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Posted on June 27, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The NASDAQ and S&P 500 fell to two-week lows, adding to last week’s declines, as investors continued to digest hawkish Fed comments and recession risks.
Here is where the major benchmarks ended today:
The S&P 500 Index was down 19.51 points (0.5%) at 4,328.82; the Dow Jones Industrial Average (DJIA) was down 12.72 points at 33, 714.71; the NASDAQ Composite was down 156.74 points (1.2%) at 13,335.78.
The 10-year Treasury note yield (TNX) was down about 2 basis points at 3.714%.
CBOE’s Volatility Index (VIX) was up 0.77 at 14.21.
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UnitedHealth Group related more people were using the healthcare system (bad news for insurers), and no one exactly knew why. Then yesterday, the sleuths at UBS published a note with a clever hypothesis: Rising healthcare utilization rates could be fueled by…pickleball injuries.
UBS calculated that the game’s surging popularity—among seniors, in particular—will contribute $377 million in medical costs this year for procedures like hip replacements and knee surgeries, Bloomberg reported.
Posted on June 26, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Last week, the NASDAQ snapped its eight-week winning streak, but it’s still on pace for its best and has nearly erased its total losses from 2022. Over in the media world, everyone (Disney, Warner Bros. Discovery, Paramount Global) is struggling except Netflix.
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But, the U.S. dollar rose to a 15-month high against the ruble this Monday after dramatic weekend events in Russia, which saw an aborted mutiny by heavily armed mercenaries. The dollar index also found some safe-haven support on lingering worries that the protracted monetary tightening cycles from major central banks would further hurt the global economic outlook.
Posted on June 24, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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U.S. stocks slipped on Friday, yesterday, with Wall Street’s benchmark gauge notching its worst week since early March. Equities have stalled in the last few days as the rally has taken a breather.
The tech-heavy NASDAQ Composite (COMP.IND) retreated 1.01% to end at 13,492.52 points, while the S&P 500 (SP500) closed 0.76% lower at 4,348.37 points. The blue-chip Dow (DJI) fell 0.64% to settle at 33,728.69 points.
On a weekly basis, the S&P was down 1.39%, the NASDAQ was down 1.44% while the Dow was down 1.67%.
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The following companies had stock price moves driven by quarterly earnings or analyst ratings:
3M (MMM) agreed to pay up to $12.5 billion to settle hundreds of lawsuits brought by cities that claimed their drinking water had been contaminated by the company’s chemicals. 3M shares still ended with a gain of 0.3%.
C3.ai (AI) shares dropped sharply after Deutsche Bank reiterated its “sell” rating, saying the company hadn’t differentiated itself from other artificial intelligence firms at its investor day. C3 shares fell nearly 11%.
CarMax (KMX) reported quarterly revenue at $7.7 billion, down 17% from a year earlier but still surpassing Wall Street expectations. Shares of the used car retailer rose 10%.
Chipotle (CMG) had its share price target boosted by KeyBanc, which cited sustained traffic momentum and pricing power as inflation for avocado and chicken prices remains tame. Shares of the restaurant chain still ended down about 0.3%.
Delta Air Lines (DAL) had its share price target raised to $55 from $48 by Barclay’s, which cited optimistic expectations for near-term earnings. The airline’s shares still fell about 0.2%.
Ford (F) plans a new round of layoffs for U.S. salaried workers, the Wall Street Journal reported late Thursday. It’s unclear how many jobs will be affected. Ford has said it’s working to get costs in line as it transitions to electric vehicles. Its shares fell about 1.2%.
Starbucks (SBUX) shares fell following reports a union representing workers said some stores would strike beginning Friday. The coffee chain’s shares fell 2.5%.
Under Armour (UAA) shares were downgraded to “equal weight” from “overweight” by Wells Fargo, which cited overexposure to North America, excess inventory, and a fairly new CEO. The athletic apparel company’s shares fell nearly 3%.
Virgin Galactic (SPCE) shares fell sharply following reports the space tourism company had raised $300 million through a common stock offer. Its shares dropped more than 18%.
Wayfair (W) shares were upgraded to “market perform” from “underperform” by MoffettNathanson, which said the online retailer was benefiting from the bankruptcy of Bed Bath & Beyond. Wayfair shares rose about 0.4%.
Among other companies, Carnival Corp. (CCL) is expected to report quarterly results Monday. The cruise operator is expected to report a loss of 35 cents per share for the previous quarter, narrower than the $1.64 per share loss for the same period a year earlier, according to NASDAQ. Walgreens Boots Alliance (WBA), Micron Technology (MU), and General Mills (GIS) are also scheduled to report results next week.
Posted on June 23, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The marine mystery that captivated the world this week had a tragic conclusion: Authorities confirmed yesterday that they found broken pieces of the OceanGate Titan submersible near the Titanic wreckage it was en route to explore, meaning its five passengers are dead.
They are OceanGate CEO Stockton Rush, British explorer Hamish Harding, Titanic expert Paul-Henri Nargeolet, British-Pakistani businessman Shahzada Dawood, and his son, Suleman Dawood (who, according to his aunt, was “terrified” of the trip but ultimately went to please his dad for Father’s Day).
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Here is where the major benchmarks ended yesterday
The S&P and NASDAQ found their way back into the green after a three-day losing streak, though the market overall has been a little sleepy this week.
Yesterday’s winner goes to Overstock which jumped after the online retailer agreed to buy Bed Bath & Beyond’s IP, name and digital assets for $21.5 million. But BB&B, which went bankrupt in April, won’t be able to keep its stores open as part of the deal.
And, the 10-year Treasury note yield (TNX) was little changed at 3.727%.
While, CBOE’s Volatility Index (VIX) was was down 0.68 at 13.19.
Technology shares were among the weakest performers Wednesday, with the Philadelphia Semiconductor Index (SOX) dropping nearly 2% to near a two-week low.
Regional banks were also lower. Energy stocks led sector gainers as crude oil futures jumped nearly 2% to a two-week high on hopes for stronger demand from China.
Volatility based on the VIX sank to its lowest level since January 2020.
Posted on June 22, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Wall Street’s major averages yesterday, on Wednesday, ended lower for a third straight session, weighed down by losses in growth stocks. And, sentiment was dampened by Federal Reserve Chair Jerome Powell’s largely hawkish reiteration that more rate hikes were likely.
Powell in his published opening remarks to his two-day testimony to Congress said that nearly all policymakers expect that interest rates would have to be raised further by the end of the year. The Fed chief then, in responses to questions from lawmakers, said that it may “make sense” for the central bank to raise rates at a “more moderate pace” going forward.
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So, here is where the major benchmarks ended:
The S&P 500 Index was down 23.02 points (0.5%) at 4,365.69; the Dow Jones Industrial Average (DJIA) was down 102.35 (0.3%) at 33,951.52; the NASDAQ Composite was down 165.10 (1.2%) at 13,502.20.
The 10-year Treasury note yield (TNX) was little changed at 3.727%.
Cboe’s Volatility Index (VIX) was was down 0.68 at 13.19.
Technology shares were among the weakest performers Wednesday, with the Philadelphia Semiconductor Index (SOX) dropping nearly 2% to near a two-week low. Regional banks were also lower.
Energy stocks led sector gainers as crude oil futures jumped nearly 2% to a two-week high on hopes for stronger demand from China. Volatility based on the VIX sank to its lowest level since January 2020.
Posted on June 21, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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DEFINITION: A solstice occurs when one of the Earth’s poles (today, it’s the north) tilts toward the sun at the maximum angle. The two solstices, in December and June, mark the beginning of winter and summer and give us the longest days and nights of the year.
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Summer officially arrives: The summer solstice is on Wednesday today, marking the astronomical beginning of summer in the Northern Hemisphere. It’s also the longest “day” of the year above the equator. Soak in those 9 pm sunsets, because they won’t last forever … or at least until next year 2024.
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Here is where the major benchmarks ended:
The S&P 500 Index was down 16.25 points (0.4%) at 4,409.59; the Dow Jones industrial Average was down 108.94 (0.3%) at 34,299.12; the NASDAQ Composite was down 93.25 (0.7%) at 13,689.57.
The 10-year Treasury note yield (TNX) was up about 4 basis points at 3.769%.
CBOEs Volatility Index (VIX) was down 0.97 at 13.53.
Retailers and regional banks were among the weakest performers Friday, and the Russell 2000 ended with a loss of about 1%.
Energy companies were among the strongest sectors thanks to crude oil futures extending a recent rally above $70 a barrel.
Posted on June 20, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The average balance in employer-sponsored savings plans last year was $112,572, well below the $141,542 recorded in 2021. That’s according to the latest annual report, “How America Saves,” from investment firm Vanguard, which serves as record keeper for defined contribution plans that, combined, have nearly 5 million participants with a median age of 43. Such plans include 401(k)s and 403(b)s, as well as a much smaller universe of plans that employers simply put money into for employees and then employees direct how that money is invested.
“Vanguard participants’ average account balances decreased by 20% since year-end 2021, driven primarily by the decrease in equity and bond markets over the year,” according to the report.
And, the numbers look worse if you consider the median balance, which was just $27,376 last year, down from $35,345 in 2021. The median in some ways is a truer read on the state of employees’ retirement savings since it is the middle point — meaning half of accounts have higher balances, and half have lower ones.
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According to the Social Security Administration, Social Security benefits make up about a third of the income of the elderly. In general, single people depend more heavily on Social Security checks than do married people. In 2023, the average monthly retirement income from Social Security is $1,827.
Keep in mind, though, that your Social Security benefits could be smaller. If you don’t have 35 years of work under your belt when you start claiming benefits, if your earnings were consistently low or if you claim benefits starting at age 62 rather than waiting until your full retirement age (or age 70, if you want maximum benefits), then you can expect a small monthly check. There’s also a gender gap in Social Security income. Women, because they tend to earn less and work for fewer years, draw smaller Social Security checks than men do.
Posted on June 16, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The number of Americans applying for unemployment benefits remained elevated last week, a possible sign that the Federal Reserve’s interest rate hikes over the past year may taking hold in what’s proved to be a resilient job market. U.S. applications for jobless claims were 262,000 for the week ending June 10th, the Labor Department reported Thursday, more than analysts were expecting. This week’s number mirrors last week’s, which was revised up by 1,000. The claims numbers for the past two weeks are the highest since October of 2021. The four-week moving average of claims, which flattens some of the week-to-week fluctuations, rose by by more than 9,000 to 246,750. That’s the highest level since November of 2021.
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Here is where the major benchmarks ended:
The S&P 500 Index was up 53.25 points (1.2%) at 4,425.84; the Dow Jones industrial average was up 428.73 (1.3%) at 34,408.06; the NASDAQ Composite was up 156.34 (1.2%) at 13,782.82.
The 10-year Treasury note yield (TNX) was down about 8 basis points at 3.718%.
CBOE’s Volatility Index (VIX) was up 0.61 at 14.49.
Energy was the best performing sector Thursday as WTI crude oil futures rose more than 3%, putting them back above $70 per barrel, thanks to improving demand from China. Health care and retail stocks were also strong.
The euro surged above $1.09, its strongest level against the U.S. dollar in over a month, after the European Central Bank earlier Thursday hiked its benchmark deposit rate a quarter point to 3.5%, saying inflation is still too high.
Posted on June 15, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
UnitedHealth Group expects to spend more of its members’ premiums on medical care in the second quarter, driven by a rise in outpatient care for Americans 65 and older in Medicare plans, CFO John Rex said Tuesday at a Goldman Sachs investor conference. Speaking at a Goldman Sachs healthcare conference, Tim Noel, CEO of UnitedHealth’s Medicare and retirement business, pointed to elevated demand for outpatient procedures from Medicare patients, per Reuters.
“We’re seeing that more seniors are just more comfortable accessing services for things that they might have pushed off a bit like knees and hips,” Noel reportedly said at the conference. The elevated demand is expected to increase the company’s second-quarter costs and premiums look set to lag spending on claims. As a result, UnitedHealth said it expects its medical loss ratio for full-year 2023 to be in the upper end of its prior outlook.
But, following the news, RBC Capital analyst Ben Hendrix reiterated UnitedHealth with an Outperform and maintained its $592 price target. Mizuho analyst Ann Hynes also reiterated UnitedHealth with a Buy and a $600 price target.
The S&P 500 Index was up 3.58 points (0.1%) at 4,372.59; the Dow Jones Industrial Average (DJIA) was down 232.79 (0.7%) at 33,979.33; the NASDAQ Composite was up 53.16 (0.4%) at 13,626.48.
The 10-year Treasury note yield (TNX) was down about 4 basis points at 3.80%.
Cboe’s Volatility Index (VIX) was down 0.74 at 13.87.
Regional banks and retail were among the weakest sectors Wednesday. The KBW Regional Banking Index (KRX) tumbled from a 14-month high earlier in the day, ending down nearly 3%. Small-caps stocks also took a hit, as the Russell 2000 Index (RUT) fell 1.2%. The U.S. Dollar Index (DXY) rebounded sharply from a four-week low, boosted by the indications rates will stay higher for longer.
Posted on June 14, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
FLAG DAY 2023
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Measured year over year, inflation slowed to just 4 per cent in May — the lowest 12-month figure in over two years and well below April’s 4.9 per cent annual rise. The pullback was driven by tumbling gas prices and smaller increases in grocery prices and other items.
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Here is where the major benchmarks ended, today:
The S&P 500® Index was up 30.08 points (0.7%) at 4,369.01; the Dow Jones industrial average was up 145.79 (0.4%) at 34,212.12; the NASDAQ Composite was up 111.40 (0.8%) at 13,573.32.
The 10-year Treasury note yield (TNX) was up about 6 basis points at 3.829%.
CBOE’s Volatility Index (VIX) was down 0.4 at 14.61.
Regional banks and oilfield services stocks led the gainers Tuesday. Crude oil futures rose 3% on expectations of stronger demand from China. Small-caps were also strong, with the Russell 2000 Index (RUT) rising more than 1% to its highest level since early March. The U.S. Dollar Index (DXY) fell to its lowest level in more than three weeks thanks to expectations interest rates could be near their peak.
Posted on June 13, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The Biden administration finalized a deal to preserve the federal mandate requiring U.S. health insurers to cover preventive care like cancer screenings and HIV-preventing medication at no extra cost to patients while a legal challenge continues. The agreement, first disclosed last Friday and now finalized in a filing in the New Orleans-based 5th U.S. Circuit Court of Appeals, leaves the mandate in place nationwide while the administration appeals a court order striking it down.
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Here is where the major benchmarks ended yesterday:
Stock indices finished yesterday’s trading session in the green. The NASDAQ 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) gained 1.76%, 0.94%, and 0.56%, respectively. The energy sector (XLE) was the session’s laggard, as it fell 0.95%. Conversely, the technology sector (XLK) was the session’s leader, with a gain of 2.18%.
Furthermore, the U.S. 10-Year Treasury yield saw little change, as it hovers around 3.74%. Conversely, the Two-Year Treasury yield decreased to 4.58%. This brings the spread between them to -84 basis points.
Posted on June 10, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Republicans in the U.S. House of Representatives just unveiled a series of new tax breaks aimed at businesses and families while proposing to reverse some of President Joe Biden’s legislative victories, including credits to spur the sale of clean-burning electric vehicles.
Under the proposed legislation, married couples filing jointly would receive a $4,000 “deduction bonus” for two years that the committee said would potentially help up to 107 million families who take the standard deduction.
The legislation also would significantly increase the way businesses could claim depreciation deductions, raising the threshold to a permanent $2.5 million from the current $1 million that was contained in the Republicans’ broad 2017 tax cut package.
Other provisions include an expansion of tax benefits for small start-up enterprises to “S Corporations,” while eliminating some “red tape” that small businesses experience related to contract workers.
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The Closing Friday Markets
Markets: Stocks celebrated the summer Friday by jumping up yesterday, giving the S&P 500, which recently reentered bull market territory, its fourth positive week in a row. And, Tesla enjoyed its eleventh consecutive trading day in the green, matching its longest hot streak.
The S&P 500 Index was up 4.93 points (0.11%) at 4,298.86; the Dow Jones Industrial Average (DJIA) was up 43.17 points (0.13%) at 33,876.78; the NASDAQ Composite (COMPX) was up 20.62 points (0.16%) at 13,259.14.
The 10-year Treasury note yield (TNX) was little changed at 3.740%.
CBOE’s Volatility Index (VIX) was up 10 points at 13.75.
The Technology, Consumer Discretionary, and Communication Services sectors—home to market heavyweights such as Alphabet (GOOGL), Apple (AAPL), Meta (META), Microsoft (MSFT), NVIDIA (NVDA), and Tesla (TSLA)—were the strongest performers Friday. Energy was among the weaker sectors, as crude oil futures fell 1.5% to just above $70. The small-company-focused Russell 2000 (RUT) lagged, falling about 0.9%.
Posted on June 9, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Former President Trump says he has been indicted on federal charges that emerged out of Special Counsel Jack Smith’s months-long investigation.
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Middle income home buyers in the United States are finding little on the market to buy, even if they can qualify and afford a mortgage. These would-be buyers face the most severe housing shortage of any other income bracket, according to a new analysis from the National Association of Realtors and Realtor.com that found the market is short more than 300,000 affordable homes for these buyers.
The report defined a middle-income home buyer as someone in a household earning up to $75,000 a year, the median household income in the United States. Given that income, these buyers can purchase homes valued up to $256,000 without being overburdened with housing costs. And there are a lot fewer homes in this category than a few years ago. Middle-income buyers can afford to buy less than a quarter — only 23% — of listings that are currently on the market. Five years ago, this income group could afford to buy half of all available homes, according to the report.
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Here is where the major benchmarks ended yesterday:
The S&P 500 Index was up 26.41 points (0.6%) at 4293.93; the Dow Jones Industrial Average (DJIA) was up 168.59 (0.5%) at 33,833.61; the NASDAQ Composite (COMPX) was up 134 points (1.02%) at 13,238.52.
The 10-year Treasury note yield (TNX) was little changed at 3.714%.
CBOE’s Volatility Index (VIX) was down 0.29 at 13.65.
Retail and Consumer Discretionary stocks led gains Thursday among S&P 500 sectors, while technology stocks were also strong. Small-cap stocks eased, but the Russell 2000 (RUT) is still up 2.7% for the week. Energy stocks slumped after reports of a possible nuclear deal between the U.S. and Iran sent WTI crude oil futures down nearly 2%. Volatility fell near a two-year low.
Posted on June 8, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Turkey’s lira plunged 7% to a record low yesterday in its biggest selloff since a historic 2021 crash, a move traders said is a “strong signal” that Ankara is moving away from state controls toward a freely traded currency. The currency has come under increasing pressure since President Tayyip Erdogan was re-elected on May 28. It was trading at 23.18 against the dollar at 1500 GMT, after touching a record low of 23.19, bringing its losses this year to around 20%.
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Treasury Secretary Janet Yellen, in her first interview since the U.S. debt-ceiling was lifted last week by Congress, warned on Wednesday about the potential for banks to feel strain from their exposure to weakening commercial real estate valuations. Yellen was asked by CNBC “Squawk Box” host Andrew Ross Sorkin about if she’s worried about the state of estimated $20.7 trillion commercial real-estate market, particularly the office, and if weakness in the sector could potentially spark more bank failures.
“Well, I do think that there will be issues with respect to commercial real estate,” Yellen said. “Certainly, the demand for office space since we’ve seen such a big change in attitudes and behavior toward remote work has changed and especially in an environment of higher interest rates.”
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The equities market diverged today between a small handful of strong-performing mega-cap companies, which delivered most of the gains recently in the big benchmark indexes, and the lagging majority. Such concentration suggests a weakness below the headline numbers that could become a problem down the line.
Here is where the major benchmarks ended today:
The S&P 500® Index (SPX) was down 16.33 points (0.4%) at 4267.52; the Dow Jones Industrial Average (DJIA) was up 91.74 (0.3%) at 33,665.02; the NASDAQ Composite (COMPX) was down 171.52 (1.3%) at 13,104.90.
The 10-year Treasury note yield (TNX) was up about 9 basis points at 3.791%.
CBOEs Volatility Index (VIX) was down 0.04 at 13.92.
Smaller financial companies were also in the spotlight again, with the KBW Regional Banking Index (KRX) continuing its rebound with a nearly 4% jump. Energy stocks were also strong as crude oil futures climbed more than 1%, and transportation companies also gained. Communication Services led decliners among S&P 500 sectors.
The Biden administration is confident it will succeed in the courts against Merck & Co’s lawsuit filed on Tuesday, the White House said, defending the Medicare health insurance program’s authority to seek deals on medicine prices. “We are confident we will succeed in the courts: there is nothing in the Constitution that prevents Medicare from negotiating lower drug prices,” White House spokeswoman Karine Jean-Pierre said in a statement.
Behind negative returns for shares of UnitedHealth and Merck, as noted above, UnitedHealth’s shares were off $14.28, or 2.9%, while those of Merck have dropped $3.23, or 2.9%. A $1 move in any one of the 30 components of the Dow results in a 6.59-point swing. In summary:
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Here is where the major benchmarks ended yesterday:
The S&P 500® Index was up 10.04 points (0.2%) at 4283.84; the Dow Jones industrial average was up 10.48 at 33,573.34; the NASDAQ Composite was up about 47 points (0.36%) at 13,276.42.
The 10-year Treasury yield was little changed at 3.687%.
Posted on June 6, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The Normandy landings were the landing operations and associated airborne operations on Tuesday, 6th June 1944 of the Allied invasion of Normandy in Operation Overlord during World War II. Code-named Operation Neptune and often referred to as D-Day, it was the largest seaborne invasion in history.
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It has also been 42 years since the CDC first reported on AIDS in the US, describing five Los Angeles-area patients with Pneumocystis jiroveci pneumonia. Today about 1.2 million people in the US live with HIV, the virus that causes AIDS, a condition that’s considered chronic but not necessarily fatal. Still, US leaders want to end the HIV epidemic by 2030.
Advocates are calling for gun violence to be considered as an “adverse childhood experience.”
Chicago health officials still recommend exercising caution over Mpox in the year following a major outbreak.
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With the drama of earnings season, the debt ceiling battle, and last Friday’s crucial jobs report in the rear-view mirror, Wall Street enters the week seeking new catalysts.
The S&P 500 Index (SPX) starts the week on the cusp of a new bull market. A close of 4,292 or above would represent approximately a 20% gain from the 2022 low close of 3,577 posted last October 12. A 20% gain from the bottom represents a new bull market. That said, the SPX is still down about 11% from its all-time high close of 4,796 posted January 3, 2022.
You may recall a strong rally last summer. But the 17% rally that lasted from mid-June 2022 through mid-August 2022 lifted the SPX just 17%—not enough to put it into bull market territory.
The 10-year Treasury note yield ($TNX) was down slightly to 3.68%. The U.S. Dollar Index ($DXY) is up slightly to 104.29. The Cboe Volatility Index® ($VIX) has been in positive territory all day today and was last seen up by 0.27 to 14.87. WTI Crude Oil (/CL) is up to $73.22 per barrel after Saudi Arabia said it would cut production.
Gold prices have traded in a range of $1,953.80 to $1,978.00 and were last seen trading higher by 0.17% to $1,973.00.
Natural Gas prices have traded in a range of $2.184-2.2301 so far today and were last seen trading higher by $0.077 (or + 3.55%) to $2.249/MMBtu.
Posted on June 3, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The end of debt standoff and a stronger-than-expected jobs report helped boost the Dow to its biggest gain in over six months, while the NASDAQ is near a 14-month high.
Here is where the major benchmarks ended yesterday:
The S&P 500® Index (SPX) was up 61.35 points (1.5%) at 4282.37, near a 10-month high; the Dow Jones industrial average was up 701.19 (2.1%) at 33,762.76; the NASDAQ Composite was up 139.78 (1.1%) at 13,240.77.
The 10-year Treasury note yield (TNX) was up about 9 basis points at 3.695%.
CBOE’s Volatility Index (VIX) was down 1.07 at 14.58.
Financial companies were among the strongest performers Friday, with the KBW Regional Banking Index (KRX) rising more than 6%.
Oilfield services companies and others in the energy sector were also strong, as crude oil futures extended a recent rally above $70 per barrel. Volatility measures dropped as the debt ceiling deal removed a source of uncertainty, with the VIX hitting its lowest level since July 2021.
Posted on June 2, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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National Hurricane Season Commences
The Atlantic hurricane season is the period in a year, from June 1st through November 30th, when tropical or subtropical cyclones are most likely to form in the North Atlantic Ocean. These dates, adopted by convention, encompass the period in each year when most tropical cyclogenesis occurs in the basin. Even so, subtropical or tropical cyclogenesis is possible at any time of the year, and often does occur.
Interest Rates?
New US government data shows there were more open jobs last month than expected, raising the possibility that the Federal Reserve could keep hiking Interest Rates Up.
Banks
Shares of large and mid-sized U.S. banks sharply under performed the broader markets with worries about commercial real estate loans in focus among bank investors.
Companies
The e-commerce giant Amazon has agreed to shell out the cash to settle a pair of lawsuits lodged by the Federal Trade Commission. It will cough up $5.8 million to resolve claims that it let employees and contractors access footage from Ring doorbell cameras and another $25 million because Alexa allegedly improperly retained information from children. Amazon’s also facing criticism from its staff—hundreds of corporate employees walked out yesterday to protest the company’s layoffs, return to office mandate, and contributions to climate change.
Advance Auto Parts tanked after the car parts seller cut its dividend and outlook for the year.
The Markets
Here is where the major benchmarks ended, yesterday:
The S&P 500 Index was up 41.19 points (1.0%) at 4221.02; the Dow Jones industrial average (DJIA) was up 153.30 (0.5%) at 33,061.57; the NASDQ Composite was up 165.70 (1.3%) at 13,100.98.
The 10-year Treasurynoteyield (TNX) was down about 3 basis points at 3.603%.
CBOE’s Volatility Index (VIX) was down 2.25 at 15.69.
Oilfield services providers and other energy companies led sector gains, as crude oil futures rallied nearly 3% and pushed back above $70 barrel despite higher-than-expected U.S. inventories reported Thursday. Semiconductor makers and other tech companies continued their recent show of strength. The U.S. Dollar Index ($DXY) fell to its lowest level in more than a week amid ideas the Fed may soon “pause” its sharp rate hikes of the past year.
Posted on June 1, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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According to ABC News, the US House of Representatives just approved a bill to raise the nation’s debt ceiling while cutting some government spending over the next two years, in a major victory for both the White House and Republican leaders as the country tip-toes closer to a historic default on its bills. The final vote was 314-117. Now, the deal moves to the Senate, where Majority Leader Chuck Schumer has promised to work to pass it quickly.
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Here is where the major benchmarks ended yesterday:
The S&P 500 Index was down 25.69 points (0.6%) at 4179.83; the Dow Jones industrial average was down 134.51 (0.4%) at 32,908.27; the NASDAQ Composite was down 82.14 (0.6%) at 12,935.29.
The 10-year Treasury yield was down about 5 basis points at 3.641%.
CBOE’s Volatility Index was up 0.26 at 17.74.
Regional banks were among the weakest performers Wednesday, while energy stocks also slumped as crude oil futures extended a recent sell-off.
The utilities and healthcare sectors were among the few gainers.
Despite weakness in technology, the NASDAQ still ended with a gain of 5.8% for the month, while the S&P 500 was up 0.3%. The U.S. dollar index rose to a 2½-month high.
Posted on May 31, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Workers appear to value paid time off even more than having employer-funded health insurance, a recent study found. The Pew Research Center report called “How Americans view their jobs” found 62% of the 5,900 people surveyed felt it’s “extremely” important to have paid time off for vacations or minor illness, with a further 27% saying it’s “very” important. That’s higher than the 51% who said employer-funded health insurance was extremely important, with 28% saying it’s very important.
And, here is where the major market benchmarks ended yesterday:
The S&P 500 Index was up 0.07 point at 4205.52; the Dow Jones industrial average was down 50.56 (0.2%) at 33,042.78; the NASDAQ Composite was up 41.74 (0.32%) at 13,017.43.
The 10-year Treasury yield was down about 13 basis points at 3.694%.
CBOE’s Volatility Index was little changed at 17.46.
Oilfield services companies and others in energy were among the weakest performers as crude oil futures dropped more than 4% to less than $70 a barrel, reflecting ample supply.
Consumer staples and health care were also weak. The U.S. dollar index was down slightly after rising earlier to its highest level since mid-March.
Posted on May 27, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Money managers often share their thoughts in real time, but fewer still have 50 years of experience navigating the markets. Hedge fund manager Doug Kass is one of them.
Kass, who offers his stock picks and insights in his Real Money Pro Daily Diary, doesn’t pull any punches when it comes to managing risk. He recently told investors interested in artificial intelligence that the road to AI profits will likely be rockier than expected for the likes of Nvidia (NVDA) – Get Free Report, Microsoft (MSFT) – Get Free Report, Alphabet (GOOGL) – Get Free Report, and C3.ai (AI) – Get Free Report.
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Here is where the major benchmarks ended yesterday:
The S&P 500® Index was up 54.17 points (1.3%) at 4205.45; the Dow Jones industrial average was up 328.69 (1.0%) at 33,093.34; the NASDAQ Composite was up 277.59 (2.2%) at 12,975.69.
The 10-year Treasury yield was little changed at 3.81%.
CBOE’s Volatility Index was down 1.22 at 17.93.
Tech remains the runaway upside leader among sectors, with the Philadelphia Semiconductor index soaring over 6% to a 14-month high Friday. The NASDAQ-100 also ended near a 14-month high. Communications services and real estate were also strong.
Oilfield services and other energy companies were among the weakest sectors, despite a jump of more than 1% in crude oil futures.
Posted on May 26, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The value of the US tech company Nvidia has soared by a quarter after it predicted a boom in demand for its computer chips to meet the needs of artificial intelligence products such as ChatGPT. Nvidia’s share price rose by 25% in early trading on the back of the announcement, and gave it a market valuation of more than $940bn (£760bn) after stock markets opened on Wall Street on Thursday, up from $755bn on Wednesday evening. The share price had already more than doubled over the course of 2023, amid huge optimism over the rapid progress of generative AI products. These require massive data centers full of semiconductor chips to operate.
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Here is where the major benchmarks ended yesterday:
The S&P 500® Index was up 36.04 points (0.9%) at 4151.28; the Dow Jones industrial average was down 35.27 (0.1%) at 32,764.65; the NASDAQ Composite was up 213.93 (1.7%) at 12,698.09.
The 10-year Treasury yield was up about 10 basis points at 3.823%.
CBOE’s Volatility Index was down 1.01 at 19.02.
The Philadelphia Semiconductor Index also rose more than 4% to near a 14-month high, while the NASDAQ-100 hit a 13-month high. Transportation stocks were also higher. Oilfield services companies were among the weakest performers as crude oil futures fell more than 3%.
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US credit rating called into question
Credit rating agency Fitch just warned that the fight over the debt ceiling could force it to question the US’ perfect credit rating. It said it had put the nation’s triple-A credit rating on “rating watch negative,” meaning it’s poised for a downgrade if lawmakers can’t work things out. Even negotiations that drag on too long before a deal is reached could trigger a downgrade: That’s what happened in 2011, when S&P dinged the US’ credit over default fears. S&P still hasn’t returned the nation’s score to its highest rating.
Posted on May 25, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Thousands of clients of Maxim Healthcare Services are about to receive a payment of up to $5,000 in compensation for a data breach. According to information obtained by The Sun, the private medical personnel company based in Columbia, Maryland; agreed to pay 2020 data breach claims filed in a class action lawsuit by residents of the state of California.
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Gold futures tallied a third consecutive session decline settling at their lowest in nearly a week as further strength in the U.S. dollar pressured prices for the precious metal. Gold gave up early gains that had been driven by uncertainty surrounding a U.S. debt-ceiling deal in Congress.
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And, here is where the major benchmarks ended yesterday:
The S&P 500 Index was down 30.34 points (0.7%) at 4115.24; the Dow Jones industrial average was down 255.59 (0.8%) at 32,799.92; the NASDAQ Composite was down 76.08 (0.6%) at 12,484.16.
The 10-year Treasury yield was up about 4 basis points at 3.742%.
CBOEs Volatility Index was up 1.52 at 20.04.
Technology and regional bank stocks were among the weakest sectors, with the Philadelphia Semiconductor Index down more than 2%. Energy was one of the few gainers among S&P 500 sectors as crude oil futures climbed to a three-week high of near $74 a barrel. The U.S. dollar index rose a third straight day to a two-month high.
Posted on May 24, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Washington’s failure to wrap up the debt-ceiling negotiations sent stocks tumbling yesterday. Here is where the major benchmarks ended:
The S&P 500 Index was down 47.05 points (1.1%) at 4145.58; the Dow Jones industrial average was down 231.07 (0.7%) at 33,055.51; the NASDAQ Composite was down 160.53 (1.3%) at 12,560.25.
The 10-year Treasury yield was down about 2 basis points at 3.701%.
Posted on May 23, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Here is where the major benchmarks ended yesterday:
The S&P 500® Index was up 0.65 point at 4192.63; the Dow Jones industrial average was down 140.05 (0.4%) at 33,286.58; the NASDAQ Composite was up 62.88 (0.5%) at 12,720.78.
The 10-year Treasury yield was up about 3 basis points at 3.721%.
CBOE’s Volatility Index was up 0.38 at 17.19.
The NASDAQ-100 Index ended at a 13-month high, driven by gains in large tech companies. Lenders were also particularly strong, with the KBW Regional Banking Index up nearly 3%. Oilfield services companies also rose as crude oil futures ticked higher. Consumer staples was among the weaker sectors.
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Debt ceiling negotiations could result in less funding for state and local health officials to combat STDs. Remote work is making it easier for some family caregivers to fill care gaps. An RSV vaccine for pregnant women is another step closer to approval. Congress will question CIGNA over its practice of rejecting medical claims by the hundreds of thousands every month.
Posted on May 20, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Regional bank stocks slid again on Friday on fears that more banks might fail or need intervention from the government. The KBW Regional Bank index fell by nearly 3% from rumors that Treasury Secretary Janet Yellen said additional bank consolidations might need to occur, according to a CNN report.
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Yesterday, stocks turn south after Republicans walked out on debt ceiling talks, but the S&P 500 and NASDAQ are still higher for the week. In summary:
The Dow Jones Industrial Average fell 109.28 points, or 0.3%, to close at 33,426.63.
The S&P 500 fell 6.1 points, or 0.1%, to finish at 4,191.98.
The NASDAQ Composite dropped 30.94 points, or 0.2%, to end at 12,657.90.
All three major indexes booked weekly gains, with the Dow rising 0.4% to snap two straight weeks of losses. The S&P 500 saw a 1.6% gain for the week, also snapping back-to-back weekly losses; the NASDAQ rose 3% in a fourth straight week of gains for its longest winning streak since the week ending Feb. 3rd, according to Dow Jones Market Data.
Posted on May 19, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Markets: Stocks climbed for the second straight day as a last-minute deal to raise the debt ceiling begins to take shape. GOP House Speaker Kevin McCarthy and Democratic Senate Majority Leader Chuck Schumer signaled their chambers could vote next week on an agreement that would avert the US’ first-ever default.
Stock spotlight: Netflix shares popped after the streamer said its cheaper ad-supported plan is off to a hot start. Earlier this week, Netflix said that 25% of its new subscribers opted for the ad tier in regions where it’s available.
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Here is where the major benchmarks ended yesterday:
The S&P 500 Index was up 39.28 points (0.9%) at 4198.05; the Dow Jones industrial average was up 115.14 (0.3%) at 33,535.91; the NASDAQ Composite was up 188.27 (1.5%) at 12,688.84.
The 10-year Treasury yield was up about 7 basis point at 3.65%.
CBOE’s Volatility Index was down 0.78 at 16.09.
The tech sector continued to be one of the market’s strongest performers, with the Philadelphia Semiconductor Index jumping nearly 3% and the Nasdaq-100 closing at a 13-month high. Real estate led decliners among S&P 500 sectors.
Also, the U.S. dollar index surged near a two-month high amid growing confidence the Fed won’t be lowering rates any time soon.
Posted on May 17, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The Federal Trade Commission said on Tuesday [yesterday] it will try to block an effort by bio-pharmaceutical leader Amgen Inc. from purchasing Horizon Therapeutics for $28.3 billion, charging the move could force insurance companies to favor their products. The FTC said the coupling of Amgen and Horizon could have allowed Amgen to leverage its portfolio of top-selling drugs to entrench a monopoly position in treatments for thyroid eye disease and chronic refractory gout. The watchdog agency said Amgen could force insurance companies and pharmacy benefit managers, or PBMs, into favoring Horizon’s two monopoly products. It said Tepezza is used to treat thyroid eye disease, while Krystexxa is used to treat chronic refractory gout. The agency said neither of the treatments has competition in the pharmaceutical marketplace.
And, the CME FedWatch Tool shows an 82% probability of the Fed leaving rates where they are, versus an 18% chance of another rate hike. As for rate cuts, Liz Ann Sonders of Schwab said they remain unlikely “unless the banking crisis significantly worsens and/or the economy or labor market sinks notably.” “Otherwise, the most likely outcome is for the Fed to pause and hold,” she added.
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So, here is where the major benchmarks ended yesterday:
The S&P 500® Index was down 26.38 points (0.64%) at 4,109.90; the Dow Jones Industrial Average was down 336.46 (1.01%) at 33,012.14; the NASDAQ Composite was down 22.16 (0.18%) at 12,343.05.
The 10-year Treasury yield was up about 4 basis points at 3.541%.
CBOE’s Volatility Index was up 90 basis points at 18.02.
The energy sector was one of the weakest performers Tuesday, as WTI Crude Oil futures dipped. The Dow Jones U.S. Oil & Gas Total Stock Market Index was down more than 2%, while the S&P Global Oil Index shed 2.5%. Real estate and utilities also lagged. Communication services and tech were the strongest performers.
Posted on May 16, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The executive branch of the European Union said Monday that Microsoft has offered enough remedies to address antitrust concerns, paving the way for the proposed $69 billion acquisition of gaming giant Activision Blizzard. The acquisition was opposed by rival game developer and PlayStation console maker Sony over fears it would see Microsoft’s Xbox platform push it out of the market. Market regulators globally, meanwhile, expressed concern over whether Microsoft would come to dominate the cloud-gaming market through the acquisition. On Monday, however, the European Commission, the executive arm of the EU, said Microsoft had done enough to allay concerns on cloud gaming specifically to warrant a positive decision on the merger.
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Here is where the major benchmarks ended [yesterday] Monday:
The S&P 500 Index was up 12.20 points (0.30%) at 4,136.28; the Dow Jones Industrial Average was up 47.98 (0.14%) at 33,348.60; the NASDAQ Composite was up 80.47 (0.66%) at 12,365.21.
The 10-year Treasury yield was up 3 basis points at 3.50%.
CBOE’s Volatility Index was up 17 basis points at 17.20.
Financial companies were among the leaders Monday, with regional lenders Citizens Bank (CFG), PacWest Bancorp (PACW), Western Alliance (WAL), and Zions Bancorporation (ZION) all bouncing higher after a punishing stretch for the banks last week. The materials and technology sectors were also up, while utilities and real estate lagged.
Posted on May 13, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Here is where the major benchmarks ended this week:
The S&P 500 Index was down 6.54 points (0.2%) at 4124.08; the Dow Jones industrial average was down 8.89 at 33,300.62; the NASDAQ Composite was down 43.76 (0.4%) at 12,284.74.
The 10-year Treasury yield was up about 7 basis points at 3.464%.
CBOE’s Volatility Index was up 0.10 at 17.03.
Consumer Discretionary Socks led the declines Friday among S&P 500 sectors, with financials and energy shares also weaker. Worries over the potential for more trouble in the banking sector helped send the KBW Regional Bank Index to its lowest close since late 2020. Utilities and Consumer Staples were among the stronger performers.
Jerome Powell May Get a New No. 2. President Biden said yesterday that he would nominate economist Philip Jefferson, who is already on the Fed’s board, to become second-in-command at the central bank, replacing Lael Brainard. He also plans to nominate the current US rep to the World Bank, Adriana Kugler, to an empty board seat. She would be the Fed’s first Latina governor. If confirmed by the Senate, the pair will jump into their new roles as the Fed continues to try to curb inflation without tipping the economy into a recession.
Posted on May 12, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Here is where the major benchmarks ended:
The S&P 500® Index was down 7.02 points (0.2%) 4130.62; the Dow Jones industrial average was down 221.82 (0.7%) at 33,309.51; the NASDAQ Composite was up 22.06 (0.2%) at 12,328.51.
The 10-year Treasury yield was down about 5 basis points at 3.382%.
CBOE’s Volatility Index was down 0.03 at 16.91.
Financial companies were among the weakest performers Thursday, with the KBW Regional Bank Index dropping for a fourth straight day and ending near a 2½-year low. Energy shares were also under pressure with crude oil futures down more than 1%. Consumer Staples and Consumer Discretionary were among the few sectors posting gains. The U.S. dollar index jumped to its highest level in over a week.
Earnings roundup
The following companies reported results over the past day or had large, news-driven stock price moves:
Disney reported earnings of 93 cents per share, which met expectations, and better-than-expected revenue of $21.82 billion, but the drop in streaming subscribers alarmed investors. Subscriptions for the Disney+ streaming service totaled 157.8 million, down 2% from the end of 2022 and below expectations of closer to 163.2 million. This decline overshadowed a 17% jump in revenue from Disney parks. The company’s shares fell more than 8% to near a two-month low.
Alphabet (GOOGL) shares rose over 4% after the Google parent introduced several new artificial intelligence-driven tools at a developers’ conference, according to reports.
Beyond Meat (BYND) reported an expected net quarterly loss of 92 cents per share, an improvement from the $1.58 per share loss a year earlier. But shares of the plant-based meat producer were down about 18% after the company also said it would sell up to $200 million of common stock.
Peloton (PTON) shares fell more than 8% following reports the U.S. Consumer Product Safety Commission said it was recalling more than 2 million bikes over concerns about seat breakages and related injuries. Peloton will offer free, updated seat posts to anyone using the recalled model.
Robinhood (HOOD) reported a net loss of 45 cents per share, better than Wall Street expectations for a loss of about 61 cents per share, as well as stronger than expected revenue. Monthly active users rose 3.5% compared to the previous quarter, to 11.8 million. Shares of the broker rose more than 6%.
Trade Desk (TTD)reported net earnings 2 cents per share, compared with a loss of 3 cents per share a year earlier and above Wall Street expectations. Shares ofthe advertising technology company were down more than 1%.
Earnings reports taper off Friday, with a little over 100 companies expected to report, according to Nasdaq. Next week will also be relatively earnings-light, though several major retailers, including Target Corp. (TGT) on May 17 and Wal-Mart Inc. (WMT) on May 18, are on tap to announce results. Kohl’s Corp. (KSS) is scheduled to report results May 24.
Posted on May 11, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Because the inflation data came in roughly as expected, Wall Street sees the door still open for the Federal Reserve to leave interest rates alone at its next meeting in June. That would be the first time it hasn’t raised rates at a meeting in more than a year, and a pause would offer some breathing room for the economy and financial markets.
Today is the last day of the US Covid-19 public health emergency, which has been in place since Jan. 31st, 2020. With it comes the end of certain Covid-era rules, though some telehealth protections have been extended through the end of 2024. Here’s to all the medical professionals who got us through, and a remembrance for the millions who lost their lives to Covid.
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Brightline, a California-based mental health startup, laid off 20% of its staff this week following a data breach. North Carolina is the latest state to consider changes to the prior authorization process that advocates say delays care. A board member at Geisinger claims that consolidation prompted the healthcare provider to sell to Kaiser Permanente. Texas Gov. Greg Abbottsaid the state should address mental health issues in the wake of a shopping mall mass shooting, but did not call for gun control reform.
Finally, here is where the major benchmarks ended yesterday:
The S&P 500 Index was up 18.47 points (0.5%) at 4137.64; the Dow Jones industrial average was down 30.48 (0.1%) at 33,531.33; the NASDAQ Composite was up 126.89 (1.0%) at 12,306.44.
The 10-year Treasury yield was down about 8 basis points at 3.441%.
CBOE’s Volatility Index was down 0.80 at 16.91.
Oilfield services providers and other energy companies were among the laggards Wednesday, pressured by a more-than 1% drop in WTI crude oil futures.
Financial sector stocks struggling to escape the effects of the bank volatility earlier this spring helped push the KWB Regional Bank Index back near a 2½-year low reached last week.
The S&P 500® Index was down 18.95 points (0.5%) 4119.17; the Dow Jones industrial average was down 56.88 (0.2%) at 33,561.81; the NASDAQ Composite was down 77.36 (0.6%) at 12,179.55.
The 10-year Treasury yield was up about 1 basis point at 3.53%.
CBOE’s Volatility Index was up 0.66 at 17.64.
Semiconductor stocks and other technology shares were among the weakest performers Tuesday, with materials and health care also slightly lower.
Energy companies including oil field services providers were among the strongest, as WTI crude oil futures rose for a fourth consecutive day to their highest level since May 1st.
Posted on May 9, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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It’s National Nurses Week and National Student Nurses Day. We at the ME-P salute all the nurses (and future nurses) who read and inform our stories, and all of those who’ve been on the front-lines of the pandemic. We hope you take some time to kick back or at least slip into some comfortable shoes.
The S&P 500® Index was up 1.87 points at 4138.12; the Dow Jones industrial average was down 55.69 (0.2%) at 33,618.69; the NASDAQ Composite was up 21.50 (0.2%) at 12,256.92.
The 10-year Treasury yield was up about 7 basis points at 3.515%.
CBOEs Volatility Index was down 0.2 at 16.99.
Among S&P 500 sectors, financial and energy companies were top gainers, with the latter getting some help from a more than 2% rally in WTI crude oil futures.
Transportation, utility and industrial stocks were among the weakest performers, and the Russell 2000 was down about 0.3%, reflecting continued weakness in small-caps.
Posted on May 6, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Dr. Rochelle Walensky, the head of the Centers for Disease Control and Prevention, submitted her resignation yesterday, saying the waning of the COVID-19 pandemic was a good time to make a transition.
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The World Health Organization just reported that COVID-19 no longer qualifies as a global emergency, marking a symbolic end to the devastating coronavirus pandemic that triggered once-unthinkable lock-downs, upended economies and killed millions of people worldwide.
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Here’s where the major indexes ended:
The S&P 500® Index was up 75.03 points (1.9%) at 4136.25; the Dow Jones industrial average was up 546.64 (1.7%) at 33,674.38; the NASDAQ Composite was up 269.01 (2.3%) at 12,235.41.
The 10-year Treasury yield was up about 8 basis points at 3.431%.
CBOE’s Volatility Index was down 2.89 at 17.20.
Financial shares were a bright spot Friday, with the KBW Regional Banking Index up over 4% after sinking near a 2½-year low Thursday. Energy stocks were also strong as crude oil futures rallied over 4% and pushed back above $70 a barrel. Small-cap stocks also gained, with the Russell 2000 up more than 2%.
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* UNC Health might be able to expand its footprint faster, pending state approval. * A new chatbot called Pi is helping people with their emotional well-being. * The FDA approved the first RSV vaccine, which comes from GSK.
Posted on May 5, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Happy Cinco de Mayo. The holiday commemorates the defeat of French forces by the Mexican army at the Battle of Puebla in 1862, but its popularity jumped in the 1980s when beer companies began to leverage Cinco de Mayo in marketing campaigns.
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The antitrust watchdogs at the Federal Trade Commission (FTC) just tore into Facebook saying the agency has caught the social media giant violating kids’ data privacy for profit — for the third time. Now the FTC has had enough. In a new proposal to protect kids, the agency wants to ban the platform from ever monetizing youth data again. In a ferocious rebuke, the FTC said Facebook defied its direct order to protect kids’ online privacy and broke the promise the company made in a 2019 consent order when it was forced to pay a $5 billion penalty for violating a 2012 order.
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Here’s where the major indexes ended:
The S&P 500 Index was down 29.53 points (0.7%) at 4061.22; the Dow Jones industrial average was down 286.50 (0.9%) at 33,127.74; the NASDAQ Composite was down 58.93 (0.5%) at 11,966.40.
The 10-year Treasury yield was down about 4 basis points at 3.364%.
CBOE’s Volatility Index was up 1.74 at 20.08.
Financial stocks led the market’s declines, with the KBW Regional Banking index sinking nearly 3% to its lowest level since November 2020. Transportation stocks were also under pressure as banking sector troubles exacerbated recession concerns. Crude oil futures initially extended this week’s slump, dropping under $64 a barrel to a 17-month low before rebounding.
Posted on May 4, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
MAY THE FOURTH BE WITH YOU
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Many pharma companies reported earnings in the last week, and the common thread is crashing Covid-related sales.
For example, AstraZeneca’s Covid medication sales dropped $1.5b in Q1, Merck’s Covid antiviral sales fell 88% from the same quarter in 2022, and Roche’s diagnostics division sales fell 28% from Q1 2022, thanks to low Covid-test demand. Clearly, pharma companies have to figure out how to pivot their strategies in a post-Covid world.
The CDCwill not continue to track Covid-19 community spread as the country enters the endemic stage of the pandemic.
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The Food and Drug Administration approved Wednesday the first-ever vaccine to combat severe respiratory syncytial virus, or RSV. Arexvy, the new vaccine developed by GlaxoSmithKline, was approved for adults 60 and older and was 82% effective at preventing lower respiratory tract illness caused by RSV, according to trial data. It was also 94% effective in those who had at least one underlying medical condition.
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The Federal Reserve voted unanimously to raise interest rates by a quarter point yesterday, the tenth rate hike since the central bank started its battle against inflation last March. The move comes amid ongoing fragility in the banking sector triggered partly by higher interest rates, and following the collapse of three regional banks. Markets had anticipated the rate hike, and remained fairly muted after the Fed’s announcement.
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Finally, here’s where the major indexes ended up:
The S&P 500® Index was down 28.83 points at 4090.75; the Dow Jones industrial average was down 270.29 (0.8%) at 33,414.24; the NASDAQ Composite was down 55.18 (0.5%) at 12,025.33.
The 10-year Treasury yield was down about 7 basis points at 3.367%.
CBOE’s Volatility Index was up 0.52 at 18.30.
Energy companies were among the market’s weakest performers as crude oil continued a recent decline, with WTI crude futures falling more than 4% under $70 a barrel—a nearly six-week low.
Semiconductor and financial shares were also weak. The U.S. dollar index dropped sharply in the wake of the Fed announcement before rebounding.
Posted on May 3, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Here’s where the key indexes settled yesterday.
The S&P 500® Index was down 48.29 points (1.2%) at 4119.58; the Dow Jones industrial average was down 367.17 (1.1%) at 33,684.53; the NASDAQ Composite was down 132.09 (1.1%) at 12,080.51.
The 10-year Treasury yield was down about 15 basis points at 3.428%.
CBOE’s Volatility Index was up 1.67 at 17.77.
Regional banks led the declines, with the KBW Regional Banking index sinking more than 5% to its lowest level since late 2020.
Energy stocks were also weaker as crude oil futures extended a slide, dropping under $72 a barrel to their lowest level in more than five weeks. Small-caps also slumped, with the Russell 2000 index down 2%.
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More specifically, ahead of the Federal Reserve’s latest policy decision and fresh earnings results:
By 6:45pm ET (10:45pm GMT) Dow Jones Futures were flat while S&P 500 Futures and NASDAQ 100 Futures eased 0.1% apiece.
In extended deals, Advanced Micro Devices Inc (NASDAQ:AMD) fell 6.5% after reporting Q1 EPS of $0.60 versus $0.56 expected on revenues of $5.4 billion versus $5.3 billion expected. Looking ahead, the company forcasted Q2 2023 revenue in the range of $5-5.6 billion versus $5.49 billion expected.
Ford Motor (NYSE:F) slipped 1.6% after the company reported Q1 EPS of $0.63, beating expectations of $0.42,ewhile revenue was reported at $39.1 billion versus $37.4 billion expected.
Sprout Social (NASDAQ:SPT) dipped 17.4%, reporting Q1 EPS of $0.06, beating expected losses of $0.01 per share, while revenue came in at $75.2 million versus $75.07 million expected.
Posted on May 2, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Companies, mostly in tech and media, have laid off thousands of employees, so far this year. For example:
Amazon announced in early January that it’s eliminating 18,000 roles in total, including layoffs that were announced in November 2022. The company announced last month that it was laying off an additional 9,000 people.
Payments company PayPal is cutting 7% of its staff, which amounts to about 2,000 employees, President and CEO Dan Schulman said on Jan. 31st.
E-commerce company eBay announced in an SEC filing on Feb. 7 that it’s laying off 500 people, or 4% of its workforce.
And, Jenny Craig is saddled with $250 million in debt and has been looking for a buyer, Bloomberg Law reported in March. The weight loss industry is going through changes, as the obesity drug business has exploded in popularity. The medications, which mimic hormones found in the body to support weight loss, have recently grown in popularity thanks to reported use by celebrities and posts from everyday people on social media about successful weight loss.
Finally, General Motors terminated “several hundred” contract employees who worked at its Global Technical Center in Warren, Michigan, and other locations this weekend in its bid to shave $2 billion from its budget by the end of next year. The cuts come nearly a month after 5,000 salaried employees agreed to a voluntary separation package that GM said would help it achieve close to 50% of its cost-cutting target this year alone and prevent further involuntary cuts.
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Happy Tuesday! Today marks the first day of Mental Health Awareness Month. One in five US adults experiences mental illness each year, but fewer than half of them get care, according to the National Alliance on Mental Illness.
The MARKETS
The S&P 500® Index was down 1.61 points at 4167.87; the Dow Jones industrial average was down 46.46 (0.1%) at 34,051.70; the NASDAQ Composite was down 13.99 (0.1%) at 12,212.60.
The 10-year Treasury yield was up about 13 basis points at 3.585%.
Posted on April 30, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Eli Lilly (NYSE: LLY) investors continued to be in a good mood about their stock on Friday. Following the estimates-beating first quarter reported by the big pharmaceutical company the previous morning, they traded the shares up by 1.4% on the final trading day of the week. That eclipsed the 0.8% gain of the S&P 500 index.
Researchers at MIT have created a new type of tabletop printer that spits out vaccine doses on demand in the form of thumbnail-size microneedle patches. Once scaled, this mobile technology could produce hundreds of doses per day, revolutionizing pandemic response. And in a boon for warmer or more remote parts of the world, the vaccine patches can be stored at room temperature for months before they’re slapped on—no refrigeration or professional administering required.
Posted on April 29, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Compensation pay for US workers picked up in the first three months of the year, showing that a major source of inflationary pressure persists and cementing the path for an interest rate hike at the Federal Reserve’s meeting next week. The Employment Cost Index, released Friday by the Bureau of Labor Statistics, showed that workers were paid 1.2% more in wages and benefits in the first quarter from the prior three-month period. That’s up from analysts’ expectations of 1.1%.
Markets: Stocks rose yesterday, finishing strong to give the Dow its best month since January. But First Republic Bank tanked again as rumors flew about its fate, again.
Economy: For all the Fed watchers, new data released makes it look like another rate hike could be in store next week. The data shows wages are still trending upward, and one of the Fed’s favorite inflation measures rose slightly last month.
Here’s where markets ended.
The S&P 500 Index was up 34.13 (0.8%) at 4169.48, a nearly three-month high; the Dow Jones industrial average was up 272.00 (0.8%) at 34,098.16; the NASDAQ Composite was up 84.35 (0.7%) at (12,226.58.
The 10-year Treasury yield was down about 9 basis points at 3.437%.
CBOE’s Volatility Index was down 1.27 at 15.76.
Energy companies were among the strongest sectors today with help from a rally in crude oil futures. Transportation and financial stocks were also strong. Utilities and consumer discretionary sectors were among the weakest sectors.
Posted on April 28, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Economy: The US economy entered a 12 mph zone last quarter, slowing to an annual growth rate of 1.1% (short of estimates). While the growth figures were discouraging and a consequence of the Fed’s interest rate hikes, economists found some bright spots! It seems that consumers won’t stop shopping, resulting in a 3.7% increase in consumer spending. Still, some are waiting on that recession?
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So – Here’s where the key indexes settled yesterday.
The S&P 500 Index was up 79.36 (2%) at 4135.35; the Dow Jones industrial average was up 524.29 (1.6%) at 33,826.16; the NASDAQ Composite was up 287.89 (2.4%) at 12,142.24.
The 10-year Treasury yield was up about 9 basis points at 3.524%.
CBOE’s Volatility Index was down 1.90 at 16.94.
Small-cap companies, which tend to struggle more when economic growth stalls, remained at the back of the pack, with the Russell 2000 up slightly over 1%.
The energy sector continued to rank among the weakest-performing sectors, as crude oil futures continued trading near lows for the month.
Treasury yields jumped to one-week highs after the first-quarter gross domestic product (GDP) report showed inflation remained elevated.
Posted on April 27, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The two tech giants posted earnings that showed they’re both on solid footing, despite investors’ concerns that growth would slow to a trickle. For Alphabet, Google search advertising revenue grew again after a quarter in the red. And Microsoft’s all-important cloud division posted better-than-expected sales. Both companies stated AI could impact their businesses, but they differed in their predictions: Microsoft characterized AI as a much more disruptive force than Google did.
Get ready for earnings calls from pharmaceutical companies: Eli Lilly, AstraZeneca, AbbVie, and more quarterly calls this week. Investors will watch AbbVie’s sales numbers, as Amgen introduced the first biosimilar version of AbbVie’s blockbuster arthritis drug, Humira, in January. In its last call, AbbVie executives said they expected to lose $7.9 billion in Humira sales in 2023
The S&P 500 Index was down 15.64 points (0.4%) at 4055.99; the Dow Jones industrial average was down 228.96 (0.7%) at 33,301.87; the NASDAQ Composite was up 55.19 (0.5%) at 11,854.35.
The 10-year Treasury yield was up about 4 basis points at 3.439%.
Posted on April 26, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The CARES Act, a COVID relief law that was enacted in March of 2020, made it easier to pull money from one’s 401(k) or IRA It allowed people to take up to $100,000 out of their accounts and have three years to pay it back without the normal 10% early withdrawal penalty and tax payment. For Americans who needed cash quickly, their 401(k) was a tempting well to dip into that wouldn’t have been otherwise available.
In the spring of 2020, nearly 20% of all withdrawals from 401(k)’s, between April 6th and June 26th were related to COVID, according to CNBC. CNBC reported that at Fidelity Investments, the largest provider of 401(k) plans in the U.S., more than 700,000 people took from their 401(k) or their 403(b) plan. The median amount was about $5,000, while more than 18,000 people asked for the full $100,000 amount.
And Vanguard’s How America Saves report from 2021 found that more than 7% of people withdrew from their 401(k) or a 401(b) — similar to a 401(k) but available to not-for-profit companies — in 2020.
The S&P 500 Index was down 65.41 (1.6%) at 4071.63; the Dow Jones industrial average was down 344.57 (1.0%) at 33,530.83; the NASDAQ Composite was down 238.05 (2.0%) at 11,799.16.
The 10-year Treasury yield was down about 12 basis points at 3.394%.
CBOEs Volatility Index was up 1.99 at 18.92.
Transportation stocks also had a rough day after United Parcel Service’s (UPS) shares dropped some 10% after its results missed analysts’ forecasts. Energy companies were lower after WTI crude oil futures dropped under $77 a barrel for the first time this month. Small-cap companies, which are considered to have greater recession exposure than larger businesses, were also under pressure, with the Russell 2000 index falling more than 2% and nearing a five-week low.
Posted on April 25, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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1. Regional banks’ plight was Morgan Stanley’s perk. The bank saw nearly $20 billion in new client assets in the wake of the banking crisis that rocked smaller banks like First Republic. Why the bank became a “destination of choice” amid the crisis.
2. Taylor Swift was the only one asking the right question on FTX. The mega star didn’t sign a $100 million sponsorship deal with the crypto exchange because, unlike seemingly everyone in Silicon Valley, she did some form of due diligence.
4. It’s starting to get scary in the housing market. Foreclosure filings were up 22% in Q1 compared to last year, and repossessions are headed in the wrong direction as well.
Finally, Fintel reports that on April 21, 2023, Goldman Sachs maintained coverage of Tesla (NASDAQ:TSLA) with a Buy recommendation. As of April 6th, 2023, the average one-year price target for Tesla is $203.14. The forecasts range from a low of $24.58 to a high of $315.00. The average price target represents an increase of 24.63% from its latest reported closing price of $162.99. The projected annual revenue for Tesla is $118,517MM, an increase of 37.75%. The projected annual non-GAAP EPS is $5.70.
The S&P 500® Index was up 3.52 points (0.1%) at 4137.04; the Dow Jones industrial average was up 66.44 (0.2%) at 33,875.40; the NASDAQ Composite was down 35.25 (0.3%) at 12,037.20.
The 10-year Treasury yield was down about 7 basis points at 3.50%.
CBOEs Volatility Index was up 0.12 at 16.89.
Real estate and financials were among Monday’s weakest-performing sectors, while energy companies led gainers thanks to a jump of about 1% in crude oil futures. The U.S. dollar index fell to about 101.37, its weakest level since mid-April, while Treasury yields eased slightly.
Posted on April 22, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Earth Day is celebrated on April 22nd annually. The day was born out of a massive oil spill in Santa Barbara, California and carried forward today by the Earth Day Network. Earth day was created to help bring awareness and support for environmental protection around the world. Arbor Day is another popular observance to help the environment by encouraging individuals to plant trees and other plants in an effort to take care of our environment.
LYFT plans to cut 1,200 jobs as the latest cuts could impact 30% or more of its’ 4,000 employees.The company planned to announce the move after a board meeting next week but did so sooner. The cuts could help Lyft slash 50% of its costs as it doesn’t count drivers as employees.
The S&P 500® Index was up 3.73 points at 4133.52; the Dow Jones industrial average was up 22.34 at 33,808.96; the NASDAQ Composite was up 12.90 (0.1%) at 12,072.46.
The 10-year Treasury yield was up about 2 basis points at 3.566%.
CBOE Volatility Index was down 0.44 at 16.73.
Consumer Discretionary and Consumer Staples led gainers among S&P 500 sectors, while energy companies continued to slump in the wake of this week’s sell-off in crude oil prices. The PHLX Oil Service index sank 4% this week and ended at a three-week low. WTI crude futures rose slightly Friday but still dropped almost 6% for the week.
Earnings Round-Up
Major companies reporting quarterly results over the past day included:
Procter & Gamble (PG) reported Earnings Per Share (EPS) of $1.37 per share for the first quarter, about 5 cents above analysts’ forecasts, as well as stronger-than-expected revenue of $20.7 billion. The company also raised its outlook for 2023 organic sales growth to 6% from its earlier forecast of 4% to 5%. Its shares rose more than 3%.
Regions Financial (RF), the latest smaller U.S. bank to report, fell short of EPS forecasts, though revenue met expectations and deposits remained stable. The company’s shares fell about 3%.
CSX Corp. (CSX) reported first-quarter EPS of 48 cents, surpassing analysts’ expectations by about 5 cents, and revenue of $3.71 billion also topped forecasts. The railroad company’s shares rose more than 3%.
Schlumberger (SLB) reported net income of 63 cents per share, beating analysts’ forecasts of 61 cents, as well as higher-than-expected revenue. However, the oilfield service company’s shares more than 4% after suggesting the North American onshore market may plateau this year.
Freeport-McMoRan (FCX) reported a profit of 46 cents per share, which was better than analysts’ were expecting but still down by about half from a year earlier. The company’s mining volumes and supply chains were hampered by extreme weather and protests in Peru. The company’s shares fell more than 4%.
HCA Healthcare (HCA) reported EPS of $4.85, beating expectations by about 70 cents, and raised its earnings and revenue forecasts for the full year. Its shares jumped nearly 4%.
Posted on April 21, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
(Bloomberg) — A US debt default would threaten “a basic anchor” of the global financial system and “must not happen,” BlackRock Inc. Vice Chairman Philipp Hildebrand warned Thursday at the Bloomberg New Economy Gateway Europe forum.
“All we can do is to pray that everyone in the United States understands how important the sanctity of the sovereign signature of the leading currency, of the leading bond market, of the leading economy in the world is,” Hildebrand, a former president of the Swiss central bank, said during an on-stage interview. “This is not something you want to mess with.”
The 10-year Treasury yield hit a four-week high above 3.60% earlier this week, up from a seven-month low of 3.278% on April 4th.
The S&P 500 Index was down 24.73 (0.6%) at 4129.79; the Dow Jones industrial average was down 110.39 (0.3%) at 33,786.62; the NASDAQ Composite was down 97.67 (0.8%) at 12,059.56.
The 10-year Treasury yield was down about 7 basis points at 3.534%.
CBOEs Volatility Index was up 0.73 at 17.19.
Energy companies were among the weakest performers Thursday, as crude oil prices extended this week’s sell-off, with benchmark WTI futures down more than 2% to under $78 per barrel—a low for the month.
The real estate and technology sectors also lagged, while consumer staples and transportation sectors held up better.
Posted on April 20, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Meta Platforms, the billionaire’s social media empire, will reportedly cut thousands more jobs. And the bloodbath is not over, according to the latest reports. Meta plans to eliminate thousands more jobs. According to Bloomberg News, an internal memo has been sent to managers, asking them to prepare for tough new announcements. The job cuts, which total 4,000, are expected to affect Facebook, WhatsApp and Instagram. They would also affect Reality Labs, the division that houses the group’s Metaverse projects — Quest virtual-reality headsets. In 2021 and 2022, Reality Labs, which is supposed to build the company’s next big thing, recorded a cumulative loss of nearly $24 billion, including $13.7 billion just last year.
And, Walt Disney Company plans to cut thousands of jobs next week, in another lay-off round that includes about 15% of the staff in its entertainment division, according to people familiar with the plans. Disney Entertainment will bear a significant chunk of the job cuts – with approximately 15% of the division’s staffers set to exit next week, according to a report. Disney has more than 200,000 employees across its various businesses.
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And now, the Markets:
The S&P 500 Index fell 0.35 point to 4154.52; the Dow Jones industrial average was down 79.62 (0.2%) at 33,897.01; the NASDAQ Composite was up 3.81 at 12,157.23.
The 10-year Treasury yield was up about 2 basis points at 3.60%.
CBOE’s Volatility Index was down 0.37 at 16.46.
Transportation was one of the top gainers among S&P 500 sectors yesterday, thanks in part to strength in United Airlines (UAL) and other top carriers. Real estate and financials were also higher, while oilfield services stocks were among the weakest performers due to a sharp drop in crude oil prices. WTI futures fell below $80, their lowest level in nearly three weeks.
Oil prices rallied at the start of this month after members of OPEC+ announced a production cut.
Posted on April 19, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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First quarter earnings from big lending institutions painted something of a mixed picture, with Bank of America posting healthy returns as Goldman Sachs on Tuesday saw headwinds from its loan portfolio.
The following is a round-up of yesterday’s market activity:
The S&P 500 Index was up 3.55 points (0.1%) at 4154.87; the Dow Jones industrial average was down 10.55 at 33,976.63; the NASDAQ Composite was down 4.31 at 12,153.41.
The 10-year Treasury yield was down about 2 basis points at 3.574%.
CBOEs Volatility Index was down 0.12 at 16.83.
Small-cap stocks, which tend to suffer more from recession concerns than their large-cap peers, were among the weakest performers with the Russell 2000 falling about 0.4%. Communications services and utilities were laggards among S&P 500 sectors, while industrials and consumer staples were stronger.
Volatility as measured by the VIX continued to drop to the lowest levels since late 2021.
Posted on April 18, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Tax deadline — April 18, 2023 — is today.
Did you know that the probability of being audited by the IRS is generally low, with less than 1% of tax returns receiving a second look? The average chance of being audited is 1 in 333, or 0.3%. But, certain factors can increase the likelihood of being audited, such as earning a lot of money or claiming complex deductions.
For example, the audit rate among filers with income of $10 million or more is 6.66%, while the audit rate for filers with incomes between $25,000 and $500,000 is roughly 0.5%. If selected for an audit, the taxpayer must demonstrate that the information on their tax return is correct
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The following is a round-up of yesterday’s market activity:
The S&P 500 Index was up 13.68 points (0.3%) at 4151.32; the Dow Jones industrial average was up 100.71 (0.3%) at 33,987.18; the NASDAQ Composite was up 34.26 (0.3%) at 12,157.72.
The 10-year Treasury yield was up about 8 basis points at 3.3.60%.
CBOE’s Volatility Index was down 0.13 at 16.94.
Among S&P 500 sectors, real estate stocks led advancers, while financials and industrials were also higher. Small-caps rose, with the Russell 2000 up about 1%. Communication services companies were among the weakest performers, and energy companies slumped as crude oil futures dropped nearly 2%.
The U.S. dollar index strengthened slightly, and equity market volatility remained subdued, with the VIX extending a decline to the lowest levels since late 2021.
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