BOARD CERTIFICATION EXAM STUDY GUIDES Lower Extremity Trauma
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Posted on September 17, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
BREAKING NEWS!
By Staff Reporters
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Federal Reserve Chairman Jerome Powell just announced that the central bank [FOMC] would cut interest rates amid President Donald Trump’s attempts to reshape the Fed’s independence.
The chairman announced that the Federal Reserve would cut the interest rate by .25 points, the first time that it cut interest rates since December.
Posted on June 7, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
By AI
BREAKING NEWS
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Job growth is slowing, but still bigger than expected
US employers added 139,000 jobs last month, government data released yesterday shows—that’s less than the down-wardly revised 147,000 new jobs that were added in April, but more than economists had predicted. Meanwhile, the unemployment rate held steady.
Overall, the highly anticipated jobs report reflects employers growing more cautious in the face of the economic uncertainty brought on by the trade war, but so far, there doesn’t seem to be a steep drop off in the labor market. That could give the Fed reason to stay in wait-and-see mode on interest rates, though President Trump still used the occasion to urge Jerome Powell to cut rates “a full point” on Truth Social.
50% tariffs on steel and aluminum went into effect today. To celebrate, President Trump hopped on Truth Social to put China’s President Xi on blast ahead of an expected call between the two heads of state. And, Temu lost 58% of its daily users thanks to tariffs.
The president also pushed Jerome Powell to “LOWER THE RATE” following terrible private sector job numbers. Stocks are seemingly immune to tough trade talk and interest rate rants at this point, but bond yields sank on fears of slower economic growth.
The US dollar slipped, propelling gold higher as investors sought safety.
The Federal Reserve cut interest rates by a quarter of a percentage point just now, delivering relief for borrowers at the central bank’s last meeting before President-elect Donald Trump takes office next month. The central bank predicted fewer rate cuts next year than it had previously indicated, however, suggesting concern that inflation may prove more difficult to bring under control than policymakers thought just a few months ago.
The move marked the third consecutive interest rate cut since the Fed opted to start dialing back its fight against inflation in the fall. The FOMC has lowered interest rates by a percentage point in recent months.
However, the Fed’s forecast said it anticipates only a half a percentage point of rate cuts next year and another half-percent cut in 2026.
Posted on September 29, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Markets: Wall Street life was looking good last week as all the major indexes clinched their third consecutive winning week. Stocks were a mixed bag for Friday, but the Dow Jones scored another record close. Bristol Myers Squibb rose after the FDA approved its schizophrenia drug as the first new treatment for the condition in decades.
Economy: The FOMC’s favorite inflation gauge came in lower than expected for last month, likely clearing the way for Jerome Powell and the Federal Reserve to keep cutting interest rates.
Posted on September 18, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
BREAKING NEWS
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Jerome Powell and the Federal Reserve Bank just said that it is cutting its benchmark interest rate by 0.50 percentage points, marking the first reduction in four years and moving to ease borrowing costs as inflation-weary consumers are grappling with high rates on everything from mortgages to credit cards.
It is the first drop in the federal funds rate — or what banks charge each other for short-term loans — since the U.S. central bank lowered rates to nearly zero in March 2020 amid an economic standstill caused by the pandemic.
But as prices surged during the health crisis, the FOMC repeatedly hiked rates into a target range of 5.25% to 5.5%, the highest in 23 years, in an effort to curb inflation.
Posted on August 30, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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DEFINITION: Consumer confidence index (CCI) is a standardized confidence indicator providing an indication of future developments of households’ consumption and saving.
The index is based upon answers regarding household’s expected financial situation, their sentiment about the general economic situation, unemployment and capability of savings. An indicator above 100 signals a boost in the consumers’ confidence towards the future economic situation, as a consequence of which they are less prone to save, and more inclined to spend money on major purchases in the next 12 months. Values below 100 indicate a pessimistic attitude towards future developments in the economy, possibly resulting in a tendency to save more and consume less.
The decline in inflation and the expectation of an imminent interest rate cut have Americans feeling better about the economy than they have in a while, according to the latest update of the Conference Board’s consumer confidence index [CCI].
On the other hand, consumers are worried about the softening labor market. While the unemployment rate remains below historical standards at 4.3%, it has increased for four straight months—likely enough to convince J. Powell and the Federal Reserve to cut rates in September.
Posted on August 26, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
MEDICAL EXECUTIVE-POST–TODAY’SNEWSLETTERBRIEFING
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Essays, Opinions and Curated News in Health Economics, Investing, Business, Management and Financial Planning for Physician Entrepreneurs and their Savvy Advisors and Consultants
“Serving Almost One Million Doctors, Financial Advisors and Medical Management Consultants Daily“
A Partner of the Institute of Medical Business Advisors , Inc.
Every medical practice, clinic or healthcare business needs cost and financial organization. We provide it through our detailed annual reports. When starting out, the pre-construction phase of a medical practice is crucial, because it sets the course for a successful project. It includes business and financial assessments, in which we learn about your goals, vision, financial realities and current and future facility needs.
Employers are Bracing for Healthcare Costs to Spike in 2025. Employers are up against escalating healthcare costs driven by mounting prescription drug expenses, inflation, and worsening chronic conditions, a new survey shows. The Business Group on Health released its annual Employer Health Care Strategy Survey, which examines the trends that large employers are watching and their plans to address the healthcare challenges they may face. The survey projects that healthcare cost trends will jump to 8% in 2025, growing from 6% in 2022. Actual healthcare costs have increased by 50% since 2017, according to the report.
Markets: Jerome Powell spoke in Jackson Hole on Friday and finally confirmed that interest rate cuts are on the way. The news set stocks up for a big finish to the week.
Stock spotlight: Nvidia was among the stocks that jumped, and investors will be keeping an eye on it this week, when the AI chipmaker reports earnings.
Posted on August 19, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Later this week, central bankers will meet in the shadow of the Tetons for the Jackson Hole Symposium, an annual retreat for global economic officials to talk monetary policy.
The main event: Federal Reserve Chairman Jerome Powell’s keynote speech on Friday, which investors hope will clarify the timing and pace of interest rate cuts.
Posted on August 1, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
Jerome Powell says September rate cut could be “on the table”
By Staff Reporters
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Jerome Powell isn’t known for being direct, but he made an exception yesterday, saying an interest rate cut could come “as soon as the next meeting” in September after the FOMC kept rates steady at the two-decade high they’ve been at since last July.
“We’re getting closer to the point at which it’ll be appropriate to reduce our policy rate,” he said. “But we’re not quite at that point.”
It’s a change from Powell’s other recent statements, which were hazier on the timing, though he did say the decision to cut rates still depends on inflation continuing to cool.
Posted on July 16, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Jerome Powell said the Fed won’t wait for 2% inflation to cut rates
The central bank won’t wait to hit its inflation target before bringing interest rates down but wants to have “greater confidence” that inflation will get there in order to make cuts, Powell said at the Economic Club of Washington, DC, in his first public event since June’s cooling inflation numbers came out.
Posted on July 3, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Reminder: The stock market will close early today and remain closed all day tomorrow so we can relax.
Markets: Stocks ticked up yesterday after Jerome Powell acknowledged progress on inflation while reiterating that he wasn’t quite ready for rate cuts—and new data showing the labor market remains hot helps explain why.
Stock spotlight: Tesla got supercharged after announcing that deliveries (sales) dipped last quarter compared to the year before…but not as much as Wall Street expected them to.
Posted on June 10, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
MEDICAL EXECUTIVE-POST–TODAY’SNEWSLETTERBRIEFING
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Essays, Opinions and Curated News in Health Economics, Investing, Business, Management and Financial Planning for Physician Entrepreneurs and their Savvy Advisors and Consultants
“Serving Almost One Million Doctors, Financial Advisors and Medical Management Consultants Daily“
A Partner of the Institute of Medical Business Advisors , Inc.
Markets: Stocks dropped ever so slightly to end last week as investors tried to make sense of the big jobs report. Lots of jobs = good, but lots of jobs also = interest rates likely staying the same for awhile longer (more below). AMC had a rough day, tumbling 15% as the latest meme stock craze started to fizzle.
Blue Kansas City Exiting MA Market by 2025 Due to ‘Regulatory Demands’
Blue Cross and Blue Shield of Kansas City (Blue KC) is leaving the Medicare Advantage (MA) market at the end of 2024, the insurer announced recently. The company blamed “heightened regulatory demands and rising market and financial pressures” for the decision but said it is still focused on employer-sponsored health plans, and Medicare supplement and Affordable Care Act plans in the state.
“We explored every alternative path for our MA members and are disappointed we must exit this line of business,” said Erin Stucky, Blue KC President and CEO, in a statement. “We value our MA members and are committed to providing uninterrupted, quality service to our current MA membership through the end of 2024.”
Cue Health, founded in 2010, started with great hopes as it promised a way to accurately test for Covid-19 without needing a lab. “We designed and developed a new molecular testing platform bringing lab complexity to an easy-to-use, portable device. Now you can get the best of lab molecular testing — speed, accuracy, and versatility – at home, the office, or on the go,” the company shared on its website. The company went public (with the ticker (HLTH) ) in 2021 at $16 and rose to $20.55 and carried that massive $2.3 billion valuation. Through 2023 and into this year, Cue unsuccessfully tried to shore up operations, get new products to market, and find new capital.
In May, however, the FDA advised customers not to use two of its products at all because they did not deliver accurate results. Finally, its board and executives threw in the towel. On May 28th, the company announced it was ceasing operations and filed for bankruptcy in Delaware’s U.S. Bankruptcy Court. The company’s assets will be sold off at an undetermined date, and the proceeds will be distributed to creditors.
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Inflation data from the Fed meeting on Wednesday: Inflation data for May arrives in the morning, and it’s expected to show price growth held steady at 3.4% annually. In the afternoon, the FOMC will wrap up its meeting with a Jerome Powell press conference. The Fed is pretty much a lock to hold interest rates at their current level.
Posted on May 19, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
MEDICAL EXECUTIVE-POST–TODAY’SNEWSLETTERBRIEFING
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Essays, Opinions and Curated News in Health Economics, Investing, Business, Management and Financial Planning for Physician Entrepreneurs and their Savvy Advisors and Consultants
“Serving Almost One Million Doctors, Financial Advisors and Medical Management Consultants Daily“
A Partner of the Institute of Medical Business Advisors , Inc.
Young adults are delaying life insurance purchases due to financial constraints and a preference for spending on immediate experiences. The insurance industry is responding with digital-first strategies and more flexible products.
The DJIA closed above 40,000 for the first time after briefly crossing the milestone the day before and clinching its fifth winning week. Reddit shot up after announcing a partnership with OpenAI that lets the AI train on your posts and gives Reddit advertising dollars and the ability to use the tech to make new tools.
But, GameStop stock plunged after the recently reinvigorated meme stock filed to sell 45 million new shares and revealed that sales were down last quarter.
Posted on March 11, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Key inflation data incoming: February’s consumer price index report on Tuesday will provide fresh data to help the Fed decide when to lower interest rates. Last week, Chair Jerome Powell said he needed “just a bit more evidence” that inflation was coming back down to normal levels before reducing rates, though “we’re not far from it,” he acknowledged.
Posted on March 8, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Stocks surged yesterday, once again pushing the S&P 500 and NASDAQ to record highs, after Fed Chair Jerome Powell said he expects interest rates to come down this year. It was also a big day for Rivian which zoomed 13% after it revealed three new vehicles.
Here’s where the major benchmarks ended:
The S&P 500 index rallied 52.60 points (1.0%) to 5,157.36; the Dow Jones Industrial Average gained 130.30 points (0.3%) to 38,791.35; the NASDAQ Composite climbed 241.83 points (1.5%) to 16,273.38.
The 10-year Treasury note yield (TNX) lost almost 2 basis points to 4.085%.
The CBOE Volatility Index® (VIX) fell 0.06 to 14.44.
Chip-maker strength boosted the Philadelphia Semiconductor Index (SOX) 3.4% to its fourth record close in the past five trading days. The index has gained 9.3% so far this month and 24% for the year. Oilfield services and communication services companies were also among the market’s strongest sectors. Small-cap shares joined the rally, boosting the Russell 2000® Index (RUT) 0.8% to a two-year high.
In other markets, the U.S. dollar index (DXY) slipped 0.5%, its fifth consecutive daily decline, and touched a five-week low. The dollar has been under pressure from expectations for lower U.S. interest rates.
Posted on February 18, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Nike is planning to restructure and lay off 2% of its staff, more than 1,500 people, as consumers pull back on spending.
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If the total U.S. debt were divided by every household in the country, each household would get about $252,000, according to a September tweet from The Kobeissi Letter.
And, Jerome Powell, the Chair of the Federal Reserve, shared his concerns regarding the fiscal direction of the United States during a “60 Minutes” interview with Scott Pelley.
Powell said, “The U.S. is on an unsustainable fiscal path,” emphasizing that the growth of the national debt is outstripping the growth of the economy.
Posted on February 14, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Off-the-charts inflation may be a distant 2022 phenomenon, but we’re not entirely over it. Price growth is still not back to levels that would satisfy Jerome Powell, and shoppers continue to deal with the fallout. Prices grew faster than economists expected last month, according to the consumer price index data the government released yesterday.
They climbed 0.3% in January (slightly more than in December) and 3.1% from a year prior. Excluding food and energy prices, January’s inflation was 0.4%, a bit over December’s reading, and 3.9% more than the prior January. And we point out that things aren’t so bad, since inflation isn’t too far from the Fed’s 2% annual target. But shoppers might argue that just because prices are growing more slowly doesn’t mean things are costing them less.
Here’s where the major benchmarks ended:
The S&P 500® index (SPX) fell 68.67 points (1.4%) to 4,953.17, its lowest close since February 5; the Dow Jones Industrial Average lost 524.63 points (1.4%) to 38,272.75; the NASDAQ Composite® (COMP) dropped 286.94 points (1.8%) to 15,655.60.
The 10-year Treasury note yield gained nearly 15 basis points to 4.316%.
The CBOE Volatility Index® (VIX) rose 1.89 to 15.82.
Bank shares were among the worst performers Tuesday amid concerns the CPI numbers suggested the Fed will maintain a higher-for-longer interest rate tack that could crimp lenders’ margins. The KBW Regional Banking Index (KRX) plunged 4.5%. Small-cap stocks, another group sensitive to interest rates, also fell sharply, with the Russell 2000® Index (RUT) sinking 4%.
In other markets, the U.S. Dollar Index (DXY) rallied about 0.7% to its strongest level in nearly three months, reflecting expectations interest rates will remain elevated.
Posted on February 6, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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As Jerome Powell goes, so goes the market. Stocks tumbled yesterday after Federal Reserve Chairman Jerome Powell went on 60 Minutes over the weekend and said he’s in no rush to cut interest rates. Meanwhile, shares of Estée Lauder jumped ~12% after the cosmetics company announced it was laying off 5% of its employees amid weak demand in Asia.
Here’s where the major benchmarks ended:
The S&P 500 index fell 15.80 points (0.3%) to 4,942.81; the Dow Jones Industrial Average dropped 274.30 points (0.7%) to 38,380.12; the NASDAQ Composite® (COMP) declined 31.28 points (0.2%) to 15,597.68.
The 10-year Treasury note yield surged nearly 14 basis points to 4.166%.
The CBOE Volatility Index® (VIX) fell 0.18 to 13.67.
Materials and real estate sector shares were among the market’s weakest performers Monday, and banks and utilities were also under pressure. Semiconductors were one of the few sectors to post gains. In other markets, the U.S. Dollar Index (DXY) strengthened to its highest level since mid-November amid expectations interest rates will remain elevated.
Posted on February 1, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The FOMC just held interest rates steady and interest rates probably won’t go down in March.
Most investors were expecting the Federal Reserve to finally start cutting interest rates at its next meeting in March, but after its latest meeting concluded yesterday, Jerome Powell splashed cold water on that idea.
Speaking during a press conference, Powell explained that he doesn’t think it’s likely that the Federal Reserve will have reached “a level of confidence” that inflation has come down enough to start slashing rates that soon.
However, he at least said cuts were likely coming sometime this year. And, the markets crashed. Technology stocks in particular had a rough one, giving the NASDAQ its worst day since October.
And, NY Community Bancorp—which scooped up most of failed Signature Bank’s assets last year—tanked after reporting a surprise loss for Q4, spurring fears of another regional banking crisis.
Posted on December 14, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The Dow hit an all-time high yesterday after the Federal Reserve hinted at plans to make multiple rate cuts next year. Not having such a good day was Pfizer, which touched a 10-year low after releasing disappointing projections for 2024 because people just aren’t buying Covid products like they used to.
The Federal Reserve had investors popping bottles yesterday, not just because it made the expected move of holding interest rates steady for now but also for signaling that there may be multiple interest rate cuts in 2024. Most Fed officials penciled in three quarter-percentage-point cuts in their projections. Fed Chair Jerome Powell said inflation had “eased” but still did his best to keep everyone from getting too excited, saying, “No one is declaring victory. That would be premature.” Even so, markets started pricing in even more aggressive cuts than the projections.
Posted on December 3, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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With the Fed’s aggressive rate hikes to curb inflation looking like they’ve finally come to an end thanks to encouraging data on prices falling, investors are starting to look forward to when the central bankers start slashing rates again.
But Jerome Powell sought to pour some cold water on the rate cut hype cycle during a speech at Spelman College in Atlanta, Georgia yesterday, saying that it was too soon “to speculate on when policy might ease.” However, investors still think he’ll come around: Markets are putting the odds that the Fed will cut rates in March above 50% and are totally convinced it’ll happen by May, according to Bloomberg.
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.
Posted on November 3, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Even though the Federal Reserve announced its interest rate decision yesterday, Jerome Powell wasn’t the government official investors were most anxious to hear from.
Instead, he was upstaged by Treasury Secretary Janet Yellen, who gave an update on the size of upcoming bond auctions. Although many were concerned about the US selling new debt into a market where interest rates are high and demand for bonds has flagged (pushing yields way up), the market liked what she had to say.
Yellenexplained that the government would focus on shorter-term notes rather than longer-term ones, which prompted a rally for 10 and 30 year bonds.
Posted on October 24, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
And … Bill Gross Speaks
By Staff Reporters
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The yield on the 10-year Treasury bond shot above 5% in early trading yesterday—hitting its highest since 2007 and rattling investors—before retreating a bit so everyone could chill out. While a high return on long-term government debt sounds like something only a Wall Street wonk would fret about, it can raise borrowing costs for everyone from homebuyers to small businesses.
Treasury yields have been rising steadily for almost two years as investors kept anticipating (correctly) that Jerome Powell would raise interest rates to combat persistent inflation.
Bond yields are used as the measure against which lots of other interest rates are set, so recent sky-high yields have contributed to the current eye-popping mortgage rates, which have made homeownership 52% more expensive than renting, and they’re part of the reason why the number of Americans struggling to make car payments is at its highest since at least 1994.
Yields crossed the symbolically significant 5% mark yesterday because investors rushed to sell off 10-year bonds, making them cheaper, per supply and demand—that boosted the bond yields, since yields move in the opposite direction from price.So, why did Wall Street press “sell” on Treasurys?
It’s usually a sign of confidence in the economy, but some analysts are concerned that this time, investors are shedding government debt because they perceive the US as being a spendthrift as the deficit grows. However, the traditional psychology may also be at play: The influential billionaire investor Bill Ackman is believed to have single-handedly stopped yesterday’s bond market sell-off by saying he’d ended his bet on 30-year Treasury bond prices falling because he thinks there is “too much risk in the world” and the economy isn’t as strong as it seems. The 10-year bonds dropped back to 4.85% yesterday afternoon.
Posted on September 3, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Hiring unexpectedly picked up in August as employers added 187,000 jobs despite high interest rates and inflation but totals for the prior two months were revised down sharply. The unemployment rate, which is calculated from a separate survey of households, rose from 3.5% to 3.8%, the Labor Department said Friday. That’s because of a surge of Americans into the labor force, which includes people working and looking for jobs. Economists surveyed by Bloomberg had estimated that 168,000 jobs were added.
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Stock spotlight:Dell had its best day since going public (for a second time) in 2018 after far surpassing expectations for Q2. Analysts called it an early winner in the AI boom.
Posted on August 29, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The dollar’s still strong—and recent earnings reports have reflected that, for better or worse.
Around this time last year, earnings took a significant forex hit. Power players like Coca-Cola and Procter & Gamble said the strong dollar hurt profits, while others, like Microsoft, cited currency fluctuations in lowered forecasts.
Back then, the dollar was at a 20-year high. In recent months, the dollar has stayed relatively high as a string of economic data suggested interest rates will stay elevated—at least for now. And after Federal Reserve Chair Jerome Powell suggested the Fed might have to keep raising rates, the US dollar index climbed to its highest since June 1st.
In any case, foreign exchange rates are yet again cropping up as a talking point in recent earnings reports.
Posted on August 28, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Markets: Investors weren’t fazed by Jerome Powell’s warning in Jackson Hole that he could raise interest rates even more, sending the S&P 500 and NASDAQ to their first weekly gain in three weeks.
Bonds: But, all the chatter around higher rates has pushed US bond yields to decade-plus highs, which has typically been a drag on stocks.
Focus: Jerome Powell will again be poring over fresh inflation data (Thursday) and the August jobs report (Friday) to guide his next interest rate move. And we’re in stoppage time of earnings season, but a few companies, including Salesforce, Lululemon, and Dollar General, still have to report.
Posted on August 27, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
Jerome Powell: Speaking at the Jackson Hole Symposium, an annual meeting of central bankers from around the globe at a former Wild West outpost, the FOMC chair said inflation “remains too high” and “we are prepared to raise rates further if appropriate” and to keep them high. So, why didn’t the stock market nose-dive like it did after last year’s similarly hawkish Powell speech? It helps that inflation has come down considerably since then (which Powell acknowledged) and that he nodded to the dangers of the Fed doing too much as well as too little.
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Rite Aid is preparing to file for bankruptcy in the face of costly lawsuits over its sales of opioids, the Wall Street Journal reports.
Wegovy, the weight-loss drug, also helps prevent heart failure, its maker, Novo Nordisk, said after a clinical trial.
Wells Fargoagreed to pay $35 million to settle the SEC’s claims that it overcharged fees on nearly 11,000 investment advisory accounts—claims it neither admits nor denies.
Posted on August 21, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Markets: AI leader Nvidia’s earnings will be out on Wednesday, and Fed Chair Jerome Powell’s annual speech will be at the Fed conference in Jackson Hole on Friday.
Stock spotlight: WeWork, the co-working company just announced a 1-for-40 reverse stock split in an attempt to avoid getting de-listed from the New York Stock Exchange.
Posted on July 30, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The Fed’s favorite inflation measure fell. The personal consumption expenditures price index, a key data point for Jerome Powell and the FOMC, grew by only 3% last month compared to the previous June—its lowest annual rise since 2021.
Meanwhile, the Bureau of Labor Statistics said that the employment cost index, another favored gauge that tracks wages and benefits, also rose at its slowest rate in two years. Powell said earlier this week that central bankers will be watching the data to decide whether to raise rates again in September, and these are signs that things are moving in the direction the Federal Reserve wants.
Posted on July 28, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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US gross domestic product (GDP) increased at a more-than-expected 2.4% annualized rate last quarter thanks to healthy consumer spending and businesses shelling out on investments. The latest figures show that not only is the US economy not spiraling into a recession due to interest rate hikes, it’s actually getting stronger as the year goes on.
In fact, underlying inflation rose at its slowest pace in two years. This could be a sign of the “soft landing” that FOMC Chair Jerome Powell seeks.
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The European Central Bank also took it a cue from the FOMC and raised interest rates to a 23-year high. Investors think it could be the ECB’s last rate hike this cycle.
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But, according to CNN, Japan’s central bank kept interest rates unchanged today despite rising inflation but hinted that it could gradually abandon years of cheap money, sending the yen soaring and stocks tumbling. The Bank of Japan (BOJ) said it kept unchanged its short-term interest rate at minus 0.1% and maintained its target for the yield on 10-year government bond at around 0%.
But the central bank also said it would adopt a more flexible approach to controlling the yield on government bonds — which affects borrowing costs across the world’s third biggest economy,diluting a key pillar of its longstanding ultra-loose monetary policy.
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After a historic 13-day winning streak, the Dow—along with the other two major indexes—closed lower as its dizzying rise finally succumbed to gravity. There were some strong individual performances, however. Meta kept its impressive 2023 rolling after giving an optimistic earnings report.
Posted on July 27, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Whether we’ll see another interest rate increase soon depends on what happens between now and the Fed’s next meeting in September. Jerome Powell will be watching to see if consumer prices come down more than they already have, thanks to previous rate hikes.
There are some promising signs that the worst is behind us:
Tomorrow, when the government releases the latest personal consumption expenditures price index—the Fed’s preferred measure for tracking inflation—it’s expected to show the lowest inflation increase since the end of 2021. And last month, the consumer price index showed inflation fell to 3%, which is above the Fed’s 2% target but an improvement from last June’s 9.1%.
Meanwhile, Coca-Cola—whose prices were 10% higher last quarter compared to Q2 2022—said it’s done marking up drinks for the year, and the CFO of Unilever said the packaged goods giant’s price inflation has peaked (though prices may still get higher).
But the FOMC wants more: Chairman Powell said that for inflation to be truly conquered, the job market, which currently boasts a low unemployment rate of 3.6%, will need to slow.
Posted on July 27, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The Federal Reserve raised its benchmark interest rate another 0.25% on Wednesday, reviving its inflation fight despite a significant cooldown of price increases in recent months. The rate hike brought the Fed’s benchmark interest rate to a 22-year high of between 5.25% and 5.5%. Inflation has fallen significantly from a peak last summer, but remains at a level one percentage point higher than the Federal Reserve’s target of 2%.
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The Dow on Wednesday rose for a 13th straight day, matching its longest winning streak since 1987. If it closes higher today, it would be a streak not seen since 1897 — about a year after the benchmark was created — when the Dow advanced for 14 sessions in a row. During this latest run, the Dow has outperformed, gaining 5%. That momentum hasn’t been seen in the broader S&P 500 and NASDAQ Composite indexes, however. Both are up just 3% since the Dow’s streak began. The S&P 500 has fallen twice in that time, while the NASDAQ has posted three losing sessions
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Here is where the major benchmarks ended for the day:
The S&P 500 Index was down 0.02% at 4,566.75; the Dow Jones Industrial Average (DJIA) was up about 82 points (0.23%) at 35,520.12; the NASDAQ Composite was down 17 points (0.12%) at 14,127.28.
The 10-year Treasury note yield (TNX) edged down to 3.867%.
CBOE’s Volatility Index (VIX) dropped 5 points to at 13.32.
Markets: The Dow is on a run for the ages, extending its winning streak to 12 days. But, Spotify revealing widening losses due to its failed podcasting investments and projected lower revenues. And its stock plunge came despite adding a record number of new subscribers.
Economy: All eyes are on the FOMC today: With another rate hike pretty much a lock, investors will seek Jerome Powell’s comments to see whether the Fed is considering any more increases.
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Alphabet, which declared a “code red” for Google Search late last year as rivals like ChatGPT and Microsoft’s AI-equipped Bing came on the scene, is chugging right along. Google’s search advertising sales grew to a better-than-expected $42.6 billion. And, most people haven’t made ChatGPT their default search engine.
Microsoft beat expectations on its top- and bottom lines and told investors that it had spent, and would continue spending, gobs of money to build out AI infrastructure.
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Snap. The social media platform just rolled out an AI chatbot, My AI, and boasted that 150+ million users have sent over 10 billion messages to it. But, still fighting against the likes of TikTok for ad spending in a sluggish market, Snap’s sales dropped for the second straight quarter, causing shares to plummet 19% after-hours.
Conference calls: Meta reports earnings today, and Amazon and Apple report next week.
Markets: Stocks ended mixed yesterday after Jerome Powell (and other major central bankers around the world) signaled that more interest rate hikes are as inevitable. In fact, Jerome Powell hinted he couldn’t rule out two rate raises in a row.
Stock spotlight: AI-chip hero Nvidia fell on reports that the US is considering even more restrictions on chip exports to China.
Posted on June 22, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Wall Street’s major averages yesterday, on Wednesday, ended lower for a third straight session, weighed down by losses in growth stocks. And, sentiment was dampened by Federal Reserve Chair Jerome Powell’s largely hawkish reiteration that more rate hikes were likely.
Powell in his published opening remarks to his two-day testimony to Congress said that nearly all policymakers expect that interest rates would have to be raised further by the end of the year. The Fed chief then, in responses to questions from lawmakers, said that it may “make sense” for the central bank to raise rates at a “more moderate pace” going forward.
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So, here is where the major benchmarks ended:
The S&P 500 Index was down 23.02 points (0.5%) at 4,365.69; the Dow Jones Industrial Average (DJIA) was down 102.35 (0.3%) at 33,951.52; the NASDAQ Composite was down 165.10 (1.2%) at 13,502.20.
The 10-year Treasury note yield (TNX) was little changed at 3.727%.
Cboe’s Volatility Index (VIX) was was down 0.68 at 13.19.
Technology shares were among the weakest performers Wednesday, with the Philadelphia Semiconductor Index (SOX) dropping nearly 2% to near a two-week low. Regional banks were also lower.
Energy stocks led sector gainers as crude oil futures jumped nearly 2% to a two-week high on hopes for stronger demand from China. Volatility based on the VIX sank to its lowest level since January 2020.
Posted on June 20, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Markets were closed for Juneteenth yesterday, but the NASDAQ is coming into the short trading week hot: The tech-heavy index had its eighth consecutive week of gains last week, the best it’s done since March 2019.
But, Investors are divided over whether the rally driven by mega-stocks like Nvidia, Apple, and Tesla is a bubble poised to pop or the start to an AI revolution that not even Jerome Powell can dissuade.
Posted on May 20, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Debt Limit: Stocks took a dive yesterday even though Jerome Powell said that interest rates may not have to rise as much as expected to quash inflation. What could loom even larger than Jerome Powell? A hiccup in negotiations over the debt ceiling raised fears about the possibility of the US defaulting. In fact, negotiations aimed at raising the nation’s debt limit resumed briefly last night after being halted for six hours during the day when Republicans broke off talks saying the White House was being unreasonable. A major sticking point was said to be the overall amount of government spending for next year as the deadline to get a deal in place to prevent an economically crippling default on June 1st draws near. Although no breakthrough came from the evening’s talks, further discussions are reportedly scheduled for later today.
Stock spotlight: Investors were about as interested in Foot Locker as an old stinky sneaker after a slowdown in sales prompted the retailer to slash its outlook for the year.
Posted on May 13, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Here is where the major benchmarks ended this week:
The S&P 500 Index was down 6.54 points (0.2%) at 4124.08; the Dow Jones industrial average was down 8.89 at 33,300.62; the NASDAQ Composite was down 43.76 (0.4%) at 12,284.74.
The 10-year Treasury yield was up about 7 basis points at 3.464%.
CBOE’s Volatility Index was up 0.10 at 17.03.
Consumer Discretionary Socks led the declines Friday among S&P 500 sectors, with financials and energy shares also weaker. Worries over the potential for more trouble in the banking sector helped send the KBW Regional Bank Index to its lowest close since late 2020. Utilities and Consumer Staples were among the stronger performers.
Jerome Powell May Get a New No. 2. President Biden said yesterday that he would nominate economist Philip Jefferson, who is already on the Fed’s board, to become second-in-command at the central bank, replacing Lael Brainard. He also plans to nominate the current US rep to the World Bank, Adriana Kugler, to an empty board seat. She would be the Fed’s first Latina governor. If confirmed by the Senate, the pair will jump into their new roles as the Fed continues to try to curb inflation without tipping the economy into a recession.
Posted on May 11, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Stocks were a mixed bag yesterday after the consumer price index showed prices rose 4.9% last month, marking the 10th month in a row of cooling inflation and the first time inflation has dipped below 5% in two years. That’s still higher than the Fed’s 2% target, but it leaves space for Jerome Powell to chill out a bit. Tech stocks got a boost from that news, especially Google’s parent, Alphabet, which also benefited from rolling out its new AI.
Economists polled by the Wall Street Journal had forecast the CPI increasing 0.4% and advancing 5.0% over the past year. The core inflation rate rose 0.4% in April for the second straight month, in line with economists forecasts. For the year, the core inflation rate, excluding food and energy prices, increased 5.5% down from a 5.6% rise in March.
“The below 5% headline CPI number is a sigh of relief to a market on edge,” said Alexandra Wilson-Elizondo, co-head of portfolio management for multi asset solutions at Goldman Sachs Asset Management.
Traders hoped that the lower-than-expected inflation data may leave room for the U.S. central bank to refrain from raising interest rates further at its June meeting.
“The data today will be interpreted as not hot enough to force the Fed’s hand in June … We do not think this one data point will determine the outcome of the June FOMC meeting because we still have a string of economic data to process between now and then,” wrote Wilson-Elizondo.
“The details of the print suggest that we are still a meaningful distance from the Fed’s 2% target, giving little reason for the Fed to cut this year.”
Investors priced in the Federal Reserve beginning to trim borrowing costs in coming months, a hope that is seen underpinning stocks of late and helping the S&P 500 index move towards the top of the 3,800 to 4,200 range its has held all year.
Posted on May 3, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Markets: The relative calm after JPMorgan scooped up First Republic Bank lasted all of…one day. Two other West Coast lenders, PacificWest and Western Alliance, both tumbled in a sign investors still smell blood among regional banks.
Economy: Happy Fed Decision Day to all who celebrate. With inflation sizzling at still-uncomfortably high levels, Chair Jerome Powell is expected to announce the central bank’s 10th straight interest rate hike this afternoon. But many economists expect this rate increase could be the grand finale.
Layoffs jump to the highest level since late 2020. The number of job openings in the US dropped to a nearly two-year low in March, and layoffs increased to their highest point since December 2020, the Labor Department revealed yesterday. In this “bad news is good news” economic environment, the Fed will be pleased that the boiling-hot labor market is cooling off. It means less pressure on inflation and more justification to pause hiking rates.
Posted on March 25, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Jack Dorsey’s wealth tumbled after Hindenburg Research targeted his payments company Block, per Bloomberg. The short seller alleged Block misled investors “with inflated metrics” Block’s share price tumbled as much as 22% on Thursday on Hindenburg’s report.
Short seller Hindenburg Research has hit another billionaire’s fortune with a report. Jack Dorsey, the co-founder of payments company Block and Twitter, saw his net worth tumble by $526 million, or 11%, to $4.4 billion after the US-based research firm led by Nathan Anderson accused Block of misleading investors in a March 23 report, according to Bloomberg. Dorsey isn’t on the list of the world’s 500 richest persons on the Bloomberg Billionaires Index currently. He was previously featured at number 456 with a net worth of $5.41 billion on March 22nd, per Insider’s scan of the Index on Wednesday.
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Investors sparked a furious selloff in Deutsche Bank AG and thrust one of Europe’s most important lenders into the center of concerns about the health of the global financial system. Shares of Germany’s largest lender tumbled as much as 15%, their third consecutive day of losses, though they later regained some ground and were recently down 10%. The cost to insure against its default using credit-default swaps soared to their highest levels since 2020.
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Chairman Jerome Powell was ambiguous this week about future Federal Reserve moves, suggesting “some additional policy firming may be needed.”
Treasury yields dropped near seven-month lows, a seeming indication of escalating recession worries after the Fed raised its benchmark lending rate nine times to a range of 4.75% to 5% over the past year. The release next week of updated data on consumer confidence, inflation, and economic growth will likely be in focus.
The swings in stock prices this week “were consistent with the unclear outlook for monetary policy, the banking system, and the broader economy,” says Kevin Gordon, senior investment strategist at Charles Schwab. “More time needs to pass before we know the true impact of the expected tightening in credit conditions.”
The S&P 500® Index was up 22.27 (0.6%) at 3970.99; the Dow Jones industrial average was up 132.28 (0.4%) at 32,237.53; the NASDAQ Composite was up 36.56 (0.3%) at 11,823.96.
The 10-year Treasury yield was little changed at about 3.374%.
CBOE’s Volatility Index was down 0.87 at 21.74.
The real estate sector led the gainers Friday, followed by consumer staples and health care. Financials and consumer discretionary stocks edged lower, and technology stocks were little changed, though the tech-focused NASDAQ Composite still notched its second straight weekly gain. Gold and crude oil futures both declined, while the U.S. dollar strengthened.
Posted on March 19, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Bitcoin prices climbed to as high as $27,293 last week, wrapping up the cryptocurrency’s best week since January 2021. And it has Silicon Valley Bank and friends to thank for it. Crypto diehards claim bitcoin’s gains are the result of people losing faith in traditional banking after SVB and Signature imploded (though it’s worth noting that Signature was a big player in the crypto world).
However, after the second-and third-biggest bank failures in history, economists started second-guessing whether the Fed would stick to the plan to hike interest rates again or change course to protect the rest of the very fragile banking industry. That could mean the crypto market, which slid into the dreaded Crypto Winter in the first half of last year because of macroeconomic factors like the Fed’s rate hikes, might finally be approaching spring.
So, according to MorningBrew, the Fed’s interest rate decision next week will likely serve as crypto’s redeux. And despite the banking industry hoping Jerome Powell pauses the interest rate hikes, February’s inflation numbers showed that the Fed may need to stick to its original plan to keep inflation in check.
Posted on March 9, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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CREDIT SUISSE:
Equities revenue plummeted 95% in the fourth quarter
CS earlier informally looked at options for unit -sources
CS declined comment on ‘rumors and speculation’, and
In the latest piece of troubling news, the beleaguered Swiss bank delayed the publication of its 2022 annual report following a “late call” from the US Securities and Exchange Commission on Wednesday evening. The SEC got in touch over revisions the bank had previously made to its cash flow statements for 2019 and 2020,
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U.S. equities finished mixed following yesterday’s rout, as investors digested a second day of testimony from Fed Chair Jerome Powell. The Chairman remained hawkish in his commentary, where he suggested rates may need to accelerate more than initially expected and may need to stay higher for longer than originally anticipated. Adding to the uncertainty, the afternoon release of the Fed’s Beige Book showed little change from the last installment.
Treasury yields were mixed with the yield curve inversion worsening, and the U.S. dollar was flat after yesterday’s rally. Crude oil prices were lower, and gold was little changed in choppy action. News on the equity front was light, as CrowdStrike topped quarterly earnings estimates and offered upbeat guidance, while UPS reiterated its full-year outlook.
The economic calendar was tilted toward labor data, as job openings dipped but remained elevated, and ADP’s private sector employment report bested forecasts ahead of Friday’s key non-farm payroll release.
Elsewhere, mortgage applications snapped a three-week losing streak, and the trade deficit came in slightly smaller than projected. Asia finished mixed and Europe also diverged, as the global markets processed the testimony from Fed Chairman Powell.
Posted on March 8, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The Dow Jones Industrial Average decreased 575 points (1.7%) to 32,856, the S&P 500 Index was 62 points (1.5%) lower at 3,986, and the NASDAQ Composite lost 145 points (1.3%) to 11,530. In moderate volume, 3.8 billion shares of NYSE-listed stocks were traded, and 5.3 billion shares changed hands on the NASDAQ. WTI crude oil fell $2.88 to $77.58 per barrel. Elsewhere, the gold spot price tumbled $34.80 to $1,819.80 per ounce, and the Dollar Index jumped 1.2% to 105.59.
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And, a key recession indicator flashed its loudest warning ever after Federal Reserve Chairman Jerome Powell said benchmark rates will likely go higher than once anticipated. The inversion between the 2-year and 10-year Treasury yields hit a record 103.5 basis points on Tuesday, according to Refinitiv data. It later narrowed to 102.4 basis points. In normal economic times, shorter-term yields are below longer-term yields. But for months, the 2- and 10-year yields have been inverted amid growing recession fears, as the Fed continues to tighten policy to rein in inflation. The 2-year yield currently sits at 4.992% while the 10-year yield is 3.968%. Meanwhile, there’s a 61.6% probability the Fed will raise its benchmark rate by 50 basis points on March 22, up from 31.4% a day earlier.
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Finally, the economic calendar introduced a read on wholesale inventories, which was un-revised from the preliminary report at a m/m decline in January. Meanwhile, consumer credit for January expanded at a slower-than-expected pace. Q4 earnings season continues to wrap up, as Dick’s Sporting Goods bested earnings estimates, raised its quarterly dividend, and issued full-year guidance that came in above forecasts. In other equity news, Meta Platforms is planning another round of layoffs that could affect thousands of workers, according to a Bloomberg News report.
Treasury yields were mixed, and the U.S. dollar rallied, while crude oil and gold prices were sharply lower.
Asian stocks ended mixed following the Reserve Bank of Australia’s 25 bp rate hike, and European stocks were lower, as international investors digested Powell’s comments.
Posted on March 7, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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U.S. stocks were subdued in a choppy trading session, as the markets struggled to add to last week’s gains that snapped a string of weekly losses.
Treasury yields went up and the U.S. dollar was lower ahead of this week’s two-day Congressional testimony from Fed Chairman Jerome Powell. Crude oil prices rose, and gold traded slightly to the downside.
Equity news was light with Q4 earnings season mostly in the books, though Tesla announced that it reduced the price of its pricier models in the U.S. for the second time this year, and Ciena Corporation topped earnings forecasts. The economic week began with a read on factory orders that fell less than expected. Additionally, durable goods orders were unchanged from the preliminary report, while excluding transportation, orders were unexpectedly revised upward.
Asian stocks finished mostly higher even as China offered a conservative economic growth outlook, and markets in Europe were mixed following some lackluster data.
Posted on March 6, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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National Dentist’s Day falls on March 6th every year. It was established as a way to show appreciation and thanks for dentists. It’s also a way to bring awareness to dentistry so that people will know more about how to care for their teeth. It also encourages people who may have avoided going to the dentist to come in for a checkup.
“WALL STREET Hell Week: Features several potential landmines for the stock market. One of them is the jobs report on Friday. Employment numbers have been on the rise, and continued strength in the labor market could lead to more interest rate hikes. Another key event this week: FOMC Chair Jerome Powell’s testimony on Capitol Hill. He’s expected to field questions on the trajectory of inflation and the looming debt-ceiling crisis.
Posted on February 9, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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According to Bloomberg, SoftBank Group Corp.’s first earnings report without founder Masayoshi Son went a lot like those he presided over the past few years: The Japanese conglomerate lost billions of dollars on failed startup bets.
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ZOOM-The videoconferencing company that became a household name during Covid is cutting 15% of its workforce, or about 1,300 people. CEO Eric Yuan said the “uncertainty of the global economy” was partly to blame, but he also admitted the company “made mistakes.” To own up to those mistakes, Yuan said he’s reducing his upcoming fiscal year salary by 98% and ditching his 2023 corporate bonus. Zoom shares are down about 85% from their 2020 highs’ according to Bloomberg.
U.S. equities finished near their lows of the day as the markets continued to digest mixed earnings data and last night’s State of the Union Address from President Joe Biden. Meanwhile, yesterday’s commentary from Fed Chairman Jerome Powell remained in focus after he acknowledged that inflation pressures are coming down but more needs to be done to finish to job.
Earnings season continued in earnest, as Chipotle Mexican Grill missed estimates, but Uber Technologies topped quarterly expectations and issued a positive outlook, and Yum! Brands also bested the Street’s projections. Outside earnings, Activision Blizzard fell as U.K. regulators are challenging Dow member Microsoft Corporation’s near $69 billion takeover agreement of the gaming company.
The economic calendar was relatively light, but mortgage applications rebounded last week, and wholesale inventories were unrevised at its previously reported modest increase.
Treasury yields were lower, and the U.S. dollar was little changed, while crude oil prices were higher to add to a weekly advance, and gold saw a modest gain.
Asia finished mixed and Europe was mostly higher with the markets continuing to grapple with monetary policy uncertainty across the globe.
Posted on February 7, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Stocks Lower to Kick off the Week
U.S. stocks declined, continuing losses that came in the wake of a much stronger-than-expected key labor report, which caused FOMC uncertainty to flare back up. The uncertainty came as the employment data followed a decelerated rate hike, and some seemingly less hawkish commentary from the Fed.
The economic calendar will deliver some reports today that may garner attention, including data on the trade deficit and consumer credit. Additionally, the FOMC will be headlined by today’s speech from Fed Chair Jerome Powell. Q4 earnings season remained in high gear this week, as Tyson Foods kicked things off in lackluster fashion by missing expectations.
In other equity news, Dell Technologies announced that it plans to reduce its workforce by about 5.0%, or 6,500 jobs, while Public Storage made a hostile takeover bid for Life Storage.
Treasury yields rose, and the U.S. dollar increased, along with crude oil and gold prices. Asia finished mixed, as geopolitical tensions remain elevated after the U.S. shot down what was believed to be a Chinese spy balloon floating over U.S. soil.
Additionally, markets in Europe were mostly lower, trimming some of its strong start to the year.
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