube curates in what it calls “carousels” and labels to indicate that the information comes from reputable sources. If someone searches for information on diabetes, for example, they’ll get a carousel of videos from the health partners on diabetes.
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Here is where the major benchmarks ended yesterday and for the week:
The S&P 500 Index was up 1.47 points at 4,536.34, up 0.7% for the week and the benchmark’s eighth weekly gain in the past 10; the Dow Jones industrial average was up 2.51 points at 35,227.69, up 2.1% for the week; the NASDAQ Composite was down 30.50 points (0.2%) at 14,032.81, down 0.6% for the week.
The 10-year Treasury note yield (TNX) was down about 2 basis points at 3.837%.
CBOE’s Volatility Index (VIX) was down 0.39 at 13.60.
Utility and health care shares were among the strongest performers Friday, which may reflect investors rotating into more “defensive” sectors, which haven’t participated as much in this year’s rally and may be seen as a “relative value” or “catch-up” play.
Energy stocks were also strong as crude oil futures jumped over 2% and posted a fourth straight weekly gain. Regional banks and communication services were among the weakest sectors, while the small-cap-focused Russell 2000 (RUT) fell slightly.
Posted on July 21, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The S&P 500 and NASDAQ fell on Thursday, weighed down by drops in Tesla and Netflix following their quarterly results, but the Dow advanced for a ninth straight day thanks to gains in Johnson & Johnson following a strong annual forecast.
Here is where the major market benchmarks ended:
The S&P 500 Index was down 30.85 points (0.7%) at 4,534.87; the Dow Jones industrial average was up 163.97 points (0.5%) at 35,225.18; the NASDAQ Composite was down 294.71 points (2.1%) at 14,063.31.
The 10-year Treasury note yield (TNX) was up about 11 basis points at 3.846%.
CBOE’s Volatility Index (VIX) was up 0.22 at 13.98.
Consumer Discretionary stocks, which are considered to have greater exposure to recession than other companies, were among the weakest performers Thursday. Technology stocks also struggled, with the NASDAQ posting its lowest close since July 12th and the Philadelphia Semiconductor Index (SOX) tumbling over 3%.
Health care and utilities, generally considered more recession-proof, were the strongest performers.
Posted on July 20, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
Elon Musk underlined the astounding scale of Microsoft and Nvidia’s combined market-value surge on Tuesday with a two-word tweet: “Crazy times.” While Musk didn’t spell out whether he views Microsoft or Nvidia as overvalued, his strong reaction could be a red flag for stock market investors.
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Here is where the major benchmarks ended yesterday:
The S&P 500 Index was up 10.74 points (0.2%) at 4,565.72; the Dow Jones industrial average was up 109.28 points (0.3%) at 35,061.21; the NASDAQ Composite was up 4.38 points at 14,358.02.
The 10-year Treasury note yield (TNX) was down about 4 basis points at 3.744%.
CBOE’s Volatility Index (VIX) was up 0.44 at 13.74.
Posted on July 19, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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(Bloomberg) — Novartis AG raised its profit outlook and announced plans to buy back as much as $15 billion in shares as it prepares to spin off its Sandoz generics unit. Operating profit excluding some items will likely grow by low double digits this year, the Swiss drug maker said in a statement, raising its forecast for a second time from a prior estimate of high single-digits gains. The stock rose as much as 4% in Zurich trading.
Shares of U.S. telecom giantVerizon (NYSE: VZ) fell 7.5% in trading on Monday after a series of articles in The Wall Street Journal highlighted the lead in cable sheathing that telecom companies used decades ago. Some analysts downgraded the stock, but the market sold before more details were available from the company.
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Here is where the major market benchmarks ended:
U.S. stocks extended a rally as better-than-expected bank results boosted the S&P 500 and NASDAQ to fresh 15-month highs.
The S&P 500 Index was up 32.19 points (0.7%) at 4,554.98; the Dow Jones industrial average was up 366.58 points (1.1%) at 34,951.93; the NASDAQ Composite was up 108.69 points (0.8%) at 14,353.64.
The 10-year Treasury note yield (TNX) was little changed at 3.793%.
CBOE’s Volatility Index (VIX) was down 0.16 at 13.32.
Financial stocks were among the strongest performers Tuesday, sending the KBW Regional Banking Index (KRX) up over 4%. Oilfield services shares were also strong as crude oil futures gained over 2%. The small-cap Russell 2000 (RUT) gained over 1% and posted a five-month high.
Posted on July 18, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Earnings season picks up: The Q2 reports will come fast and furious this week from companies including Bank of America, Tesla, major airlines, and American Express. But the most tea is expected to be spilled by Netflix, which will give an update on its password-sharing crackdown and discuss how the Hollywood strikes are impacting its business.
A new study reports Eli Lilly’s Alzheimer’s drug slowed cognitive and functional decline for people with early stages of the disease. The data, published Monday in the Journal of the American Medical Association, found the experimental drug Donanemab slowed decline by 35% compared to a placebo group based on a measure of daily activities such as driving, managing finances and talking about current events. Researchers also shared the data at the Alzheimer’s Association International Conference in Amsterdam.
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Lilly said it submitted an application for traditional Food and Drug Administration approval earlier this year and expects the agency will act before the end of the year.
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Finally, technology shares were among the strongest performers yesterday, with the Philadelphia Semiconductor Index (SOX) surging over 2% to its highest level since January 2022. Smaller companies also performed well, with the small-cap focused Russell 2000 (RUT) up over 1% to end at a five-month high. Financial shares remained robust following mostly better-than-expected results from big banks last week. Here is where the major benchmarks ended:
The S&P 500 Index was up 17.37 points (0.4%) at 4,522.79; the Dow Jones Industrial Average was up 76.32 points (0.2%) at 34,585.35; and the NASDAQ Composite was up 131.25 points (0.9%) at 14,244.95.
The 10-year Treasury note yield (TNX) was down about 2 basis points at 3.805%.
CBOE’s Volatility Index (VIX) was up 0.14 at 13.48.
Posted on July 15, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The biggest U.S. banks presented a picture of a resilient economy on Friday, with consumers and businesses continuing to spend and borrow even after a lightning-fast rise in interest rates.
JPMorgan Chase’s profit soared 67% in the second quarter from a year earlier and Wells Fargo’s jumped 57%, lifted by the income they earned lending out money at higher rates. Citigroup’s net interest income was a bright spot, though profit fell 36%. All three banks beat analysts’ expectations for profit and revenue.
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Here is where the major benchmarks ended:
The S&P 500 Index was down 4.62 points (0.1%) at 4,505.42, up 2.4% for the week; the Dow Jones Industrial Average (DJIA) was up 113.89 points (0.3%) at 34,509.03, up 2.3% for the week; the NASDAQ Composite was down 24.87 points (0.2%) at 14,113.70, up 3.3% for the week.
The 10-year Treasury note yield (TNX) was up about 7 basis points at 3.828%.
CBOE’s Volatility Index (VIX) was down 0.29 at 13.32.
Energy shares were among the weakest performers Friday after crude oil futures retreated nearly 2% from 2½-month highs posted Thursday. Regional banks were also lower despite stronger-than-expected quarterly results from their larger peers.
Health care and Consumer Staples were among the strongest performers. The U.S. dollar gained slightly but remained near a 17-month low against the euro.
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