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DAILY UPDATE: Jack Dorsey, Deutsche Bank and the Markets

Posted on March 25, 2023 by Dr. Marcinko

By Staff Reporters

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Jack Dorsey’s wealth tumbled after Hindenburg Research targeted his payments company Block, per Bloomberg. The short seller alleged Block misled investors “with inflated metrics” Block’s share price tumbled as much as 22% on Thursday on Hindenburg’s report.

Short seller Hindenburg Research has hit another billionaire’s fortune with a report. Jack Dorsey, the co-founder of payments company Block and Twitter, saw his net worth tumble by $526 million, or 11%, to $4.4 billion after the US-based research firm led by Nathan Anderson accused Block of misleading investors in a March 23 report, according to Bloomberg. Dorsey isn’t on the list of the world’s 500 richest persons on the Bloomberg Billionaires Index currently. He was previously featured at number 456 with a net worth of $5.41 billion on March 22nd, per Insider’s scan of the Index on Wednesday.

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Investors sparked a furious selloff in Deutsche Bank AG and thrust one of Europe’s most important lenders into the center of concerns about the health of the global financial system. Shares of Germany’s largest lender tumbled as much as 15%, their third consecutive day of losses, though they later regained some ground and were recently down 10%. The cost to insure against its default using credit-default swaps soared to their highest levels since 2020.

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Chairman Jerome Powell was ambiguous this week about future Federal Reserve moves, suggesting “some additional policy firming may be needed.”

Treasury yields dropped near seven-month lows, a seeming indication of escalating recession worries after the Fed raised its benchmark lending rate nine times to a range of 4.75% to 5% over the past year. The release next week of updated data on consumer confidence, inflation, and economic growth will likely be in focus.

Monetary Policy: https://medicalexecutivepost.com/2023/03/17/the-modern-us-monetary-system/

The swings in stock prices this week “were consistent with the unclear outlook for monetary policy, the banking system, and the broader economy,” says Kevin Gordon, senior investment strategist at Charles Schwab. “More time needs to pass before we know the true impact of the expected tightening in credit conditions.”

The S&P 500^® Index was up 22.27 (0.6%) at 3970.99; the Dow Jones industrial average was up 132.28 (0.4%) at 32,237.53; the NASDAQ Composite was up 36.56 (0.3%) at 11,823.96.
The 10-year Treasury yield was little changed at about 3.374%.
CBOE’s Volatility Index was down 0.87 at 21.74.

The real estate sector led the gainers Friday, followed by consumer staples and health care. Financials and consumer discretionary stocks edged lower, and technology stocks were little changed, though the tech-focused NASDAQ Composite still notched its second straight weekly gain. Gold and crude oil futures both declined, while the U.S. dollar strengthened.

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DAILY UPDATE: Accenture, Cidara and the Markets

Posted on March 24, 2023 by Dr. Marcinko

By Staff Reporters

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Mass firings at tech companies continue as Accenture (NYSE:ACN) just announced plans to lay off around 19,000 people, or 2.5% of its current workforce, in the next 18 months. Over half of the departures will consist of people in non-billable corporate functions, the professional services firm said.

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Despite strong gains early this week, antifungal drug developers lost steam even after Cidara Therapeutics (NASDAQ:CDTX) won FDA approval for its candidemia treatment Rezzayo. Shares of Cidara (CDTX) and its rival in antifungal space Scynexis (NASDAQ:SCYX) jumped amid concerns of a fast-spreading fungal infection caused by yeast species Candida auris in the U.S. New approval of Rezzayo for fungal disease candidemia and invasive candidiasis has failed to reignite the interest, with Cidara (CDTX) and Scynexis (SCYX) trading at least 20% lower. Meanwhile, Cidara (CDTX) has not replicated its regulatory success on the financial front, reporting lower-than-expected financials for Q4 2022 on Thursday.

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The following is a round-up of today’s market activity:

The S&P 500^® Index was up 11.75 (0.3%) at 3948.72; the Dow Jones industrial average was up 75.14 (0.2%) at 32,105.25; the NASDAQ Composite was up 117.44 (1.0%) at 11,787.40.
The 10-year Treasury yield was down about 11 basis points at 3.391%.
CBOE’s Volatility Index was up 0.35 at 22.61.

The energy sector led declines Thursday as crude oil futures fell back under $70 a barrel, with financials and consumer staples also losing ground. Technology and communications stocks managed to hold onto gains.

Finally, gold futures surged over 2% to a one-year high near $2,000 an ounce.

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DAILY UPDATE: Wood, Moderna and the Domestic Down Markets

Posted on March 23, 2023 by Dr. Marcinko

By Staff Reporters

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Cathie Wood just revealed that her flagship fund ARK Invest lost over $2 billion last year. Her struggles sum up how rising interest rates are affecting markets, according to the CEO of JPMorgan Asset Management. “When the Federal Reserve hits the brakes, something goes through the windshield,” George Gatch said.
Cathie Wood’s Ark Invest also sold $13.5 million worth of Coinbase stock. The famed money manager now holds a 7% stake in the crypto exchange worth $837 million. Shares of Coinbase are up nearly 30% in the past five trading sessions as crypto prices rallied.

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Moderna – which received about $10 billion in taxpayer money to produce its COVID-19 vaccine and has since earned billions more in profits selling it – was sued in early 2022 by Genevant Sciences and Arbutus Biopharma Corp., which accused Moderna of using technology they have patented in its vaccine. The two companies have asked a federal court in Delaware to award them damages for the infringement.

CITE: https://www.r2library.com/Resource/Title/0826102549

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Alex Coffey, senior trading strategist at TD Ameritrade, said recent turmoil in the banking industry has effectively tightened credit conditions, possibly making further rate increases by the Fed unnecessary. Still, the Fed had to send a message that it’s not making an abrupt shift in its efforts to bring inflation down. The Fed has been in “cruise control” raising rates, “staying in the fast lane,” Alex says. “Now, it has turned off cruise and maybe changed lanes, but isn’t doing a quick move toward the off ramp. Today’s increase was not a ‘dovish’ hike, but also not the hawkish stance that was feared.”

“We’re near the end of the tightening cycle,” he adds. “But they have to do this slowly.”

The Fed commentary appeared to briefly soothe the market, causing the S&P 500^® Index to rise as much as 1% soon after the central bank’s announcement, but the benchmark changed direction in the last hour of trading. The reversal may have in part been in response to the ambiguity of Powell’s words, as well as continuing concern about a potential recession.

And so, the following is a round-up of today’s domestic market activity:

The S&P 500 Index was down 65.90 (1.7%) at 3936.97; the Dow Jones industrial average was down 530.49 (1.6%%) at 32,030.11; the NASDAQ Composite was down 190.15 (1.6%) at 11,669.96.
The 10-year Treasury yield was down about 17 basis points at 3.44%.
CBOE’s Volatility Index was up 0.88 at 22.26.

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DAILY UPDATE: Bird Flu Vaccine Up, FRB Down as Other Banks Rebound

Posted on March 21, 2023 by Dr. Marcinko

By Staff Reporters

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Executives at GSK Plc (NYSE: GSK), Moderna Inc (NASDAQ: MRNA), and CSL Seqirus, owned by CSL (OTC: CSLLY), said they are developing or about to test sample human vaccines against bird flu as a precautionary measure against a future pandemic. Others, like Sanofi SA (NASDAQ: SNY), “stand ready” to begin production if needed, with existing H5N1 vaccine strains in stock. The U.N. said it had signed legally binding agreements with 14 manufacturers for 10% of their pandemic flu vaccine in a mix of donated doses and doses to be bought at affordable prices.

Health Insurance: https://www.amazon.com/Dictionary-Health-Insurance-Managed-Care/dp/0826149944/ref=sr_1_4?ie=UTF8&s=books&qid=1275315485&sr=1-4

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Shares in troubled First Republic Bank crashed more than 46% on Monday, after reports the San Francisco-based bank may need to raise more funds despite a $30bn (£24bn) rescue last week.

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U.S. stocks ended the day higher, as the financials sector bounced back amid the recent choppiness in the markets. Meanwhile, uncertainty remained regarding whether the turmoil will impact the Fed’s monetary policy decision on Wednesday. Banking stocks continued to be in focus, as UBS Group agreed to acquire Credit Suisse for a little over $3.0 billion, while the Fed and five other major central banks took action to increase the availability of liquidity for the financial system.

Treasury yields were higher, and the U.S. dollar was lower, while crude oil and gold prices gained ground.

Asia finished broadly lower, and markets in Europe rose sharply, as investors around the world contend with the latest updates surrounding global banks.

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DAILY UPDATE: VIX and the Equity Markets

Posted on March 18, 2023 by Dr. Marcinko

By Staff Reporters

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The CBOE VIX index the gauge of equity volatility, twice spiked up to 30 before tumbling back down. The ICE BoAML MOVE index, a VIX for the Treasury market, jumped to its highest since the great financial crisis of 2008, at one point up more than 80% from just the start of February.

CITE: https://medicalexecutivepost.com/2022/10/08/what-up-vix/

Those moves illustrate the whipsaw action in stocks and bond yields as traders tried to work out the seriousness of the unfolding banking crisis and how much it would compromise central banks’ ability to sustain their inflation fighting strategies.

CITE: https://www.r2library.com/Resource/Title/0826102549

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The Dow Jones Industrial Average decreased 385 points (1.2%) to 31,862, the S&P 500 Index fell 44 points (1.1%) to 3,917, and the NASDAQ Composite went down 87 points (0.7%) to 11,631. In heavy volume, 8.8 billion shares of NYSE-listed stocks were traded, and 7.5 billion shares changed hands on the NASDAQ WTI crude oil lost $1.61 to $66.74 per barrel.

Elsewhere, the gold spot price climbed $58.70 to $1,981.70 per ounce, and the Dollar Index went down 0.5% to 103.90. Markets ended mixed for the week, as the DJIA nudged 0.2% lower, while the S&P 500 gained 1.4%, and the NASDAQ Composite advanced 4.4%.

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DAILY UPDATE: ECB Rates Up while US Equities Blast Off!

Posted on March 17, 2023 by Dr. Marcinko

Good morning and Happy Saint Patrick’s Day

By Staff Reporters

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The European Central Bank (ECB) lifted its three policy rates by 50 basis points for the sixth consecutive time, raising the benchmark for borrowing costs in the Euro-zone to 3.0% from 2.5%, the highest level since late 2008, as inflation is seen overshooting its 2% target through 2025.

CITE: https://www.r2library.com/Resource/Title/0826102549

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U.S. stocks blasted higher reversing some recent losses as the banking sector continues to remain in the headlines. First Republic climbed after reports that it could receive up to $30 billion in deposits from some of the nation’s largest banks in an attempt to stabilize the lending firm. In other equity news, Adobe topped quarterly expectations and offered upbeat guidance, while Dollar General offered mixed results.

The economic calendar was also busy today, as jobless claims declined more than anticipated, import prices dipped, housing construction activity rose much more than projected, and manufacturing output in Philadelphia remained solidly in contraction territory.

Treasury yields were higher too and the U.S. dollar dipped, while crude oil prices rose, and gold moved modestly to the downside.

Asia finished mostly lower amid the global banking worries, and markets in Europe rebounded even as the European Central Bank followed through with a 50-basis point rate hike despite the financial market turbulence. Finally, Suisse rallied after getting some capital support from the Swiss National Bank.

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DAILY UPDATE: National Health Service Warning and the Domestic Markets

Posted on March 16, 2023 by Dr. Marcinko

By Staff Reporters

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Great Britain’s National Health Service, which is meant to provide “free” universal healthcare, is collapsing under the strain of long wait times, hidden data, and excess deaths. Long held up as the crown jewel of “socialized healthcare,” the world’s largest government-run system is unraveling. The crisis has led to a surge in excess deaths that has outlasted the coronavirus pandemic, with ambulance and emergency room delays linked to hundreds of deaths each week, leaked internal data suggest. Hospitals already near capacity last fall could not keep pace as the winter flu season took hold.

CITE: https://www.r2library.com/Resource/Title/0826102549

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U.S. equities were able to claw out of a deep hole to finish mixed, as the recent turmoil in the banking sector on this side of the pond made its way to Europe.

Swiss regulators stepped in to reassure global financial markets after fresh fears about the viability of Credit Suisse threatened wider fallout just days after two historic U.S. bank failures. The Swiss National Bank issued a statement late Wednesday offering the embattled lender financial support if necessary, a move that helped markets pare some of the day’s steep losses. Other bank stocks took hits as well, with JPMorgan closing down 4% and Wells Fargo and Goldman Sachs closing down about 3%. Bank of America closed down less than 1%.

The broader Dow Jones Industrial Index ended Wednesday’s session down about 280 points — roughly 0.9% — while the S&P 500 closed 0.7% lower. The tech-heavy NASDAQ finished the day roughly flat.

The worries overshadowed a welcome benign read on February producer price inflation and a retail sales report that showed a key core component of spending unexpectedly rose and the prior month’s figures were revised to larger-than-expected jumps.

In other economic news, home builder sentiment unexpectedly improved, mortgage applications rose for a second-straight week, but manufacturing output in New York contracted much more than anticipated, and business inventories surprisingly dipped. In other equity news, Lennar Corporation topped quarterly expectations.

Treasury yields tumbled and the U.S. dollar rallied, while crude oil prices dropped, and gold was higher. Asia finished mostly higher after the rebound in the U.S. yesterday, while markets in Europe fell with the banking worries dragging stocks lower across the board.

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DAILY UPDATE: Banks that Paused, Charles Schwab, Vanguard and the Equity Markets

Posted on March 15, 2023 by Dr. Marcinko

By Staff Reporters

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On Monday, Newsweek published a list of banks that had trading of shares halted. According to the NASDAQ Trader website, these banks were placed under a Volatility Trading Pause. Some of the banks that were placed under a Volatility Trading Pause included PacWest Bancorp, Western Alliance Bancorporation Common Stock, First Republic Bank Common Stock and Comerica Incorporated Common Stock. Some of these banks were placed under the halt several times, but the pauses only lasted a few minutes. For example, the NASDAQ Trader website shows that PacWest Bancorp was halted at 9:49 a.m. EST and resumed at 9:54 a.m. EST.

CITE: https://www.r2library.com/Resource/Title/0826102549

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Billionaire Charles Schwab’s net worth has plunged about $3 billion since March 8th, 2023.
Shares of Charles Schwab Corp fell sharply amid the collapse of Silicon Valley Bank.
Investors are worried as Charles Schwab Corp is sitting on a significant amount of unrealized losses on its bond assets.

Billionaire Charles Schwab’s fortune has taken a massive beating after shares of the eponymous company he founded plunged amid the banking crisis. Shares of Charles Schwab Corp, a savings and loan holding company, closed 11.6% lower at $51.91 apiece on Monday, bringing its market value lower by nearly 38% so far this year. But, by 11am Tuesday, shares of the corporation were back up 9.5 percent.

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Meanshile, mega-manager Vanguard Funds bought sizable stakes in both Silicon Valley Bank (US:SIVB) and Signature Bank (US:SBNY) in recent months, according to data compiled by Fintel.

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Finally, U.S. equities finished with gains and near the highs of the day, as investors sifted through the first look at February’s inflation picture. The Consumer Price Index (CPI) rose in line with estimates month-over-month, while the core rate—excluding food and energy—increased a little more than expected. On a year-over-year basis, both the headline and core rate declined, but remained elevated. In other economic news, small business optimism increased last month.

The banking sector remained in the headlines, with many banks climbing higher following sharp losses over the past few trading sessions. In other equity news, United Airlines fore-casted an adjusted Q1 loss, and Meta Platforms announced another round of layoffs that will begin tomorrow.

Treasury yields rebounded, especially at the shorter end of the curve, and the U.S. dollar was nearly unchanged, while crude oil prices tumbled, and gold traded lower.

Asian stocks fell as turmoil in the U.S. banking sector spilled over into the region, while European stocks climbed as investors digested the inflation data out of the U.S.

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DAILY UPDATE: Mortgage Rates Down–Stock Markets Up

Posted on March 14, 2023 by Dr. Marcinko

By Staff Reporters

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The average rate on the popular 30-year fixed mortgage dropped to 6.57% according to Mortgage News Daily. If rates continue to drop now, buyers could return to the housing market once again. “This mini banking crisis has to drive a change in consumer behavior in order to have a lasting positive impact on rates. It’s still all about inflation,” said Matthew Graham, chief operating officer at Mortgage News Daily.
CITE: https://www.r2library.com/Resource/Title/082610254

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U.S. stocks turned mixed to close out the day up, which follows a sharp decline last week amid turmoil in the banking sector. The uneasiness that came after the recent collapses of SVB Financial and Silvergate Capital has been exacerbated by the closure of Signature Bank in New York over the weekend. In M&A news, Pfizer confirmed that it reached an agreement to acquire cancer drug maker Seagen in a transaction valued at about $43 billion.

Treasury yields tumbled, and the U.S. dollar dropped, while crude oil prices saw pressure, and gold rallied. The economic calendar was dormant today, but will heat up tomorrow as the Consumer Price Index (CPI) will be released, beginning the development of the February inflation picture.

Asia finished mixed, with Chinese and Hong Kong markets rising, and European stocks fell amid heightened volatility due to the turbulence in the banking sector.

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Follow-Up: Silvergate, Silicon Valley Bank and Signature Bank collapsed last week. All eyes are now on First Republic Bank.

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DAILY UPDATE: Lawmaker’s Health Data Breach, BLS Report and the Crashing Bank & Stock Markets!

Posted on March 10, 2023 by Dr. Marcinko

By Staff Reporters

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The online health insurance marketplace for members of Congress and Washington, D.C., residents was subjected to a hack that compromised the personal identifying information of potentially thousands of lawmakers, their spouses, dependents and employees, according to a letter from House leaders informing their colleagues about the breach and a memo from the Senate’s top security official.

CITE: https://www.amazon.com/Dictionary-Health-Information-Technology-Security/dp/0826149952/ref=sr_1_5?ie=UTF8&s=books&qid=1254413315&sr=1-5

CITE: https://www.amazon.com/Dictionary-Health-Insurance-Managed-Care/dp/0826149944/ref=sr_1_4?ie=UTF8&s=books&qid=1275315485&sr=1-4

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Today the U.S. Bureau of Labor Statistics (US-BLS) will report the number of jobs the U.S. economy added in February as well as other pertinent information surrounding the labor market. Officials at the Fed and investors have been watching the labor market very carefully, which has been red hot with the unemployment rate in January remaining near historic lows at 3.4%. Fed officials believe the tight labor market is empowering consumers to spend through rising consumer prices, which has made inflation sticky. Fed Chairman Jerome Powell has said previously the Fed would like to see some deterioration in the labor market to know that it’s winning its war with inflation.

CITE: https://www.r2library.com/Resource/Title/0826102549

Bank stocks plunged as investors assessed the potential fallout from the implosions of Silicon Valley Bank and Silvergate Capital.
SVB Financial surprised investors with lowered guidance, a $2.3 billion capital raise, and a massive $1.8 billion loss from its bond portfolio.
“This is sending shock waves through the financials with the regional bank ETF lower by 8%,” NYSE’s Michael Reinking said.

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U.S. stocks declined to close out a choppy trading session, adding to weekly losses that followed this week’s hawkish Congressional testimony from Fed Chairman Jerome Powell. A larger-than-expected increase in weekly initial jobless claims seemed to offer a modest reprieve from the concerns about how aggressive the Fed may be.

The Financial sector saw pressure, as SVB Financial plummeted after selling securities for a loss, and Silvergate Capital dropped after announcing that it would shut down its bank operations and liquidate. As a result of the turmoil in the sector, the shares of numerous banks declined. In other equity news, Dow member American Express increased its share buyback plan and raised its dividend, while GE rallied as the Street cheered its long-term outlook.

Treasury yields were mostly lower with short-term rates giving back recent gains, and the yield curve steepened somewhat after inverting further on Powell’s testimony.

The U.S. dollar relinquished some of this week’s rally, while crude oil prices were lower, and gold traded to the upside.

Asian stocks finished mixed following some cooler-than-expected Chinese inflation reports, and Europe ended mostly lower, as the global markets continued to react to Fed Chair Powell’s comments.

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DAILY UPDATE: Credit Suisse Down While US Equities Mixed

Posted on March 9, 2023 by Dr. Marcinko

By Staff Reporters

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CREDIT SUISSE:
Equities revenue plummeted 95% in the fourth quarter
CS earlier informally looked at options for unit -sources
CS declined comment on ‘rumors and speculation’, and
In the latest piece of troubling news, the beleaguered Swiss bank delayed the publication of its 2022 annual report following a “late call” from the US Securities and Exchange Commission on Wednesday evening. The SEC got in touch over revisions the bank had previously made to its cash flow statements for 2019 and 2020,

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U.S. equities finished mixed following yesterday’s rout, as investors digested a second day of testimony from Fed Chair Jerome Powell. The Chairman remained hawkish in his commentary, where he suggested rates may need to accelerate more than initially expected and may need to stay higher for longer than originally anticipated. Adding to the uncertainty, the afternoon release of the Fed’s Beige Book showed little change from the last installment.

Treasury yields were mixed with the yield curve inversion worsening, and the U.S. dollar was flat after yesterday’s rally. Crude oil prices were lower, and gold was little changed in choppy action. News on the equity front was light, as CrowdStrike topped quarterly earnings estimates and offered upbeat guidance, while UPS reiterated its full-year outlook.

The economic calendar was tilted toward labor data, as job openings dipped but remained elevated, and ADP’s private sector employment report bested forecasts ahead of Friday’s key non-farm payroll release.

Elsewhere, mortgage applications snapped a three-week losing streak, and the trade deficit came in slightly smaller than projected. Asia finished mixed and Europe also diverged, as the global markets processed the testimony from Fed Chairman Powell.

CITE: https://www.r2library.com/Resource/Title/082610254

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DAILY UPDATE: E.S.G. Investing is Down but Markets are Up as Marc Benioff Speaks

Posted on March 3, 2023 by Dr. Marcinko

By Staff Reporters

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The US Senate passed a disapproval resolution formally killing a Department of Labor rule that encourages private retirement plan fiduciaries to consider environment, social and governance (ESG) factors when making investment decisions for over 150 million Americans. ESG is a framework that helps stakeholders understand how an organization is managing risks and opportunities related to environmental, social, and governance criteria (sometimes called ESG factors). ESG is an acronym for Environmental, Social, and Governance. ESG takes the holistic view that sustainability extends beyond just environmental issues. While the term ESG is often used in the context of investing, stakeholders include not just the investment community but also customers, suppliers, and employees, all of whom are increasingly interested in how sustainable an organization’s operations are.

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Stocks Shake Off Fed Uncertainty, Rise in Interest Rates: U.S. equities rallied into the close to finish near the highs of the day, as investors appeared to shake off the persistent rise in interest rates. The markets also digested some earnings reports, as shares of Dow member Salesforce jumped after topping expectations, and Macy’s also moved solidly higher after besting the Street’s forecasts.

However, disappointing guidance from Best Buy took some of the luster of its earnings beat. Elsewhere, the economic calendar added to the Fed uncertainty, as jobless claims unexpectedly dipped, while Q4 productivity was revised lower and unit labor costs were adjusted to the upside. Treasury yields continued their ascent, and the U.S. dollar gained solid ground, while crude oil prices edged higher in choppy trading, and gold was slightly lower.

Asia finished mixed, and Europe posted gains across the board, as the global markets continued to wrestle with recent data.

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Finally, Marc Benioff is bracing for a recession that shows shades of the dot-com crash and financial crisis. The Salesforce CEO is shifting his focus from sales and deals to efficiency and profitability. Benioff warned that falling stocks and recession fears dampen corporate spending.

***

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DAILY UPDATE: Markets Mixed and Choppy

Posted on March 2, 2023 by Dr. Marcinko

By Staff Reporters

***

***

U.S. equities finished mixed as the global markets remained choppy amid uncertainty regarding how aggressive monetary policy tightening will remain and what the ultimate impact will be. Q4 earnings season continues to wrap up, with Lowe’s Companies posting mixed results and guidance, while Kohl’s Corporation missed and issued disappointing guidance, and Dollar Tree bested the Street’s forecasts.

In economic news, the ISM Manufacturing Index and S&P Global’s Manufacturing PMI both remained in contraction territory, mortgage applications fell for a third-straight week, and construction spending surprisingly declined.

Treasury yields rose, and the U.S. dollar was lower, while crude oil and gold prices advanced. Asia finished mostly higher, and markets in Europe were mostly lower, as some favorable economic data out of China was met with some disappointing European reports.

CITE: https://www.r2library.com/Resource/Title/082610254

***

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DAILY UPDATE: Both Home Prices and Stocks Fade

Posted on March 1, 2023 by Dr. Marcinko

By Staff Reporters

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***

Three cities that saw the steepest home price declines on a seasonally-adjusted, month-over-month basis include Las Vegas, Phoenix, and Portland, with drops of 1.5%, 1.3%, and 1.3%, respectively.

***

U.S. equities finished lower in choppy action amid the backdrop of uncertainty regarding the ultimate impact of aggressive monetary policy tightening.

Treasury yields were little changed, and the U.S. dollar was slightly higher, while crude oil and gold prices gained ground. Q4 earnings season continues to wrap up this week, with Target topping forecasts but offering disappointing guidance, while Zoom Video Communications bested forecasts but delivered a mixed outlook.

The economic calendar showed home prices dipped compared to the prior month, while the trade deficit widened more than expected, and wholesale inventories unexpectedly declined. Additionally, consumer confidence and manufacturing activity in the Chicago region unexpectedly declined in February.

Asia finished mixed and Europe also diverged, with the markets continuing to grapple with monetary policy uncertainty.

***

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***

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DAILY UPDATE: Stocks Cool Down as February Ends

Posted on February 28, 2023 by Dr. Marcinko

By Staff Reporters

***

***

It’s the 28th and final day of February. Have you wondered why February is shorter than the other months? Turns out, we have ancient Roman superstitions to thank. Roman King Numa Pompilius tweaked the calendar to sync it with the lunar year, and that included changing every month to 29 days (because even numbers were unlucky at that time). One month, though, needed to have an even number of days, and February was selected since it was when the Romans held rituals for the dead. And so, February was dropped down to 28 days.

***

Markets: Stocks started climbing again yesterday after last week’s slump as things calmed down a bit in the bond market. Tech stocks led the upward trend, along with Union-Pacific, which jumped after the railroad company said it would give in to investor pressure and replace its CEO this year.

***

Overall, U.S. equities finished in the green, although well off the best levels of the day, trimming some of last week’s sharp drop.

Treasury yields were mixed, and the U.S. dollar lost ground as the markets continue to grapple with uncertainty regarding how much more aggressive monetary policies in the U.S. and Europe will be to try to cool off inflation.

Gold traded higher and crude oil prices saw modest losses. The equity front was relatively light, though Pfizer is reportedly in talks to acquire Seagen, while Berkshire Hathaway posted Q4 operating earnings that were down year-over-year (y/y) but it noted $2.6 billion in share buybacks.

Finally, in other economic news, durable goods orders fell on the headline level, though core durable goods orders rose, while pending home sales jumped. Asia was broadly lower, while Europe finished with widespread gains.

***

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DAILY UPDATE: U.S. Stocks Slow Down after FOMC Minutes

Posted on February 23, 2023 by Dr. Marcinko

By Staff Reporters

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***

U.S. equities did an about-face in late-day trading to finish mixed, with the Dow and S&P 500 adding to yesterday’s solid declines. The moves came following the release of the minutes from the Fed’s February 1 monetary policy meeting that showed Committee members remain steadfast in their rate hike campaign despite some cooling in inflationary pressures. In other economic news, mortgage applications fell for a second-straight week.

CITE: https://www.r2library.com/Resource/Title/082610254

Treasury yields were lower, and the U.S. dollar was higher, while crude oil prices tumbled, and gold traded to the downside. As Q4 earnings season continued to roll down the home stretch, Palo Alto Networks topped forecasts and offered upbeat guidance, and TJX Companies offered an outlook that missed forecasts.

In other equity news, Dow member Intel Corporation slashed its dividend and reaffirmed its Q1 outlook. Asia finished lower and Europe was mixed as investors awaited today’s Fed report.

***

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DAILY UPDATE: Gas Prices Up – Stock Markets Down

Posted on February 17, 2023 by Dr. Marcinko

By Staff Reporters

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***

Gasoline prices have unexpectedly risen in January, at a time when Americans normally stay put and demand remains relatively flat. Last week, the national average price for regular gas crept up to $3.51 a gallon, according to the American Automobile Association (AAA), jumping up by 12 cents compared to a week before and 41 cents in December. As of today, regular gas was on average $3.49 a gallon. It was a dark surprise for American consumers wary of the skyrocketing prices experienced last summer when gas reached a record height of $5.02 a gallon on average nationwide

CITE: https://www.r2library.com/Resource/Title/0826102549

***

Stocks Closed Lower Amid Wholesale Price Inflation Report

U.S. equities declined sharply following another hotter-than-expected read on inflation, as well as hawkish commentary from Fed officials, which seemed to complicate the outlook for further monetary policy tightening. January’s Producer Price Index (PPI) came in above estimates, causing more Fed uncertainty that had already ramped up following this week’s elevated consumer inflation report, and yesterday’s much stronger-than-anticipated retail sales data. A busy day of economic data also included a lower-than-projected level of jobless claims, softer-than-forecasted housing construction activity, and an unexpected tumble in manufacturing activity out of Philadelphia.

Treasury yields were higher following the inflation report, and the U.S. dollar increased, while crude oil prices nudged lower, and gold was little changed. Q4 earnings season continued to roll on, with Dow member Cisco Systems topping forecasts, though Shopify offered disappointing revenue guidance, and Paramount missed expectations.

Asian and European stocks finished higher for the most part, as investors grappled with the U.S. inflation data and monetary policy uncertainty.

***

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DAILY UPDATE: The Metaverse, Nvidia, Tesla and Mixed US Equities

Posted on February 15, 2023 by Dr. Marcinko

By Staff Reporters

***

***

Microsoft (MSFT) ended a project that aimed to encourage the use of the Metaverse in industrial environments just four months after it was formed, according to a new report by The Information. The 100 members of the team have been laid off as the company wants to prioritize shorter-term projects over those needing longer to generate meaningful revenue.

Tech, led by Nvidia and Tesla, had it better than other sectors.

CITE: https://www.r2library.com/Resource/Title/0826102549

U.S. equities finished mixed, as investors digested the highly anticipated Consumer Price Index report, and its potential impact on the Fed’s future monetary policy decisions. The headline rate and core rate—excludes food and energy—both rose in line with estimates, but on a year-over-year basis inflation came in slightly hotter than expected. In other economic news, small business optimism rose slightly less than anticipated, and remained below its 48-year average for the thirteenth month in a row.

Earnings results were mixed, as Marriot International and Dow component Coca-Cola both bested EPS estimates and provided upbeat outlooks, while Restaurant Brands International missed earnings expectations, but increased its quarterly dividend.

Treasury yields were higher following the inflation data, and the U.S. dollar nudged lower, while crude oil prices fell, and gold was modestly higher in choppy trading. Asian stocks were mostly higher as markets in the region awaited the CPI report, while European stocks mostly added to its strong year-to-date gains amid the inflation data.

***

***

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DAILY UPDATE: US Stocks UP!

Posted on February 14, 2023 by Dr. Marcinko

By Staff Reporters

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***

U.S. stocks rose ahead of some key January inflation data this week, which will begin with the Consumer Price Index (CPI) report. The economic calendar was dormant today, while Q4 earnings season continued down the back stretch, as Check Point Software Technologies topped estimates and announced an increase to its share buyback plan, while Fidelity National Information Services offered disappointing guidance.

Treasury yields were mixed, and the U.S. dollar was lower, while crude oil prices gained ground, and gold traded to the downside.

Asian stocks finished mostly lower ahead of the U.S. inflation data and as tensions between the U.S. and China remained, though markets in Europe rebounded from last week’s decline.

***

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DAILY UPDATE: U.S. Stock Markets Post Weekly Decline!

Posted on February 11, 2023 by Dr. Marcinko

By Staff Reporters

***

***

U.S. equities ended the day mixed in a quiet trading session, while the major indexes posted solid losses for the week. Investors sifted through more mixed earnings results, as Expedia Group and Lyft fell well short of the Street’s expectations, with the latter also disappointing with its Q1 guidance, and PayPal Holdings bested forecasts and offered an upbeat outlook.

CITE: https://www.r2library.com/Resource/Title/0826102549

US Markets: After a mixed performance yesterday, all three major indexes ended up down for the week, with both the NASDAQ and the S&P 500 suffering their worst week of the year. News Corp’s stock fell after the company said it plans to cut 1,250 jobs, or about 5% of its workforce, this year.

Economic news remained light, as the lone report showed a better-than-expected increase in consumer sentiment for February.

Treasury yields were mixed, and the U.S. dollar traded to the upside, while crude oil prices rose and gold declined.

Asian and European stocks finished lower as the international markets digested regional data and continued to grapple with the implications of monetary policy tightening.

***

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DAILY UPDATE: Falling SoftBank, Zoom and US Equities

Posted on February 9, 2023 by Dr. Marcinko

By Staff Reporters

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***

According to Bloomberg, SoftBank Group Corp.’s first earnings report without founder Masayoshi Son went a lot like those he presided over the past few years: The Japanese conglomerate lost billions of dollars on failed startup bets.

***

ZOOM-The videoconferencing company that became a household name during Covid is cutting 15% of its workforce, or about 1,300 people. CEO Eric Yuan said the “uncertainty of the global economy” was partly to blame, but he also admitted the company “made mistakes.” To own up to those mistakes, Yuan said he’s reducing his upcoming fiscal year salary by 98% and ditching his 2023 corporate bonus. Zoom shares are down about 85% from their 2020 highs’ according to Bloomberg.

CITE: https://www.r2library.com/Resource/Title/082610254

***

U.S. equities finished near their lows of the day as the markets continued to digest mixed earnings data and last night’s State of the Union Address from President Joe Biden. Meanwhile, yesterday’s commentary from Fed Chairman Jerome Powell remained in focus after he acknowledged that inflation pressures are coming down but more needs to be done to finish to job.

Earnings season continued in earnest, as Chipotle Mexican Grill missed estimates, but Uber Technologies topped quarterly expectations and issued a positive outlook, and Yum! Brands also bested the Street’s projections. Outside earnings, Activision Blizzard fell as U.K. regulators are challenging Dow member Microsoft Corporation’s near $69 billion takeover agreement of the gaming company.

The economic calendar was relatively light, but mortgage applications rebounded last week, and wholesale inventories were unrevised at its previously reported modest increase.

Treasury yields were lower, and the U.S. dollar was little changed, while crude oil prices were higher to add to a weekly advance, and gold saw a modest gain.

Asia finished mixed and Europe was mostly higher with the markets continuing to grapple with monetary policy uncertainty across the globe.

***

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DAILY UPDATE: Stocks Close Lower

Posted on February 7, 2023 by Dr. Marcinko

By Staff Reporters

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Stocks Lower to Kick off the Week

U.S. stocks declined, continuing losses that came in the wake of a much stronger-than-expected key labor report, which caused FOMC uncertainty to flare back up. The uncertainty came as the employment data followed a decelerated rate hike, and some seemingly less hawkish commentary from the Fed.

CITE: https://www.r2library.com/Resource/Title/0826102549

The economic calendar will deliver some reports today that may garner attention, including data on the trade deficit and consumer credit. Additionally, the FOMC will be headlined by today’s speech from Fed Chair Jerome Powell. Q4 earnings season remained in high gear this week, as Tyson Foods kicked things off in lackluster fashion by missing expectations.

In other equity news, Dell Technologies announced that it plans to reduce its workforce by about 5.0%, or 6,500 jobs, while Public Storage made a hostile takeover bid for Life Storage.

Treasury yields rose, and the U.S. dollar increased, along with crude oil and gold prices. Asia finished mixed, as geopolitical tensions remain elevated after the U.S. shot down what was believed to be a Chinese spy balloon floating over U.S. soil.

Additionally, markets in Europe were mostly lower, trimming some of its strong start to the year.

***

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DAILY UPDATE: Treasury Yields Up, Markets Down as Elon Wins

Posted on February 4, 2023 by Dr. Marcinko

By Staff Reporters

***

***

Treasury yields jumped after a much stronger-than-expected U.S. January jobs report clouded investor expectations for the Federal Reserve to end its interest rate hiking cycle in coming months. Treasury Yields and debt prices move opposite each other:

CITE: https://www.r2library.com/Resource/Title/0826102549

The yield on the 2-year Treasury note rose 14.9 basis points to 4.233%.
The 10-year Treasury note yield jumped 9.9 basis points to 3.498%.
The 30-year Treasury bond yield was up 6.9 basis points at 3.626%.

***

U.S. equities declined in a choppy trading session following a stronger-than-expected January labor report, and some uninspiring earnings results from mega-cap stocks. Non farm payroll additions beat estimates by a large amount, and the unemployment rate declined, solidifying the notion of a tight job market.

Meanwhile, a read on domestic services sector activity moved back into expansion territory. Mega-cap stocks were in focus today, as Dow member Apple missed estimates and posted its first quarterly decline in revenues since 2019, and Alphabet also posted discouraging quarterly results, while Qualcomm bested EPS estimates by a penny, but fell short on the revenue side.

Notably, the retail giant Amazon is finally starting to feel the economic pinch. The e-commerce company, which most people thought was unstoppable, has reportedly had its first unprofitable year since 2014. The company released this week that it has lost over $2 billion in 2022, despite holiday-season sales increasing by 9%.

Asian and European stocks finished mixed, as the markets continued to process the week’s monetary policy decisions, as well as some services sector data across the globe.

***

Elon Musk was found not liable for investors’ losses in a securities fraud trial over his 2018 tweet that he had “funding secured” to take Tesla private at $420 per share, continuing the tech mogul’s streak of favorable verdicts over his erratic behavior. Plaintiff Glen Littleton and fellow members of the class action sued Musk and Tesla, including its board of directors, over the tweet and Musk’s subsequent statements, alleging the notion that financing was in place had been false. They said shareholders suffered steep financial harms because of panicked sales in the 10 days following the tweet, as Tesla and Musk engaged in damage control.

***

***

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DAILY UPDATE: Technology Stocks Rally

Posted on January 21, 2023 by Dr. Marcinko

By Staff Reporters

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***

The S&P 500 rose 1.9%. Despite the gains, the benchmark index still ended with its first weekly loss in the last three. The Dow Jones Industrial Average rose 1% and the NASDAQ composite closed 2.7% higher still.

***

And so, U.S. equities ended higher for the day and mixed for the week, with the Dow and S&P 500 posting their first weekly declines of the new year.

Equity news remained focused on earnings, as Netflix fell well short of estimates but easily beat the Street’s forecasts for subscribers, and PPG Industries bested expectations. Meanwhile, Alphabet announced it will slash its workforce by 12,000 jobs. Economic news was on the light side today, with the lone report showing an eleventh-straight month-over-month decline in existing home sales.

Treasury yields ended higher, and the U.S. dollar dipped slightly, while crude oil and gold prices rose.

Asian and European stocks saw gains across the board, as investors digested economic data in their respective regions.

***

CITE: https://www.r2library.com/Resource/Title/0826102549

***

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UPDATE: World Stocks, Oil, Microsoft and the FOMC

Posted on March 15, 2022 by Dr. Marcinko

By Staff Reporters

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***

Domestic: The S&P 500 gave up an early gain and closed 0.7% lower after another choppy day of trading on Wall Street. The Dow Jones Industrial Average closed essentially flat and the NASDAQ composite fell 2%. The pullback came as the yield on the 10-year Treasury touched its highest level since the summer of 2019.

CITE: https://www.r2library.com/Resource/Title/082610254

World: European markets climbed, while stocks fell sharply in Hong Kong after the neighboring city of Shenzhen was ordered into a shutdown to combat China’s worst COVID-19 outbreak in two years.

Oil: Prices tumbled to take some pressure off the high inflation sweeping the world, with a barrel of U.S. crude falling toward $100 after touching $130 last week.

Microsoft: Closed at $276.44 in the latest trading session, marking a -1.3% move from the prior day. This change lagged the S&P 500’s 0.74% loss on the day. Heading into today, shares of the software maker had lost 5.07% over the past month, outpacing the Computer and Technology sector’s loss of 7.96% and lagging the S&P 500’s loss of 4.6% in that time.

FOMC: High inflation makes it a near certainty that the FOMC central bank will move to “tighten” its policies of printing money, by raising the target federal funds rate (the benchmark for short-term interest rates) by 0.25%. The uncertainty for Fed policy lies in how aggressive the central bank will move after the first interest rate increase. Concerns are building that the Fed may not be able to credibly bring inflation back down to its 2% level. Prices rose by 7.9% on a year-over-year basis in February, a 40-year high.

NOTE: Today is the Ides of March!

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