BOARD CERTIFICATION EXAM STUDY GUIDES Lower Extremity Trauma
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Posted on August 31, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Markets: Investors are still in the Upside Down, where bad economic news is good news (and vice versa) thanks to the Fed, so stocks rose yesterday as the market digested data showing the labor market is cooling and there are fewer open jobs. Apple’s hype machine sent its stock climbing as excitement builds for its upcoming iPhone event.
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Here is where the major benchmarks ended:
The S&P 500 Index was up 17.24 points (0.4%) at 4,514.87; the Dow Jones Industrial Average (DJIA) was up 37.57 points (0.1%) at 34,890.24; the NASDAQ Composite was up 75.55 points (0.5%) at 14, 019.31.
The 10-year Treasury note yield (TNX) was little changed at 4.118% after dropping below 4.09% earlier.
CBOE’s Volatility Index (VIX) was down 0.57 at 13.88.
Energy companies were among the strongest performers Wednesday as crude oil futures extended a rally, rising to their highest level in more than two weeks. Retail and transportation shares were also higher. Treasury yields, which have bedeviled the stock market after surging at the start of this month, fell to near three-week lows.
The U.S. Dollar Index (DXY) weakened to a two-week low, thanks to hopes that interest rates may not need to stay so high for so long.
Posted on August 30, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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President Joe Biden’s signature Inflation Reduction Act (IRA), signed into law last year, allows the Medicare health program for Americans aged 65 and over to negotiate prices for some of its most costly drugs.
Medicines on the list include Merck & Co’s diabetes drug Januvia, Eliquis rival Xarelto from Johnson & Johnson, and AbbVie’s leukemia treatment Imbruvica. Other drugs on the list include Amgen’s rheumatoid arthritis drug Enbrel, Boehringer Ingelheim and Eli Lilly’s diabetes drug Jardiance, J&J’s arthritis and Crohn’s disease medicine Stelara and insulin from Novo Nordisk.
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Here is where the major benchmarks ended:
The S&P 500® Index (SPX) was up 64.32 points (1.5%) at 4,497.63; the Dow Jones Industrial Average (DJIA) was up 292.69 points (0.9%) at 34,852.67; the NASDAQ Composite was up 238.63 points (1.7%) at 13,943.76.
The 10-year Treasury note yield (TNX) was down about 10 basis points at 4.112%.
CBOE’s Volatility Index (VIX) was down 0.62 at 14.46.
Technology, Communications Services and Retail shares were among the market’s strongest performers Tuesday. Energy stocks also climbed behind continued strength in crude oil futures, which closed at a two-week high.
The U.S. Dollar Index (DXY) fell along with expectations that interest rates will remain elevated.
Posted on August 29, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Most CFOs think we’ll avoid a recession this year—and that confidence is shared by other members of the C-suite. That’s according to PwC’s August Pulse Survey, which found that only 8% of CFOs predict a recession within the next six months. The survey polled more than 600 C-suite executives from a variety of public and private companies.Among all respondents just 17% strongly agreed there’d be a recession in the next 6 months—a sharp decline from October 2022, when 35% did.Economists, policymakers, and executives “see…the possibility of a soft landing,” Wes Bricker, PwC US vice chair and trust co-leader, said during a media call. “It’s encouraging to see optimism from so many business leaders who participated in our survey.”
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Here is where the major benchmarks ended:
The S&P 500® Index (SPX) was up 27.60 points (0.6%) at 4,433.31; the Dow Jones Industrial Average (DJIA) was up 213.08 points (0.6%) at 34,559.98; the NASDAQ Composite was up 114.48 points (0.8%) at 13,705.13.
The 10-year Treasury note yield (TNX) was down about 3 basis points at 4.21%.
CBOE’s Volatility Index (VIX) was down 0.60 at 15.08.
Energy shares were among Monday’s strongest sectors, as crude oil futures rose for a third-straight session and closed at the highest level in over a week. Regional banks and retailers were also higher.
The U.S. dollar index (DXY) eased slightly but remained near a three-month high, reflecting expectations interest rates will stay elevated.
Posted on August 28, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Markets: Investors weren’t fazed by Jerome Powell’s warning in Jackson Hole that he could raise interest rates even more, sending the S&P 500 and NASDAQ to their first weekly gain in three weeks.
Bonds: But, all the chatter around higher rates has pushed US bond yields to decade-plus highs, which has typically been a drag on stocks.
Focus: Jerome Powell will again be poring over fresh inflation data (Thursday) and the August jobs report (Friday) to guide his next interest rate move. And we’re in stoppage time of earnings season, but a few companies, including Salesforce, Lululemon, and Dollar General, still have to report.
Posted on August 26, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Most CFOs think we’ll avoid a recession this year—and that confidence is shared by other members of the C-suite. That’s according to PwC’s August Pulse Survey, which found that only 8% of CFOs predict a recession within the next six months.
The survey polled more than 600 C-suite executives from a variety of public and private companies. Among all respondents just 17% strongly agreed there’d be a recession in the next 6 months—a sharp decline from October 2022, when 35% did. Economists, policymakers, and executives “see…the possibility of a soft landing,”
Wes Bricker, PwC US vice chair and trust co-leader, said during a media call. “It’s encouraging to see optimism from so many business leaders who participated in our survey.”
The S&P 500® Index (SPX) rose 29 points (0.67%) to 4,405.71; the Dow Jones Industrial Average (DJIA) rose 248 points (0.73%) to 34,346.90; the NASDAQ Composite (COMP) rose 127 points (0.94%) to 13,590.65.
The 10-year Treasury note yield (TNX) was about 2 basis points lower at 4.226%.
CBOE’s Volatility Index (VIX) fell 1.5 points to 15.68.
Friday’s gains left the S&P 500 Index up less than 1% for the week, while the NASDAQ was 2.2% higher, thanks in part to a solid week for tech as investors positioned for the quarterly earnings report from Nvidia (NVDA), widely seen as a bellwether of the artificial intelligence industry. The Dow Jones Industrial Average was still about 0.44% lower, hurt in part by a stumble by Boeing (BA) Thursday.
Energy was the best-performing sector Friday, as crude oil futures rose about 1.2% after a week in the doldrums.
Posted on August 25, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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There are certain types of stocks, bonds and mutual funds that perform better when the market is in decline. Seasoned investors tend to survive bear markets by focusing on the stocks of companies that make products necessary for daily life. Companies that often thrive in a recessionary environment are defensive stocks that provide products and services people simply cannot live without. Stocks included in this list are considered to be defensive by Wall Street analysts.
These type of stocks have performed -5.35% over the past year. By comparison, the S&P 500 is 7.13% over the same period. These types of stocks include: 30.00% of Consumer Cyclical stocks, 30.00% of Consumer Non-Cyclical stocks, 20.00% of Healthcare stocks, 10.00% of Technology stocks and 10.00% of Energy stocks.
Bear markets and recessions also tend to present themselves when market prices have been rising for a time; and investors are feeling irrationally exuberant. But, some markets have seen downturns in 2022 and 2023.
Here is where the major benchmarks ended yesterday:
The S&P 500® Index fell 60 points (1.35%) to 4,376.31; the Dow Jones Industrial Average (DJIA) fell 374 points (1.08%) to 34,099.42; the NASDAQ Composite fell 257 points (1.87%) to 13,463.97.
The 10-year Treasury note yield (TNX) rose 4 basis points to 4.236%.
CBOE’s Volatility Index (VIX) rose roughly 1 point to 17.08.
Consumer discretionary was the weakest sector Thursday, as heavyweight constituents Amazon (AMZN) and Tesla (TSLA) both slid around 2.5%, with communication services and tech right behind. No sector was higher for the day.
Posted on August 24, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Home Mortgage rates just hit their highest mark since 2002, making home ownership even less attainable to potential buyers. Stagnation in the housing market could also put a squeeze on consumer spending, slowing broader economic growth. The average 30-year fixed-rate mortgage, a popular home loan, hit 7.09% last Thursday, up from 6.96% the week before, according to mortgage behemoth the Federal Home Loan Mortgage Corporation (Freddie Mac).
In a statement tied to the release, Freddie Mac noted that the rise of the 10-year Treasury yield and the strength of the economy both contributed to the high rate.
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Here is where the major benchmarks ended:
The S&P 500® Index rose 49 points (1.1%) to 4,436.02; the Dow Jones Industrial Average (DJIA) rose 184 points (0.54%) to 34,472.98; the NASDAQ Composite (COMP) rose 215 points (1.59%) to 13,721.03.
The 10-year Treasury note yield (TNX) fell 15 basis points to 4.180%.
CBOE’s Volatility Index (VIX) fell roughly 1 point to 16.03.
Communication services—which is home to tech-adjacent companies such as Google parent Alphabet (GOOG), Facebook parent Meta (META), and Netflix (NFLX)—and technology were the top-performing sectors Wednesday.
Energy was the laggard, as crude oil futures slipped more than 1% to below $79.
Posted on August 23, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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An ETF centered around the bullish stock picks of CNBC’s Jim Cramer is shutting down.The Long Cramer Tracker ETF was launched in February and attracted just $1.3 million in assets.
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Charles Schwab intends to cut jobs and downsize its corporate office space, looking to save upwards of $500 million annually. Investors are underwhelmed, sending Schwab shares down about 3% yesterday.
British antitrust officials said they were reviewing a revised offer by Microsoft to win approval of its $69 billion merger with Activision Blizzard, an effort to clear the biggest remaining regulatory hurdle to the major video games deal. To address the concerns of British regulators that the deal would stunt the development of a new area of gaming technology, Microsoft said it would transfer the cloud streaming licensing rights for all current and new Activision Blizzard games to Ubisoft Entertainment, a rival game publisher.
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Here is where the major benchmarks ended:
The S&P 500® Index (SPX) fell 12 points (0.28%) to 4,387.55; the Dow Jones Industrial Average (DJIA) fell 175 points (0.51%) to 34,288.83; the NASDAQ Composite rose 8 points (0.06%) to 13,505.87.
The 10-year Treasury note yield (TNX) edged down to 4.332%.
CBOE’s Volatility Index (VIX) fell 0.1 points to 17.04.
Posted on August 22, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
“RESERVATION WAGE”
By Staff Reporters
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According to the latest New York Federal Reserve employment survey released Monday, the average “reservation wage,” or the minimum acceptable salary offer to switch jobs, rose to $78,645 during the second quarter of 2023. That’s an increase of about 8% from just a year ago and is the highest level ever in a data series that goes back to the beginning of 2014. Over the past three years, which entails the Covid-19 pandemic era, the level has risen more than 22%.
The number is significant in that wages increasingly have been recognized as a driving force in inflation. While goods prices have abated since pushing overall inflation to its highest level in more than 40 years in mid-2022, other factors continue to keep it well above the Fed’s targeted rate of 2%. The New York Fed data is consistent with an Atlanta Fed tracker, which shows wages overall rising at a 6% annual rate but job switchers seeing 7% gains.
Employers have been trying to keep pace with the wage demands, pushing the average full-time offer up to $69,475, a 14% surge in the past year. The actual expected annual salary rose to $67,416, a gain of more than $7,000 from a year ago and also a new high. Though there was a gap between the wage workers wanted and what was offered, satisfaction with compensation and upward mobility increased across the board.
The S&P 500® Index was up 30.06 points (0.7%) at 4,399.77; the Dow Jones Industrial Average (DJIA) was down 36.97 points (0.1%) at 34,463.69; the NASDAQ Composite (COMP) was up 206.81 points (1.6%) at 13,497.59.
The 10-year Treasury note yield (TNX) touched a fresh 16-year high at about 4.35%, finishing up about 9 basis points at 4.344%.
CBOE’s Volatility Index (VIX) was down 0.21 at 17.09.
Posted on August 19, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Things are looking up for Home Depot. After a gloomy first quarter during which sales fell 4.2%, the retailer performed better than expected in Q2. It reported revenue of $42.92 billion for the quarter, higher than the $42.23 billion it projected earlier in the year. Its earnings per share came in at $4.65, better than the expected $4.45.
But the company is maintaining its guidance for the full year and anticipates a 2%–5% drop in sales for the fiscal year. In its earnings call, CEO Ted Decker struck a cautious note, stating that the home improvement market has entered a period of “moderation” after the pandemic-era DIY boom. Consumers appear to be deferring big-ticket discretionary purchases, such as patio furniture and appliances, Billy Bastek, executive vice president of merchandising, said. Sales of $1,000 or more are down 5.5% YoY. The movement away from large purchases continues a trend that began in Q4 2022.
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Here is where the major benchmarks ended:
The S&P 500® Index edged down a little less than a point to 4,369.71 and was down about 2.1% for the week; the Dow Jones Industrial Average (DJIA) rose 26 points (0.08%) to 34,500.66 and was down about 2.2% for the week; the NASDAQ Composite dropped 26 points (0.2%) to 13,290.78 and was down about 2.6% for the week.
The 10-year Treasury note yield (TNX) pulled back three basis points to 4.250%.
CBOE’s Volatility Index (VIX) fell 3.9% to 17.19.
Energy was the top-performing S&P market sector Friday, as crude oil futures rose more than 1%. Communications services—home to such market heavyweights as Google-parent Alphabet (GOOG) and Facebook-parent Meta Platforms (META)—was the weakest performer, followed by consumer discretionary—home to Amazon (AMZN) and Tesla (TSLA). These sectors tend to do best when the economy has a clear runway for growth and interest rates are lower.
Posted on August 18, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Mortgage rates have climbed to their highest levels in 21 years, according to data released by Freddie Mac on Thursday. The 30-year fixed-rate mortgage averaged 7.09% over the week ending on Thursday, marking a significant increase from 6.96% the week prior, the data showed.
The Federal Reserve has put forward an aggressive string of interest rate hikes as it tries to slash inflation by slowing the economy and choking off demand. That means borrowers face higher costs for everything from car loans to credit card debt to mortgages.
When the Fed imposed its first rate hike of the current series in March 2022, the average 30-year fixed mortgage stood at just 4.45%, Mortgage News Daily data shows.
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Here is where the major benchmarks ended:
The S&P 500 Index was down 33.97 points (0.8%) at 4,370.36; the Dow Jones Industrial Average (DJIA) was down 290.91 points (0.8%) at 34,474.83; the NASDAQ Composite was down 157.70 points (1.2%) at 13,316.93.
The 10-year Treasury note yield (TNX) was up about 3 basis points at 4.286%.
CBOE’s Volatility Index (VIX) was up 1.22 at 18.00.
Consumer discretionary and retail were among the weakest sectors Thursday. Technology shares were also under pressure, even after Cisco Systems (CSCO) reported better-than-expected quarterly results.
Energy stocks held up somewhat better as crude oil futures rose about 1% after the Energy Department reported an unexpectedly large decline in U.S. supplies.
Posted on August 17, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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U.S. stocks were lower after the close on Wednesday, as losses in the Consumer Goods, Technology and Oil&Gas sectors led shares lower.
At the close in NYSE, the Dow Jones Industrial Average fell 0.52%, while the S&P 500 index lost 0.76%, and the NASDAQ Composite index lost 1.15%.
The best performers of the session on the Dow Jones Industrial Average were The Travelers Companies Inc (NYSE:TRV), which rose 1.19% or 1.94 points to trade at 165.42 at the close. Meanwhile, Home Depot Inc (NYSE:HD) added 0.28% or 0.92 points to end at 333.06 and Merck&Company Inc (NYSE:MRK) was up 0.06% or 0.07 points to 108.73 in late trade.
The worst performers of the session were Intel Corporation (NASDAQ:INTC), which fell 3.57% or 1.24 points to trade at 33.53 at the close. Walgreens Boots Alliance Inc (NASDAQ:WBA) declined 1.43% or 0.41 points to end at 28.19 and Caterpillar Inc (NYSE:CAT) was down 1.03% or 2.86 points to 274.51.
The S&P 500 Index was down 33.53 points (0.8%) at 4,404.33; the Dow Jones Industrial Average (DJIA) was down 180.65 points (0.5%) at 34,765.74; the NASDAQ Composite (COMP) was down 156.42 points (1.2%) at 13,474.63.
The 10-year Treasury note yield (TNX) was up about 5 basis points at 4.27%.
CBOE’s Volatility Index (VIX) was up 0.28 at 16.74.
Chipmakers remained weak, with the Philadelphia Semiconductor Index (SOX) down nearly 2% to a 10-week low. Energy companies also slipped as crude oil futures extended a week-long slide by dropping under $80 a barrel to a three-week closing low. Utilities were among the few sectors posting gains.
The U.S. Dollar Index (DXY) hit a six-week high on expectations U.S. rates will remain elevated.
Posted on August 16, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The S&P 500 dropped to a five-week low as weaker-than-expected Chinese data and stronger-than-expected U.S. retail sales fueled concerns about growth and inflation.
Here is where the major benchmarks ended:
The S&P 500 Index was down 51.86 points (1.2%) at 4,437.86; the Dow Jones Industrial Average (DJIA) was down 361.24 points (1.0%) at 34,946.39; the NASDAQ Composite was down 157.28 points (1.1%) at 13,631.05.
The 10-year Treasury note yield (TNX) was up about 3 basis points at 4.217%.
CBOE’s Volatility Index (VIX) was up 1.60 at 16.42.
Financials were among the weakest market sectors, with the KBW Regional Banking Index (KRX) dropping over 3% to a four-week low.
Energy shares were also under pressure after crude oil futures fell to a two-week closing low.
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Stock spotlight: Tesla stock needs a recharge after falling more than 20% from its July peak. Investors are peeved with Tesla’s extended price cuts in China and its plan to release lower-range Model X and Model S vehicles that are $10,000 cheaper than the standard versions.
Posted on August 15, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The Russian ruble traded at nearly 101 to the U.S. dollar on Monday for the first time it has fallen below the symbolic threshold since March last year.
The Russian ruble was near the 100 per USD level, holding at its lowest in 17 months despite the Central Bank of Russia’s announcement of an extraordinary meeting on Tuesday to support the currency amid its freefall. Economists expect the CBR to hike its rate by 150bps to 10%, extending the start of July’s tightening cycle. The ruble is 27% down against the dollar year-to-date amid a slowing economy, unbalanced currency flows, and capital flight from exiting foreign companies. The development of new supply chains since the start of Western sanctions boosted imports to Russia and maintained steady selling pressure on the ruble, with the latest trade surplus sinking by 75% from the prior year and 53% from levels before the war. In the meantime, the outlook on exports deteriorated as demand from key partners in China and India declined. The developments drove the CBR to halt forex purchases under the government’s budget rule to halt forex volatility.
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Here is where the major benchmarks ended:
The S&P 500 Index was up 25.67 points (0.6%) at 4,489.72; the Dow Jones Industrial Average (DJIA) was up 26.23 points (0.1%) at 35,307.63; the NASDAQ Composite was up 143.48 points (1.1%) at 13,788.33.
The 10-year Treasury note yield (TNX) was up about 3 basis points at 4.193%.
CBOE’s Volatility Index (VIX) was down 0.04 at 14.80.
Chipmakers drove gains for the tech-heavy NASDAQ, as the Philadelphia Semiconductor Index (SOX) jumped 2.9% to erase its entire Friday drop.
Financial shares were among the weakest performers, with the KBW Regional Banking Index (KRX) down 1.8%. Oilfield services shares were also weak behind a drop of nearly 1% in crude oil futures.
Posted on August 12, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Starting next month, UnitedHealthcare will move forward with plans to drop prior authorization requirements for a range of procedures, including dozens of radiology services and genetic tests, among others. Prior authorization has often criticized by patients and doctors as an administrative burden that impedes necessary medical care. Insurers meanwhile say prior authorization provides important guardrails against improper health care utilization, helping to keep down costs.
The S&P 500 Index was down 4.78 points (0.1%) at 4,464.05 and down 0.3% for the week; the Dow Jones Industrial Average (DJIA) was up 105.25 points (0.3%) at 35,281.40, up 0.6% for the week; the NASDAQ Composite was down 93.14 points (0.7%) at 13,644.85, down 1.9% for the week.
The 10-year Treasury note yield (TNX) was up about 8 basis points at 4.162%.
CBOE’s Volatility Index (VIX) was down 0.98 at 14.87.
Within the tech sector, chipmakers were particularly weak. The Philadelphia Semiconductor Index (SOX) sank 2.3% to a seven-week low. Energy shares gained amid strength in crude oil futures, which have rallied 11% over the past month to near nine-month highs.
Small-caps ended modestly higher, with the Russell 2000 (RUT) up about 0.1% but still down nearly 1.6% for the week and down 3.9% for the month.
Posted on August 11, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Several US financial firms, including multiple Wells Fargo companies, will pay a combined $549 million in fines after admitting they couldn’t produce discussions about company business from smartphone messaging apps used by their employees, “including those at senior levels.” Both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) fined banks for being unable to produce discussions going back to at least 2019. The regulators say employees used their personal devices to discuss official company business via apps like iMessage, WhatsApp, or Signal and that those “off-channel communications” weren’t “maintained or preserved.”
Not keeping records of those conversations violates the 1934 Securities Exchange Act’s record keeping rules, as well as similar rules from the Investment Advisers Act of 1940, according to the SEC. The CFTC maintains its own record keeping requirements, which it says were violated.
The S&P 500 was up 1.12 points at 4,468.83; the Dow Jones Industrial Average (DJIA) was up 52.79 points (0.2%) at 35,176.15; the NASDAQ Composite was up 15.97 points (0.1%) at 13,737.99.
The 10-year Treasury note yield (TNX) was up about 10 basis points at 4.109%.
CBOEs Volatility Index (VIX) was down 0.07 at 15.89.
Communication services and transportation shares were among the strongest performers Thursday. Energy stocks slipped as crude oil futures tumbled more than 1.5%. Small-caps were also under pressure, with the Russell 2000 (RUT) falling slightly.
Posted on August 10, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
Mark Cuban’s Cost Plus Drug Company has been on a partnering spree lately, and its latest collaborator is Scripta Insights, a digital health company that helps health plans and members find prescription savings.
Scripta plans to incorporate Cost Plus Drugs’s discounted pricing into its Med Mapper, which “maps every drug on the market to every possible way to save,” according to Scripta.
Palantir stock fell 11% to $15.25 yesterday, its biggest drop since November 2022. With that decline, shares are now below their 50-day moving average, at $16.16, for the first time May. It’s broken its uptrend line, which sat around $17, and its first level of support, near $16. Worse still, the stock has fallen for six straight days and is 22% during its losing streak, the worst six-day stretch since May 2022.
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Here is where the major benchmarks ended:
The S&P 500 Index was down 31.67 points (0.7%) at 4,467.71; the Dow Jones Industrial Average (DJIA) was down 191.13 points (0.5%) at 35,123.36; the NASDAQ Composite was down 162.31 points (1.2%) at 13,722.02.
The 10-year Treasury note yield (TNX) was down about 2 basis points at 4.004%.
CBOE’s Volatility Index (VIX) was little changed at 15.99.
Financial shares joined tech stocks in the laggard column Wednesday. The KBW Regional Banking Index (KRX) was down about 1%, while the Philadelphia Semiconductor Index (SOX) dropped about 1.4%. Energy stocks continued to outperform as crude oil futures gained nearly 2% and touched a nine-month high near $85 a barrel.
Oil’s recent rally reflects production cuts by top global producers and concern over supply disruptions stemming from the Russia-Ukraine war.
Posted on August 9, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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(UPI) — A drain on deposits, along with the decline in asset value in a high-interest rate environment, led to a downgrade in ratings for a handful of U.S. banks, Moody’s said. Moody’s Investors Service downgraded the credit rating for smaller lenders such as Pinnacle Financial and put major banks such as Northern Trust under review.
In a report published late Monday, Moody’s said banks may be facing a liquidity and capital crisis “as the wind-down of unconventional monetary policy drains system-wide deposits and higher interest rates depress the value of fixed-rate assets.” Second quarter results for many banks, meanwhile, revealed a struggle to generate profit at a time when Moody’s expects a “mild” recession to emerge in the U.S. economy by early 2024. The investment service added that there was a particular risk coming from the commercial real estate portfolios for some of the banks under review.
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Here is where the major benchmarks ended:
The S&P 500 Index was down 19.06 points (0.4%) at 4,499.38; the Dow Jones Industrial Average (DJIA) was down 158.64 points (0.5%) at 35,314.49; the NASDAQ Composite was down 110.07 points (0.8%) at 13,884.32.
The 10-year Treasury note yield (TNX) was down about 5 basis points at 4.028%.
CBOE’s Volatility Index (VIX) was up 0.27 at 16.04.
Financial and technology shares were among the weakest sectors Tuesday, with the KBW Regional Banking Index (KRX) dropping about 1.5%. Energy stocks were strong as crude oil futures climbed more than 1%.
Volatility based on the VIX spiked to its highest level since late May before receding late in the session. The U.S. Dollar Index (DXY) strengthened on expectations domestic interest rates will remain higher than those in other countries.
Posted on August 8, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Zachary Kirkhorn resigned last week as Tesla’s chief financial officer after 13 years with the electric car giant, according to a filing with the U.S. Securities and Exchange Commission (SEC). The SEC filing show Kirkhorn, who also held the playful title of “Master of Coin,” stepped down on August 4th as Tesla’s CFO. Kirkhorn has served in different finance positions since 2010 and was appointed to CFO in 2019, according to Tesla’s website.
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Here is where the major benchmarks ended:
The S&P 500 Index was up 40.41 points (0.9%) at 4,518.44; the Dow Jones Industrial Average (DJIA) was up 407.51 points (1.2%) at 35,473.13; the NASDAQ Composite (COMP) was up 85.16 points (0.6%) at 13,994.40.
The 10-year Treasury note yield (TNX) was up about 3 basis points at 4.093%.
CBOE’s Volatility Index (VIX) was down 1.29 at 15.81.
Financials and Communication Services were among the best-performing S&P market sectors, while energy shares pulled back as crude oil futures fell nearly 1%. Small-cap stocks were also lower, with the Russell 2000 Index (RUT) easing slightly.
Posted on August 5, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Hiring roughly held steady in July as employers added 187,000 jobs despite high interest rates and inflation. The unemployment rate, which is calculated from a separate survey of households, dipped from 3.6% to 3.5%, the Labor Department said Friday. Economists surveyed by Bloomberg had estimated that 200,000 jobs were added last month.
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The geopolitics: Major oil producer Saudi Arabia said yesterday it would extend its output cuts into September and could even deepen those cuts after that, according to state media. By curbing supply, Saudi Arabia hopes to prop up the price of oil—which gives it critical revenue to spend on futuristic cities. But the cuts are angering the White House because they could lead to an uptick in US inflation.
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Apple’s sales are slumping. The iPhone-maker reported its third straight quarter of revenue declines as fewer people join the blue-text mafia. But while Apple is struggling to sell iPhones, it’s doing a great job monetizing its existing customers. The services unit—home to the App Store, Apple TV+, Apple Music, and more—hit a record $21 billion in sales. Amazon was the other Big Tech company to report earnings yesterday: Its glowing financials knocked Wall Street’s socks off.
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Here is where the major benchmarks ended for the day and week:
The S&P 500 Index ended 24 points lower (0.53%) at 4,478.03 and was down 2.27% for the week; the Dow Jones Industrial Average ended 150 points lower (0.43%) at 35,065.62 and was down 1.11% for the week; the NASDAQ Composite ended 50 points lower (0.36%) at 13,909.24 and was down nearly 3% for the week.
The 10-year Treasury note yield (TNX) pulled back 12 points to 4.055%.
CBOE’s Volatility Index (VIX) rose 1 point to 17.33.
Posted on August 4, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Markets: Stocks held steady despite a jump in bond yields (which typically sends equities lower). Gas station, oil prices continued their upward march.
Economy: Jobs Report at 8:30am ET today, as the government will drop the employment situation for July. It is expected to show a softening—but still healthy—labor market. Economists will be especially dialed in to wage growth for insights on the future trajectory of inflation. Workers getting big raises could put upward pressure on prices.
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Here is where the major benchmarks ended yesterday:
The S&P 500® Index (SPX) was down 11.50 points (0.3%) at 4,501.89; the Dow Jones Industrial Average (DJIA) was down 66.63 points (0.2%) at 35,215.89; the NASDAQ Composite (COMP) was down 13.73 points (0.1%) at 13,959.72.
The 10-year Treasury note yield (TNX) was up about 11 basis points at 4.185%.
CBOE’s Volatility Index (VIX) was down 0.11 at 15.98.
Energy was among the strongest sectors Thursday as crude oil futures surged nearly 3%. Consumer Discretionary shares and regional bank stocks recovered some of their losses from the day before.
Utilities were among the weakest sectors, with the Philadelphia Utility Index (UTY) dropping near a four-week low.
MCLEAN, Virginia (Reuters) – U.S. Treasury Secretary Janet Yellen on Wednesday voiced more objections to Fitch Ratings’ downgrade of the main U.S. credit rating, calling it “entirely unwarranted” because it ignored improvements in governance metrics during the Biden administration and the country’s economic strength.
The S&P 500 Index was down 63.34 points (1.4%) at 4,513.39; the Dow Jones Industrial Average (DJIA) fell 348.16 points (1.0%) to 35,282.52; the NASDAQ Composite dropped 310.47 points (2.2%) at 13,973.45.
The 10-year Treasury note yield (TNX) rose about 3 basis points to 4.073%.
CBOE’ss Volatility Index (VIX) was up 2.2 at 16.13.
Consumer discretionary and energy shares were also weaker, with the latter pressured by a more-than 2% drop in crude oil futures.
The U.S. dollar index (DXY) strengthened for a fifth straight day and touched a four-week high, as investors shed riskier assets in favor of what are considered safe havens. Volatility based on the VIX hit its highest level since late May.
Posted on August 2, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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CVS Health is eliminating about 5,000 jobs in an effort to reduce costs as it turns its focus to healthcare services, the company said Tuesday. The cuts represent less than 2% of the company’s total workforce, which comprised of roughly 300,000 employees at the end of 2022. The layoffs will affect “non-customer facing positions,” the company said in an emailed statement to USA TODAY.
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AT&T Inc.’s human resources chief, Angela Santone, will leave the company at the end of September, just as the telecommunications giant is eliminating thousands of jobs as part of a newly expanded $8 billion cost-reduction program. Chief Executive Officer John Stankey informed employees last week in an email that Santone was leaving. She is one of only three female top executives at AT&T.
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Here is where the major benchmarks ended:
The S&P 500 Index was down 12.23 points (0.3%) at 4,576.73; the Dow Jones Industrial Average (DJIA) was up 71.15 points (0.2%) at 35,630.68; the NASDAQ Composite (COMP) was down 62.11 points (0.4%) at 14,283.91.
The 10-year Treasury note yield was up about 8 basis points at 4.037%.
Cboe’s Volatility Index (VIX) was up 0.29 at 13.92.
Financials were among the weakest sectors Tuesday, with the KBW Regional Banking Index (KRX) falling more than 1%.
Energy shares were also under pressure as crude oil futures pulled back from a recent rally.
The U.S. Dollar Index (DXY) strengthened for a fourth consecutive day, rising to its highest level in about three weeks.
Posted on August 1, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
What is the Dow Theory?
By Staff Reporters
Pioneered by Charles H. Dow, one of the founders of The Wall Street Journal and Dow Jones & Co., and the publisher of MarketWatch, the theory states that if two stock-market averages, most commonly the Dow industrials and transport gauges, reach notable new highs within the same short period, then the broader market is likely headed higher.
It also was one of the first theories that sought to codify a methodology for prognosticating where the market might be headed in the intermediate future. For more than a century, it’s been a staple in the repertoire of technical strategists, who aim to glean insights through analysis of stock-market charts and indicators.
Dow Theory has lost some of its luster in modern times, especially as the Dow has taken a backseat in recent years to the S&P 500 and high flying tech-heavy indexes like the NASDAQ Composite and NASDAQ-100 critics also have lambasted it as overly simplistic.
But proponents of the technical Dow Theory can still point to a wealth of historical data showing it generally works as a buy signal, especially if its broadened to include other indexes like the now-dominant S&P 500.
Posted on August 1, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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This week executives from Pfizer, Moderna, AmerisourceBergen, Cigna, and other health companies are set to update investors on their latest financials and product offerings.
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Markets: Stocks ended the day in the green closing out a July where all three major indexes ticked up—the NASDAQ most of all. It was the S&P 500’s fifth-straight month of gains, giving the index its best streak since 2021.
Palantir became the latest company to get a big AI boost after one analyst dubbed it the “Messi of A.I.” because the software company is poised to become a major player.
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The Biden administration just announced it is forming a new Office of Long COVID Research and Practice to study the condition and help those who have been diagnosed with it. The office, which will be under the Department of Health and Human Services, “is charged with on-going coordination of the whole-of-government response to the longer-term effects of COVID-19,” according to a news release.
Posted on July 29, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Markets: Stocks entered the weekend on a high note yesterday, with rising tech stocks and falling inflation leading the way.
Stock spotlight: Tupperware kept climbing yesterday, after gaining more than 300% over the past month. Perhaps it has become the latest meme stock even though it warned in April that it was on the verge of bankruptcy.
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Here is where the major benchmarks ended for the day and week:
The S&P 500 Index was up 45 points (1%) at 4,582.23 and gained about 0.9% for the week; the Dow Jones Industrial Average was up 177 points (0.5%) at 35,459.29 and added 0.7% for the week; the NASDAQ Composite was up 267 points (1.9%) at 14,316.66 and gained nearly 1.5% for the week.
The 10-year Treasury note yield (TNX) fell about 5 points to 3.960%.
CBOE’s Volatility Index (VIX) dropped 1.1 points to 13.29.
Posted on July 28, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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US gross domestic product (GDP) increased at a more-than-expected 2.4% annualized rate last quarter thanks to healthy consumer spending and businesses shelling out on investments. The latest figures show that not only is the US economy not spiraling into a recession due to interest rate hikes, it’s actually getting stronger as the year goes on.
In fact, underlying inflation rose at its slowest pace in two years. This could be a sign of the “soft landing” that FOMC Chair Jerome Powell seeks.
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The European Central Bank also took it a cue from the FOMC and raised interest rates to a 23-year high. Investors think it could be the ECB’s last rate hike this cycle.
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But, according to CNN, Japan’s central bank kept interest rates unchanged today despite rising inflation but hinted that it could gradually abandon years of cheap money, sending the yen soaring and stocks tumbling. The Bank of Japan (BOJ) said it kept unchanged its short-term interest rate at minus 0.1% and maintained its target for the yield on 10-year government bond at around 0%.
But the central bank also said it would adopt a more flexible approach to controlling the yield on government bonds — which affects borrowing costs across the world’s third biggest economy,diluting a key pillar of its longstanding ultra-loose monetary policy.
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After a historic 13-day winning streak, the Dow—along with the other two major indexes—closed lower as its dizzying rise finally succumbed to gravity. There were some strong individual performances, however. Meta kept its impressive 2023 rolling after giving an optimistic earnings report.
Posted on July 28, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The Dow slipped on Thursday, snapping a 13-day winning streak. The blue-chip index fell 237 points after being on track to close higher for a 14th consecutive session. That would have marked the Dow’s longest run of consecutive gains since May 1897. If the Dow had closed higher Thursday and Friday, it would have notched 15 days of gains, its longest daily winning streak ever.
But the index’s run was at historic levels before it was cut short Thursday: On Wednesday it notched its 13th straight day of gains, its best winning streak since 1987 and its highest level since February 2022. The Dow, up roughly 6% for the year, has rallied in recent weeks as cooler-than-expected inflation data has investors more optimistic that a soft landing, or no recession, could be in the cards for the economy.
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Here is where the major benchmarks ended for the day:
The S&P 500 Index was down 29 points (0.64%) at 4,537.41; the Dow Jones Industrial Average was down 237 points (0.67%) at 35,282.72; the NASDAQ Composite (COMP) was down 77 points (0.55%) at 14,050.11.
The 10-year Treasury note yield (TNX) rose about 14 points 4.002%.
CBOE’s Volatility Index (VIX) dropped 5 points to at 13.32.
Posted on July 27, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The Federal Reserve raised its benchmark interest rate another 0.25% on Wednesday, reviving its inflation fight despite a significant cooldown of price increases in recent months. The rate hike brought the Fed’s benchmark interest rate to a 22-year high of between 5.25% and 5.5%. Inflation has fallen significantly from a peak last summer, but remains at a level one percentage point higher than the Federal Reserve’s target of 2%.
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The Dow on Wednesday rose for a 13th straight day, matching its longest winning streak since 1987. If it closes higher today, it would be a streak not seen since 1897 — about a year after the benchmark was created — when the Dow advanced for 14 sessions in a row. During this latest run, the Dow has outperformed, gaining 5%. That momentum hasn’t been seen in the broader S&P 500 and NASDAQ Composite indexes, however. Both are up just 3% since the Dow’s streak began. The S&P 500 has fallen twice in that time, while the NASDAQ has posted three losing sessions
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Here is where the major benchmarks ended for the day:
The S&P 500 Index was down 0.02% at 4,566.75; the Dow Jones Industrial Average (DJIA) was up about 82 points (0.23%) at 35,520.12; the NASDAQ Composite was down 17 points (0.12%) at 14,127.28.
The 10-year Treasury note yield (TNX) edged down to 3.867%.
CBOE’s Volatility Index (VIX) dropped 5 points to at 13.32.
Posted on July 26, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Google Chief Financial Officer Ruth Porat will become president and chief investment officer of parent company Alphabet, ending an eight-year run during which she helped pitch the company to Wall Street.
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Here is where the major benchmarks ended yesterday:
The S&P 500 Index was up about 13 points (0.28%) at 4,567.46; the Dow Jones Industrial Average was up about 27 points (0.08%) at 35,438.07; the NASDAQ Composite was up 86 points (0.61%) at 14,144.56.
The 10-year Treasury note yield (TNX) was little changed at 3.883%.
CBOE’s Volatility Index (VIX) was up 0.09 at 14.00.
Posted on July 25, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The good news continued for the Dow, which notched its 11th straight day of gains yesterday—its best streak since February 2017. But there is much coming that could impact the markets this week, from Big Tech earnings (Microsoft and Alphabet report today) to a likely rate hike from the Fed tomorrow.
Stocks spotlight: Mattel, IMAX, and AMC (boosted from a recent ruling blocking a planned stock conversion) were all up.
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Here is where the major benchmarks ended yesterday:
The S&P 500 Index was up 18 points (0.4%) at 4,554.64; the Dow Jones Industrial Average was up 184 points (0.5%) at 35,411.24; the NASDAQ Composite was up 26 points (0.2%) at 14,058.87.
The 10-year Treasury note yield (TNX) was up about 3 basis points at 3.870%.
CBOE’s Volatility Index (VIX) was up 0.29 at 13.89.
Energy was the strongest sector as crude oil futures added to their recent rally with another 2.3% rise to end near $79 per barrel. Financials were also higher, while utilities and health care lagged.
Posted on July 22, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Regulators fined Deutsche Bank $186 million for not fixing anti-money laundering, due diligence, and sanctions controls. This is the third time since 2015 that the Federal Reserve has fined the troubled bank for internal control failures. (CNN Business)
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Under the YouTube Health Initiative, the company partnered with several healthcare organizations, including traditional health systems like Cleveland Clinic in Ohio and Mass General Brigham in Boston, as well as online health education platforms like Osmosis and Psych Hub. Other partners include the medical journal the New England Journal of Medicine, the World Health Organization, and the American Public Health Association.
These health organizations created videos on a range of health topics, which YouTube curates in what it calls “carousels” and labels to indicate that the information comes from reputable sources. If someone searches for information on diabetes, for example, they’ll get a carousel of videos from the health partners on diabetes.
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Here is where the major benchmarks ended yesterday and for the week:
The S&P 500 Index was up 1.47 points at 4,536.34, up 0.7% for the week and the benchmark’s eighth weekly gain in the past 10; the Dow Jones industrial average was up 2.51 points at 35,227.69, up 2.1% for the week; the NASDAQ Composite was down 30.50 points (0.2%) at 14,032.81, down 0.6% for the week.
The 10-year Treasury note yield (TNX) was down about 2 basis points at 3.837%.
CBOE’s Volatility Index (VIX) was down 0.39 at 13.60.
Utility and health care shares were among the strongest performers Friday, which may reflect investors rotating into more “defensive” sectors, which haven’t participated as much in this year’s rally and may be seen as a “relative value” or “catch-up” play.
Energy stocks were also strong as crude oil futures jumped over 2% and posted a fourth straight weekly gain. Regional banks and communication services were among the weakest sectors, while the small-cap-focused Russell 2000 (RUT) fell slightly.
Posted on July 21, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The S&P 500 and NASDAQ fell on Thursday, weighed down by drops in Tesla and Netflix following their quarterly results, but the Dow advanced for a ninth straight day thanks to gains in Johnson & Johnson following a strong annual forecast.
Here is where the major market benchmarks ended:
The S&P 500 Index was down 30.85 points (0.7%) at 4,534.87; the Dow Jones industrial average was up 163.97 points (0.5%) at 35,225.18; the NASDAQ Composite was down 294.71 points (2.1%) at 14,063.31.
The 10-year Treasury note yield (TNX) was up about 11 basis points at 3.846%.
CBOE’s Volatility Index (VIX) was up 0.22 at 13.98.
Consumer Discretionary stocks, which are considered to have greater exposure to recession than other companies, were among the weakest performers Thursday. Technology stocks also struggled, with the NASDAQ posting its lowest close since July 12th and the Philadelphia Semiconductor Index (SOX) tumbling over 3%.
Health care and utilities, generally considered more recession-proof, were the strongest performers.
Posted on July 20, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
Elon Musk underlined the astounding scale of Microsoft and Nvidia’s combined market-value surge on Tuesday with a two-word tweet: “Crazy times.” While Musk didn’t spell out whether he views Microsoft or Nvidia as overvalued, his strong reaction could be a red flag for stock market investors.
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Here is where the major benchmarks ended yesterday:
The S&P 500 Index was up 10.74 points (0.2%) at 4,565.72; the Dow Jones industrial average was up 109.28 points (0.3%) at 35,061.21; the NASDAQ Composite was up 4.38 points at 14,358.02.
The 10-year Treasury note yield (TNX) was down about 4 basis points at 3.744%.
CBOE’s Volatility Index (VIX) was up 0.44 at 13.74.
Posted on July 19, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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(Bloomberg) — Novartis AG raised its profit outlook and announced plans to buy back as much as $15 billion in shares as it prepares to spin off its Sandoz generics unit. Operating profit excluding some items will likely grow by low double digits this year, the Swiss drug maker said in a statement, raising its forecast for a second time from a prior estimate of high single-digits gains. The stock rose as much as 4% in Zurich trading.
Shares of U.S. telecom giantVerizon (NYSE: VZ) fell 7.5% in trading on Monday after a series of articles in The Wall Street Journal highlighted the lead in cable sheathing that telecom companies used decades ago. Some analysts downgraded the stock, but the market sold before more details were available from the company.
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Here is where the major market benchmarks ended:
U.S. stocks extended a rally as better-than-expected bank results boosted the S&P 500 and NASDAQ to fresh 15-month highs.
The S&P 500 Index was up 32.19 points (0.7%) at 4,554.98; the Dow Jones industrial average was up 366.58 points (1.1%) at 34,951.93; the NASDAQ Composite was up 108.69 points (0.8%) at 14,353.64.
The 10-year Treasury note yield (TNX) was little changed at 3.793%.
CBOE’s Volatility Index (VIX) was down 0.16 at 13.32.
Financial stocks were among the strongest performers Tuesday, sending the KBW Regional Banking Index (KRX) up over 4%. Oilfield services shares were also strong as crude oil futures gained over 2%. The small-cap Russell 2000 (RUT) gained over 1% and posted a five-month high.
Posted on July 18, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Earnings season picks up: The Q2 reports will come fast and furious this week from companies including Bank of America, Tesla, major airlines, and American Express. But the most tea is expected to be spilled by Netflix, which will give an update on its password-sharing crackdown and discuss how the Hollywood strikes are impacting its business.
A new study reports Eli Lilly’s Alzheimer’s drug slowed cognitive and functional decline for people with early stages of the disease. The data, published Monday in the Journal of the American Medical Association, found the experimental drug Donanemab slowed decline by 35% compared to a placebo group based on a measure of daily activities such as driving, managing finances and talking about current events. Researchers also shared the data at the Alzheimer’s Association International Conference in Amsterdam.
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Lilly said it submitted an application for traditional Food and Drug Administration approval earlier this year and expects the agency will act before the end of the year.
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Finally, technology shares were among the strongest performers yesterday, with the Philadelphia Semiconductor Index (SOX) surging over 2% to its highest level since January 2022. Smaller companies also performed well, with the small-cap focused Russell 2000 (RUT) up over 1% to end at a five-month high. Financial shares remained robust following mostly better-than-expected results from big banks last week. Here is where the major benchmarks ended:
The S&P 500 Index was up 17.37 points (0.4%) at 4,522.79; the Dow Jones Industrial Average was up 76.32 points (0.2%) at 34,585.35; and the NASDAQ Composite was up 131.25 points (0.9%) at 14,244.95.
The 10-year Treasury note yield (TNX) was down about 2 basis points at 3.805%.
CBOE’s Volatility Index (VIX) was up 0.14 at 13.48.
Posted on July 15, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The biggest U.S. banks presented a picture of a resilient economy on Friday, with consumers and businesses continuing to spend and borrow even after a lightning-fast rise in interest rates.
JPMorgan Chase’s profit soared 67% in the second quarter from a year earlier and Wells Fargo’s jumped 57%, lifted by the income they earned lending out money at higher rates. Citigroup’s net interest income was a bright spot, though profit fell 36%. All three banks beat analysts’ expectations for profit and revenue.
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Here is where the major benchmarks ended:
The S&P 500 Index was down 4.62 points (0.1%) at 4,505.42, up 2.4% for the week; the Dow Jones Industrial Average (DJIA) was up 113.89 points (0.3%) at 34,509.03, up 2.3% for the week; the NASDAQ Composite was down 24.87 points (0.2%) at 14,113.70, up 3.3% for the week.
The 10-year Treasury note yield (TNX) was up about 7 basis points at 3.828%.
CBOE’s Volatility Index (VIX) was down 0.29 at 13.32.
Energy shares were among the weakest performers Friday after crude oil futures retreated nearly 2% from 2½-month highs posted Thursday. Regional banks were also lower despite stronger-than-expected quarterly results from their larger peers.
Health care and Consumer Staples were among the strongest performers. The U.S. dollar gained slightly but remained near a 17-month low against the euro.
Posted on July 14, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
Producer Price Index
By Staff Reporters
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Here is where the major benchmarks ended on Thursday
The S&P 500 Index was up 37.88 points (0.9%) at 4,510.04; the Dow Jones Industrial Average (DJIA) was up 47.71 points (0.1%) at 34,395.14; the NASDAQ Composite was up 219.61 points (1.6%) at 14,138.57.
The 10-year Treasury note yield (TNX) was down about 10 basis points at 3.763%.
CBOE’s Volatility Index (VIX) was up 0.04 at 13.58.
Technology shares were among the strongest performers Thursday, with the NASDAQ-100 Index (NDX) and Philadelphia Semiconductor Index (SOX) both climbing roughly 2% to 18-month highs. Communication Services and regional banks were also strong.
Oilfield services stocks gained on an extended rally in crude oil futures, which pushed above $77 a barrel near a three-month high. The U.S. dollar sank to its weakest point against the euro since February 2022 on expectations U.S. interest rates may have peaked.
Posted on July 13, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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We hope everyone is staying safe out there, especially because in healthcare, summertime is known as “trauma season.” Accidents nearly double for children, and adult injuries increase by almost 25%, with the main culprits being sports and recreational activities. So remember to put on a helmet, knee and elbow pads; etc.
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Stocks surged on Wednesday after a cooler-than-expected June consumer price index report eased some worries that the Federal Reserve may tip the economy into a recession as it fights to bring down sticky inflation.
Fundstrat’s Tom Lee told CNBC’s “Closing Bell: Overtime” on Wednesday that today’s CPI print, future expectations for easing and recent stock activity paint a market that is “behaving more like a soft landing” scenario that many deemed unreachable at the start of 2023.
Posted on July 12, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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American consumers are on track to run out of cash later this year, Bill Gross has warned.
Consumer spending is a key driver of economic growth. If it drops, a recession might be the result.
“Bond King” Gross said the government’s aggressive spending during the pandemic is still buoying the economy.
American consumers are propping up the economy by spending their pandemic savings, but they’re likely to run out of cash later this year, Gross warned.
“It’s fiscal policy not just monetary policy — stupid,” the billionaire investor tweeted. His point was that government spending and tax rates, along with interest rates and money supply, affect economic growth and inflation.
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Used Auto Prices Down
Used car prices in America saw the largest monthly slump since the height of the pandemic in June.
That’s good news on inflation, which could fall below 3% in June, the analyst said.
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Here is where the major benchmarks ended: yesterday
The S&P 500® Index (SPX) was up 29.73 points (0.7%) at 4,439.26; the Dow Jones Industrial Average (DJIA) was up 317.02 points (0.9%) at 34,261.42; the NASDAQ Composite (COMP) was up 75.22 points (0.6%) at 13,760.70.
The 10-year Treasury note yield (TNX) was down about 3 basis points at 3.978%.
CBOE’s Volatility Index (VIX) was down 0.23 at 14.84.
Energy companies led sector gainers Tuesday as crude oil futures extended a rally, with the benchmark WTI contract rising more than 2.5% and touching a 2½-month high on signs of lower Russian production.
The Philadelphia Oil Service Index (OSX) jumped more than 3% to a four-month high. Retail and transportation shares were also among the strongest sectors, while the health care and semiconductor sectors slipped.
Posted on July 11, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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July marks Minority/BIPOC Mental Health Awareness Month
A time when healthcare leaders and policymakers acknowledge the disparities that exist in behavioral health access and outcomes, as well as examine ways to address them. Tell us how your company, hospital, or practice is working to eliminate barriers and ensure equitable access to mental health services.
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U.S. inflation cooled in May to an annual 4%, its lowest annual rate in more than two years, but core inflation rose by 0.4% month-on-month and 5.3% year-on-year.
And the markets are eagerly awaiting key inflation prints from the U.S. later this week, with the core annual consumer price index (CPI) — which excludes volatile food and energy prices — remaining persistently high to date, despite the headline figure gradually edging closer to the Federal Reserve‘s 2% target.
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Here is where the major benchmarks ended:
The S&P 500® Index (SPX) was up 10.58 points (0.2%) at 4,409.53; the Dow Jones Industrial Average (DJIA) was up 209.52 points (0.6%) at 33,944.40; the NASDAQ Composite (COMP) was up 24.77 points (0.2%) at 13,685.48.
The 10-year Treasury note yield (TNX) was down about 4 basis points at 4.008%.
CBOE’s Volatility Index (VIX) rose 0.21 to 15.04.
Chip stocks were among the strongest sectors Monday, with the Philadelphia Semiconductor Index (SOX), jumping about 2%.
Retail and industrial stocks were also strong, while the small-cap focused Russell 2000 index (RUT) gained 1.5%. Utilities and Communication Services ranked among the weakest performers. Volatility perked up, with the VIX touching a five-week high.
Posted on July 8, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Despite high prices, new car sales have been remarkably strong so far this year and are up 12% compared to the first half of 2022, according to Cox Automotive.
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Here is where the major benchmarks ended:
The S&P 500® Index (SPX) was down 12.64 points (0.3%) at 4398.95, down 1.2% for the week and just the second weekly decline in the past eight weeks; the Dow Jones Industrial Average (DJIA) was down 187.38 points (0.6%) at 33,734.88, down 2% for the week; the NASDAQ Composite (COMP) was down 18.33 points (0.1%) at 13,660.72, down 0.9% for the week.
The 10-year Treasury note yield (TNX) was up about 2 basis points at 4.06%.
CBOE’s Volatility Index (VIX) was down 0.61 at 14.83.
Energy shares were among the strongest performers, with the Philadelphia Oil Service Index (OSX) surging more than 6% to a four-month high. Benchmark WTI crude futures jumped more than 2% to close at a six-week high on hopes that OPEC+ production cuts will tighten supplies.
Regional banks and transportation stocks were also strong.
And, Samsung fell yesterday after revealing that its profits dropped 96% last quarter, giving the company its smallest quarterly profit since 2009 as it continues to sit on more memory chips than the market wants.
Posted on July 7, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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When markets closed Friday, Apple’s market capitalization was over $3 trillion, making it the most valuable company — ever. It’s a massive milestone for the tech giant, which warned investors in May that its current quarter revenue was expected to decline. But Friday’s stock price increasing by just over 2 percent to close at $193.97 per share suggests that investors are still confident in the company, a bright spot in an industry that has otherwise been rocked by layoffs over the past year.
Curiously, Goldman Sachs is considering exiting its partnership with Apple, the Wall Street Journal reported on Friday, citing sources familiar with the matter.
The iPhone-maker and Goldman Sachs started rolling out a virtual credit card in 2019. The bank is in talks with American Express to take over its Apple credit card and other ventures with the tech giant, the report added.
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Here is where the major benchmarks ended:
The S&P 500 Index was up 53.94 points (1.2%) at 4,450.38, a gain of 16% for the first half of 2023. The Dow Jones Industrial Average (DJIA) was up 283.18 points (0.8%) at 34,407.60, up 3.8% in the first half. The NASDAQ Composite was up 196.59 points (1.5%) at 13,787.92 for a first-half gain of 32%.
The 10-year Treasury note yield (TNX) was down about 2 basis points at 3.837%.
CBOE’s Volatility Index (VIX) was down 0.15 at 13.39.
Oilfield services companies and others in energy led sector gainers Friday, after crude oil futures rose 1% (though oil prices are down 12% so far this year).
Technology and Consumer Discretionary stocks were also strong performers, while regional banks were among the laggards. The U.S. Dollar Index (DXY) eased slightly. It is down about 0.5% for the first half.
Posted on July 7, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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(AP) — U.S. officials granted full approval to a closely watched Alzheimer’s drug on Thursday, clearing the way for Medicare and other insurance plans to begin covering the treatment for people with the brain-robbing disease. The Food and Drug Administration endorsed the IV drug, Leqembi, for patients with mild dementia and other symptoms caused by early Alzheimer’s disease. It’s the first medicine that’s been convincingly shown to modestly slow Alzheimer’s cognitive decline.
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Markets: Yesterday was yet another “good news is bad news” day on Wall Street. After the ADP employment report showed private sector companies added more than 2x the jobs that were forecast last month, stocks fell and Treasury yields surged—an indication that investors expect the Fed to resume hiking interest rates to cool down the job market. So, all eyes are on the non-farm payrolls report since a stronger-than-expected report could result in even more Fed rate hikes than currently expected. Here is where the major benchmarks ended yesterday:
The S&P 500® Index was down 35.23 points (0.8%) at 4,411.59; the Dow Jones Industrial Average (DJIA) was down 366.38 points (1.1%) at 33,922.26; the NASDAQ Composite (COMP) was down 112.61 points (0.8%) at 13,679.04.
The 10-year Treasury note yield (TNX) was up about 9 basis points at 4.035%.
The CBOE Volatility Index (VIX) was up 1.25 at 15.43.
Energy was among the weakest sectors despite crude oil futures touching a two-week high.
Regional banks and Consumer Discretionary stocks were also lower. Volatility expectations based on the VIX jumped to their highest level since late May.
Posted on July 6, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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[AP]:Meta is poised to unveil a new app that appears to mimic Twitter — a direct challenge to the social media platform owned by Elon Musk. A listing for the app, called Threads, just appeared on Apple’s App Store, indicating it would debut as early as today. It is billed as a “text-based conversation app” that is linked to Instagram, with the listing teasing a Twitter-like micro-blogging experience.
“Threads is where communities come together to discuss everything from the topics you care about today to what’ll be trending tomorrow,” it said.
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Here is where the major benchmarks ended:
The S&P 500 Index was down 8.77 points (0.2%) at 4,446.82; the Dow Jones Industrial Average was down 129.83 points (0.4%) at 34,288.64; the NASDAQ Composite was down 25.12 points (0.2%) at 13,791.65.
The 10-year Treasury yield (TNX) was up about 7 basis points at 3.932%.
The CBOE Volatility Index (VIX) was up 0.49 at 14.19.
Chemical makers and other materials sector companies were among the weakest performers Wednesday. Semiconductor shares were also lower, as were many energy-company shares despite a 3% surge in crude oil futures. U
Utility stocks were among the strongest performers.
Posted on July 5, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Here is where the major benchmarks ended on Monday:
The S&P 500 Index was up 5.21 points (0.1%) at 4,455.59; the Dow Jones Industrial Average (DJIA) was up 10.87 points at 34,418.47; the NASDAQ Composite was up 28.85 points (0.2%) at 13,816.78.
The 10-year Treasury note yield (TNX) was up about 4 basis points at 3.862%.
The CBOE Volatility Index® (VIX) was little changed at 13.58.
Financial companies had a good day Monday, with the KBW Regional Banking Index (KRX) rising more than 2%.
The consumer discretionary sector was also strong, while energy companies got a bump as crude oil futures reached their highest level in more than a week.
Health Care stocks lagged.
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Wall Street is hoping for a strong start to the second half of 2023 taking cues from the recent tech rally that has boosted the overall investor sentiment. Turning toward the U.S.-China trade war, on Monday, the mainland posed restrictions on the export of gallium and germanium to the U.S. citing national security concerns. These metals are used in semiconductor manufacturing and the curb is being used as a means of retaliation to the U.S. chip ban on China.
Remarkably, Tesla (NASDAQ:TSLA) stock has been on an uphill climb lately, thanks to the growing adoption of its North American Charging Standard (NACS) charging connectors by major automakers including General Motors (NYSE:GM), Ford (NYSE:F), and Rivian (NASDAQ:RIVN). Moreover, the EV maker posted better-than-expected auto delivery and production numbers for the month and quarter ending June 30, pushing shares up 6.9% on July 3.
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Future Salaries Will Decrease?
Median incomes are projected to drop over the next few decades, falling by 0.43 percentage points per year between now and 2020, 0.52 points per year between 2020 and 2030, and 0.2 points per year between 2030 and 2040.
Although the figures on their own are not staggering, the percentage drops over time will add up significantly. By 2050, an employee who earned $50,000 in 2013 will only make $44,000. The number is even more noticeable after accounting for inflation.
Posted on July 3, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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United States stock markets will be closing early on Monday, July 3rd, in observance of the Independence Day holiday.
In recognition of the federal holiday, the Nasdaq and New York Stock Exchange will close at 1 p.m. ET on Monday and remain closed Tuesday.
The U.S. bond market will close at 2 p.m. Eastern on Monday and will also remain closed Tuesday.
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Nevertheless, Tesla beat expectations in the second quarter of 2023, announcing yesterday that it produced nearly 480,000 vehicles and delivered over 466,000.
The majority of production and deliveries were the Model 3 sedan and Model Y crossover, with 460,211 produced and 446,915 delivered. The electric car maker produced 19,489 of the higher-priced Model X and Model S and delivered 19,225.
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And over the next few nights a super-moon is coming for the 2023 4th of July holiday weekend.July’s full moon, also called the buck moon, will be biggest on the nights of Sunday July 2nd and Monday July 3rd.
According to the Old Farmer’s Almanac, the moon will hit its peak illumination at 7:39 a.m. on Monday July 3 rd. It will be below the horizon at that precise moment, the Almanac said, so plan to look towards the southeast after sunset to watch it rise up into the evening sky.
Posted on June 30, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Big banks powered the Dow higher h of positive economic headlines dropped. Financial institutions aced their Fed “stress test” that measures how they’d hold up during a downturn, Q1 GDP was revised much higher than previously calculated, and the number of Americans filing new unemployment claims fell the most in 20 months.
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Solid economic numbers lifted the S&P 500 and Russell 2000 to nearly two-week highs. So, here is where the major benchmarks ended:
The S&P 500 Index was up 19.58 points (0.5%) at 4,396.44; the Dow Jones Industrial Average (DJIA) was up 269.76 points (0.8%) at 34,122.42; the NASDAQ Composite (COMP) was little changed at 13,591.33.
The 10-year Treasury note yield (TNX) was up nearly 13 basis points at 3.838%.
CBOE’s Volatility Index (VIX) was up 0.11 at 13.54.
Financial companies were among the strongest sectors Thursday, with the KBW Regional Banking Index (KRX) rising nearly 2% to its highest level in over a week.
Oilfield services stocks also gained behind strength in crude oil futures, which briefly climbed above $70 a barrel to their highest price in a week. Communications services and technology shares were among the weakest sectors.
The U.S. Dollar Index (DXY) strengthened to its highest level in over two weeks amid expectations for higher interest rates.
Posted on June 29, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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WASHINGTON (Reuters) -The U.S. Justice Department on Wednesday announced federal and local criminal charges targeting 78 defendants across 16 states as part of a law enforcement action involving $2.5 billion in alleged healthcare fraud schemes targeting elderly and disabled people, HIV patients and even pregnant women.
The cases range from allegations of falsely billing the federal Medicare insurance program for elderly and disabled Americans and paying illegal kickbacks, to the illicit diversion of expensive prescription medications and the improper dispensing of highly addictive opioid pain killers.
Among those facing charges include 24 doctors, nurses and other licensed medical professionals, as well as healthcare executives including the current and former CEOs of a durable medical equipment online platform accused of falsely billing $1.9 billion in fraudulent claims.
Of the $2.5 billion in alleged fraudulent claims to Medicare, state Medicaid programs that serve the poor and supplemental Medicare insurance programs offered by private insurers, about $1.1 billion was actually paid out to the fraudsters, officials said.
“The Justice Department will find and bring to justice criminals who seek to defraud Americans and steal from taxpayer-funded programs,” Attorney General Merrick Garland said in a statement.
On Friday, the Labor Department will update its Personal Consumption and Expenditures (PCE) index, which is the Fed’s preferred inflation measure. The June employment report follows on July 7th.
So, here is where the major benchmarks ended, yesterday:
The S&P 500 Index was down 1.55 points at 4,376.86; the Dow Jones Industrial Average was down 74.08 (0.2%) at 33,852.66; the NASDAQ Composite was up 36.08 points (0.3%) at 13,591.75.
The 10-year Treasury note yield (TNX) was down about 6 basis points at 3.71%.
CBOEs Volatility Index (VIX) was down 0.31 point at 13.43.
Regional banks and utilities were among the weakest sectors Wednesday, with the Philadelphia Utility Index (UTY) ending at its lowest level in nearly four weeks. Energy companies ranked among the top gainers as crude oil futures rose more than 2%.
Insurer Travelers Companies fell 2.5% to become the day’s worst-performing Dow stock.
Salesforce shares rose after Goldman Sachs said the company was poised to boost its profits.
Intel shares fell after Oracle said its software would be compatible with Ampere Computing chips in a blow to Intel’s position with data center customers.
Posted on June 28, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Over $200 billion from the U.S. government’s COVID-19 relief programs were likely stolen, a federal watchdog said on Tuesday, adding that the U.S. Small Business Administration (SBA) had weakened its controls in a rush to disburse the funds.
At least 17% of all funds related to the government’s coronavirus Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP) schemes were disbursed to potentially fraudulent actors, according to a report released Tuesday by the SBA’s office of inspector general. Over the course of the pandemic, the SBA disbursed about $1.2 trillion of EIDL and PPP funds.
The SBA disputed the more than $200 billion figure put forward by the watchdog and said the inspector general’s approach had significantly overestimated fraud.
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Here is where the major benchmarks ended, yesterday
The S&P 500 Index was up 49.59 points (1.2%) at 4,378.41; the Dow Jones Industrial Average (DJIA) was up 212.03 points (0.6%) at 33,926.74; the NASDAQ Composite was up 219.89 points (1.7%) at 13,555.67.
The 10-year Treasury note yield (TNX) was up about 5 basis points at 3.766%.
Cboe’s Volatility Index (VIX) was up 0.50 at 13.75.
Technology stocks led sector gainers, with the Philadelphia Semiconductor Index (SOX) rising nearly 4%. Consumer Discretionary and Retail shares were also higher. Energy shares lagged as crude oil futures dropped more than 2%.
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