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DAILY UPDATE: GDP Worries as Markets Stumble with Meta but other Technology Stocks are Good

Posted on April 26, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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New GDP numbers out yesterday show a worrying combo of stubborn inflation + waning growth that dampens hopes for a potential interest rate cut. Per the latest data from the Bureau of Economic Analysis, the first quarter of 2024 was a confounding one:

GDP increased at a 1.6% annualized rate, far below projections of 2.4% and notably down from 3.4% at the end of 2023.
While slow growth would typically signal that the Fed could cut rates, another metric complicates matters: Consumer prices (excluding volatile categories), a solid indicator of inflation, shot up to a much higher than anticipated 3.7%.

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Meta reported record Q1 revenue yesterday, but it was overshadowed by the billions of dollars the company is spending in its efforts to win the Artificial Intelligence race and make the Metaverse happen. Investors were unhappy with the company’s forecast that its spending will rise by $10 billion dollars to support Artificial Intelligence development, sending Meta’s stock price down 15% after hours.

Here’s where the major benchmarks ended:

The S&P 500 index fell 23.21 points (0.5%) to 5,048.42; the Dow Jones Industrial Average lost 375.12 points (1.0%) to 38,085.80; the NASDAQ Composite^® ($COMP) shed 100.99 points (0.6%) to 15,611.76.
The 10-year Treasury note yield (TNX) rose about 5 basis points to 4.704%.
The CBOE Volatility Index^® (VIX) fell 0.64 to 15.33.

Communication services shares were the weakest S&P 500 sector Thursday behind the plunge in Meta Platforms. Late Wednesday, the Facebook parent provided lighter-than-expected second-quarter revenue guidance, while CEO Mark Zuckerberg discussed spending in currently unprofitable pursuits such as artificial intelligence (AI) and mixed reality. Meta’s first-quarter earnings and revenue both came above analysts ‘ estimates, however.

Meta’s slump helped send the S&P 500 Communication Services index ($SP500#50) down 4%. Banks were also particularly soft amid concern that persistently high interest rates may compress lender margins. Semiconductor and transportation shares were among the few pockets of strength.

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But, Alphabet, Microsoft, and Snap reported Q1 earnings yesterday, and were generally good. Alphabet issued its first-ever dividend and authorized $70 billion in stock buybacks, after it beat Wall Street’s revenue expectations. Microsoft also beat revenue forecasts on the strength of its cloud services. And Snap shares soared after it topped estimates and impressed investors with its 422 million global daily active users. It was a much-needed boost for the sector after Meta spooked the market with how much it’s spending on AI.

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DAILY UPDATE: Retirement Security Rule, National Drug Take Back Day, Spotify, Cleveland Clinic, NAR and the Mixed Stock Markets

Posted on April 25, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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Otherwise known as “National Prescription Drug Take Back Day,” National Drug Take Back Day on April 25th is sponsored by the Drug Enforcement Agency. Its goal is to keep the public aware of the dangers of prescription drug use and misuse. Many Americans don’t know how to safely dispose of the prescription drugs that have been sitting in the medicine cabinet past their prime. Using these expired drugs, or using someone else’s, is dangerous and puts both the public and the environment at risk.

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Spotify made money in Q1. According to Morning Brew, the streaming music giant grew its revenue last quarter by 20% to $3.8 billion on a record $180 million in profit, it announced yesterday. The smash report comes after Spotify cut costs last year, which included laying off more than a quarter of its workforce. The company also raised prices in 2023 for the first time in a decade as it further expanded beyond music into audio books and other categories. Spotify shares soared ~11% following the news.

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Here’s where the major benchmarks ended:

The S&P 500 index^® (SPX) rose 1.08 points (0.02%) to 5,071.63; the Dow Jones Industrial Average^® ($DJI) fell 42.77 points (0.1%) to 38,460.92; the NASDAQ Composite^® ($COMP) added 16.11 points (0.1%) to 15,712.75.
The 10-year Treasury note yield rose more than 4 basis points to 4.644%.
The CBOE Volatility Index^® (VIX) rose 0.28 to 15.97.

Transportation shares were among the market’s weakest performers Wednesday behind a drop of more than 10% in Old Dominion Freight Line (ODFL), which reported lighter-than-expected quarterly revenue. The shipper’s nosedive helped send the Dow Jones Transportation Average ($DJT) down 2.3%. Consumer staples, semiconductors, and utilities posted moderate advances. The Dow Jones Utility Index ($DJU) gained for the sixth straight day and ended at a three-and-a-half-month high.

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The National Association of Realtors’ $418 million settlement over an alleged conspiracy to inflate commissions received preliminary approval yesterday. It’s a new world order: Sellers won’t have to pay buyers’ agents anymore. There’s been talk of a metaphorical death of real estate agents, or a mass extinction; the jury is still out, but RE/MAX cofounder and chairman Dave Liniger doesn’t seem too concerned.

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The Labor Department announced it has finalized its Retirement Security Rule, which aims to protect American workers who are saving for retirement and relying on advice from fiduciaries for it. The new rule will update the definition of an investment advice fiduciary under the Employee Retirement Income Security Act and the Internal Revenue Code.

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Clinicians don’t always get it right, and their mistakes can be costly: Studies show misdiagnoses lead to roughly 800,000 patient deaths or permanent disabilities each year in the US and cost the healthcare system an estimated $20 billion annually. Cleveland Clinic is using telehealth to try to combat misdiagnoses via its virtual second opinions program, which has saved an average of $8,705 per patient by avoiding unnecessary treatments, according to an analysis released in March.

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Filed under: "Ask-an-Advisor", Breaking News, Drugs and Pharma, Ethics, Experts Invited, Financial Planning, Information Technology, Investing, Marcinko Associates, Recommended Books, Retirement and Benefits, Sponsors, Touring with Marcinko | Tagged: CBOE, Cleveland Clinic, DEA, DJIA, drug enforcement agency, Employee Retirement Income Security Act, ERISA, fiduciary, IRS, Labor Department, Marcinko, Morning Brew, NASDAQ, National Drug Take Back Day, National Prescription Drug Take Back Day, ODFL, Retirement Security Rule, S&P 500, Spotify, teleHealth, textbooks, VIX | Leave a comment »

DAILY UPDATE: Nike Lay-Offs & Retirement “Rule of 55” as Stock Markets Zoom Upward

Posted on April 24, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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Stat: 740. That’s how many employees Nike will lay off at its Oregon HQ before the end of June. In February, Nike CEO John Donahoe informed employees of the company’s plan to reduce 2% of its workforce, which would mean around 1,600 employees in total. (USA Today)

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Let’s say you leave your job at any time during or after the calendar year you turn 55 (or age 50 if you’re a public safety employee with a government defined-benefit plan). Under a little-known separation-of-service provision, often referred to as the “rule of 55,” you may be able take distributions (though some plans may allow only one lump-sum withdrawal) from your 401(k), 403(b), or other qualified retirement plan free of the usual 10% early-withdrawal penalties. However, be aware that you’ll still owe ordinary income taxes on the amount distributed. This exception applies only to the plan (including any consolidated accounts) that you were contributing to when you separated from service. It does not extend to IRAs.

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Here’s where the major benchmarks ended:

The S&P 500 index rose 59.95 points (1.2%) to 5,070.55; the Dow Jones Industrial Average gained 263.71 points (0.7%) to 38,503.69; the NASDAQ Composite^® ($COMP) surged 245.33 points (1.6%) to 15,696.64.
The 10-year Treasury note yield (TNX) decreased about 2 basis points to 4.602%.
The CBOE Volatility Index^® (VIX) fell 1.25 to 15.69.

Similar to Monday, chipmakers were among the market’s strongest areas, carrying the Philadelphia Semiconductor Index (SOX) to a 2.2% advance. Retailers and communication services shares were also strong. The Dow Jones Utility Index ($DJU) gained for the fifth straight day and ended at its highest level in over three months. The Russell 2000^® Index (RUT) surged nearly 2%.

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DAILY UPDATE: The CPI, Korion Health and the Stock Markets Rebound

Posted on April 23, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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Happy Shakespeare Day

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The March Consumer Price Index, which the Bureau of Labor Statistics released last week, revealed that core inflation hit 3.8% Year over Year in March, rising for the first time in 12 months. That’s moving in the wrong direction for the Fed, whose goal is to bring inflation down to 2%.

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Here’s where the major benchmarks ended:

The S&P 500 index rose 43.37 points (0.9%) to 5,010.60; the Dow Jones Industrial Average^® ($DJI) gained 253.58 points (0.7%) to 38,239.98; the NASDAQ Composite advanced 169.30 points (1.1%) to 15,451.31.
The 10-year Treasury note yield (TNX) was little changed at 4.617%.
The CBOE Volatility Index^® (VIX) fell 1.41 to 16.39.

Chipmaker strength lifted the Philadelphia Semiconductor Index (SOX) up 1.7% Monday, partially reclaiming last week’s 9.2% tumble. Banking shares were also among the strongest sectors, while the Russell 2000^® Index (RUT) advanced 1%. WTI crude futures earlier dropped to just a few cents above $82 per barrel, the lowest intraday price since late March.

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“Telemedicine has a lot of potential to bridge barriers and make it convenient for people to access healthcare. But it’s limited by lack of tools. Your doctor can’t reach through the computer screen.”—Akshaya Anand, co-founder of Korion Health, on the startup’s efforts to create an electronic stethoscope for clinicians to record heart and lung movement (Maryland Today)

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DAILY UPDATE: Anti-Competitive Practices in Healthcare and the NASDAQ and S&P 500 Losing Streak!

Posted on April 22, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

HAPPY EARTH DAY

By Staff Reporters

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Feds Open Online Portal for Reporting AntiCompetitive Practices in Healthcare

Federal agencies want to hear from the public about monopolistic and anticompetitive behavior within the healthcare industry. Last Thursday, the Federal Trade Commission (FTC), the Department of Justice (DOJ) and the Department of Health and Human Services (HHS) unveiled HealthyCompetition.gov, an online portal where anyone can submit a healthcare competition complaint for potential investigation.

These submissions, the agencies said, can help the agencies ensure healthcare organizations provide quality care and pay their employees a fair wage.

Source: Dave Muoio, Fierce Healthcare [4/18/24]

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The S&P 500 just had its worst week in more than a year, and the NASDAQ is on a four-week losing streak. Blame skepticism that AI will meaningfully boost profits: Since the NASDAQ peaked last month, the largest US tech companies have lost more than $930 billion in market value. NVIDIA alone lost $212 billion in value on Friday, its biggest plunge since March 2020.

PS: Exxon Mobil is worth more than Tesla for the first time in more than a year.

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Filed under: "Doctors Only", Accounting, Breaking News, Ethics, Experts Invited, Financial Planning, Health Economics, Health Insurance, Healthcare Finance, Investing | Tagged: CMS, Dave Muoio, DJIA, DOJ, Exon Mobil, Fierce Healthcare, FTC, HHS, NYC, S&P 500, Tesla | Leave a comment »

Why the Survival and Dominance of Car Manufacturers is Far from Certain

Posted on April 21, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

A SPECIAL REPORT

(In case you missed it)

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#12: Vitaliy Katsenelson, Value Investor (invest like Buffett, stocks ...

By Vitaliy Katsenelson CFA

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I am going to share with you excerpts from a research paper I wrote in 2018 about Tesla and electrical vehicles (EVs), which I have turned into a small book for reader convenience (it is available for free, here). I want to share these essays with you today because we are at a pivotal moment for traditional carmakers, and these essays, which I have not updated, present an important thinking framework about the industry.

It is easier to convince shareholders and the board of directors to invest money into new factories when the demand for EVs is growing, even if you are losing money per vehicle. At least there is hope that once you get to scale and perfect new technology, the losses will turn into profits.

However, when the demand for electrical vehicles stutters and your inventory of EVs starts piling up – which is exactly what is happening right now – investing in EVs becomes very difficult (I wrote about it here).

Retreating to what you know, what has worked for almost a century, what doesn’t generate huge losses with every vehicle sold, and what your current workforce is trained for, and comfortable producing, seems like a natural decision. The decisions traditional carmakers will make over the next year or two will be very important for what their future looks like a decade or two from now.

Why the Survival and Dominance of Car Manufacturers is Far from Certain

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Filed under: "Advisors Only", "Ask-an-Advisor", Experts Invited, Interviews, Investing, Op-Editorials | Tagged: Buffett, DJIA, electric cars, EVs, NASDAQ, S&P 500, Tesla, value investors, Vitaliy Katsenelson | Leave a comment »

DAILY UPDATE: BoA “De-Banks”, Hospitals Merge and Walmart Health Grows as the NASDAQ Dives

Posted on April 20, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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A group of 15 financial officers representing 13 states issued a warning to Bank of America over its alleged practices of “politicized de-banking” targeting conservatives. In a letter to Bank of America CEO Brian Moynihan, the officials said the bank’s practices threaten its own financial health and reputation with customers while simultaneously harming the U.S. economy and Americans’ civil liberties. They pointed to examples of Bank of America shuttering the accounts belonging to Christian groups and leaders and joining a net-zero climate alliance in addition to its poor viewpoint diversity rating.

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Texas and Missouri will soon have about two dozen Walmart health centers, the retail giant announced this month, adding to its 50-site roster. The company plans to open eight clinics in the Houston metro area, 10 sites in the Dallas-Fort Worth area, and four facilities in Kansas City by the end of 2024, Modern Healthcare reported.

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Hospitals reported the strongest quarter of mergers and acquisitions since 2020, according to consulting firm Kaufman Hall. Four of the 20 announced transactions in the first quarter of 2024 were “megamergers” and brought in $12 billion in revenue in that time period, per the firm’s analysis. The era of consolidation is here.

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Here’s where the major benchmarks ended:

The S&P 500 index fell 43.89 points (0.9%) to 4,967.23, down 3% for the week; the Dow Jones Industrial Average gained 211.02 points (0.6%) to 37,986.40, little changed for the week; the NASDAQ Composite lost 319.49 points (2.1%) to 15,282.01, down 5.5% for the week.
The 10-year Treasury note yield (TNX) dropped more than 2 basis points to 4.623%, still up about 10 basis points for the week.
The CBOE Volatility Index^® (VIX) rose 0.71 to 18.71.

Nvidia (NVDA) plunged 10% to lead the chip sector lower, sending the Philadelphia Semiconductor Index (SOX) down 4.1% to a two-and-a-half-month low. Communication Services shares were also among the weakest sectors, fueled by Netflix weakness. There were several pockets of strength, however. Banking shares posted firm gains Friday behind stronger-than-expected quarterly results from some regional lenders. Utilities also advanced.

The S&P 500 has fallen 5.5% from a record close March 28, more than halfway to the 10% threshold that’s traditionally viewed as a correction. The NASDAQ Composite is down 7.1% from a record close on April 11th.

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Filed under: "Ask-an-Advisor", Breaking News, Drugs and Pharma, Experts Invited, Financial Planning, Health Economics, Health Insurance, Health Law & Policy, Healthcare Finance, iMBA, Inc., Information Technology, Investing, Marcinko Associates, Recommended Books, Sponsors, Touring with Marcinko | Tagged: Bank America, BoA, Brian Moynihan, CBOE, debanking, DJIA, hosp;ital M&As, hospital mergers, Kaufman Hall, Marcinko, Modern Healthcare, NASDAQ, Ninvidia, NVDA, S&P 500, SOX, textbooks, TNX, VIX, Walmart health centers | Leave a comment »

DAILY UPDATE: Stark Laws & 23andMe as Wall Street Pulls Back

Posted on April 19, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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If the practice makes a reasonable effort to collect from a patient who is experiencing financial hardship (e.g., job loss due to COVID-19), providers may be able to offer a discount (e.g., settle for 70% of the amount owed) without violating Stark Law, says Reed Tinsley, CPA, healthcare consultant in Houston, Texas. “But remember that just because even if someone doesn’t have a job, they could still have money,” he adds. “There are a lot of people out there with big savings accounts.”

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Source: Lisa A. Eramo, MA, Keith A. Reynolds, Physicians Practice [4/3/24]

23andMe cofounder and CEO Anne Wojcicki wants to take the once-hot DNA company private. 23andMe said a Special Committee would evaluate the proposal in light of other options. The company’s valuation has tumbled since its stock market debut in 2021. The struggling DNA company once valued in the billions — was essentially worthless as of Wednesday.
But,shares soared Thursday less than three years after it began selling shares. Wojcicki told board members she is proposing to acquire the company in a potential go-private transaction, according to a filing with the Securities and Exchange Commission.

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Here’s where the major benchmarks ended:

The S&P 500 index fell 11.09 points (0.2%) to 5,011.12; the Dow Jones Industrial Average^® ($DJI) rose 22.07 points (0.1%) to 37,775.38; the NASDAQ Composite lost 81.88 points (0.5%) to 15,601.50.
The 10-year Treasury note yield (TNX) gained almost 5 basis points to 4.633%.
The CBOE Volatility Index^® (VIX) dropped 0.22 to 17.99.

Weakness in chip maker shares pushed the Philadelphia Semiconductor Index (SOX) down 1.7% to a two-month low. Biotechnology and consumer discretionary shares were also among the weakest sectors. Energy companies eroded as WTI Crude Oil (/CL) futures dropped for a third straight trading day and closed at a three-week low.

The S&P 500 is on track for its third consecutive weekly decline, its weakest stretch since September, while the NASDAQ Composite appears headed for a fourth straight weekly slide.

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DAILY UPDATE: PBM Pricing Structure and UnitedHealth Cyber Fury as Stock Markets Tumble

Posted on April 18, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

MEDICAL EXECUTIVE-POST – TODAY’S NEWSLETTER BRIEFING

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Pharmacy Benefits Managers often need more transparency regarding their pricing structures and the rebates they negotiate with drug manufacturers. Some argue that PBMs might receive hidden fees or undisclosed profits from drug manufacturers in exchange for favorable positioning on their formularies (lists of covered medications). This can be seen as a form of kickback, which is illegal.

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Lawmakers Express Fury Toward UnitedHealth in Change Attack Hearing on the fallout surrounding the unprecedented cyberattack on Change Healthcare in late February. Individuals representing the American Hospital Association, private cybersecurity groups and providers testified before members of the House Energy and Commerce Committee on April 16th to discuss the healthcare industry’s response to the attack and how the federal government should act.

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In March, the cyber criminal organization received $22 million in bitcoins, though UnitedHealth Group has not addressed whether the company paid the ransom. On April 15th, ransomware group RansomHub posted files on its dark web leak site comprising of personal and protected health information on patients whose data was taken in the hack. The files also include contracts and agreements between Change and its clients, marking the first time hackers have posted data from the attack.

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Source: Jakob Emerson, Becker’s Hospital Review

Stocks started the day strong yesterday but ended up slumping before the market closed as investors pulled back on tech stocks, including Nvidia. United Airlines took off after releasing a strong forecast for the year despite saying it took a $200 million hit because of Boeing’s troubles.

Here’s where the major benchmarks ended:

The S&P 500 index lost 29.20 points (0.6%) to 5,022.21; the Dow Jones Industrial Average declined 45.66 points (0.1%) to 37,753.31; the NASDAQ Composite dropped 181.88 points (1.2%) to 15,683.37.
The 10-year Treasury note yield (TNX) decreased more than 7 basis points to 4.585%.
The CBOE Volatility Index^® (VIX) fell 0.20 to 18.20.

ASML’s slump helped send the Philadelphia Semiconductor Index (SOX) down 3.3% to its lowest level since late February. Transportation shares were also under pressure after trucking company J.B. Hunt Transport Services (JBHT) dropped 8.1% in the wake of disappointing quarterly numbers. Energy shares slipped as WTI Crude Oil (/CL) futures fell 3% to a three-week low.

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DAILY UPDATE: Tesla Lay Offs, Mammograms, Physician Pay, UnitedHealth and Tele-Health as Stock Markets Close Mixed

Posted on April 17, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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Stat: 10%. That’s the percentage of Tesla employees that will be impacted by its global workforce reduction. Elon Musk sent an email to employees on Monday informing them of the layoffs, which he said were made to “reduce costs and increase productivity,” according to the WSJ. The move comes as the electric vehicle maker deals with a wider slowdown in EV sales. (the Wall Street Journal)

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UnitedHealth Group, reeling from the Change cyberattack, recorded a loss of $1.4 billion in the first quarter. Still, its EPS exceeded expectations and the stock is trading up.

The Florida Medicaid market is a big prize for insurers. Just three plans earned statewide contracts, starting in October.

And … physicians made steady pay gains last year, but increases were undercut by inflation rates. See how other specialties fared, according to a report from Medscape.

The social determinants of health can impact a woman’s chance of being up to date with her mammogram, according to a recent Centers for Disease Control and Prevention report. Women are less likely to get a mammogram if they feel socially isolated, have lost a job or don’t have reliable transportation.

And…A major House subcommittee is considering whether to issue another short-term extension on telehealth flexibilities as they continue to evaluate cost and quality issues or to enact permanent changes to virtual care reimbursement. The American Telemedicine Association is pushing Congress to make permanent the Medicare telehealth flexibilities implemented during the COVID-19 pandemic.

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Here’s where the major benchmarks ended:

The S&P 500^® index (SPX) declined 10.41 points (0.2%) to 5,051.41, its lowest close in almost two months; the Dow Jones Industrial Average^® ($DJI) advanced 63.86 points (0.2%) to 37,798.97; the NASDAQ Composite^® ($COMP) eased 19.77 points (0.1%) to 15,865.25.
The 10-year Treasury note yield gained almost 4 basis points to 4.667%.
The CBOE Volatility Index^® (VIX) fell 0.83 to 18.40.

Scaled-back expectations for Fed rate cuts continued to burden interest-rate-sensitive sectors, such as banks and utilities. The KBW Regional Bank Index (KRX) lost 1.4% and ended near a five-month low. The small-cap Russell 2000^® Index (RUT) dropped 0.4% and ended at a two-month low.

In other markets, the U.S. dollar index (DXY) strengthened for the fifth consecutive trading day and hit its highest level since late October, reflecting expectations rates will stay elevated.

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DAILY UPDATE: Dental and Digital Health Start-Ups as Stock Markets Collapse Again!

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

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Here’s where the major stock market benchmarks ended:

The S&P 500 index fell 61.59 points (1.2%) to 5,061.82; the Dow Jones Industrial Average lost 248.13 points (0.7%) to 37,735.11; the NASDAQ Composite^® ($COMP) dropped 290.08 points (1.8%) to 15,885.02.
The 10-year Treasury note yield (TNX) surged almost 12 basis points to 4.618%.
The CBOE Volatility Index^® (VIX) rose 1.92 to 19.23.

Interest-rate-sensitive sectors like real estate and utilities were among the weakest performers Monday. Technology shares were also under pressure. The small-cap Russell 2000^® Index (RUT) shed 1.4% and ended at a two-month low.

In other markets, the U.S. dollar index (DXY) strengthened for the fourth consecutive trading day and hit its highest level since early November, reflecting expectations rates will stay elevated. Volatility based on the VIX jumped near 19.50, its highest level since late October.

Monday’s session also produced technical damage on the charts of benchmarks like the S&P 500, which closed under its 50-day simple moving average, currently around 5,114, for the first time since early November. The S&P 500 has dropped almost 4% from a record intraday high posted March 28th.

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And, after a tough funding year for digital health startups, the first quarter of 2024 saw a flurry of deals announced—a “positive signal” that the funding landscape is looking up, according to Adriana Krasniansky, head of research at digital health strategy group and venture fund Rock Health’s advisory arm. Overall, the number of digital health funding deals (133) that closed in Q1 was the highest in six quarters, though the average deal size ($20.6 million) was smaller, according to a Rock Health report. Total funding for digital health startups was $2.7 billion, the lowest level since 2019. An increase in the frequency of deals—even if they’re smaller—is a good sign, according to Krasniansky.

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Dental startup Tend aims to simplify the patient billing process via a partnership with health tech startup Cedar, the companies announced on April 11th, 2024. The US spends roughly $165 billion per year on dental services as of 2022, according to professional organization the American Dental Association—but the payment experience can be “opaque” and “confusing,” Matthew Fitzgerald, chief marketing officer at Tend, told Healthcare Brew. “From the outset, Tend has sought to innovate the dental experience by leveraging technology and hospitality to build a company around the patient,” Tend CEO Troy Bage said in a statement. “By partnering with Cedar, we’ll be able to streamline and simplify the payment process for all our members—further enhancing their overall experience with Tend, while unlocking new ways for us to elevate engagement.”

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DAILY UPDATE: Mike Burry MD, Private Equity in Health Systems, Drug Shortages, United Health Stock Sale and the Change Healthcare Hack as the Stock Markets Re-Collapse!

Posted on April 13, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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Medical colleague and our financial planning for physicians textbook contributor Michael Burry MD predicted a second inflation surge, and price growth re-accelerated in March,. 2024.
The “Big Short” investor first warned of inflation in April 2020, over two years before it peaked.
Burry expected a recession, rate cuts, and stimulus spending to reignite inflation.

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A growing number of drugs are in short supply around the U.S., according to pharmacists.

In the first three months of the year, there were 323 active medication shortages, surpassing the previous high of 320 shortages in 2014, according to a survey by the American Society of Health-System Pharmacists (ASHP) and Utah Drug Information Service. It also amounts to the most shortages since the trade group started keeping track in 2001. “All drug classes are vulnerable to shortages. Some of the most worrying shortages involve generic sterile injectable medications, including cancer chemotherapy drugs and emergency medications stored in hospital crash carts and procedural areas,” ASHP said in a statement.

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Scheduling an appointment with a primary care doctor who belongs to a large health system might cause an increase in health care spending, according to a recent study. Such physicians tend to make more referrals to specialists, and emergency room visits and hospitalizations sometimes increase, according to the research out of Harvard T.H. Chan School of Public Health.

In short, physicians who work for health care systems like hospitals are more likely to recommend that patients use other services within those systems, compared with independent physicians. For the study — which was published in JAMA Health Forum, a journal of the American Medical Association — researchers analyzed the experiences of more than 4 million patients in Massachusetts.

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UnitedHealth Chairman Stephen Hemsley and other executives sold $102 million in company stock months before a federal antitrust probe became public, Bloomberg reported.

***

Small physician practices are still struggling in the wake of February’s Change Healthcare cyberattack, according to an American Medical Association (AMA) survey released Wednesday.

More than half of ~1,400 respondents (55%) reported that they’ve had to use personal funds to cover their practice’s expenses due to the cyberattack’s effects on cash flow. Practices across the country have been unable to fill prescriptions or process insurance claims as Change Healthcare systems went offline, Healthcare Brew previously reported. About two-thirds of respondents said they’ve experienced restrictions to core functions, such as suspending claim payments (36%), not being able to submit claims (32%), and not being able to obtain electronic remittance advice (39%), according to the survey.

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Here’s where the major benchmarks ended:

The S&P 500 index fell 75.65 points (1.5%) to 5,123.41, down 1.6% for the week; the Dow Jones Industrial Averagelost 475.84 points (1.2%) to 37,983.24, down 2.4% for the week; the NASDAQ Composite^® ($COMP) dropped 267.10 points (1.6%) to 16,175.09, down 0.5% for the week.
The 10-year Treasury note yield (TNX) fell more than 5 basis points to 4.52%, still up about 12 basis points for the week.
The CBOE Volatility Index^® (VIX) rose 2.38 to 17.30.

Semiconductor shares were also among the weakest performers Friday as chip makers reversed Thursday’s sharp gains. The Philadelphia Semiconductor Index (SOX) dropped more than 3% and ended with its third straight weekly decline. Energy companies were also under pressure after crude oil prices retreated from the morning rally. Oil futures are still up 20% this year. The small-cap Russell 2000^® Index (RUT) lost 1.9% and posted a 2.9% drop for the week.

In other markets, the U.S. dollar index (DXY) strengthened to a five-month high and gained 1.7% this week, reflecting beliefs the hotter-than-expected inflation readings earlier this week will keep interest rates elevated. Volatility based on the VIX jumped to its highest level since late October.

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DAILY UPDATE: Costco Gold, CPI, US Stamps and the Mexican Peso as Technology Stocks Rise and Private Equity Takes on Medicine

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

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Costco started selling gold bars to its members last August, and Wells Fargo analysts believe that the product is now bringing in between $100 million and $200 million a month. The retailer doesn’t reveal the price of the 1-ounce bullion to nonmembers online, but it’s estimated to be ~2% above the spot price gold trades at, per CNBC—and that price has soared since Costco got into the gold game. The price of gold has gone up 13% this year and reached record highs as investors pile in amid inflation worries.

The big numbers from the Consumer Price Index data released on Thursday

In March, inflation rose 3.5% from the year before, up from 3.2% in February.
The “core” CPI reading, which excludes volatile food and fuel prices, came in even higher, rising 3.8% on an annual basis. That’s the same as in February, but this time it’s serious.
Half of the increases came from rising gas prices and housing.

After seeing inflation fall by 3% over the course of 2023, Fed officials believed that higher inflation readings in January and February 2024 represented a hiccup in an otherwise downward trajectory. However, with the March reading also coming in hotter than anticipated, analysts say this is more than a fluke. That means hopes for a June interest rate cut are dashed. Even the US Postal Service plans to raise the price of “forever” stamps to $0.73 in July. Get yours now. And the Mexican peso is on an absolute tear, leaving the US dollar behind.

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Here’s where the major stock benchmarks ended:

The S&P 500^® index (SPX) advanced 38.42 points (0.7%) to 5,199.06; the Dow Jones Industrial Average^® ($DJI) lost 2.43 points to 38,459.08; the NASDAQ Composite gained 271.84 points (1.7%) to 16,442.20.
The 10-year Treasury note yield (TNX) rose nearly 2 basis points to 4.578%.
The CBOE Volatility Index^® (VIX) fell 0.89 to 14.91.

Chip maker strength lifted the Philadelphia Semiconductor Index (SOX) more than 2% and extended the benchmark’s year-to-date gain to more than 17%. Communications services and transportation shares were also among the strongest sectors. Financial shares were mixed ahead of expected quarterly results Friday from some major banks including JPMorgan Chase (JPM), Citigroup (C), and Wells Fargo (WFC).

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Big businesses such as hospital systems, insurers, and PE firms are gobbling up medical clinics.
Some doctors and industry experts fear corporate owners could prioritize profits ahead of patients.
The federal government is dialing up scrutiny of PE firms and other corporate owners in healthcare.

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QUESTION: Are Independent doctors almost a thing of the past?

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DAILY UPDATE: KPMG Fined, Aging Doctors, Water Fluoridation Outcries, Medicare Part C Down, CBO Deficit with Inflation Up as Stock Markets Crash!

Posted on April 11, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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NEW YORK (Reuters) -The U.S. accounting watchdog on Wednesday said it has hit KPMG Netherlands with a $25 million civil penalty, a record for the regulator, in response to “egregious” and widespread exam cheating at the foreign affiliate of the major audit firm.

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As millions of Americans approach age 66, they face the inevitable question, is it time to retire? The physician population is aging alongside the general population—more than 40% of physicians in the U.S. will be 65 years or older within the next decade. In the case of surgeons, there is little guidance on how to best ensure their competency throughout their career and at the same time maintain patient safety while preserving mature physician dignity.

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It is a scenario playing out nationwide. From Oregon to Pennsylvania, hundreds of communities have in recent years either stopped adding fluoride to their water supplies or voted to prevent its addition. Supporters of such bans argue that people should be given the freedom of choice. The broad availability of over-the-counter dental products containing the mineral makes it no longer necessary to add to public water supplies, they say. The Centers for Disease Control and Prevention says that while store-bought products reduce tooth decay, the greatest protection comes when they are used in combination with water fluoridation.

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More health systems are going to be opting out of Medicare Advantage (MA) plans, George Hill, a managing director at Deutsche Bank in Boston, predicted Monday at a “Wall Street Comes to Washington” webinar hosted by the Brookings Institution. “I think you’re going to see more large provider organizations threaten to opt out of networks, particularly as it relates to MA,” Hill said, adding that there are a number of reasons for this. “Prior authorizations are the problem, claims denials are a huge problem, delayed payments and rates are the problem — barriers in access to care in all varieties are the problem.”

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The latest budget update from the nonpartisan Congressional Budget Office (CBO) found that the federal government has spent more on paying interest on the national debt than on the military in fiscal year 2024. The CBO’s budget report for March showed that the U.S. has spent $412 billion on military programs at the Department of Defense through the first half of FY-2024, according to preliminary figures from CBO and the Treasury Department.

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Consumer price increases remained high last month, boosted by gas, rents, and car insurance, the government said Wednesday in a report that will likely give pause to the Federal Reserve as it weighs when and by how much to cut interest rates this year. Prices outside the volatile food and energy categories rose 0.4% from February to March, the same accelerated pace as in the previous month. Measured from a year earlier, these core prices were up 3.8%, unchanged from the year-over-year rise in February. The Fed closely tracks core prices because they tend to provide a good read of where inflation is headed.

Here’s where the major benchmarks ended:

The S&P 500^® index (SPX) dropped 49.27 points (1.0%) to 5,160.64; the Dow Jones Industrial Average lost 422.16 points (1.1%) to 38,461.51; the NASDAQ Composite^® ($COMP) fell 136.28 points (0.8%) to 16,170.36.
The 10-year Treasury note yield (TNX) soared more than 18 basis points to 4.548%.
The CBOE Volatility Index^® (VIX) jumped 0.82 to 15.80.

Interest-rate-sensitive sectors like banks, real estate, and utilities led Wednesday’s decliners. The KBW Regional Bank Index (KRX) tumbled 5% to its lowest point since late November. The small-cap Russell 2000^® Index (RUT) lost 2.5%. Energy shares were among the few gainers as WTI Crude Oil (/CL) futures rebounded after three-straight losing sessions.

In other markets, the U.S. dollar index (DXY) jumped 1% to a five-month high amid expectations interest rates will remain elevated.

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DAILY UPDATE: Stocks Slightly Up Awaiting CPI Report

Posted on April 10, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Boeing had yet another rough day, at one point dropping 2.5% to its lowest mark in five months after reports that the FAA is investigating a whistleblower’s claims about safety issues with the 787 Dreamliner.

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And, US stocks on Tuesday ended with small moves, weighed down by the financial sector ahead of key earnings reports later this week. Market participants also exhibited caution a day before the latest consumer inflation data. Wall Street’s three major averages opened in the green but then spent most of the day languishing in negative territory.

Finally, the tech-heavy NASDAQ Composite (COMP:IND) eventually closed 0.32% higher at 16,306.64 points, while the benchmark S&P 500 (SP500) added 0.15% to settle at 5,209.94 points. The blue-chip Dow (DJI) fell marginally by 0.02% to conclude at 38,883.67 points.

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Here’s where the major benchmarks ended:

The S&P 500^® index (SPX) gained 7.52 points (0.1%) to 5,209.91; the Dow Jones Industrial Average^® ($DJI) lost 9.13 points (0.02%) to 38,883.67; the NASDAQ Composite^® ($COMP) rose 52.68 points (0.3%) to 16,306.64.
The 10-year Treasury note yield (TNX) fell more than 6 basis points to 4.358%.
The CBOE Volatility Index^® (VIX) fell 0.21 to 14.98.

Financial and industrial shares led Tuesday’s decliners. Oil services stocks were also soft as WTI Crude Oil (/CL) futures dropped for a third consecutive trading session. The Philadelphia Oil Service Index (OSX) lost 0.7% and ended at its lowest point since April 1.

In other markets, Gold (GC) futures neared $2,400 per ounce and hit a record high for the eighth consecutive trading session. Gold’s rally has been driven by factors including reports of purchases by China’s central bank as well as expectations for lower interest rates and escalating conflict in the Middle East. Bitcoin (BTC) tumbled about 3.5% and fell to less than $70,000, giving up much of Monday’s gain.

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DAILY UPDATE: U.S.A. Stock Markets Little Changed

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

By Staff Reporters

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Like use, investors were a little checked out yesterday, focusing on the eclipse or maybe the fact that earnings season starts later this week, and stocks were relatively flat. Diamondback Energy hit an all-time high following several other energy companies that did so last week as oil prices surge.

Here’s where the major benchmarks ended:

The S&P 500^® index (SPX) lost 1.95 points (0.04%) to 5,202.39; the Dow Jones Industrial Average^® ($DJI) eased 11.24 points (0.03%) to 38,892.80; the NASDAQ Composite^® ($COMP) gained 5.44 points (0.03%) to 16,253.96.
The 10-year Treasury note yield rose more than 4 basis points to 4.422%.
The CBOE Volatility Index^® (VIX) fell 0.84 to 15.19.

Bank shares were among Monday’s strongest performers, sending the KBW Regional Banking Index (KRX) up 1.5%. Consumer discretionary companies were also strong. WTI Crude Oil (/CL) futures fell sharply earlier in the session following reports Israel had removed some troops from Gaza but bounced back to end down 0.5% at around $86.47 per barrel.

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DAILY UPDATE: Nvidia in Medicine, IRs and the Big Banks

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

By Staff Reporters

SAFE SOLAR ECLIPSE DAY

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NVIDIA is accelerating the pace of healthcare innovation! Last week they unveiled a suite of AI microservices for developers, launched cutting-edge healthcare AI tools, and deepened their collaborations with giants like Johnson & Johnson. Plus, they’re ramping up investment in clinical trials and drug design.

Do you ever struggle with finding the best sources of information about healthcare AI? Check out my new video, where I share my favorite newsletters, websites, sub-reddits, and a list of must-follow experts. With this toolkit, you won’t miss anything important. Also, I hope you enjoyed a restful and Happy Spring Break – should you celebrate it!

Bertalan Meskó, PhD
The Medical Futurist

***

Last week, several Fed officials said they were in no rush to slash interest rates in 2024, which investors have been banking on this year. Meanwhile, oil prices have risen to five-month highs due to concerns about supply shocks in key areas around the world.

And, Wall Street is preparing for a crammed week, with crucial inflation data dropping on Wednesday and big banks (JPMorgan, Wells Fargo, Citigroup) inaugurating earnings season on Friday. The pressure is on companies to post beefy profits to back up their strong stock performance in Q1.

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DAILY UPDATE: Microsoft Developer Thwarts Potential Linux Cyber Security Attack

Posted on April 7, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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It’s not often a guy on a computer is the hero of the story. Andres Freund, a Microsoft developer, found a malicious backdoor in popular open-source software last week. Programmers scrambled to fix the problem but warned that if they hadn’t, it could have led to hundreds of millions of compromised devices and a catastrophic cybersecurity breach.

Freund told the New York Times that he first noticed an unusual error message while doing routine maintenance on the Linux operating system—a vital software used by banks, governments, and corporations around the globe. At first, he wrote it off, but a few weeks later, he noticed an application used to log into computers remotely was using a lot more power in the system than it was supposed to.

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DAILY UPDATE: Stock Markets Surge

Posted on April 6, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Here’s where the major benchmarks ended:

Markets: Stocks pulled it out for a Friday win after the government dropped encouraging economic data. But all three major indexes were still down for the week, with the Dow enduring its worst of 2024.
Stock spotlight: Tesla took a wild ride, plunging after Reuters reported it had scrapped plans to produce its long-awaited Model 2 affordable EV only to regain some ground after Elon Musk denied it. The company then jumped after hours because Musk said it’ll debut a robotaxi on August 8.

The S&P 500 index gained 57.13 points (1.1%) to 5,204.34, down 1.0% for the week; the Dow Jones Industrial Average added 307.06 points (0.8%) to 38,904.04, down 2.3% for the week; the NASDAQ Composite^® ($COMP) rose 199.44 points (1.2%) to 16,248.52, down 0.8% for the week.
The 10-year Treasury note yield (TNX) rose more than 8 basis points to 4.392%.
The CBOE Volatility Index^® (VIX) fell 0.32 to 16.03.

Meta Platforms (META) and Netflix (NFLX), two members of the “Magnificent Seven” mega-cap group, both jumped around 3% Friday, helping lift the S&P 500 Communication Services Index ($SP500#50) 1.6% to lead top-performing sectors. Meta shares closed at a record above $527, up 49% for the year.

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DAILY UPDATE: The “Lipstick Index” and Stock Market Crash

Posted on April 5, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Ulta and other major beauty companies that thrived during the past few years of economic instability provided good fodder for the “lipstick index”—a duct-tape economic measure that assumes people still buy small indulgences (like lipstick) during tough times, keeping the beauty industry recession-proof.

However…it’s not. Ulta’s full-year sales growth target is just 4% to 5%, which falls below Wall Street’s estimates, and Estée Lauder announced in February it was laying off 3% to 5% of its workforce after some difficult months.

And, other consumer goods powerhouses are bracing for a slowdown, too. The parent company of Calvin Klein and Tommy Hilfiger said this week that it’s preparing for a 6% to 7% revenue drop this year.

ECONOMIC INDICATORS: “Lipstick Index” and “Cosmetic” Others?

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MORE: https://medicalexecutivepost.com/2023/09/23/economic-indicators-lipstick-index-and-cosmetic-others/

***

Here’s where the major benchmarks ended:

The S&P 500 index dropped 64.28 points (1.2%) to 5,147.21; the Dow Jones Industrial Average^® ($DJI) tumbled 530.16 points (1.4%) to 38,596.98; the NASDAQ Composite^® ($COMP) sank 228.38 points (1.4%) to 16,049.08.
The 10-year Treasury note yield (TNX) fell more than 5 basis points to 4.303.%.
The CBOE Volatility Index^® (VIX) surged 2.07 to 16.39.

Semiconductors were among Thursday’s weakest performers as a drop of more than 8% in Advanced Micro Devices (AMD) helped send the Philadelphia Semiconductor Index (SOX) down 3% to a two-week low. Retail shares were also soft. WTI Crude Oil futures rose for the sixth consecutive day and topped $87 per barrel, marking a gain of 4.3% so far this week. Volatility based on the VIX ended at its highest level since early November. Brent Crude Oil (/BZ) futures, the global benchmark, topped $90 for the first time since October.

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DAILY UPDATE: Iger Survives as Ulta Beauty and Stock Markets Stall

Posted on April 4, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Ulta Beauty plunged after its CEO revealed that, despite the resilience of the beauty category, sales have slowed.

And, Walt Disney’s current rulers will continue to oversee the kingdom. The company’s board, helmed by CEO Bob Iger, defeated activist investors and Nelson Peltz who had hoped to replace current board members and steer the company in a new direction.

Here’s where the major benchmarks ended:

The S&P 500 index rose 5.68 points (0.1%) to 5,211.49; the Dow Jones Industrial Average lost 43.10 points (0.1%) to 39,127.14; the NASDAQ Composite^® ($COMP) added 37.01 points (0.2%) to 16,277.46.
The 10-year Treasury note yield fell more than 1 basis point to 4.351%.
The CBOE Volatility Index^® (VIX) declined 0.28 to 14.33.

Energy shares remained one of the market’s strongest performers behind strength in WTI Crude Oil (/CL) futures, which rose a fifth consecutive day and ended above $85 per barrel, the highest since October. The Philadelphia Oil Service Index (OSX) jumped1.6%, extending its year-to-date gain to almost 14%.

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DAILY UPDATE: Medicare Advantage Plans Down as Stocks Crash

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

By Staff Reporters

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**Medicare Part C papers, glasses and stethoscope.**

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Humana and other managed-care stocks were down sharply in trading Tuesday after the Centers for Medicare and Medicaid Services announced an average 3.7% increase in revenue for Medicare Advantage plans in 2025. That amount is the same as the proposed increase the government had announced in January, but it came as a shock to investors who were hoping for a slight bump.

Humana (HUM) shares fell sharply in early Tuesday trading, while rivals UnitedHealth UNH and CVS Health (CVS) traded firmly in the red, as the health insurance industry received yet another blow to its 2024 profit forecasts. All three major health insurance groups have trailed the broader market this year, with Humana down nearly 25%, amid concern that profit margins will be hit by a surge in medical costs tied to a rise in elective procedures. Those procedures had been delayed by the Covid pandemic.

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Here’s where the major benchmarks ended:

The S&P 500 index fell 37.96 points (0.7%) to 5,205.81; the Dow Jones Industrial Average lost 396.61 points (1.0%) to 39,170.24; the NASDAQ Composite slipped 156.38 points (1.0%) to 16,240.45.
The 10-year Treasury note yield was up almost 3 basis points to 4.357%.
The CBOE Volatility Index^® (VIX) rose 0.96 to 14.61.

Retailer, biotechnology, and regional bank shares were among the weakest performers Tuesday, leading a broad market slump in which declining stocks outnumber advancers by a greater than three-to-one ratio. The small-cap Russell 2000^® Index (RUT) lost 1.8% and settled at a two-week low.

Energy companies, by contrast, extended recent strength behind an ongoing climb in WTI Crude Oil (/CL) futures, which surpassed $85 per barrel for the first time since late October. The Philadelphia Oil Service Index (OSX) advanced 2.1% and ended at a 5-½-month high. Oil prices have surged this year due to OPEC production cuts and concern over supply disruptions stemming from the Middle East conflict.

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DAILY UPDATE: Truth Social and Weak Stock Markets

Posted on April 2, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Quote: “This is a very unusual situation. The stock is pretty much divorced from fundamentals.”—Jay Ritter, finance professor and IPO expert at the University of Florida, on the surging value of the newly public Trump Media. Truth Social, its only active product, has been shedding both users and cash. (CNN)

Shares of Truth Social owner Trump Media & Technology Group plunged Monday after the company disclosed that it lost more than $58 million and generated very little revenue in 2023. Former President Donald Trump is the company’s majority shareholder, and his net worth tumbled by more than $1 billion Monday as a result.

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Here’s where the major benchmarks ended:

Stocks started Q2 off soft yesterday, as investors continued to fret about inflation. Stock spotlight: Trump Media, the newly public company that owns Truth Social, plunged yesterday after revealing that it lost $58 million last year, generated just $4.1 million in revenue, and had 10 times fewer users than Threads.

The S&P 500 index fell 10.58 points (0.2%) to 5,243.77; the Dow Jones Industrial Average^® ($DJI) shed 240.52 points (0.6%) to 39,566.85; the NASDAQ Composite^® ($COMP) added 17.37 points (0.1%) to 16,396.83.
The 10-year Treasury note yield jumped 13 basis points to 4.323%.
The CBOE Volatility Index^® (VIX) rose 0.64 to 13.65.

Banks were among the market’s weakest performers Monday, likely reflecting concern that elevated interest rates could pinch margins. The KBW Regional Bank Index (KRX) sank 2% after ending at a two-month high last week. The small-cap Russell 2000^® Index (RUT) was also soft, dropping 1% after closing at a two-year high last week.

Communication services and semiconductor shares turned in strong performances, as did energy, lifted by WTI Crude Oil (/CL) futures’ extending a rally to its highest level since late October. WTI Crude Oil is up almost 18% so far this year amid concern over supply disruptions stemming from the Russia-Ukraine war and Middle East conflict.

In other markets, the U.S. dollar index ($DXY) strengthened for the fourth straight day and reached its highest point since mid-November behind expectations the Fed will keep interest rates high.

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DAILY UPDATE: March Round-Up as Stocks End their Best First Quarter in Five Years

Posted on April 1, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

APRIL FOOL’S DAY

April Fools’ Day customs date back to at least Renaissance Europe, but it’s likely the tradition originated long before then. Some historians have linked April Fools’ Day to the ancient Roman festival of “Hilaria,” where at the end of March, people would come together to commemorate the resurrection of the god Attis. It was a celebration of renewal in which revelers would dress up in disguises and imitate others.

It’s also possible that the medieval celebration of the Feast of Fools, where a mock bishop or pope was elected and church customs were parodied, could have inspired the day.

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Stocks had their best Q1 in five years. The S&P 500 ended Thursday—the last trading day of the quarter—up by more than 10%, marking its best start to a year since 2019.

The AI craze, record corporate profits, and optimism around cooling inflation are all contributing to the stock boom. The economy got more good news yesterday when the Stocks had their best Q1 in five years reported that several key gauges, including GDP and consumer spending, grew in Q4 of last year.

And, that’s not all: Home sales bounced back after a January slump, jobless claims fell, and advertisers raised their full-year forecast. Consumer sentiment is now at its highest level since 2021.

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DAILY UPDATE: Good Friday’s Impressive First Quarter Stock Market Returns

Posted on March 29, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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The stock market will be closed Friday, March 29th, for Good Friday. While Good Friday is a stock market holiday, it is not a federal holiday. As a result, the February Personal Consumption and Expenditures (PCE) Price Index will be released this Friday morning.

Yesterday, on the final trading session of March and the first quarter, the returns for major stock indexes are impressive, with the Dow Jones Industrial Average up 5% this quarter or 2,000 points and the S&P 500 and the tech-heavy NASDAQ up 11% apiece. Stock superlatives for 2024’s opening stretch are numerous, including each of the three indexes setting respective all-time highs and the benchmark S&P heading toward its best first-quarter return since 2019 and its second consecutive quarter of double-digit percentage gains since 2011-12.

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Here’s where the major benchmarks ended Thursday:

The S&P 500 index added 5.86 points (0.1%) to 5,254.35, up 0.4% for the week; the Dow Jones Industrial Average climbed 47.29 points (0.1%) to 39,807.37, up 0.8% for the week; the NASDAQ Composite lost 20.06 points (0.1%) to 16,379.46, down 0.3% for the week.
The 10-year Treasury note yield rose one basis point to just under 4.21%.
The CBOE Volatility Index^® (VIX) rose 0.22 to 13.00.

For the month, the S&P 500 index gained 3.1%, the Dow Jones Industrial Average rose 2.1%, and the NASDAQ Composite added 1.8%. For the quarter, the three indexes rose 10.3%, 5.6%, and 9.2%, respectively.

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DAILY UPDATE: Independent Pharmacies Struggle as Stocks Hit New Highs

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

By Staff Reporters

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Independent pharmacies have struggled in recent years to stay open—and new financial constraints may mean a record number of pharmacy closures in 2024. And, nearly a third of independent pharmacies are at risk of going out of business due in part to a new rule from the Centers for Medicare and Medicaid Services (CMS) that results in lower prescription reimbursements, according to the National Community Pharmacists Association (NCPA), a trade group that represents more than 19,400 US pharmacies.

“This is an emergency,” NCPA CEO B. Douglas Hoey said in a statement. “If Congress fails to act again, thousands of local pharmacies could be closed within months and millions of patients could be stranded without a pharmacy.” The CMS rule, which went into effect on January 1st, requires payers and pharmacy benefit managers (PBMs) to apply what’s called direct and indirect remuneration (DIR) fees at the time a patient picks up a prescription.

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Here’s where the major benchmarks ended:

The S&P 500 index added 44.91 points (0.9%) to 5,248.49; the Dow Jones Industrial Average climbed 477.75 points (1.2%) to 39,760.08; the NASDAQ Composite added 83.82 points (0.5%) to 16,399.52.
The 10-year Treasury note yield fell four basis points to just under 4.2%.
The CBOE Volatility Index^® (VIX) dropped 0.48 to 12.76.

In addition to utility stocks, real estate, industrials, and materials were the strongest sectors. Information technology and communications were the weakest but found late-day strength to finish higher.

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DAILY UPDATE: “Digital Markets Act” Violations as Stocks Slide

Posted on March 27, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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The European Union is investigating Meta, Apple, and Alphabet for potential violations of its Digital Markets Act. And its regulators have started looking into Amazon as well.

The Digital Markets Act is the EU’s law to make the markets in the digital sector fairer and more contestable. In order to do so, the Digital Markets Act (“DMA”) establishes a set of clearly defined objective criteria to identify “gatekeepers”.

And, stocks were headed for a great Tuesday before investors sent stock indexes back down and leaving the Dow largely unchanged. Meanwhile, Donald Trump’s social media company, Truth Social, surged 16% in its first day of trading, just as the former president must pay $175 million as part of his civil fraud trial.

Here’s where the major benchmarks ended:

The S&P 500 index lost 14.61 points (0.3%) to 5,203.58; the Dow Jones Industrial Average dropped 31.31 points (0.1%) to 39,282.33; the NASDAQ Composite tumbled 68.76 points (0.4%) to 16,315.70.
The 10-year Treasury note yield (TNX) fell two basis points to 4.23%.
The CBOE Volatility Index edged up 0.05 to 13.24.

In terms of sector performance, utilities, information technology, and energy were the weakest. Health care and financials saw relative strength.

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DAILY UPDATE: Nurses Strike as Stocks Decline

Posted on March 26, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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About 1,300 nurses at Staten Island University Hospital (SIUH) will strike on April 2nd if contract negotiations fail, the New York State Nurses Association (NYSNA) announced Thursday. The union, which represents about 42,000 nurses across the state, is looking for higher wages and improved nurse-to-patient ratios for their members—sticking points for Northwell Health, according to NYSNA.

AI RN Replacements: https://gizmodo.com/nvidia-wants-replace-nurses-with-ai-1851347917?utm_campaign=hcb&utm_medium=newsletter&utm_source=morning_brew

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Here’s where the major benchmarks ended:

The S&P 500 index sank 15.99 points (0.3%) to 5,218.19; the Dow Jones Industrial Average dropped 162.26 points (0.4%) to 39,313.64; the NASDAQ Composite lost 44.35 points (0.3%) to 16,384.47.
The 10-year Treasury note yield (TNX) rose three basis points to 4.25% after a four-day retreat.
The CBOE Volatility Index^® (VIX) edged up 0.14 to 13.20.

The energy sector followed crude oil prices and was the strongest sector Monday. Utilities and materials also saw strength. Weakest sectors included industrials, information technology, and real estate.

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DAILY UPDATE: Wingstop and the Markets

Posted on March 25, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Investors hope this week on Wall Street will be as enjoyable as the last, when stocks raced higher after Fed Chair Jerome Powell previewed a series of rate cuts. Wingstop stock has surged more than 380% in the last five years.

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Here’s where the major benchmarks ended last week:

The S&P 500 index sank 7.35 points (0.1%) to 5,234.18, up 2.3% for the week; the Dow Jones Industrial Average dropped 305.47 points (0.8%) to 39,475.90, up 2% for the week; the NASDAQ Composite rose 26.98 points (0.2%) to 16,428.82, up 2.9% for the week.
The 10-year Treasury note yield dipped five basis points to 4.22%, down nearly nine basis points for the week.
The CBOE Volatility Index edged up 0.14 to 13.06, falling 1.34 points for the week.

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DAILY UPDATE: Weak Sock Markets Following a Good Week

Posted on March 23, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Investors slowed their roll yesterday but the Dow still pulled off its best week of the year. Lululemon reported a disappointing forecast and slowing US sales growth. The athleisure company suffered its worst day since March 2020.

Here’s where the major benchmarks ended:

The S&P 500 index sank 7.35 points (0.1%) to 5,234.18, up 2.3% for the week; the Dow Jones Industrial Average dropped 305.47 points (0.8%) to 39,475.90, up 2% for the week; the NASDAQ Composite rose 26.98 points (0.2%) to 16,428.82, up 2.9% for the week.
The 10-year Treasury note yield dipped five basis points to 4.22%, down nearly nine basis points for the week.
The CBOE Volatility Index edged up 0.14 to 13.06, falling 1.34 points for the week.

Utilities, information technology, and communication services were among the strongest sectors. Real estate and financials saw relative weakness Friday.

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DAILY UPDATE: Apple Down but Stocks Gain

Posted on March 22, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Stocks soared again on Thursday, pushing the major indexes to new records as tech companies over performed and investors hung onto the good vibes from this week’s Fed meeting. It was a scintillating debut for Reddit, which rocketed nearly 50% in its first day as a public company.

Here’s where the major benchmarks ended:

The S&P 500 index added 16.91 points (0.3%) to 5,241.53; the Dow Jones Industrial Average surged 269.24 points (0.7%) to 39,781.37; the NASDAQ Composite rose 32.43 points (0.2%) to 16,401.84.
The 10-year Treasury note yield (TNX) was flat at 4.27%.
The CBOE Volatility Index^® (VIX) dropped 0.11 to 12.93.

Industrials, financials, and energy stocks were among the strongest sectors. Utilities and communication services finished modestly lower.

Apple (AAPL) was the biggest loser in the Dow Jones Industrial Average, falling 4.1% on reports the Justice Department filed an antitrust lawsuit against the company. Other widely held stocks were mostly higher: Microsoft (MSFT) added 1%, Meta Platforms (META) gained 0.4%, and Amazon (AMZN) was unchanged on the day.

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DAILY UPDATE: Kroger Selling Pharma Business as Nvidia and Stock Markets Rise

Posted on March 21, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

CHERRY BLOSSOM FESTIVAL, DC.

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KROGER, the supermarket chain said it expects to close the sale of its specialty pharmacy business during the second half of 2024. Kroger said it is planning to sell its speciality pharmacy business to pharmacy benefit manager CarelonRx, a subsidiary of Elevance Health, the company just reported.

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***

Nvidia continues its bid for world domination with the announcement of its new B200 “Blackwell” chip. The Blackwell is 2.5 times more powerful than the “Hopper” chip which helped it become a $2 trillion company. (Bloomberg)

Here’s where the major benchmarks ended:

The S&P 500 index added 46.11 points (0.9%) to 5,224.62; the Dow Jones Industrial Average gained 401.37 points (1%) to 39,512.13; the NASDAQ Composite rose 202.62 points (1.3%) to 16,369.41.
The 10-year Treasury note yield slid two basis points to 4.27%.
The CBOE Volatility Index^®(VIX) fell 0.77 to 13.06.

Health care was the biggest loser among the S&P 500 sectors. Energy was also lower after crude oil prices sank on the heels of weekly inventory data. Brent Crude Oil (/BZ) futures, the global benchmark, dropped 1.6% on the heels of five days of gains.

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DAILY UPDATE: Medicare Payment Policy and Inflation as the Stock Markets Gain

Posted on March 20, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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MEDICARE: https://www.medpac.gov/wp-content/uploads/2024/03/Mar24_MedPAC_Report_To_Congress_SEC.pdf

The producer price index (PPI) rose 0.6% for the month, according to the Bureau of Labor Statistics—double the Dow Jones estimate, CNBC reported. February’s larger-than-expected PPI uptick follows a more modest 0.3% increase in January and a 0.1% decline in December. On an annual basis, the PPI increased 1.6%, “the largest rise since moving up 1.8% for the 12 months ended September 2023,” according to the BLS.

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Here’s where the major benchmarks ended:

The market had a good Tuesday, with stocks climbing as investors await word from the Fed meeting today on any changes to interest rates. The bank is expected to keep rates the same for now, but could signal when (or how often) it’ll lower them later in the year. Meanwhile, Nordstrom shares surged following a report that the retailer’s founding family wants to take it private.

The S&P 500 index added 29.09 points (0.6%) to 5,178.51; the Dow Jones Industrial Average® ($DJI) gained 320.33 points (0.8%) to 39,110.76; the NASDAQ Composite® ($COMP) rose 63.34 points (0.40%) to 16,166.79.
The 10-year Treasury note yield (TNX) eased four basis points to just under 4.3%.
The CBOE Volatility Index^® (VIX) lost 0.50 to 13.83.

The energy sector was the top performer after crude oil prices notched multi-month highs ahead of weekly inventory data from the American Petroleum Institute. After a 2% rally to start the trading week, Brent Crude Oil (/BZ) futures, the global benchmark, added another 0.6% Tuesday.

Industrials, consumer discretionary, and utilities were among the other strong sectors. Communications, real estate, and materials finished modestly lower.

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DAILY UPDATE: Stock Markets Up Before FOMC Meeting

Posted on March 19, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Stocks started the week off strong yesterday as tech companies rose. Chipotle, Progressive, and more hit all-time highs. Tesla got a boost after announcing higher prices for its Model Y in the US and parts of Europe.

Here’s where major benchmarks ended yesterday:

The S&P 500 index rose 32 points (0.6%) to 5,149.42; the Dow Jones Industrial Average ($DJI) gained 75.66 points (0.2%) to 38,790.43; the NASDAQ Composite jumped 130.27 points (0.8%) to 16,103.45.
The 10-year Treasury note yield rose nearly four basis points to 4.34%.
The CBOE Volatility Index^® (VIX) dipped 0.08 to 14.33.

All but two S&P 500 sectors finished in the green, with communications, information technology, consumer discretionary, and consumer staples leading the advance. Health care and real estate finished modestly lower.

Crude oil prices rose to multi-month highs on the heels of stronger-than-expected industrial production data from China and concerns over potential supply disruptions.

According to Reuters, a Ukrainian strike sparked a fire at the Slavyansk refinery in Krasnodar on Saturday and ongoing attacks have now idled around 7% of Russia’s refining capacity so far this year. Brent Crude Oil (/BZ) futures, the global benchmark, gained 2% Monday.

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DAILY UPDATE: Stocks Slide

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

By Staff Reporters

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Stocks fell yesterday after this week’s inflation data made investors worried about high prices. Tech companies took a hosing, especially Adobe, which dropped after releasing a weak sales forecast.

Here’s where the major benchmarks ended:

The S&P 500 index fell 33.39 points (0.7%) to 5,117.09, down 0.1% for the week; the Dow Jones Industrial Average lost 190.89 points (0.5%) to 38,714.77, down 0.02% for the week; the NASDAQ Composite fell 155.36 points (1.0%) to 15,973.17, down 0.7% for the week.
The 10-year Treasury note yield (TNX) rose about 1 basis point to 4.308%.
The CBOE Volatility Index^® (VIX) rose 0.01 to 14.41.

Tech weakness sent the NASDAQ-100® (NDX), which includes the NASDAQ’s biggest non-financial companies, down 1.2% to its lowest level in over three weeks. The small-cap-focused Russell 2000^® Index (RUT) bounced Friday but still ended the week with a 2.1% loss, breaking a two-week winning streak. Energy companies extended a recent rally behind climbing crude oil prices, pushing the Philadelphia Oil Services Index (OSX) up almost 5% for the week to its highest level since early November.

In other markets, the U.S. dollar strengthened behind expectations the Fed will keep interest rates high. The U.S. dollar index ($DXY) posted a gain of 0.7% for the week.

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DAILY UPDATE: The Ides of March as Stock Markets Slide

Posted on March 15, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Stocks fell yesterday after another round of hotter-than-expected inflation data chilled investors. But it was a tremendous Thursday for sporting goods store Dick’s, as it soared 15% after posting its largest sales quarter in history in Q4, thanks in part to consumers buying more expensive items.

Here’s where the major stock benchmarks ended:

The S&P 500 index fell 14.83 points (0.3%) to 5,150.48; the Dow Jones Industrial Average^® ($DJI) declined 137.66 points (0.4%) to 38,905.66; the NASDAQ Composite shed 49.24 points (0.3%) to 16,128.53.
The 10-year Treasury note yield (TNX) rose about 10 basis points to 4.292%.
The CBOE Volatility Index^® (VIX) rose 0.65 to 14.40.

Technology shares remained under pressure, as a pullback in Nvidia (NVDA) and other chip makers sent the Philadelphia Semiconductor Index (SOX) down almost 2% to its lowest close of the month. Nvidia fell 3.2% Thursday and has dropped nearly 10% from a record intraday high of $974 last Friday. Banks and small-cap stocks were also among the market’s weakest performers.

“Tech shares appear to be going through a corrective phase following last Friday’s key reversal day in Nvidia. The question remains whether a potential correction in tech will spill over into the broader market or whether money will rotate into other areas of the market.”

In other markets, WTI crude oil futures (/CL) extended this week’s rally with a gain of 1.7% and ended slightly above $81 per barrel, its highest level since early November. Oil’s strength has been driven by an unexpected drop in U.S. inventories and concerns over supply disruptions after Ukrainian strikes on oil refineries in Russia.

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DAILY UPDATE: Warm Inflation Mixes Stocks

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

By Staff Reporters

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DEFINITION: Creeping, or mild, inflation occurs when prices rise slowly. According to the Federal Reserve, when prices increase by 2% or less, it benefits economic growth. This kind of mild inflation makes consumers expect that prices will keep going up, which boosts demand.

And so, inflation was a bit warmer last month as consumer prices rose 3.2% in February, the Labor Department just reported, up from the 3.1% that economists expected. That marks the second straight month that inflation came in higher than forecast. The data reinforces the Fed’s position to wait until inflation is tamed before cutting interest rates. Still, the central bank is widely expected to cut rates sometime later this year despite yesterday’s less-than-ideal report. It will meet next week to continue deliberations on a potential rate reduction.

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Here’s where the major benchmarks ended:

The S&P 500^® index (SPX) fell 9.96 points (0.2%) to 5,165.31; the Dow Jones Industrial Average gained 37.83 points (0.1%) to 39,043.32; the NASDAQ Composite^® (COMP) declined 87.87 points (0.5%) to 16,177.77.
The 10-year Treasury note yield (TNX) rose almost 4 basis points to 4.192%.
The CBOE Volatility Index^® (VIX) fell slightly to 13.75.

Energy shares were among the market’s strongest performers Wednesday behind gains in crude oil prices. Brent crude futures (/BZ), the global benchmark, rose above $84 to end at their highest level since early November after Ukrainian strikes on oil refineries in Russia stirred concern over supply disruptions. The S&P Energy Index ($SP500#10) jumped 1.5% and reached its highest level since late October, while the S&P 500 Materials Index ($SP500#15) rose almost 1% and ended at a record high.

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DAILY UPDATE: Inflation Upticks as Big Pharma Blocks Medicare Price Negotiations and Stocks Soar with Nvidia and Oracle!

Posted on March 13, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Big pharma sues over California drug price law

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Pharmaceutical companies have filed a slew of suits around the country to get federal judges to invalidate a government program aimed at lowering drug costs for seniors by allowing Medicare to negotiate prices, as is the norm in many other countries, according to the Washington Post. The companies argue it’s unconstitutional and would inhibit their ability to develop new treatments.

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The Federal Reserve is looking for steady, reliable signs that inflation is simmering down before it cuts interest rates this year. So far, 2024 has not delivered. Data released by the Bureau of Labor Statistics on Tuesday showed prices rose 3.2 percent over last year, slightly outpacing forecasts of 3.1 percent. Prices also rose 0.4 percent in February over the previous month — in line with expectations, but still hotter than economists would like to discern.

Stocks swung up on Tuesday as investors shrugged off a middling inflation report and looked ahead to next week’s Fed meeting. Meanwhile, Oracle went sky-high, posting its best day since 2021 after demand for AI prompted a huge increase in sales for its cloud computing business.

Here’s where the major benchmarks ended:

The S&P 500^® index (SPX) gained 57.33 points (1.1%) to 5,175.27; the Dow Jones Industrial Average^® ($DJI) added 235.83 points (0.6%) to 39,005.49; the NASDAQ Composite^® (COMP) climbed 246.36 points (1.5%) to 16,265.64.
The 10-year Treasury note yield (TNX) rose about 5 basis points to 4.155%.
The CBOE Volatility Index^® (VIX) fell 1.38 to 13.84.

Chip makers’ bounce-back helped boost the Philadelphia Semiconductor Index (SOX) more than 2%, as it recovered part of a 5% drop the previous two trading days. Industry leader Nvidia (NVDA) jumped over 7%. Consumer discretionary and communications services shares were also among the strongest areas. Regional banks and real estate were among the weakest sectors as the CPI data spurred an upturn in Treasury yields.

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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: International Women’s Day as Rivian and Stocks Zoom Higher!

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

By Staff Reporters

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Stocks surged yesterday, once again pushing the S&P 500 and NASDAQ to record highs, after Fed Chair Jerome Powell said he expects interest rates to come down this year. It was also a big day for Rivian which zoomed 13% after it revealed three new vehicles.

Here’s where the major benchmarks ended:

The S&P 500 index rallied 52.60 points (1.0%) to 5,157.36; the Dow Jones Industrial Average gained 130.30 points (0.3%) to 38,791.35; the NASDAQ Composite climbed 241.83 points (1.5%) to 16,273.38.
The 10-year Treasury note yield (TNX) lost almost 2 basis points to 4.085%.
The CBOE Volatility Index^® (VIX) fell 0.06 to 14.44.

Chip-maker strength boosted the Philadelphia Semiconductor Index (SOX) 3.4% to its fourth record close in the past five trading days. The index has gained 9.3% so far this month and 24% for the year. Oilfield services and communication services companies were also among the market’s strongest sectors. Small-cap shares joined the rally, boosting the Russell 2000^® Index (RUT) 0.8% to a two-year high.

In other markets, the U.S. dollar index (DXY) slipped 0.5%, its fifth consecutive daily decline, and touched a five-week low. The dollar has been under pressure from expectations for lower U.S. interest rates.

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DAILY UPDATE: American Express Breached as Stock Markets Come Back

Posted on March 7, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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American Express Co. has told an undisclosed number of cardholders that their account information may have been breached in a recent hacking of a merchant processor. Current and previously issued American Express Card account numbers, expiration dates and customer names may have been compromised, AmEx stated in a notice filed last week with Massachusetts regulators.

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Here’s where the major benchmarks ended:

The S&P 500^® index (SPX) rose 26.11 points (0.5%) to 5,104.76; the Dow Jones Industrial Average^® (DJI) gained 75.86 points (0.2%) to 38,661.05; the NASDAQ Composite^® (COMP) added 91.95 points (0.6%) to 16,031.54.
The 10-year Treasury note yield (TNX) dropped about 3 basis points to 4.108%, near a four-week low.
The CBOE Volatility Index^® (VIX) rose 0.04 to 14.50

Semiconductor shares were among the market’s strongest performers Wednesday, and utilities and consumer staples were also firm. Banks shares took pressure despite further declines in Treasury yields. In other markets, the U.S. dollar index (DXY) fell near a five-week low and Gold (/GC) futures extended a rally to a record above $2,160 per ounce, reflecting expectations for lower U.S. interest rates.

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DAILY UPDATE: UnitedHealth Group and Fidelity Investments Suffer Ransomware Attacks as Stock Markets Crash

Posted on March 6, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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According to Fidelity, in documents filed with the Maine attorney general’s office, miscreants “likely acquired” information about 28,268 people’s life insurance policies after infiltrating Infosys.

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Criminals have probably stolen nearly 30,000 Fidelity Investments Life Insurance customers’ personal and financial information — including bank account and routing numbers, credit card numbers and security or access codes — after breaking into Infosys’ IT systems.

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Healthcare providers across the United States are struggling to get paid following the week-long ransomware outage at a key tech unit of UnitedHealth Group, with some smaller medical providers saying they are already running low on cash.

And, the nation’s health-care system continues to reel from a cyberattack that has crippled payments for tens of thousands of organizations as Daniel Gilbert writes in The Post.

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Here’s where the major benchmarks ended:

The S&P 500^® index (SPX) dropped 52.30 points (1.0%) to 5,078.65; the Dow Jones Industrial Average decreased 404.64 points (1.0%) to 38,585.19; the NASDAQ Composite fell 267.92 points (1.7%) to 15,939.59.
The 10-year Treasury note yield (TNX) fell about 8 basis points to 4.137%.
The CBOE Volatility Index^® (VIX) rose 0.97 to 14.46.

With chip makers under pressure, the Philadelphia Semiconductor Index (SOX) fell 2.1%, reversing part of a recent surge to a record high. Consumer discretionary and real estate shares also ranked among the weakest performers Tuesday. Banks were one of the few industries to buck the broader weakness, perhaps supported by further declines in Treasury yields. The 10-year Treasury note yield (TNX) almost fell to a four-week low near 4.11%. The KBW Regional Banking Index (KRX) jumped 4.3%.

In other markets, bitcoin plunged almost 10% after climbing earlier Tuesday to a record above $69,000. The cryptocurrency had rallied as much as 36% over the last week of February.

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DAILY UPDATE: Target of IRS Audits Up While Stock Markets are Down

Posted on March 5, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Stat: 125,000+. That’s how many high-income people the IRS is targeting for not filing their taxes. The IRS started sending letters last week to folks with over $400,000 in income who haven’t filed between 2017 and 2022 (Journal of Accountancy)

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Here’s where the major benchmarks ended:

The S&P 500 index fell 6.13 points (0.1%) to 5,130.95; the Dow Jones Industrial Average lost 97.55 points (0.3%) to 38,989.83; the NASDAQ Composite declined 67.43 points (0.4%) to 16,207.51.
The 10-year Treasury note yield (TNX) rose about 4 basis points to 4.219%.
The CBOE Volatility Index^® (VIX) increased 0.38 to 13.49.

Ongoing strength in chip makers propelled a 1.1% advance in the Philadelphia Semiconductor Index (SOX), which posted a record high for the third-straight trading day. Banks were also among the strongest performers. Small-cap shares eased, with the Russell 2000^® Index (RUT) ending with a marginal loss after rising earlier to a two-year high.

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DAILY UPDATE: CDC, IRS, the Roaring Stock Markets and Elon Musk

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

By Staff Reporters

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Stocks were ripping last week, with the NASDAQ notching an all-time high and the S&P 500 closing above 5,100 for the first time. Tech stocks led the way, especially Nvidia, which closed with a market cap over $2 trillion. But trouble may be brewing at regional banks: New York Community Bancorp plummeted after swapping out its CEO and revealing it had found weaknesses in its risk controls.

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The IRS is going after people who earned between $400,000 and $1 million but failed to file tax returns as far back as 2017.

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Elon Musk sued OpenAI and its co-founders, CEO Sam Altman and President Greg Brockman, Friday, alleging that they breached the organization’s founding agreement by letting it become too profit-motivated.

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The CDC says you no longer need to isolate for five days if you have COVID-19 as long as you’re fever-free and your symptoms are improving.

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DAILY UPDATE: Rare Disease Day Visibility, Rite Aid Down as Markets Rise Up

Posted on March 2, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Welcome back to the Gregorian calendar. Along with being a leap day, yesterday was Rare Disease Day—bringing visibility to the 7,000 conditions that each affect fewer than 200,000 people in the US. Combined, around 10% of US residents have one, per the National Institute of Health.

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Rite Aid is planning to close 77 stores in 2024 as part of its Chapter 11 bankruptcy.
That makes 431 stores that the drugstore chain has decided to close since October.
Rite Aid has been shrinking its store count for years, losing ground to rivals Walgreens and CVS.

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Here’s where the major benchmarks ended:

The S&P 500 index added 40.81 points (0.8%) to 5,137.08, up 0.95% for the week and its seventh weekly gain in the past eight; the Dow Jones Industrial Average^® (DJI) gained 90.99 points (0.2%) to 39,087.38, down 0.1% for the week; the NASDAQ Composite rose 183.02 points (1.1%) to 16,274.94, up 1.7% for the week.
The 10-year Treasury note yield fell about 7 basis points to 4.182%.
The CBOE Volatility Index^® (VIX) dropped 0.29 to 13.11.

Chipmaker strength drove a 4.3% advance in the Philadelphia Semiconductor Index (SOX), which ended at a record high. The NASDAQ-100^®(NDX), which includes the NASDAQ’s largest non-financial companies, also ended at a record high. Small-cap shares finished the week strong. The Russell 2000^® Index (RUT) rose 1.1% to settle at a 23-month high and notched a 3% gain for the week.

Banks were among the weakest performers as concerns over regional lenders flared up, underscored by another nosedive in shares of troubled New York Community Bancorp (NYCB).

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DAILY UPDATE: Inflation and “Bumble” Down as Stock Markets Rise and UHC Hackers ID’d

Posted on March 1, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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The Bumble dating app said this week that it plans to lay off 30% of its staff (about 350 employees) after a Q4 earnings report highlighted that profits are ghosting the company and Gen Z considers dating apps a turnoff. Bumble CEO Lidiane Jones, who took over in November when founder Whitney Wolfe Herd stepped down, said the cuts would save the company around $55 million. The company plans to invest in relaunching the app next quarter with new safety and AI features to entice all those looking for love.

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Here’s where the major benchmarks ended:

The S&P 500 index rose 26.51 points (0.5%) to 5,096.27, up 5.2% for the month; the Dow Jones Industrial Average^® (DJI) added 47.37 points (0.1%) to 38,996.39, up 2.2% for the month; the NASDAQ Composite gained 144.18 points (0.9%) to 16,091.92, up 6.1% for the month.
The 10-year Treasury note yield (TNX) fell about 3 basis points to 4.244%.
The CBOE Volatility Index^® (VIX) dropped 0.44 to 13.40.

Chipmaker shares were among the strongest performers Thursday, helping lift the Philadelphia Semiconductor Index (SOX) 2.7% to a record high close. Banks and food and beverage industries were also firm. Small-cap stocks also extended a recent upswing. The Russell 2000^® Index (RUT) erased much of an initial surge to a 22-month high but still finished with a 0.7% advance, gaining 5.5% for the month.

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Hackers that allegedly caused the UnitedHealth Group cyberattack reportedly posted on the dark web that they stole personal data and the records of “millions” of patients.

In a now-deleted post, the Blackcat ransomware group – also known as ALPHV or Noberus – said it stole several terabytes of data from UnitedHealth, which includes medical insurance and health data, Reuters reported, citing screenshots of the post.

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Filed under: "Ask-an-Advisor", Breaking News, Ethics, Experts Invited, Financial Planning, Information Technology, Investing, LifeStyle | Tagged: ALPHV, APPs, Bumble, bumble apps, CBOE, dating apps, DJIA, DOW, HIT, NASDAQ, Noberus, RUT, S&P 500, SOX, TNX, United Health Care, United Health hackers, VIX | Leave a comment »

DAILY UPDATE: Down Down Third Day

Posted on February 29, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

HAPPY LEAP YEAR DAY

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Stocks fell yesterday, while bitcoin almost touched an all-time high after surging 20% in five days as its halving approaches. UnitedHealth dipped on reports that antitrust regulators are investigating the massive insurer.

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Here’s where the major benchmarks ended:

The S&P 500^® index (SPX) fell 8.42 points (0.2%) to 5,069.76; the Dow Jones Industrial Average lost 23.39 points (0.1%) to 38,949.02; the NASDAQ Composite^® (COMP) declined 87.56 points (0.6%) to 15,947.74.
The 10-year Treasury note yield (TNX) fell about 5 basis points to 4.264%.
The CBOE Volatility Index^® (VIX) rose 0.39 to 13.82.

Regional banks and semiconductors were among the weakest performers Wednesday, and communications services and health care shares were also soft. Real estate shares bucked the weakness in many sectors to post firm gains. Food and beverage and consumer discretionary sectors also firmed. In other markets, WTI crude oil (/CL) futures rose to a three-month high at $79.62 per barrel before ending lower after the Energy Information Administration reported a rise in U.S. inventories.

CITE: https://www.r2library.com/Resource

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***

Filed under: "Ask-an-Advisor", Breaking News, Experts Invited, Financial Planning, Health Economics, Health Insurance, Investing, LifeStyle | Tagged: CBOE, crude oil, DJIA, DOW, leap, leap year, NYC, S&P 500, SPX, TNX, UHC, UnitedHealth, VIX, WTI | Leave a comment »

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.

CITE: https://www.r2library.com/Resource

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.

COMMENTS APPRECIATED

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***

Filed under: "Ask-an-Advisor", Alternative Investments, Experts Invited, Financial Planning, Investing | Tagged: CBOE, COMP, crude oil, DJIA, DOW, Eli Lilly, Jake henry, M&A, McKinsey, Mergers & Acquisitions, NASDAQ, Novo Nordosk, NYC, oil, OPEC, RUT, S&P 500, SPSIRE, TNX, VIX | Leave a comment »

DAILY UPDATE: S&P Index Pulls Back

Posted on February 27, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Stocks fell as the Dow got a special delivery from Amazon, which joined the index yesterday, replacing Walgreens. That didn’t give the Dow a boost for the day, but it should help the index—whose performance is trailing the S&P 500—going forward by giving it more tech power.

Here’s where the major benchmarks ended:

The S&P 500 index fell 19.27 points (0.4%) to 5,069.53; the Dow Jones Industrial Average^® (DJI) lost 62.30 points (0.2%) to 39,069.23; the NASDAQ Composite^® (COMP) dropped 20.57 points (0.1%) to 15,976.25.
The 10-year Treasury note yield (TNX) rose about 2 basis points to 4.28%.
The CBOE Volatility Index^® (VIX) fell 0.01 to 13.74.

Utility shares were among the weakest performers Monday, which may reflect pressure from Treasury yields that remain at their highest levels in over two months. High Treasury yields may compel some investors to forgo utility shares, which typically offer relatively high dividend yields. Communication services companies were also weak. Among stronger areas, the Russell 2000^® (RUT) gained 0.6% for its third-straight daily advance.

CITE: https://www.r2library.com/Resource

COMMENTS APPRECIATED

Thank You

***

Filed under: "Ask-an-Advisor", Breaking News, Financial Planning, Health Economics, Investing | Tagged: Amazon, CBOE, DJIA, DOW, NASDAQ, NYC, RUT, S&P 500, TNX, utility, VIX | Leave a comment »

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