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DAILY UPDATE: Stock Market Review

Posted on June 30, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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The S&P 500 and NASDAQ shot to record highs last week on a solid PCE reading. But all three indexes spent Friday hovering around flat levels before they all fell into the red by the end of the trading session.

Treasury yields and gold prices alike popped higher on PCE news, with traders hoping that the Fed now has good reason to cut interest rates sooner rather than later. Despite this decline, oil wrapped up a fantastic month, with prices rising for a third straight week on higher demand this summer in the US and higher risks to supply given geopolitical turmoil between Israel and Lebanon.

But, Bitcoin continued to fall, with the crypto inching closer to the all-important $60,000 price point—a line in the sand that traders are desperate not to cross for fear of further declines.

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DAILY UPDATE: Reverse Aging, Credit Card Competition Act, Nvidia and a Market Re-Cap

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

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The de-aging biz: Time to pull back the hospital curtain and see who’s behind the booming longevity market. This article, sponsored by Timeline, lays out who’s making $$$ on “reverse aging.*

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The S&P 500 and NASDAQ have often outperformed the Dow in recent years thanks to their focus on tech, as well as their market-cap weighting vs the Dow’s price weighting. When tech stocks roar higher, the younger indexes rise above their older peer—but the last few days have seen a sell off of tech stocks led by NVIDIA, bringing the S&P 500 and NASDAQ lower to end the week while the Dow has continued to rise.
Bonds remained unchanged for most of the day, ending the trading session flat as investors parse through a week of economic data and prepare for next week’s PCE report.
Gold plunged after the dollar rose, making it more expensive for gold bugs to hold the precious metal.
As for oil, read on to learn why crude has high hopes today but may not be a smart investment tomorrow.

Nvidia faltered for the second day in a row, falling off the world’s most valuable company perch and shedding $220+ billion in market cap. But the S&P 500 has gone 377 days without a 2.05% sell-off, the longest streak since the 2008 financial crisis, per CNBC.

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The Credit Card Competition Act is proposed legislation in Congress that could fundamentally change credit card systems. If passed, it could devastate the future of cash-back and travel rewards.

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DAILY UPDATE: Physician Salary, Consumer Confidence, Company Stocks and Slumping Markets

Posted on May 30, 2024 by Dr. David Edward Marcinko MBA MEd CMP™

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Doctors Saw a 6% Boost in Pay in 2023

After several years of modest or declining growth, the average pay for doctors jumped 5.9% in 2023, rebounding from a decline of 2.4% in 2022. Most medical specialties experienced positive growth in 2023, with the top 10 seeing annual growth rates exceeding 7%, according to the 2024 Physician Compensation Report from professional medical network Doximity.

However, inflationary pressures continue to impact physicians’ real income. According to the American Medical Association, when adjusted for inflation, Medicare physician payment has dropped 26% since 2001. Doximity’s compensation data draw from nearly 150,000 survey responses over five years, including responses from more than 33,000 U.S. physicians in 2023 alone.

Source: Heather Landi, Fierce Healthcare [5/23/24]

Economic Summary

The S&P 500 has risen 23 of the last 30 weeks, according to Deutsche Bank, and rose slightly today as well. Meanwhile, the NASDAQ closed at a record high yesterday after tech companies across the board rose, while the Dow dropped over 200 points.
Treasury prices fell and yields rose after two weaker-than-expected auctions saw soft sales of 2-year and 5-year bonds.
Gold prices slipped 5% last week after falling four days in a row, but the key commodity kicked off this week with a win. With key PCE data coming out on Friday that could send the market soaring or tanking, investors are hedging their bets with the shiny yellow metal.
Bitcoin fell as Mt. Gox made good with its creditors a decade after being hacked, while ethereum sank as traders continued to lock in gains from the SEC’s dramatic ruling last week.

The S&P 500^® index (SPX) fell 39.09 points (0.7%) to 5,266.95; the Dow Jones Industrial Average lost 411.32 points (1.1%) to 38,441.54; the NASDAQ Composite^® ($COMP) shed 99.30 points (0.6%) to 16,920.58.
The 10-year Treasury note yield climbed more than 7 basis points to 4.614%.
The CBOE Volatility Index^® (VIX) rose 1.38 to 14.30.

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Consumer confidence rose for the first time in four months

Americans are unexpectedly feeling better about the economy this month: Per the Conference Board’s monthly index, US consumer sentiment rose from 97.5 in April to 102 in May, smashing economists’ estimates. Meanwhile, the expectations index, which measures the short-term outlook for income and other labor market conditions, increased the most since July. However, the report showed that Americans remain worried about inflation and interest rates. Despite their mixed feelings about the economy, Americans continue to spend vigorously on travel. The TSA set a record for most travelers screened in a single day last Friday.

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STOCKS UP:

Dick’s Sporting Goods rose 15.86% to a new all-time high today after the company reported impressive earnings and a strong outlook.

Chewy shares rose 27.14% after beating sales and earnings estimates, as well as announcing a new share repurchase plan.
AST SpaceMobile shares shot to the moon by 69.23% on the news it has reached a deal with Verizon to build a satellite network for unmodified smartphones.
Marathon Oil shares are up 8.47% as shareholders voice their approval of the company’s acquisition by ConocoPhillips, whose shares are down 3.11% today.

STOCKS DOWN:

American Airlines shares fell 13.54% after the company cut its guidance for the second quarter. Southwest Airlines fell 3.83%, and Delta Air Lines fell 0.74%.

Advance Auto Parts fell 10.91% after the company raised its revenue outlook but missed on sales and earnings this quarter.
UnitedHealth shares fell 3.81% after an executive noted the company may see some “disturbances” in its Medicaid business.
Moderna fell 3.45% as the stock continues to slide following one of the best months in company history.

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DAILY UPDATE: Sunday Stock Market Weekend Recap

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

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A tough week just ended with the Dow Jones just barely in the green, though the index snapped its 5-week winning streak thanks in large part to its worst day of trading this year on Thursday. The NASDAQ hit a new all-time high on the back of Nvidia’s strong earnings, while the S&P 500 rose but ended the week flat.
Bond yields rose this week as investors came to terms with the idea that the Federal Reserve may not cut rates more than once in 2024, fleeing to the safety of Treasuries. Gold ended the week down overall.
The market turned on copper selling off for a third straight day. And oil finally snapped its losing streak, rising on the hopes of a travel-heavy Memorial Day weekend, though crude still ended the week lower than where it started.
The big winner was ethereum thanks to the approval of a spot ethereum ETF by the SEC.

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The U.S. Markets were closed on Monday, May 27th, 2024. Please be aware that, transactions made after 4 p.m. EST on Friday, May 24th, 2024, will receive the closing price as of Tuesday, May 28th, 2024.

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DAILY UPDATE: Hims & Hers, MSFT-AI, Neuralink, FDIC and New Market Highs

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

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Microsoft unveiled new PCs with AI-powered features.

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Hims & Hers stock soared as much as 38% on the news that it’ll provide GLP-1 injections with the same active ingredient as Ozempic or Wegovy for just $199/month—an 85% discount compared to Wegovy’s ~$1,350 monthly price tag (without insurance).

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FDIC Chair Martin Gruenberg will resign after an investigation found widespread sexual harassment at the agency. But he won’t step down until a successor is named.

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The FDA granted Elon Musk’s neurotech company Neuralink, approval to place its brain chip into a second human test subject using a new method designed to correct issues that arose after its inaugural insertion in January, per the Wall Street Journal.

And, Optum Rx is shaking up its pharmacy model. The business says it will make drug costs more predictable and transparent for clients.

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All three indexes ended the day higher after Fed Governor Christopher Waller stopped by CNBC and mentioned he doesn’t think raising interest rates is in the cards, even if the Fed is waiting for more data before making cuts. The NASDAQ continued to hit new all-time highs today as investors place their bets before Nvidia’s earnings announcement tomorrow afternoon, and the S&P 500 hit yet another record.
Copper continued to rise as the market comes to terms with the metal’s importance, while oil fell on the news that the Biden administration will release 1 million barrels of gasoline this summer from the Northeast reserve. Meanwhile, ethereum continued to climb on the news that a new ETF may be joining the fray.

Here’s where the major benchmarks ended:

The S&P 500 index rose 13.28 points (0.3%) to 5,321.41; the Dow Jones Industrial Average^® ($DJI) gained 66.22 points (0.2%) to 39,872.99; the NASDAQ Composite advanced 37.75 points (0.2%) to 16,832.62.
The 10-year Treasury note yield (TNX) lost more than 2 basis points to 4.414%.
The CBOE Volatility Index^® (VIX) fell 0.29 to 11.86.

Banking and consumer staples were among the market’s strongest performers Tuesday, while utility shares extended a sharp upswing over the past month. The Dow Jones Utility Average^® ($DJU) added 0.5% and closed at a 12-month high. Transportation companies were among the weakest performers.

In other markets, Gold (/GC) futures slipped from Monday’s record high above $2,454 per ounce, while Silver (/SI) futures ended near a 12-year high around $32.21. Gold futures are still up 17% this year due to several factors, including reports of China’s central bank buying actual gold as well as escalating conflict in the Middle East. Gold is viewed by some as a safe-haven asset during periods of heightened geopolitical tension.

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DAILY UPDATE: Abbvie, Treasuries, Gold, Copper and the NASDAQ Rally

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

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The yield on the 10-year Treasury rose as investors wait for word from the FOMC on Wednesday, while oil initially rose on the news of the death of the president of Iran, though it fell back down to end the day lower after succession of the presidency was settled. But investors were clearly still feeling jittery as gold hit new highs on the back of geopolitical concerns. Copper also rose to a new all-time high.

Here’s where the major benchmarks ended:

The S&P 500 index gained 4.86 points (0.1%) to 5,308.13; the Dow Jones Industrial Average^® ($DJI) lost 196.82 points (0.5%) to 39,806.77; the NASDAQ Composite rallied 108.91 points (0.7%) to 16,794.87.
The 10-year Treasury note yield (TNX) increased more than 2 basis points to 4.443%.
The CBOE Volatility Index^® (VIX) rose 0.15 to 12.14.

Nvidia’s gain helped push the PHLX Semiconductor Index (SOX) more than 2% to a two-and-a-half-month high and just under a record close posted in early March. The small-cap Russell 2000^® Index (RUT) added 0.3% and ended slightly below a six-week high posted last Wednesday.

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JPMorgan shares fell 4.5% as investors realized that they won’t have Jamie Dimon around forever—he told shareholders at a meeting today that his 5-year timetable for leaving the company no longer applies.

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After AbbVie’s Humira, the best-selling drug in the world, lost patent exclusivity in 2023, company executives placed their bets on two other AbbVie drugs, Skyrizi and Rinvoq, to make up for an anticipated steep decline in revenue.

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

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

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

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

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

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

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Here’s where the major stock benchmarks ended:

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

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

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

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

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DAILY UPDATE: Stocks Slightly Up Awaiting CPI Report

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

By Staff Reporters

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

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

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

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Here’s where the major benchmarks ended:

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

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

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

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

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

By Staff Reporters

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

Here’s where the major benchmarks ended:

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

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

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DAILY UPDATE: American Express Breached as Stock Markets Come Back

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

By Staff Reporters

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

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Here’s where the major benchmarks ended:

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

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

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DAILY UPDATE: Canadian Drugs, ACA and the Mixed Stock Markets

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

By Staff Reporters

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SPONSOR: http://www.MarcinkoAssociates.com

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States that have long pushed the FDA to allow drug importation from Canada touted the move as a major step forward in their efforts to lower prescription drug spending and rein in healthcare costs. But while the idea of importing drugs from Canada is new for states, some businesses have been using existing drug import pathways to help consumers save money on certain high-cost medications.

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More than 20 million US residents—a record number, according to the Biden administration—have signed up for health insurance through the Affordable Care Act’s marketplaces. (the New York Times)

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Here’s where the major benchmarks ended:

Stocks were a mixed bag yesterday as investors pored over the first big earnings reports and new data showing that wholesale prices surprisingly went down in December. Airlines took a hit after Delta beat earning expectations but lowered its profit forecast.

The S&P 500 index rose 3.59 points (0.1%) to 4,783.83, up 1.8% for the week; the Dow Jones Industrial Average^® (DJI) fell 118.04 points (0.3%) to 37,592.98, up 0.3% for the week; the NASDAQ Composite rose 2.57 points to 14,972.76, up 3.1% for the week.
The 10-year Treasury note yield (TNX) fell about 3 basis points to 3.943%.
The CBOE^® Volatility Index (VIX) rose 0.26 to 12.70.

Retailers and consumer discretionary shares were among the market’s weakest performers Friday, and regional banks were also under pressure. The KBW Regional Banking Index (KRX) fell 2% for the week and ended at a one-month low. Energy shares led gainers behind strength in crude oil futures. The small-cap-focused Russell 2000^® Index (RUT) ended little-changed for the week but is still down 3.8% so far this year.

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DAILY UPDATE: Stock Markets Mixed

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

By Staff Reporters

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Here is where the major benchmarks ended:

The S&P 500^® index (SPX) fell 3.21 points (0.1%) to 4,780.24; the Dow Jones Industrial Average^® (DJI) gained 15.29 points to 37,711.02; the NASDAQ Composite^® (COMP)rose 0.55 point to 14,970.19.
The 10-year Treasury note yield dropped about 4 basis points to 3.988%.
The CBOE^® Volatility Index (VIX) fell 0.25 to 12.44.

Nathan Peterson, director of derivatives analysis at the Schwab Center for Financial Research, noted that technology was one of few sectors to buck Thursday’s market weakness, as so-called mega-caps including Nvidia (NVDA) and Microsoft (MSFT) notched new record highs. Also, Amazon (AMZN), Google parent Alphabet (GOOGL), and Netflix (NFLX) each posted new 52-week highs, illustrating continued investor rotation back into that sector.

In other markets, the Securities and Exchange Commission (SEC) approved exchange-traded funds (ETF) linked to the spot bitcoin market late Wednesday. The spot market, also known as the cash market, refers to forums where commodities, securities, and other assets can be immediately exchanged between buyers and sellers. The move opens up a new crypto inroad for investors who might otherwise not want to hold actual bitcoin and looks like a potential bellwether event for individual investors and crypto itself. ETFs linked to spot bitcoin began trading today.

Bitcoin prices have nearly tripled since the start of 2023, reaching $47,000 earlier this month, partly reflecting anticipation of the SEC decision and amid hopes of easing interest rate policy.

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DAILY UPDATE: Stock Markets Rocket Upward

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

By Staff Reporters

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Investors are a day away from an inflation report that may offer some direction in a young year that has seen markets meander, with a brief sell-off and a partial rally back. More action may come as Wall Street banks kick off earnings season on Friday.

Here is where the major benchmarks ended:

The S&P 500 index rose 26.95 points (0.6%) to 4,783.45, a two-year closing high; the Dow Jones Industrial Average^® (DJI) increased 170.57 points (0.5%) to 37,695.73; the NASDAQ Composite gained 111.94 points (0.8%) to 14,969.65.
The 10-year Treasury note yield (TNX) added about 2 basis points to 4.04%.
The CBOE^® Volatility Index (VIX) fell 0.06 to 12.70.

Among market sectors, the S&P 500 Communication Services Index (SP500#50), which includes “mega-cap” tech companies like Google parent Alphabet (GOOGL) and Facebook parent Meta Platforms (META), gained 1.2% and ended near a two-year high. Consumer discretionary shares were also firm. Energy stocks were one of the weakest performers behind a 1.3% drop in crude oil futures.

Peterson noted strength in tech shares may in part reflect news from this week’s Consumer Electronics Show in Las Vegas, with escalating bullishness surrounding artificial intelligence (AI) driving further gains in Nvidia (NVDA) and other chip companies capable of serving the most advanced forms of AI. Nvidia has jumped more than 10% so far this week and posted a record high for the third straight day.

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DAILY UPDATE: Stocks Rocket Back for Highest 2024 Close as Key Inflation Updates Loom

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

By Staff Reporters

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Here is where the major benchmarks ended:

Bond yields and stock prices often move inversely to each other, in part because higher interest rates on virtually risk-free bonds lower the premium investors can expect from riskier assets like stocks, making it less appealing to buy equities. Last week, the 10-year Treasury yield briefly increased to 4.10%, near a three-week high, before dropping back near 4% Monday.

The S&P 500 index was up 66.30 points (1.4%) at 4,763.54; the Dow Jones Industrial Average was up 216.90 points (0.6%) at 37,683.01; the NASDAQ Composite was up 319.70 points (2.2%) at 14,843.77.
The 10-year Treasury note yield (TNX) was down about 3 basis points at 4.015%.
The CBOE^® Volatility Index (VIX) was down 0.28 at 13.07.

Semiconductors shares were among the strongest performers, helped by a surge of 6.4% in Nvdia Corp. (NVDA), the top 2023 performer in the S&P 500 with a gain of 239%. Small-cap stocks were also firm as were consumer discretionary and communication services. The Russell 2000^® Index (RUT) gained 1.9% to partly climb back from last week’s 3.7% drop.

Energy shares were soft because crude oil futures sank nearly 4% following reports Saudi Arabia lowered its prices.

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DAILY UPDATE: Walgreens’s Dividend Dives as Stocks Post Down Week

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

By Staff Reporters

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DEFINITION: A stock dividend is a payment to shareholders that consists of additional shares rather than cash. The distributions are paid in fractions per existing share. For example, if a company issues a stock dividend of 5%, it will pay 0.05 shares for every share owned by a shareholder. The owner of 100 shares would get five additional shares.

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Stat: 3.9%. That’s Walgreens’s new dividend yield after the pharmacy chain cut its quarterly dividend of 7.0%. The company said that it was using the money to “strengthen [its] long-term balance sheet and cash position.” Walgreens stock fell 11% the day after the announcement. (CNBC)

Here is where the major benchmarks ended:

The S&P 500 index was up 8.56 points (0.2%) at 4,697.24, down 1.6% for the week; the Dow Jones Industrial Average^® (DJI) was up 25.77 points (0.1%) at 37,466.11, down 0.6% for the week; the NASDAQ Composite^® (COMP) was up 13.77 points (0.1%) at 14,524.07, down 3.2% for the week.
The 10-year Treasury note yield (TNX) was up about 6 basis points at 4.051%.
The CBOE^® Volatility Index (VIX) was down 0.77 at 13.36.

Consumer staples and real estate ranked among the market’s weakest performers Friday, and technology shares remained under pressure with tech bellwether Apple (AAPL) extending this week’s nearly-6% slide and ending near a two-month low. Financial shares were one of the stronger sectors with the Philadelphia KBW Bank Index (BKX) rising 1.6% to a 10-month high. Small-cap stocks remained in the red with the Russell 2000^® Index (RUT) ending the week down 3.7%.

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DAILY UPDATE: Second Apple Downgrade with Mixed Markets as Investors Await Payroll Data and Lilly Sells Medications Directly to Patients

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

By Staff Reporters

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SPONSOR: http://www.MarcinkoAssociates.com

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Here’s where the major benchmarks ended:

The S&P 500^® index (SPX) was down 16.13 points (0.3%) at 4,688.68; the Dow Jones Industrial Average^® (DJI) was up 10.15 points at 37,440.34; the NASDAQ Composite was down 81.91 points (0.6%) at 14,510.30.
The 10-year Treasury note yield (TNX) was up about 9 basis points at 3.997%.
The CBOE^® Volatility Index (VIX) was up 0.08 at 14.12.

Oilfield services and consumer discretionary shares were also among the market’s weakest performers Thursday. Banking and health care were among the strongest sectors, illustrating renewed investor interest in stocks that lagged the broader market last year.

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And, Eli Lilly is poised to sell medicine directly to consumers — with an emphasis on newly popular weight-loss drugs — in a move toward cutting out the controversial middle players in drug distribution.

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DAILY UPDATE: Apple and the “Magnificent 7” Stocks Drop with the Markets

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

By Staff Reporters

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Driving much of the tech slump was a 4% drop by Apple’s stock, a dive precipitated by an analyst downgrade questioning why the $2.9 trillion (market capitalization) company is trading at such an expensive valuation considering its negative earnings and profit growth.

Other members of the “magnificent seven” tech stocks, which gained a collective $5.1 trillion in market cap last year, also flailed Tuesday. Alphabet, Amazon, Meta, Microsoft, Nvidia and Meta each fell 1.6% or more, while Tesla was the sole magnificent seven member in the green, as its shares slipped less than 1% after reporting more fourth-quarter electric vehicle deliveries than fore-casted.

Here is where the major benchmarks ended:

The S&P 500 index was down 27.00 points (0.6%) at 4,742.83; the Dow Jones Industrial Average® (DJI) was up 25.50 points (0.1%) at 37,715.04; the NASDAQ Composite was down 245.41 points (1.6%) at 14,765.94.
The 10-year Treasury note yield (TNX) was up about 7 basis points at 3.931%.
The CBOE^® Volatility Index (VIX) was up 0.73 at 13.18.

Semiconductor companies led the way lower Tuesday after Bloomberg reported Netherlands-based ASML Holding NV (ASML) canceled shipments of some of its machines to China at the request of U.S. President Biden’s administration weeks before export bans on the high-end chipmaking equipment came into effect. The Philadelphia Semiconductor Index (SOX) tumbled 3.7%. Health care and energy sectors were among the few areas of strength, the latter gaining despite a 1.6% drop in crude oil futures.

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DAILY UPDATE: Another Health System Data Breach as the “Magnificent Seven” Stocks End Mixed

Posted on December 29, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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A health system in Michigan has experienced its second cybersecurity breach this year, affecting more than 1 million patients, according to state officials. Michigan Attorney General Dana Nessel announced Tuesday there was a breach at HealthEC, a vendor that provides services to Corewell Health’s southeast Michigan properties. The breach exposed patients’ personal and medical information.

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With Nvidia and Tesla on the rise, acronyms like FAANG and MAMAA no longer cut it: The top tech giants (Amazon, Alphabet, Apple, Meta, Google, plus Nvidia and Tesla) have now been dubbed the “Magnificent Seven.” Buoyed by the generative AI gold rush, they were responsible for 29% of the S&P 500’s total value.

Here is where the major benchmarks ended:

Here’s where the major benchmarks ended:

The S&P 500 index was up 1.77 points at 4,783.35; the Dow Jones Industrial Average was up 53.58 points (0.1%) at 37,710.10; the NASDAQ Composite^® (COMP) was down 4.04 points at 15,095.14.
The 10-year Treasury note yield (TNX) was up nearly 6 basis points at 3.844%.
The CBOE^® Volatility Index (VIX) was up 0.03 at 12.46.

The S&P 500, Dow Jones Industrial Average, and NASDAQ Composite are all on track for a ninth consecutive weekly advance. Other parts of the market Thursday turned in mixed performances. The Russell 2000^® Index (RUT) fell 0.4% but is still on track for a seventh consecutive weekly gain and has climbed 17% for the year.

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DAILY UPDATE: Holiday Spending Solid as Stock Market Rally Continues

Posted on December 27, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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SPONSOR: http://www.MarcinkoAssociates.com

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Consumer spending grew solidly this holiday season, rebuking concerns of a slowdown and reinforcing positive signals about the U.S. economy as it approaches the end of a tumultuous year.

Buying among shoppers rose 3.1% over the holidays compared to the same period last year, according to data released on Tuesday by Mastercard SpendingPulse, which measures in-store and online purchases from November 1st to December 24th across all forms of payment. The data is not adjusted for inflation.

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Here’s where the major benchmarks ended:

The S&P 500 index was up 20.12 points to 4,774.75 up 0.42%; the Dow Jones Industrial Average was up 159.36 points at 37,54533, up 0.2% ; the NASDAQ Composite^® (COMP) was up 81.6 points to 15,074.57 up 0.54% to start the week.
The 10-year Treasury note yield (TNX) was down 1 basis point to 3.895%.
The CBOE^®Volatility Index (VIX) was down 0.38% to 12.98.

Small-cap stocks continued to outpace their larger cousins, a common theme lately. The Russell 2000^® Index rose Tuesday following six weeks of gains. Financials and real estate sectors were among strongest S&P 500 performers during the session, and the Russell 2000 has a heavy exposure to financials. In other markets, the U.S. Dollar Index (DXY) extended its recent slide and now trades at five-month lows, reflecting ideas that potentially lower interest rates may prompt investors to seek higher returns elsewhere.

With just three trading days left in 2023, the S&P 500 and other major equity benchmarks are poised to turn in a strong year that may more than make up for 2022’s losses. With Tuesday’s gains factored in, the SPX is closing in on its all-time high close just below 4,800 posted in early 2022. Through Tuesday, the S&P 500 was up more than 24% for the year, after tumbling 19.4% in 2022. The Dow Jones Industrial Average and the NASDAQ Composite were up 13% and 44%, respectively, after losing 8.8% and 33% in 2022.

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DAILY UPDATE: Happy “Festivus” with Drug Delays as the Stock Market Win Streak Continues

Posted on December 23, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Festivus is a secular holiday on December 23rd as an alternative to the pressures and commercialism of the Christmas Season. Originally created by author Daniel O’Keefe, Festivus entered popular culture after it was made the focus of the 1997 Seinfeld episode which O’Keefe’s son, Dan,co-wrote.

The non-commercial holiday’s celebration includes a Festivus dinner, an unadorned aluminum Festivus pole, practices such as the “airing of grievances” and “feats of strength”, and the labeling of easily explainable events as “Festivus miracles”. The TV episode refers to it as “a Festivus for the rest of us”.

It has been described both as a parody holiday festival and as a form of playful consumer resistance. Journalist Allen Salkin describes it as “the perfect secular theme for an all-inclusive December gathering”.

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(Bloomberg) — Drug-makers are slow-walking products to market to get around President Joe Biden’s plan to lower medication prices.

Companies from Roche Holding AG to biotech Alnylam Pharmaceuticals Inc. are among those delaying or evaluating therapies in light of the government’s new ability to negotiate for lower prices. Firms that normally try to sell drugs as soon as possible are suspending clinical trials and shifting timelines, while patient groups are demanding change.

Here is where the major benchmarks ended:

Here’s where the major benchmarks ended:

The S&P 500 index was up 7.88 points (0.2%) at 4,754.63, up 0.8% for the week; the Dow Jones Industrial Average was down 18.38 points at 37,385.97, up 0.2% for the week; the NASDAQ Composite^® (COMP) was up 29.11 points (0.2%) at 14,992.97, up 1.2% for the week.
The 10-year Treasury note yield (TNX) was up about 1 basis point at 3.901%.
The CBOEe^® Volatility Index (VIX) was down 0.62 at 13.03.

Small-cap stocks continued a strong finish to the year. The Russell 2000^® Index (RUT) rose 0.8% Friday to end at its highest level since April 2022 and rose 2.5% for the week, the small-cap benchmark’s sixth consecutive weekly gain. Regional banks and utilities were also among the strongest performers. In other markets, the U.S. Dollar Index (DXY) extended its recent slide and dropped to its weakest level since late July, reflecting ideas an outlook for lower interest rates may prompt investors to seek higher returns elsewhere.

Finally, with just four trading days left in 2023, the S&P 500 and other major equity benchmarks are poised to turn in a strong year that may more than make up for 2022’s losses. Through Friday, the S&P 500 was up nearly 24% for the year, after tumbling 19.4% in 2022. The Dow Jones Industrial Average and the NASDAQ Composite were up 13% and 43%, respectively, after losing 8.8% and 33% in 2022.

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DAILY UPDATE: Three Arrows Capital is Down as Stock Markets Rebound

Posted on December 22, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Almost $1 billion in assets belonging to the founders of cryptocurrency hedge fund Three Arrows Capital have been frozen by a British Virgin Islands court, according to the firm’s liquidator. The court issued an order preventing co-founders Su Zhu and Kyle Davies, as well as Davies’ wife Kelly Chen, from transferring or selling assets worth up to $1.14 billion, the liquidator Teneo said in an emailed statement, adding that it estimates creditors are owed roughly $3.3 billion.

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Here is where the major benchmarks ended:

Here’s where the major benchmarks ended:

The S&P 500^® index (SPX) was up 48.40 points (1.0%) at 4,746.75; the Dow Jones Industrial Average was up 322.35 points (0.9%) at 37,404.35; the NASDAQ Composite^®(COMP) was up 185.92 points (1.3%) at 14,963.87.
The 10-year Treasury note yield (TNX) was up about 1 basis point at 3.89%.
The CBOE^®Volatility Index (VIX) was down 0.02 at 13.65, after earlier rising to 14.49.

Among market sectors, Micron Technology’s gain helped send the Philadelphia Semiconductor Index (SOX) up 2.8%. Retail and transportation shares were also among the strongest performers.

The Russell 2000^® Index (RUT), which is largely small cap focused, rose 1.7% and is on track for a sixth consecutive weekly gain.

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DAILY UPDATE: IRS Zaps Debt as Stock Markets Ascend!

Posted on December 20, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Americans who owe back taxes will be given an incentive to pay up after the Internal Revenue Service it would waive nearly $1 billion in late-payment penalties. Roughly 4.6 million individual taxpayers who owe for tax years 2020 and 2021 will be eligible for the penalty relief. The IRS is extending the olive branch because it stopped sending out many collection letters during the pandemic. It hoped the letter halt would help struggling taxpayers and reduce its backlog. The long absence of these computer-generated letters had big consequences for taxpayers. Americans’ debt on unpaid back taxes had been growing with interest and penalties, and many were likely in the dark about just how much they owed.

Here is where the major benchmarks ended:

Here’s where the major benchmarks ended:

The S&P 500 index was up 27.81 points (0.6%) at 4,768.37; the Dow Jones Industrial Average was up 251.90 points (0.7%) at 37,557.92; the NASDAQ Composite^® (COMP) was up 98.03 points (0.7%) at 15,003.22.
The 10-year Treasury note yield (TNX) was down about 3 basis points at 3.924%.
The CBOE^®Volatility Index (VIX) was down 0.03 at 12.53.

Energy shares extended an early week rally behind a continued rebound in WTI Crude Oil futures (/CL), which rose for a fifth straight day and ended near a three-week high above $74 per barrel.

Banks and retailers were also particularly firm. The S&P 500 Retail Select Industry Index (SPSIRE) surged over 2% and ended at its highest level in over 10 months.

And, Tuesday’s big winner was Affirm, whose shares skyrocketed 15% after the buy now, pay later company announced it’s expanding its Walmart partnership to include the retailer’s self-checkout kiosks.

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DAILY UPDATE: Goldman Sachs Speaks as the Stock Markets Rise

Posted on December 19, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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***

The Federal Reserve’s pivot last week to an easier monetary policy made many investors more bullish toward stocks. You can count Goldman Sachs among them. It has raised its year-end 2024 target for the S&P to 5,100 from 4,700. The new forecast represents an 8% increase from 4,740 on Dec. 18. Goldman has a three-month target of 4,800 and a six-month target of 4,900.

Here is where the major benchmarks ended:

Here’s where the major benchmarks ended:

The S&P 500 index was up 21.37 points (0.5%) at 4,740.56; the Dow Jones Industrial Average was up 0.86 points at 37,306.02; the NASDAQ Composite was up 90.89 points (0.6%) at 14,904.81.
The 10-year Treasury note yield (TNX) was up about 2 basis points at 3.946%.
The CBOE^®Volatility Index (VIX) was up 0.25 at 12.53.

Energy shares were among Monday’s strongest performers behind a rally in WTI Crude Oil futures (/CL), which jumped 1.7% to end at a two-week high amid concern over supply disruptions following attacks on ships in the Red Sea.

Communication services and consumer staples were also firm. Financials gave back some of last week’s sharp gains, with the KBW Bank Index (BKX) down nearly 1%.

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DAILY UPDATE: Healthcare Artificial Intelligence Safety as the DJIA Sets Record

Posted on December 15, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Twenty-eight healthcare companies, including CVS Health , are signing U.S. President Joe Biden’s voluntary commitments aimed at ensuring the safe development of artificial intelligence (AI), a White House official said yesterday. The commitments by healthcare providers and payers follow those of 15 leading AI companies, including Google, OpenAI and OpenAI partner Microsoft to develop AI healthcare models responsibly.

***

Health insurance company Humana is being accused of allegedly wrongfully denying care to elderly patients, who are enrolled in Medicare Advantage Plans, using an augmented intelligence model “to override” physicians’ orders on “necessary care patients require,” according to a new lawsuit.

The lawsuit, filed by two Humana Medicare Advantage Plan customers on December th 12 in Kentucky, claims that Humana uses an AI model called nH Predict, and it allegedly has a high error rate. And allegedly, despite knowing that it’s inaccurate, the company still uses it.

***

Here is where the major benchmarks ended:

The S&P 500 index was up 12.46 points (0.3%) at 4,719.55; the Dow Jones Industrial Average was up 158.11 points (0.4%) at 37,248.35; the NASDAQ Composite^® (COMP) was up 27.59 points (0.2%) at 14,761.56.

The 10-year Treasury note yield (TNX) was down about 11 basis points at 3.923%, falling under 4% for the first time since early August.
The CBOE® Volatility Index (VIX) was up 0.25 at 12.44.

Financial shares remained among the market’s strongest post-FOMC gainers, reflecting ideas that lower interest rates will boost profit margins for banks. Goldman Sachs (GS) rallied nearly 6%, the second-best gain among Dow companies, and hit a 23-month high. The KBW Bank Index (BKX), which includes major companies like Bank of America (BAC) and Citigroup (C) as well as several regional lenders, surged 5% to a nine-month high.

Also, the small-cap Russell 2000^® Index (RUT) continued to outgain large-cap counterparts, rising 2.7% to a 4 ½-month high.

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DAILY UPDATE: DJIA Records a High as Treasury Yields Drop

Posted on December 14, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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***

MANY THANKS E.R. HEROES

The holidays can be a stressful time for many, especially emergency healthcare workers, as Emergency Departments and ERs tend to get crowded. Holiday-related injuries spike in December, from slipping in the snow or falling while decorating to overindulging in holiday cocktails. So, to all the emergency healthcare providers working on holidays this year, the ME-P thanks you very much.

Here’s where the major benchmarks ended:

The S&P 500 index was up 63.39 points (1.4%) at 4,707.09; the Dow Jones Industrial Average was up 512.30 points (1.4%) at 37,090.24; the NASDAQ Composite was up 200.57 points (1.4%) at 14,733.96.
The 10-year Treasury note yield (TNX) was down about 18 basis points at 4.024%.
The CBOE® Volatility Index (VIX) was up 0.14 at 12.21.

Financial shares led Wednesday’s gainers, reflecting ideas that lower interest rates will boost profit margins for banks. The KBW Regional Banking Index (KRX) surged nearly 6% and ended at its highest level in over four months. The Fed’s outlook for slower growth in 2024, but no recession, also appeared to drive optimism among smaller companies, which are considered to have greater exposure to economic downturns. The small-cap Russell 2000^® Index (RUT) outpaced its bigger counterparts, gaining 3.5% and ending at a four-month high.

Treasury yields fell sharply, with the 10-year note dropping to a four-month low just above 4%.

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DAILY UPDATE: Norton Healthcare Hacked – Pharma Chains Give Health Data to Police and the Stock Markets Climb

Posted on December 13, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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***

Kentucky-based healthcare provider Norton Healthcare has confirmed that it has suffered a significant ransomware attack that may have put the data of millions of its patients at risk. In a filing to the Maine Attorney General on December 8th, the healthcare giant said that 2.5 million individuals had been affected by the breach.

***

Meanwhile, the nation’s largest pharmacy chains have handed over Americans’ prescription records to police and government investigators without a warrant, a congressional investigation found, raising concerns about threats to medical privacy. Though some of the chains require their lawyers to review law enforcement requests, three of the largest — CVS Health, Kroger and Rite Aid, with a combined 60,000 locations nationwide — said they allow pharmacy staff members to hand over customers’ medical records in the store.

The policy was revealed in a letter sent to Xavier Becerra, the secretary of the Department of Health and Human Services, by Sen. Ron Wyden (D-Ore.) and Reps. Pramila Jayapal (D-Wash.) and Sara Jacobs (D-Calif.).

HIPAA anyone?

***

Here’s where the major benchmarks ended:

The S&P 500 index was up 21.26 points (0.5%) at 4,643.70; the Dow Jones Industrial Average®(DJI) was up 173.01 points (0.5%) at 36,577.94; the NASDAQ Composite® (COMP) was up 100.91 points (0.7%) at 14,533.40.
The 10-year Treasury note yield (TNX) was down about 3 basis points at 4.206%.
The CBOE® Volatility Index (VIX) was down 0.56 at 12.07.

Technology shares were among Tuesday’s strongest performers despite a 12% drop in Oracle (ORCL), which plunged after reporting lighter-than-expected quarterly revenue late Monday. The Philadelphia Semiconductor Index (SOX) posted its highest close since January 2022.

Financial shares were also firm. Energy shares were under pressure because WTI Crude Oil futures (/CL) extended a slump below $70 per barrel and settled at its lowest price since late June.

Here is where the major benchmarks ended:

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DAILY UPDATE: Health Care, FOMC and the Tepid Markets

Posted on December 12, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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In healthcare, legislators could vote next week on a major health reform package that includes a ban on spread pricing in Medicaid and a push toward site-neutral payments.

In more news from the Hill, a bipartisan bill was introduced that seeks to cancel a 3.4% Medicare pay cut to docs, which has drawn plenty of ire from the industry.

***

The final FOMC meeting of the year will take place this week, and like most work meetings in mid-December, not a whole lot is going to happen. Chair Jerome Powell is widely expected to leave interest rates unchanged as inflation continues its descent to a 2% target. But 2024 planning is in full swing, and investors are desperate to learn when the Federal Reserve thinks it will need to cut rates next year.

***

Here is where the major stock index benchmarks ended:

The S&P 500 index was up 18.07 points (0.4%) at 4,622.44; the Dow Jones Industrial Average® (DJI) was up 157.06 points (0.4%) at 36,404.93; the NASDAQ Composite was up 28.51 points (0.2%) at 14,432.49.
The 10-year Treasury note yield (TNX) was little-changed at 4.239%.
The CBOE® Volatility Index (VIX) was up 0.28 at 12.63.

In addition to retailers, semiconductor company shares also posted outsized gains Monday, boosted in part by a jump of nearly 10% in Broadcom (AVGO). The Philadelphia Semiconductor Index (SOX) gained more than 3% and ended near a two-year high. Transportation companies were also strong.

In other markets, Natural Gas futures (/NG) plunged more than 6% to a six-month low, reflecting warmer-than-normal U.S. temperatures and excess supplies.

Finally, the so-called Magnificent Seven stocks of Apple, Microsoft, Alphabet, Amazon.com, Nvidia, Tesla and Meta Platforms each fell at least 0.8%. Meta led the declines, dropping 2.2%. But only one out of 11 S&P 500 sectors fell. Even the information technology sub-index ticked higher, reflecting gains outside of the largest companies in the sector.

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DAILY UPDATE: Economy Modest, Sickle Cell CRISPR Therapy Approved and Stock Markets Rise

Posted on December 9, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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According to the Organization for Economic Cooperation and Development’s November economic outlook report, global growth is on track to stay modest this year and into 2024. And, while gross domestic product growth has been stronger than anticipated in 2023 so far, it’s now “moderating on the back of tighter financial conditions, weak trade growth and lower business and consumer confidence,” the report’s authors noted. The OECD anticipates global GDP growth of 2.9% in 2023, and a dip to 2.7% in 2024. 2025 looks better, with predicted global growth of 3%.

***

The Food and Drug Administration on Friday approved a powerful treatment for sickle cell disease, a devastating illness that affects more than 100,000 Americans, the majority of whom are Black. The therapy, called Casgevy, from Vertex Pharmaceuticals and CRISPR Therapeutics, is the first medicine to be approved in the United States.

CRISPR: https://medicalexecutivepost.com/2022/08/06/crispr-play-by-play-of-an-experiment/

Here is where the major benchmarks ended:

The S&P 500® Index (SPX) was up 0.41% at 4,604.46, up marginally for the week; the Dow Jones Industrial Average (DJI) was up 130 points (0.36%) at 36,247.87, up marginally for the week; the NASDAQ Composite® (COMP) was up 63.98 points (0.45%) at 14,403.97, up 0.7% for the week.The 10-year Treasury note yield (TNX) was up 10 basis points at 4.235%. The CBOE Volatility Index (VIX) was down 5.44% at 12.35.

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DAILY UPDATE: Deflation Pending as Stock Markets Gain

Posted on December 8, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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After grappling with high inflation for more than two years, American consumers are now seeing an economic trend that many might only dimly remember: falling prices — but only on certain types of products.

Deflation is impacting so-called durable goods, or products that are meant to last more than three years, Wall Street Journal reporter David Harrison told CBS News. As Harrison noted in his reporting, durable goods have dropped on a year-over-year basis for five straight months and dropped 2.6% in October from their September 2022 peak.

These items are products such as used cars, furniture and appliances, which saw big run-ups in prices during the pandemic. Used cars in particular were a pain point for U.S. households, with pre-owned cars seeing their prices jump more than fifty percent in the first two years of the pandemic.

Here is where the major benchmarks ended:

The S&P 500 Index was up 36.25 points (0.8%) at 4,585.59; the Dow Jones Industrial Average was up 62.95 points (0.2%) at 36,117.38; the NASDAQ Composite was up 193.28 points (1.4%) at 14,339.99.
The 10-year Treasury note yield (TNX) was up about 2 basis points at 4.144%.
The CBOE® Volatility Index (VIX) was up 0.09 at 13.06.

Tech sector strength was highlighted by the Philadelphia Semiconductor Index (SOX), which gained nearly 3%. Financial shares were also among the strongest performers, as the KBW Regional Banking Index (KRX) rose 2% and ended at a four-month high. In other markets, WTI crude oil futures (/CL) posted the market’s first gain in six days after earlier dropping to its lowest level since late June.

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DAILY UPDATE: Apple Market Cap Up as Major Stock Indexes Ease

Posted on December 7, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

MEDICARE ANNUAL ENROLLMENT ENDS

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Apple regains a $3 trillion market cap and is on track to end the year as the world’s most valuable company for the 5th time in a row.

Today marks the 82nd anniversary of the attack on Pearl Harbor that drew the US into WWII.

Here’s where the major benchmarks ended:

The S&P 500^® index (SPX) was down 17.84 points (0.4%) at 4,549.34; the Dow Jones Industrial Average^® (DJI) was down 70.13 points (0.2%) at 36,054.43; the NASDAQ Composite^® (COMP) was down 83.20 points (0.6%) at 14,146.71.
The 10-year Treasury note yield (TNX) was down about 5 basis points at 4.117%.
The CBOE^® Volatility Index (VIX) was up 0.10 at 12.95.

Energy shares were again among the market’s weakest performers as crude oil futures extended a slump, closing below $70 per barrel for the first time since late June on concerns over slowing global demand. And, Liz Ann Sonders of Schwab said a “somewhat stealthy” rotation continued under the market’s surface, with the S&P 500® Equal Weight (SPXEW) and Russell 2000^®(RUT) indexes outperforming both the S&P 500 and NASDAQ over the past month or so. She also noted a defensive tone to Wednesday’ trading, illustrated by strength in utilities and weakness in technology.

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DAILY UPDATE: Non-Physician Practice Ownership Quality Down as Stock Markets Slip

Posted on December 6, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Nearly 60% of doctors who practice as employees of hospitals and other corporate entities say that non-physician practice ownership results in lower quality patient care, per a new survey commissioned by the Physicians Advocacy Institute. Loss of face time with patients and greater focus on finances negatively impact quality, they say.

Here is where the major benchmarks ended:

Here’s where the major benchmarks ended:

The S&P 500 index was down 2.60 points (0.1%) at 4,567.18; the Dow Jones Industrial Average was down 79.88 points (0.2%) at 36,124.56; the NASDAQ Composite® (COMP) was up 44.42 points (0.3%) at 14,229.91.
The 10-year Treasury note yield was down about 11 basis points at 4.18%.
The CBOE® Volatility Index (VIX) was down 0.23 at 12.85.

Energy shares were among Tuesday’s weakest performers on pressure from slumping crude oil futures, which dropped for a fourth consecutive day and hit a five-month low amid concern over global demand. Retail and transportation sectors were also soft. Technology and consumer discretionary shares were among the few gainers.

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DAILY UPDATE: Stock Indexes Pull Back

Posted on December 5, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Here is where the major benchmarks ended yesterday:

The S&P 500® index (SPX) was down 24.85 points (0.5%) at 4,569.78; the Dow Jones Industrial Average® (DJI) was down 41.06 points (0.1%) at 36,204.44; the NASDAQ Composite (COMP) was down 119.54 points (0.8%) at 14,185.49.
The 10-year Treasury note yield (TNX) was up about 4 basis points at 4.264%.
The BOE® Volatility Index (VIX) was up 0.45 points at 13.08.

Technology and communications services shares were among the weakest performers Monday, with the Philadelphia Semiconductor Index (SOX) dropping 1.2%, its lowest level since mid-November.

By contrast, many smaller companies held up better. The small-cap-focused Russell 2000® Index (RUT) rose 1% and ended at a three-month high, extending a recent upswing. In other markets, gold futures (GC) plunged after earlier posting an intraday record above $2,152 an ounce.

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DAILY UPDATE: DJIA Rockets Upward!

Posted on December 1, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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***

Here is where the major benchmarks ended:

The S&P 500 index was up 17.22 points (0.4%) at 4,567.80, up 8.9% for the month; the Dow Jones Industrial Average was up 520.47 points (1.5%) at 35,950.89, up 8.8% for the month; the NASDAQ Composite was down 32.27 points (0.2%) at 14,226.22, up 10.7% for the month.
The 10-year Treasury note yield (TNX) was up about 6 basis points at 4.33%.
CBOE® Volatility Index (VIX) was down 0.07 at 12.91.

The Dow’s gain Thursday was driven in part by Salesforce (CRM), which soared nearly 9% after the cloud software company reported stronger-than-expected quarterly results. The technology sector was otherwise soft, with the NASDAQ-100® (NDX) down 0.7% but still up 10.7% for the month. Small-cap stocks also posted a firm November, illustrated by a monthly gain of nearly 9% in the Russell 2000® Index (RUT).

And, Nathan Peterson, director of derivatives analysis at the Schwab Center for Financial Research, said the weakness in tech shares likely reflected consolidation after firm gains earlier this month. The NASDAQ Composite may also face some technical resistance around 14,350, a level where sellers stepped in back in July.

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DAILY UPDATE: Apple Credit Card, Drug Prices and the Modest Stock Markets

Posted on November 29, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Apple is pulling the plug on its credit card partnership with Goldman Sachs Group, the Wall Street Journal reported on Tuesday. The tech giant recently sent a proposal to the Wall Street bank to exit the contract in the next 12 to 15 months, the report said, citing people briefed on the matter.

***

Senators Elizabeth Warren (Democrat) and Mike Braun (Republican) sent a letter to the US Department of Health and Human Services last week, asking it to investigate whether large insurance companies are hiking prescription drug prices at pharmacies they own

***

Here is where the major benchmarks ended:

Here’s where the major benchmarks ended:

The S&P 500® index (SPX) was up 4.46 points (0.1%) at 4,554.89; the Dow Jones Industrial Average was up 83.51 points (0.2%) at 35,416.98; the NASDAQ Composite® (COMP) was up 40.73 points (0.3%) at 14,281.76.
The 10-year Treasury yield was down about 6 basis points at 4.33%.
The CBOE® Volatility Index (VIX) was little-changed at 12.69.

Semiconductor and transportation shares were among the weakest performers Tuesday, and regional banks were also under pressure. Small cap stocks also lagged. The Russell 2000® Index (RUT) fell about 0.4% for its lowest close in a week.

Retailers and utilities were among the firmest sectors. In other markets, the U.S. Dollar Index (DXY) weakened to its lowest level since mid-August, reflecting expectations that U.S. interest rates have peaked.

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DAILY UPDATE: Nvidia Up, Zhao of Binance is Out and the Stock Index Win Streak Ends

Posted on November 22, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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How to Close Binance Account - Cryptalker

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***

Nvidia reported another quarter of record sales and gave a strong revenue outlook, pointing to red-hot demand for chips that underpin the artificial-intelligence boom. Huge investments in AI by tech giants from Microsoft to Amazon.com and by other large corporations have helped propel Nvidia’s sales to unprecedented levels in recent quarters.

***

The chief executive of Binance, the largest global cryptocurrency exchange, plans to step down and plead guilty to violating criminal U.S. anti-money-laundering requirements, in a deal that may preserve the company’s ability to continue operating, according to people familiar with the matter. And, the U.S. Department of Justice has just brought criminal charges against Binance and its billionaire founder and CEO, Changpeng Zhao.

Here is where the major benchmarks ended:

The S&P 500 Index was down 9.19 points (0.2%) at 4,538.19; the Dow Jones Industrial Average^® (DJI) was down 62.75 points (0.2%) at 35,088.29; the NASDAQ Composite was down 84.55 points (0.6%) at 14,199.98.

The 10-year Treasury note yield (TNX) was down about 2 basis points at 4.404%.
The CBOE Volatility Index^® (VIX) was down 0.06 at 13.35.

Financial and technology shares were among the weakest sectors Tuesday, with the KBW Regional Banking Index (KRX) dropping 2.1%. Small-cap stocks also gave back some of a recent rally, as the Russell 2000^® Index(RUT) fell 1.3% after touching a two-month high Monday. Health care, materials and utilities were among the few sectors to post gains.

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DAILY UPDATE: Microsoft and Strong Technology Stock Market Gains

Posted on November 21, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Stocks started the short trading week by ticking upward yesterday. Microsoft climbed to its highest in a year after appearing to be the winner in OpenAI’s Sam Altman drama.

Read: Recommendations on books, classes, and music from Bill Gates. (GatesNotes)

***

Here is where the major US stock market benchmarks ended:

The S&P 500 Index was up 33.36 points (0.7%) at 4,547.38; the Dow Jones^® Industrial Average (DJI) was up 203.76 points (0.6%) at 35,151.04; the NASDAQ Composite® was up 159.05 points (1.1%) at 14,284.53.
The 10-year Treasury note yield (TNX) was down about 2 basis points at 4.42%.
CBOE Volatility Index® (VIX) was down 0.39 at 13.41.

Strength in technology was illustrated by the Philadelphia Semiconductor Index (SOX), which jumped almost 2% and neared a four-month high. Communications services shares were also strong, as were energy companies, helped by a second-straight day of sharp gains in crude oil futures.

The small-cap focused Russell 2000 Index (RUT) rose 0.5% to a two-month high, following last week’s 5.4% rally that outpaced its large-cap counterparts.

And, Bayer’s stock had its worst day ever, dropping the company’s value by ~$8 billion, after a US jury ordered it to pay $1.56 billion over claims its Roundup weedkiller caused cancer and the company had to stop the trial for its top drug candidate because it wasn’t working.

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DAILY UPDATE: The U.S. Stock Markets

Posted on November 18, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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SPONSOR: http://www.MarcinkoAssociates.com

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Here is where the major benchmarks ended on Friday:

The S&P 500 Index (SPX) was up 5.78 points (0.1%) at 4,514.02, up 2.2% for the week; the Dow Jones Industrial Average (DJI) was up 1.81 points at 34,947.28, up 1.9% for the week; the NASDAQ Composite was up 11.81 points (0.1%) at 14,125.48, up 2.4% for the week.
The 10-year Treasury note yield was down about 1 basis point at 4.439%.
CBOE’s Volatility Index (VIX) was down 0.54 at 13.78.

Retail shares were among Friday’s strongest sectors, helped by a nearly 30% surge by Gap (GPS) after the apparel company stronger-than-expected quarterly results. Energy companies were also higher thanks to a nearly 4% rise in WTI Crude Oil futures (/CL). Oil prices are still down 20% from a 2023 peak of more than $95 posted in late September.

In other markets, the U.S. dollar index dropped 1.8% for the week to touch its weakest level since September 1st, reflecting stepped-up expectations that interest rates have peaked.

***

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DAILY UPDATE: Mixed U.S. Stock Markets

Posted on November 17, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Over the course of the last few weeks, Cathie Wood of ARKK has been offloading the firm’s holdings in Roku, Inc. (NASDAQ:ROKU). Across all of her firm’s funds, Wood has sold stock in the streaming company totaling over $56 million. The move comes after Roku released its financials for q3.

Here is where the major benchmarks ended:

The S&P 500 Index was up 5.36 points (0.1%) at 4,508.24; the Dow Jones Industrial Average was down 45.74 points (0.1%) at 34,945.47; the NASDAQ Composite was up 9.84 points (0.1%) at 14,113.67.
The 10-year Treasury note yield (TNX) was uabout 9 basis points at 4.445%.
Cboe’s Volatility Index (VIX) was up 0.14 at 14.32.

Walmart’s commentary weighed on the retail sector. Energy was also a laggard, as crude oil futures fell 5% to a four-month low of less than $73 a barrel, in part because record U.S. crude production has boosted supply.

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DAILY UPDATE: Government Shutdown Averted as US Markets Extend their Gains

Posted on November 16, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Senate leaders voted Wednesday night in favor of the short-term government funding bill the House passed Tuesday night ahead of Friday’s shutdown deadline. House Speaker Mike Johnson pitched a two-step plan that he described as a “laddered CR” — or continuing resolution — that will keep the government funded at 2023 levels. The bill extends government funding until January 19th for the Veterans Affairs, Transportation, Housing and Urban Development and Energy departments, as well as for military construction. The rest of the government is funded until February 2nd, 2024.

Here is where the major benchmarks ended:

The S&P 500^® Index (SPX) was up 7.18 points (0.2%) at 4,502.88; the Dow Jones Industrial Average was up 163.51 points (0.5%) at 34,991.21; the NASDAQ Composite was up 9.45 points (0.1%) at 14,103.84.
The 10-year Treasury note yield (TNX) was up about 10 basis points at 4.541%.
CBOE’s Volatility Index (VIX) was up 0.02 at 14.18.

Retail and financial shares were among Wednesday’s strongest performers. The KBW Regional Banking Index (KRX) rose 1.3% to a 2½-month high. Transportation and consumer staples were also higher. Energy shares were one of the few laggards as crude oil futures sank more than 2% after the Energy Department reported a larger-than-expected increase in U.S. crude inventories.

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DAILY UPDATE: US Economic Prognostications as Stock Markets Surge

Posted on November 15, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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US Economic leaders are looking to the past for some inspiration on how to deal with the present—the only issue is, no one seems to be able to agree which past era they should be studying. But, predictions diverge, for example.

Deutsche Bank believes the U.S. economy closely resembles the turbulent times of the 1970s, an outlook prompted by the war in Israel, oil shocks, and rampant inflation.
Meanwhile economists at the White House say the inflationary period after World War II acts as a better guide because pent-up demand from the pandemic will eventually fade away.
UBS disagrees with both, saying the 1990s more closely resembles the economic climate world leaders are currently attempting to navigate. A note from the UBS Chief Investment Office, led by Jason Draho, questioned whether the 2020s would act as “another roaring 20s” seen a century before. During this period, technological advances led to a rapid increase in productivity, while major industries like automotive, film and chemicals took off. The data suggests today’s economy has officially entered a new regime, UBS outlined: “A regime is defined by its growth, inflation, and rate attributes. These are all at their highest levels since prior to the global financial crisis (GFC).”

Here is where the major benchmarks ended:

The S&P 500 Index was up 84.15 points (1.9%) at 4,495.70; the Dow Jones Industrial Average (DJI) was up 489.83 points (1.4%) at 34,827.70; the NASDAQ Composite (COMP) was up 326.64 points (2.4%) at 14,094.38.
The 10-year Treasury note yield (TNX) was down about 18 basis points at 4.453%.
CBOE’s Volatility Index (VIX) was down 0.60 at 14.16.

The small-cap focused Russell 2000 Index (RUT), which has lagged large-cap benchmarks for most of the year, jumped more than 5% Tuesday. Small-caps are often seen as being more exposed to the economic cycle and had suffered because of concerns that high interest rates could push the economy into recession.

Other interest rate-sensitive sectors, such as real estate, materials, and utilities, also saw outsize gains.

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DAILY UPDATE: McLaren Health Care and Mr Cooper Bank Experience Security Breach as Stocks are Mixed Ahead of Inflation Data

Posted on November 14, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Michigan-based healthcare nonprofit McLaren Health Care notified more than 2 million people about a data breach exposing personal information on Thursday, according to a data breach notification report. Unauthorized access to McLaren systems began on July 28th and lasted through August 23rd before the company noticed it a week later on August 31st, according to a notice on the McLaren website.

***

And, top US mortgage lender Mr Cooper has confirmed that “certain customer data” may have been exposed following a recent cyberattack. Precisely which data could have been exposed remains unconfirmed as the company continues to investigate “around the clock,” but affected customers are being promised complimentary credit monitoring services in due course.

***

And so, here is where the major benchmarks ended today:

The S&P 500^® Index (SPX) was down 3.69 points (0.1%) at 4,411.55; the Dow Jones Industrial Average was up 54.77 points (0.2%) at 34,337.87; the NASDAQ Composite (COMP) was down 30.36 points (0.2%) at 13,767.74.
The 10-year Treasury note yield was up about 1 basis point at 4.636%.
CBOE’s Volatility Index (VIX) was up 0.59 at 14.76.

Energy shares were among the strongest performers Monday, with an assist from stronger crude oil futures, which jumped for a second straight day but remain near 3½-month lows touched last week. Health care and consumer staples were also higher. Utilities led decliners, with the Dow Jones Utility Index (DJU) falling to its lowest level in over a week.

From a technical standpoint, chart patterns “remain in the bulls’ favor,” Nathan says, with the S&P 500 closing above 4,400 and its 100-day moving average (currently just above 4,402) for the second day in a row. He pegs key near-term resistance at roughly 4,500. That’s about where the index encountered resistance in late August and early September, with 4,600 a key intermediate hurdle for the bulls.

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DAILY UPDATE: Moody’s Down but Stocks Blast Off!

Posted on November 11, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

Today is Veterans Day, when Americans honor all who have served our country in the armed forces. It’s celebrated on November 11th each year because on that morning in 1918 (at the 11th hour of the 11th day of the 11th month), the Allied nations and Germany signed an armistice that ended the fighting in World War I.

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Moody’s credit rating agency downgraded its outlook on the US government from ‘stable’ to ‘negative’, citing the risks to the nation’s fiscal strength and the political polarization in Congress. The agency has maintained the US’s current top-grade AAA rating, but has raised the possibility that it may be cut in the future. While the move does not automatically mean it will downgrade America’s creditworthiness, it increases the chances. Even the prospect of a US downgrade could hurt Americans’ investment portfolios, make it even more expensive for them to borrow money, and make it more costly for the government to pay off its debts.

These effects would likely be even more painful if Moody’s does eventually downgrade the US debt. The nation’s diminished fiscal strength, undone by extreme partisanship in Washington, was a key driver of the action, according to a statement from Moody’s.

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YET: Here is where the major benchmarks ended on Friday:

The S&P 500 Index was up 67.89 points (1.6%) at 4,415.24, up 1.3% for the week; the Dow Jones Industrial Average was up 391.16 points (1.2%) at 34,283.10, up 0.7% for the week; the NASDAQ Composite was up 276.66 points (2.1%) at 13,798.11, up 2.4% for the week.
The 10-year Treasury note yield was down about 1 basis point at 4.622%.
CBOE’s Volatility Index (VIX) was down 0.11 at 14.20.

Nearly every market sector gained Friday, with semiconductors and other tech shares leading the pack. The Philadelphia Semiconductor Index (SOX) jumped more than 4% to its highest level in more than two months. Consumer discretionary and energy companies were also strong, the latter thanks to a nearly-2% gain in crude oil futures.

But small-caps continued to lag their bigger counterparts, with the Russell 2000 Index (RUT) rising 1.1% Friday, though it was still down 3.1% for the week.

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DAILY UPDATE: Powell Speaks and Stock Markets Tumble

Posted on November 10, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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The NYSE and the NASDAQ will follow a regular schedule on Friday, the day before Veterans Day. The U.S. bond market, which may be poised for a big comeback next year if yields continue to fall, will be open Friday as usual.

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The major indexes ended a brief winning streak after comments from Fed Chairman Jerome Powell stoked concerns over interest rates. More interest-rate hikes are still a possibility to bring inflation under control, he said. In a dramatic campaign to tamp down inflation, the Federal Reserve has raised the benchmark federal funds rate to a range of 5.25% to 5.5%, a 22-year high.

Here is where the major stock market benchmarks ended:

The S&P 500 Index was down 35.43 points (0.8%) at 4,347.35; the Dow Jones Industrial Average was down 220.33 points (0.7%) at 33,891.94; the NASDAQ Composite was down 128.97 points (0.9%) at 13,521.45.
The 10-year Treasury note yield was up about 12 basis points at 4.632%.
CBOEs Volatility Index (VIX) was up 0.84 at 15.28.

Nearly every market sector was under pressure Thursday, with consumer discretionary and health care among the weakest performers. Energy shares were an exception, thanks to a rebound in crude oil futures, though oil prices remain near the 3½-month lows touched earlier this week. The U.S. dollar index (DXY) strengthened for the fourth- straight day.

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DAILY UPDATE: T-Market Crash, Amazon Healthcare Launches as the Markets Take a Breather

Posted on November 9, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

SPONSOR: http://www.MarcinkoAssociates.com

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Big banks are sitting on $650 billion of unrealized losses, Moody’s has estimated.
It’s a sign even Wall Street’s best-known names are feeling the heat from the Treasury-market rout.
Crashing bond prices sank Silicon Valley Bank earlier this year, and there may be more chaos to come.

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Yet, the billionaire Larry Fink says investors should be 100% in equities right now if they can handle it? Can you?

***

Amazon.com is turning to Prime members to bolster its healthcare business, an industry where the company has sought to expand for years. The tech giant just revealed plans to offer its millions of Amazon Prime subscribers a low-cost annual membership to One Medical, the primary-care business Amazon purchased for $3.9 billion earlier this year. Amazon says Prime subscribers can now become One Medical members for $9 a month, or $99 a year. The typical cost to become a One Medical member is $199 annually.

RxPass: https://medicalexecutivepost.com/2023/01/27/amazon-launches-rxpass-generic-drug-subscription-program/

Clinic: https://medicalexecutivepost.com/2022/12/01/amazon-healthcare-act-ii/

***

The S&P 500 continued to an eighth positive day, building on its longest hot streak in two years, while the Dow inched downward, ending its best run since July. Warner Bros. Discovery suffered its worst day since March 2021 after reporting that although Barbie raked in $1.5 billion for the company, it still lost money last quarter.

Here is where the major benchmarks ended:

The S&P 500 Index was up 4.40 points (0.1%) at 4,382.78; the Dow Jones Industrial Average was down 40.33 points (0.1%) at 34,112.27; the NASDAQ Composite was up 10.56 points (0.1%) at 13,650.41.
The 10-year Treasury note yield (TNX) was down about 6 basis points at 4.511%.
CBOE’s Volatility Index (VIX) was down 0.36 at 14.45.

Retailers and banks were among the weakest performers Wednesday. Energy stocks also slipped in step with WTI crude oil futures, which touched a 3½-month low of under $75 a barrel on escalating concern over global demand. Real estate was one of the few sectors to rise Wednesday.

The U.S. dollar index (DXY) rose to a seven-week high earlier in the day before fading.

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DAILY UPDATE: A New NIH Director and a Home Loan Bank System Update as the Stock Markets Ascend Again

Posted on November 8, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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The Senate on Tuesday confirmed Dr. Monica M. Bertagnolli, a cancer surgeon who currently leads the National Cancer Institute, as the next director of the National Institutes of Health, overriding the objections of Senator Bernie Sanders of Vermont, the chairman of the Senate health committee.

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The U.S. regulator charged with overseeing the Federal Home Loan Bank system said in a report on Tuesday the system is overdue for an update in terms of its structure and operation. The Federal Housing Finance Agency emphasized in the report there needs to be a clearer distinction between the purpose of those banks, which is to aid liquidity needs at banks in a bid to facilitate mortgage lending, with the Federal Reserve, which should serve as a source of emergency liquidity for banks.

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***

Here is where the major stock market benchmarks ended:

The S&P 500 Index was up 12.40 points (0.3%) at 4,378.38; the Dow Jones Industrial Average was up 56.74 points (0.2%) at 34,152.60; the NASDAQ Composite (COMP) was up 121.08 points (0.9%) at 13,639.86.
The 10-year Treasury note yield (TNX) was down about 9 basis points at 4.571%.
CBOE’s Volatility Index (VIX) was down 0.08 at 14.81.

The small-cap-focused Russell 2000 Index (RUT) fell a second day, reflecting concerns about the economy tipping over into recession.

Energy stocks fell as WTI crude oil futures tumbled more than 4% to a 3½-month low on concerns about softening demand from China.

***

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DAILY UPDATE: A.I. Financial Audits, Microsoft & Amazon and the Mixed Markets

Posted on November 7, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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We’ve all known the AI audit is coming—but a new report from KPMG proves just how popular AI has already become in the audit process. The report polled more than 200 financial reporting leaders in the US between July and August. The headline takeaway? The AI audit is already close to ubiquitous.

Sixty-five percent of respondents said they’re already using AI in their job functions, while 49% said they’ve “piloted or deployed generative AI solutions.” Meanwhile, 71% said they expect to use AI “extensively in the next three years.”

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***

Microsoft and Amazon are reportedly in the midst of a mega deal summing up to approximately $1 billion.The deal will help Amazon acquire 550,000 Microsoft 365 E5 licenses for its corporate workers, alongside one million Microsoft 365 F5 licenses for its front line employees.Amazon employees already use traditional, on-premises Microsoft Office software, but the company is now gearing up to transition to cloud-based productivity tools.

***

Here is where the major benchmarks ended:

The S&P 500 Index was up 7.64 points (0.2%) at 4,365.98; the Dow Jones Industrial Average was up 34.54 points (0.1%) at 34,095.86; the NASDAQ Composite (COMP) was up 40.50 points (0.3%) at 13,518.78.
The 10-year Treasury note yield was up about 9 basis points at 4.649%.
CBOEs Volatility Index (VIX) was down 0.02 at 14.89.

Oilfield services shares and other energy companies were among the weakest performers Monday despite crude oil futures rising after Saudi Arabia and Russia reaffirmed commitments to extra voluntary oil supply cuts until the end of the year.

The banking and real estate sectors were also under pressure. Health care stocks led gainers, as the S&P 500 Health Care Index (SP500-35) climbed to its highest level in nearly three weeks. The small-cap-focused Russell 2000 Index (RUT) dropped about 1.3%

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DAILY UPDATE: The US Economy Slows as FTX’s Solana and the Markets Rise

Posted on November 6, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

SPONSOR: http://www.MarcinkoAssociates.com

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The current hiring market is slowing as the US economy added just 150,000 jobs last month. The employment gains reported by the Labor Department yesterday fell short of expectations and were almost half of the 297,000 jobs created in September. Still, there’s no need to hit the economic panic button. Though the unemployment rate ticked up slightly, to 3.9% in October, it’s been below 4% since late 2021, the longest sub-4% stretch in over 50 years. But the hiring slowdown may be a sign that the US economy is gently showing.

Now, the six-week United Auto Workers strike against the Big Three Detroit carmakers was the primary culprit in the automotive manufacturing sector shedding 33,000 people from payroll. On the flip side, healthcare, government, and construction were the top job creators, adding 58k, 51k, and 23k positions, respectively.

And, the jobs numbers were in the sweet spot for investors. Stocks posted their biggest weekly gain this year. And that’s because investors view the reduced appetite for new hires as a sign the Fed is succeeding at cooling the economy in its fight against inflation. This jobs report makes it even more likely that the FOMC will put the parking brake on its interest rate hikes, and some traders are betting that the central bank might even lower rates next year.

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And, the victims of Sam Bankman-Fried‘s financial crimes could be set to recoup almost all of the $16 billion Solana that was lost when his crypto exchange FTX collapsed – unless the IRS steps in to seize the funds instead.

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Finally, stocks closed out their best week all year after the “Goldilocks” October jobs report could put the Fed’s interest rate hikes on ice. And, Paramount pictures posted double-digit gains for the second straight session.

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DAILY UPDATE: HIPPA Web-Tracker Lawsuit and Bank Deposits Delayed as Markets Jump Again!

Posted on November 4, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

“FALL BACK WEEKEND”

By Staff Reporters

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The biggest U.S. hospital lobbying group just sued the Biden administration over new guidance barring hospitals and other medical providers from using trackers to monitor users on their websites. The American Hospital Association (AHA), along with the Texas Hospital Association and two nonprofit Texas health systems, filed a lawsuit against the U.S. Department of Health and Human Services (HHS) in federal court in Fort Worth, Texas. The lawsuit accuses the agency of overstepping its authority when it issued the guidance in December, 2022.

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Bank of America customers have been warned of delays to deposits following an unspecified issue that is affecting “multiple financial institutions”. The company reassured customers on Friday that their accounts remained “secure” and that no action was needed. A statement appearing on customer phone applications read: “Some deposits from 11/3 may be temporarily delayed due to an issue impacting multiple financial institutions.

Wells Fargo and Chase just reported similar situations.

***

Here is where the major benchmarks ended:

The S&P 500 Index was up 40.56 points (0.9%) at 4,358.34; the Dow Jones Industrial Average (DJI) was up 222.24 points (0.7%) at 34,061.32, up 5.1% for the week; the NASDAQ Composite (COMP) was up 184.09 points (1.4%) at 13,478.28, up 6.6% for the week.
The 10-year Treasury note yield was down about 9 basis points at 4.577%.
CBOE’s Volatility Index (VIX) was down 0.75 at 14.91.

Banks and other financial companies led Friday’s gainers, on hopes easing Treasury yields will relieve some pressure on lenders’ balance sheets. The KBW Regional Banking Index (KRX) surged 3.3% to end at a seven-week high, while Goldman Sachs Group (GS) shares jumped 4.4% to lead Dow gainers.

Retailer shares were also strong, as were small-caps in general, as the Russell 2000 Index (RUT) posted a gain of 7.6% for the week.

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Filed under: Alternative Investments, Experts Invited, Financial Planning, Funding Basics, Glossary Terms, Information Technology, Investing | Tagged: AHA, American Hospital Association, Bank America, banks, BoA, Chase, cookie script, DJIA, energy, gold, GS, HHS, HIPAA, inflation, KRX, markets, NASDAQ, oil, Russell 2000, Russell Index 2000, RUT, S&P 500, Texas Hospital Association, web trackers, Wells Fargo | Leave a comment »

DAILY UPDATE: Merck Up, KP and Junk Fees Down, Interest Rates Unchanged as Stock Markets Jump Again

Posted on November 2, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

SPONSOR: http://www.CertifiedMedicalPlanner.org

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http://www.MarcinkoAssociates.com

Merck reported $640 million in sales for its Covid-19 drug, Lagevrio, in Q3 earnings, blowing past analyst expectations of $140.8 million. Covid drug sales have dropped for most big pharma companies this year, with Pfizer lowering its total expected 2023 earnings by about $9 billion due mostly to declining Paxlovid sales. Merck attributed the boost to increasing demand for Lagevrio in Japan.

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California’s largest health system agreed to a $200 million settlement on October 12th following an investigation that found the system has failed to provide timely behavioral health appointments for patients and has canceled more than 100,000 appointments.

Kaiser Permanente, which also runs a health plan, will “undertake a systemic overhaul” of its behavioral health services, Mary Watanabe, director of the Department of Managed Health Care (DMHC), the regulatory body that oversees managed care plans in California, said in a statement. The DMHC began investigating Kaiser in May 2022 after the Oakland-based health system saw a 20% increase in behavioral health patient complaints in 2021, the DMHC said in a statement.

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

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President President Biden spoke Tuesday afternoon on what the White House has called a crackdown on “junk fees” in retirement planning. Such fees chip away at account balances over time, leading to lifetime savings that are up to 20% less than if advisors were held to the highest standards, according to a White House statement.

Under current regulations, advisors who provide advice to workers rolling their 401(k) or related plan into an individual retirement account are generally not considered a fiduciary—that is, a professional who must put clients’ interests ahead of their own. This means that an advisor could steer an investor into, say, an annuity that pays the advisor a big commission, even if it’s not the best option for the investor. In some cases, commission costs and other fees are baked into the product, as opposed to paid outright, and investors don’t realize that they are silently eating into returns over time.

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The Federal Reserve left interest rates unchanged Wednesday as it continues to track inflation and the health of the economy. The central bank voted unanimously to leave its primary interest rate in the range of 5.25% to 5.50%. U.S. interest rates are the highest they’ve been in 23 years. That means interest rates on loans such as mortgages have gone up sharply, and so have payments on Treasury bonds and interest-bearing accounts.

Here is where the major benchmarks ended:

The S&P 500 Index was up 44.06 points (1.1%) at 4,237.86; the Dow Jones Industrial Average (DJI) was up 221.71 points (0.7%) at 33,274.58; the NASDAQ Composite was up 210.23 points (1.6%) at 13,061.47.
The 10-year Treasury note yield (TNX) was down about 11 basis points at 4.761%.
CBOE’s Volatility Index (VIX) was down 1.30 at 16.84.

In addition to technology, communication services and utilities were among the strongest sectors Wednesday. Energy shares were under pressure as crude oil futures extended this week’s slump and ended at a two-month low. The U.S. dollar index (DXY) tumbled from an earlier rally to a one-month high, potentially reflecting expectations that domestic interest rates may be near a peak.

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Filed under: "Ask-an-Advisor", Alerts Sign-Up, Alternative Investments, CMP Program, Financial Planning, Funding Basics, Glossary Terms, Investing, Marcinko Associates, Touring with Marcinko | Tagged: banks, Biden, CMP, david marcinko, DJIAm, DMHC, DXY, energy, Federal Reserve, fiduciary, gold, inflation, interest rates, IRS, junk fees, Kaiser Permanente, Lagevrio, Marcinko, Marcinko Associates, markets, Mary Watanabe, Merck, NASDAQ, oil, Pfizer, Russell Index 2000, S&P 500, US Dollar | Leave a comment »

DAILY UPDATE: Realtors Liable for $1.8-B as US Millionaires and Stock Markets Rise Anew

Posted on November 1, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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SPONSOR: http://www.MarcinkoAssociates.com

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KANSAS CITY, Mo.—A federal jury just found the National Association of Realtors and large residential brokerages liable for about $1.8 billion in damages after determining they conspired to keep commissions for home sales artificially high. The verdict could lead to industry wide upheaval by changing decades-old rules that have helped lock in commission rates even as home prices have skyrocketed—which has allowed real-estate agents to collect ever-larger sums. It comes in the first of two antitrust lawsuits arguing that unlawful industry practices have left consumers unable to lower their costs even though internet-era innovations have allowed many buyers to find homes themselves online.

Real Estate for Physicians: https://medicalexecutivepost.com/2023/01/19/real-estate-for-physician-investors/

The Sitzer/Burnett class action lawsuit alleged that some of the nation’s largest real estate companies, including NAR, Keller Williams, Anywhere (formerly, Realogy), RE/MAX, Berkshire Hathaway’s HomeServices of America and two of its subsidiaries conspired to inflate commissions.

Commercial Real Estate for Physicians: https://medicalexecutivepost.com/2022/05/03/on-doctors-investing-in-commercial-real-estate/

***

Over 12% of American families, or over 16 million, are millionaires, per the WSJ.
Median net worth for the 80th-90th income percentile saw net worth gains of 69% from 2019 to 2022.
The upper-middle class is growing and becoming wealthier, particularly among those aged 55-74.

It’s not just the top 1% that’s getting richer — over 16 million American families now have a net worth over $1 million. That’s over 12% of American families, according to a Wall Street Journal analysis of the Federal Reserve’s Survey of Consumer Finances of over 4,600 American households. This compares to just 9.8 million families who were millionaires in 2019, the WSJ found.

Physician Finances: https://marcinkoassociates.com/financial-planning/

The analysis further noted how nearly eight million families have wealth over $2 million, compared to 4.7 million in 2019. This was particularly pronounced among families in the 55-74 age range. On the whole, median net worth — which measures household assets like houses and vehicles, minus debts like mortgages and student loans — rose an inflation-adjusted 37% between 2019 and 2022 up to around $193,000. Meanwhile, the average net worth rose to over $1 million, though this is skewed by extremely wealthy Americans.

Net worth has increased for all income percentiles even amid rising interest rates, though while the top 10% jumped from $1.84 million to $2.65 million, the bottom 20% rose from $10,780 to $16,900.

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

Finally, here is where the major US stock market benchmarks ended:

Economists expect the Fed to leave interest rates unchanged today, allowing previous rate increases to take greater hold of the economy and granting the central bank time to assess whether another hike will be necessary. Investors and policymakers will closely scour comments made by Fed Chair Jerome Powell for clues about the central bank’s path over the remainder of the year.

The S&P 500 Index was up 26.98 points (0.7%) at 4,193.80, down 2.2% for the month; the Dow Jones Industrial Average was up 123.91 points (0.4%) at 33,052.87, down 1.4% for the month; the NASDAQ Composite was up 61.76 points (0.5%) at 12,851.24, down 2.8% for the month.
The 10-year Treasury note yield was up about 3 basis points at 4.909%.
CBOE’s Volatility Index (VIX) was down 1.61 at 18.14.

Real estate and financial shares were among the strongest performers Tuesday. Semiconductor companies were also higher. Energy shares lagged as crude oil futures extended their slide, dropping to near $81 a barrel to end at a two-month low. The U.S. dollar index (DXY) strengthened to near 11-month highs in the wake of a Bank of Japan (BoJ) policy shift.

COMMENTS APPRECIATED

Thank You

***

Filed under: "Ask-an-Advisor", Accounting, Alternative Investments, Career Development, Experts Invited, Financial Planning, Funding Basics, Glossary Terms, Investing, LifeStyle, Marcinko Associates, Risk Management | Tagged: Anywhere, Bank Japan, banks, Berkshire Hathaway, BOJ, DJIAm, DXY, energy, gold, inflation, Keller Williams, Marcinko, Marcinko Associates, markets, millionairres, NAR, NASDAQ, National Association Realtors, oil, RE/MAX, real estate, real estate agents, real estate commissions, Realtors, realtors liable, realtorsguilty, rich american families, Russell Index 2000, S&P 500, WSJ | Leave a comment »

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American Airlines shares fell 13.54% after the company cut its guidance for the second quarter. Southwest Airlines fell 3.83%, and Delta Air Lines fell 0.74%.

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