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DAILY UPDATE: The Bitcoin Boost Up!

Posted on March 19, 2023 by Dr. Marcinko

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.

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DAILY UPDATE: Credit Suisse Down While US Equities Mixed

Posted on March 9, 2023 by Dr. Marcinko

By Staff Reporters

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

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

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

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

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

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

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DAILY UPDATE: Bond Market Recession Gauge Plunges Triple Digits Below Zero as Stock Markets Collapse

Posted on March 8, 2023 by Dr. Marcinko

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.

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DAILY UPDATE: U.S. Stocks Subdued

Posted on March 7, 2023 by Dr. Marcinko

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.

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DAILY UPDATE: Wall Street’s Hell Week & National Dentist’s Day

Posted on March 6, 2023 by Dr. Marcinko

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.

MORE: https://nationaldentistsday.com/

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“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.

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DAILY UPDATE: Falling SoftBank, Zoom and US Equities

Posted on February 9, 2023 by Dr. Marcinko

By Staff Reporters

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

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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.

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

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

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

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

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

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

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DAILY UPDATE: Stocks Close Lower

Posted on February 7, 2023 by Dr. Marcinko

By Staff Reporters

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Stocks Lower to Kick off the Week

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

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

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

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

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

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

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UPDATE: Treasury Yields Spike As Bond Markets Re-Set

Posted on August 29, 2022 by Dr. Marcinko

By Staff Reporters

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“Restoring price stability will take some time and requires using our tools forcefully to bring demand and supply into better balance,” the FOMC’s Jerome Powell cautioned Friday in Jackson Hole, Wyoming.

U.S. Treasury bond yields spiked higher today, lifting yields on benchmark 2-year notes to the levels last seen prior to the global financial crisis, as investors re-set interest rate expectations in the wake of Fed Chair Powell’s hawkish Jackson Hole address.

Powell’s pledged to “forcefully” use the Fed’s tools to bring down inflation, alongside a warning that doing so will bring “some pain to households and businesses” in the world’s largest economy, caught many in the bond market by surprise Friday, given that the Fed’s preferred measure of inflation continues to show consistent moves to the downside.

The core PCE Price Index recorded its first monthly decline in more than two years in July, according to data published Friday, suggesting consumer price pressures are beginning to ease amid tumbling gas prices and an improving labor market.

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UPDATE: FOMC Chairman Powell Warns of Pain in Inflation Battle

Posted on August 27, 2022 by Dr. Marcinko

August 26, 2022 – What a Day!

By Staff Reporters

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How did stocks trade?

The Dow Jones Industrial Average DJIA, -3.03% plunged 1008.38 points, or 3%, to close at 32,283.40, in its largest percentage drop since May 18.
The S&P 500 SPX, -3.37% dropped 141.46 points, or 3.4%, to finish at 4,057.66, in its biggest percentage decline since June 13.
The NASDAQ Composite COMP, -3.94% tumbled 497.56 points, or 3.9%, to end at 12,141.71, in its largest percentage drop since June 16.

For the week, the Dow sank 4.2%, while the S&P 500 shed 4% and the NASDAQ lost 4.4%. All three benchmarks booked a second straight week of losses, according to Dow Jones Market Data.

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UPDATE: Crypto IRS, Mid-Year Markets and the Inflation Economy

Posted on June 30, 2022 by Dr. Marcinko

By Staff Reporters

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Under a law passed by Congress last November, cryptocurrency firms are supposed to begin recording their clients’ detailed transaction data in 2023, with reports sent to the IRS and to investors the following year. From the beginning, industry executives have pushed back, complaining that the legislation was drafted too broadly. Now, the Treasury Department and the Internal Revenue Service are likely to push off a January date for the firms to begin tracking data such as customers’ capital gains and losses, according to anonymous insiders. The move would mean the tax agency waits longer to get the kind of data it gets for stocks or bonds.

Bitcoin: $20,289.61

Markets: After another boring trading session, stocks wait to complete the first half of 2022—which will come at 4pm ET today. And, the carnage from Bed Bath & Beyond is a result of the company reporting a big sales decline from the previous year and showing CEO Mark Tritton the door.

Economy: Fed Chair Jerome Powell and two other central bank chiefs spoke about their inflation-combating efforts at a conference in Portugal. All three acknowledged that recent economic shocks (COVID, the war in Ukraine) have upended how inflation was understood for decades. “I think we now understand better how little we understand on inflation,” Powell said.

10 Year: 3.096%

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UPDATE: The FOMC, Markets and Cinco deMayo

Posted on May 5, 2022 by Dr. Marcinko

By Staff Reporters

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FOMC: The Federal Reserve approved a rare half-percentage-point interest rate increase and announced plans to shrink its $9 trillion asset portfolio starting next month in an effort to reduce inflation that is running at a four-decade high.

Markets: Stocks boomed after Fed Chair Jerome Powell spoke. Still, JPMorgan CEO Jamie Dimon pegged the probability of a recession at 33% and a “soft landing” (lower inflation, no recession) also at 33%.

And Lyft, the ride-hailing company lost nearly 30% of its value after its profit outlook came in below forecast. Uber tried to distance itself from its ailing rival, saying that it does not need to spend money recruiting drivers like Lyft does.

Cinco deMayo commemorates the defeat of French forces by the Mexican army at the Battle of Puebla in 1862, but its popularity jumped in the 1980s, when beer companies leveraged it in aggressive marketing campaigns. Now, Cinco de Mayo is a day for celebrating Mexican culture and, interestingly, it’s now more popular in the US than in Mexico.

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UPDATE: “Earth Day” on Stock Markets, Bond Yields & China

Posted on April 22, 2022 by Dr. Marcinko

By Staff Reporters

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Stocks fell as investors monitor a steady stream of corporate earnings against a backdrop of elevated inflation and further Fed policy tightening.

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

The S&P 500 dropped and erased earlier gains. The Dow Jones Industrial Average also turned lower. The NASDAQ fell more than 2% and extended losses when the tech-heavy index was weighed down by a slide in Netflix. Meanwhile, Tesla (TSLA) shares rose after the electric vehicle-maker handily exceeded expectations in its fiscal first-quarter results.

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Treasury bond yields climbed after Federal Reserve Chair Jerome Powell suggested the case for front-loading interest rate hikes with 50 basis-point increases in order to quickly address persistent inflationary pressures. San Francisco Federal Reserve President Mary Daly also suggested in an interview with Yahoo Finance that she would back a larger-than-typical 50 basis point interest rate hike following the Fed’s May meeting given current price pressures.

China: The nation’s securities regulator issued investor guidance for the country’s giant social security fund, just as the benchmark CSI 300 Index was heading toward the lowest level since June 2020.

HAPPY EARTH DAY 2022!

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UPDATE: The US Economy and Stock Markets

Posted on March 3, 2022 by Dr. Marcinko

By Staff Reporters

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Economy: Federal Reserve Chair Jerome Powell told Congress that “it’s too soon to say” how the war in Ukraine will affect the central bank’s plans, but for now it’s not enough to derail the FOMC from hiking interest rates later this month.

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

Markets: Stocks rose across the board with strong corporate fundamentals outshining geopolitical worries…at least for a day. Intel had a strong showing after its CEO got a shout-out in the State of the Union address (to be fair, we have no idea if those two things are related).

US MARKETS

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UPDATE: On Domestic “Inflation” Rising?

Posted on February 20, 2022 by Dr. Marcinko

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By Staff Reporters

Federal Reserve Chair Jerome Powell and his colleagues can expect to see their upcoming key inflation metric accelerate this week to a fresh four-decade high last seen when Paul Volcker led the U.S. central bank.

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

The personal consumption expenditures price index, which the Federal Reserve uses for its inflation target, likely jumped 6% in January from a year earlier, according to the median of a Bloomberg survey of economists. The core measure, which excludes food and fuel, is forecast to climb 5.2%.

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Consumption Function: https://medicalexecutivepost.com/2022/01/18/what-is-the-economic-consumption-function-theory/

And, less than a month before the FOMC’s next policy meeting, a sharper-than-projected advance in the price gauge could turn up the heat for a half-point increase in the benchmark interest rate. January’s consumer-price index rose more than forecast, with broad advances in the costs of goods and services.

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UPDATE: The Markets, Federal Reserve and Omicron

Posted on January 27, 2022 by Dr. Marcinko

By Staff Reporters

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Markets: Stocks were in the green yesterday until Fed Chair Jerome Powell explained that the Federal Reserve Open Market Committee was planning to start hiking interest rates in March to combat soaring inflation. Then, they tanked and Treasury yields rose sharply higher. Microsoft still had a solid day after its superb earnings report offered bullish signs for the entire software industry. But, stock markets in Asia tumbled to their lowest in nearly 15 months after America’s central bank chief confirmed widely expected plans to tackle higher inflation with an increase in interest rates this year, beginning in March. And finally, Cryptos got crushed, again!

FOMC: “With inflation well above 2 percent and a strong labor market, the Committee expects it will soon be appropriate to raise the target range for the federal funds rate,” said Chairman Powell.

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

Omicron: The Food and Drug Administration pulled its authorization of two of the most-used monoclonal antibodies to treat COVID-19 this week, leaving doctors with fewer options to help their patients avoid the hospital. Related: https://www.cdc.gov/coronavirus/2019-ncov/vaccines/different-vaccines.html?s_cid=11305:%2BModerna%20%2B%20%2Bcovid%20%2Bvaccine:sem.b:p:RG:GM:gen:PTN:FY21

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UPDATE: Stock Markets, the Economy and Pandemic

Posted on January 26, 2022 by Dr. Marcinko

By Staff Reporters

SPONSOR: http://www.CertifiedMedicalPlanner.org

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Stock Markets: US stocks staged a big afternoon comeback for the second day in a row … but still not big enough to close in the green. American Express was the top performer in both the S&P and the Dow after the company reported its highest billings volume ever in Q4. And, enthusiasm over meme stocks more broadly appears to be dwindling along with cryptos. And, while NASDAQ took a hit, Microsoft reported quarterly sales of more than $50 billion for the first time ever.
Economy: The weight of the financial world is on Jerome Powell’s shoulders today. The Federal Reserve chair will provide an update on the central bank’s views on sky-high inflation and its plan for interest rate hikes this year (though none are expected until March).
Pandemic: Pfizer and BioNTech started clinical trials for an Omicron-specific vaccine yesterday. The results will help the pharma partners decide whether to replace their current jab formula with one that targets the most dominant Covid variant. The new vaccine is being tested both as a three-shot series for un-vaccinated participants and as a booster for the already vaccinated.
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UPDATE: On the Markets, Pandemic, Crypto, Federal Reserve and Tax Season

Posted on January 24, 2022 by Dr. Marcinko

By Staff Reporters

Stock Markets: The S&P is off to its worst start to a year since 2016. The NASDAQ is in a correction. And the week ahead features a busy earnings slate and a Federal Reserve meeting.
Covis Pandemic: Tony Dr. Fauci said he is “confident as you can be” that the Omicron wave in the US will peak by mid-February. In a growing number of states, that peak has already come and gone and cases are plunging in states like New York and Florida. Other states, such as Oklahoma, Idaho, and Wyoming, are still reporting an uptick in new Covid cases.
Crypto-Currency: Crypto investors, meanwhile, wish they got the weekend off like stock traders, because bitcoin, ethereum, and other digital tokens continued to sink.
Federal Reserve: Federal Reserve officials will get together on Tuesday and Wednesday against the backdrop of quaking markets. Investors will want to hear an update on Chair Jerome Powell’s views on inflation. This Fed meeting will likely be the last before an anticipated interest rate hike in March. And, a blizzard of companies will report including nearly half of the Dow’s 30 giants (American Express, 3M, IBM, and more) and tech heavyweights such as Apple, Microsoft, and Tesla.
Tax Season: The income tax filing season opens today and government officials warn it could be bumpy due to a depleted IRS. The Treasury says to file early, file online, and request your refund via direct deposit to avoid the severe headaches.
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UPDATE: Stock Market and Retail Banks

Posted on January 12, 2022 by Dr. Marcinko

BY STAFF REPORTERS

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Stock Markets: Stocks ticked higher as investors zeroed in on Senate testimony from Fed Chair Jerome Powell, who is up for a second term. Powell said the Fed would do what’s necessary to get inflation back to normal levels.

Banks: Bank of America decided to make life a little less difficult for account holders without piles of cash. The bank—America’s second largest—announced on Tuesday that it would reduce overdraft fees by around 70%, from $35 to $10. BofA is also scrapping a $12 non-sufficient funds fee (for bouncing a check or making an automated overdraft) and will eliminate transfer fees for its overdraft protection service.The decision comes on the recently shined heels of similar moves by other large banks.

Capital One announced last month that it was eliminating overdraft fees altogether.
In August, JPMorgan increased its charge-incurring overdraft amount to $50 (it was previously $5).
PNC Bank introduced a 24-hour grace period on overdraft penalties.

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