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Posted on January 21, 2024 by Dr. David Edward Marcinko MBA
By Staff Reporters
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Four U.S. banks warned of lower interest income for this year on Friday, capping a week of dour commentary from the industry that has been under pressure from high deposit costs. After more than a year of booking strong profits on the back of the high interest they were able to charge on loans, banks are contending with a string of challenges heading into 2024, including weaker loan growth and potentially tougher capital rules.
Markets: Investors saw the S&P 500 and the Dow finished Friday at all-time highs. Soaring tech stocks helped the S&P blow past both intra-day and closing records set in January 2022.
Stock spotlight: Spirit Airlines had a bumpy ride this week. After falling for days, the budget carrier took off when it raised its forecast and said it still believes in the deal for JetBlue to buy it that a judge has blocked. Spirit and JetBlue also filed an appeal to try to save the merger.
Posted on January 20, 2024 by Dr. David Edward Marcinko MBA
By Staff Reporters
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Drugmakers kicked off 2024 by raising the list prices for Ozempic, Mounjaro and dozens of other widely used medicines. Companies including Novo Nordisk, the maker of Ozempic, and Eli Lilly, which sells Mounjaro, raised list prices on 775 brand-name drugs during the first half of January 2024, according to an analysis for The Wall Street Journal by 46brooklyn Research, a nonprofit drug-pricing analytics group.
The drugmakers raised prices of their medicines by a median 4.5%, though the prices of some drugs rose by around 10% or higher, according to the research group. The median increase is higher than the rate of inflation, which ticked up to 3.4% in December.
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Reddit’s IPO is reportedly due in March. According to Reuters, the social media platform’s long-awaited initial public offering will launch by the end of March after it makes its public filing in late February. It’ll be the first big social media IPO since 2019, when Pinterest went public. All eyes will fall on Reddit’s own users, who are known to fuel meme stock rallies—namely AMC and GameStop—and could help prop up the company’s debut on the stock market. Valued at about $10 billion as of 2021, Reddit reportedly will sell 10% of its shares as it competes with TikTok and Facebook for attention and ad dollars.
Here’s where the major benchmarks ended:
The S&P 500 index rose 58.87 points (1.2%) to 4,839.81, up 1.2% for the week; the Dow Jones Industrial Average gained 395.19 points (1.1%) to 37,863.80, up 0.7% for the week; the NASDAQ Composite® (COMP) increased 255.32 points (1.7%) to a two-year high of 15,310.97, up 2.3% for the week.
The 10-year Treasury note yield (TNX) fell about 1 basis point to 4.132%.
The CBOE Volatility Index® (VIX) fell 0.83 to 13.30.
Strength in Nvidia and other chipmakers like Advance Micro Devices (AMD), which surged 6%, lifted the Philadelphia Semiconductor Index (SOX) 4% to a record high close. Regional banks were also among the market’s strongest performers, as the KBW Regional Banking Index (KRX) added nearly 2%. Food and beverage companies and utilities were among the weakest performers.
Posted on January 19, 2024 by Dr. David Edward Marcinko MBA
By Staff Reporters
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Statistic 187,000: That’s how many first time unemployment claims were filed last week, a surprise decline and the lowest since September 2022. The resilient labor market is continuing to chug along as companies continue to hold on to the workers they have.
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Managed-care companies are reporting that seniors on Medicare Advantage Part C plans used far more medical services than expected in the final months of 2023. The announcements have sparked two separate selloffs over the past week: The first came January 12th, when UnitedHealth Group announced its fourth-quarter earnings. The second came Thursday, after Humana laid out preliminary fourth-quarter results, and said the high utilization trends would have a material impact on its 2024 performance “if current trends continue.”
In response, three largest sponsors of Medicare Advantage plans, UnitedHealth Group, CVS Health, and Humana, have seen their shares fall 3.2%, 7.5%, and 14.3% so far this year, respectively, as of midday Thursday. The S&P 500 is down 0.6% over the same period, while Cigna Group—which is reportedly near a deal to sell its relatively small Medicare Advantage business—is up 1%.
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Here’s where the major benchmarks ended:
The S&P 500 index rose 41.73 points (0.9%) to 4,780.94; the Dow Jones Industrial Average® (DJI) gained 201.94 points (0.5%) to 37,468.61; the NASDAQ Composite increased 200.03 points (1.4%) to 15,055.65.
The 10-year Treasury note yield (TNX) rose nearly 4 basis points to 4.142%.
The CBOE Volatility Index® (VIX) fell 0.66 to 14.13.
Gains in Taiwan Semiconductor and its industry counterparts sent the Philadelphia Semiconductor Index (SOX) up 3.4% to a three-week high. In a further illustration of tech sector strength, the Nasdaq-100® (NXD), which includes the NASDAQ’s largest non-financial companies, rose 1.5% to a record closing high. Banking and utility shares were among the market’s weakest performers.
Posted on January 18, 2024 by Dr. David Edward Marcinko MBA
By Staff Reporters
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The Cigna Group (NYSE:CI) has announced leadership changes designed to continue accelerating growth across Evernorth Health Services and Cigna Healthcare.
Brian Evanko to continue as CFO, will serve as new President and CEO of Cigna Healthcare and Ann Dennison to join The Cigna Group as Deputy CFO.
Here’s where the major benchmarks ended:
The S&P 500 index fell 26.77 points (0.6%) to 4,739.21; the Dow Jones Industrial Average® (DJI) lost 94.45 points (0.3%) to 37,266.67; the NASDAQ Composite® (COMP) dropped 88.73 points (0.6%) to 14,855.62.
The 10-year Treasury note yield rose more than 3 basis points to 4.10%.
The CBOE® Volatility Index (VIX) climbed 0.95 to 14.79.
Real estate and utility shares were among the market’s weakest performers Wednesday, with the Dow Jones Utility Average (DJU) losing 1.4% and ending at its lowest level since late November. Small-cap stocks also remained under pressure. The Russell 2000® Index (RUT) fell 0.7% and ended at a five-week low. In other markets, the U.S. Dollar Index (DXY) strengthened to a five-week high as the retail sales report fueled optimism over the economy.
Posted on January 17, 2024 by Dr. David Edward Marcinko MBA
By Staff Reporters
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Many analysts are talking about a rebound in healthcare stocks in 2024. If that’s the case, investors should load up on shares of UnitedHealth Group (NYSE:UNH) and buy the dip after the company’s Q4 results. The largest healthcare insurer in the U.S. reported Q4 financial results that beat Wall Street forecasts on the top and bottom lines. But, UNH stock dropped 3% due to higher-than-expected utilization rate for medical services.
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Uber is shutting down alcohol delivery app Drizly, the company confirmed, three years after acquiring the platform for $1.1 billion. Drizly will officially shut down at the end of March, Uber told The Associated Press. That means orders are open until then, Drizly said in details posted on X, the platform formerly known as Twitter.
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And, after a rocky couple of years for the Chinese economy, the country’s stock market appears to be in free fall now, with authorities asking institutional investors not to sell stocks in an attempt to stabilize share prices as foreigners are pulling out. On Monday, Chinese equities dipped after the country’s central bank decided to keep its medium-term policy rate unchanged at 2.5 percent, failing to cut interest as was widely expected by investors. The country’s CSI 300 was at its lowest level since 2019, a record only previously beaten in October 2023.
Here’s where the major benchmarks ended:
The S&P 500® index (SPX) fell 17.85 points (0.4%) to 4,765.98; the Dow Jones Industrial Average lost 231.86 points (0.6%) to 37,361.12; the NASDAQ Composite® (COMP) declined 28.41 points (0.2%) to 14,944.35.
The 10-year Treasury note yield rose about 11 basis points to 4.06%.
The CBOE® Volatility Index (VIX) rose 0.59 to 13.84.
Banks and energy shares were among the weakest performers Tuesday, the latter sector pressured by a 1.1% drop in crude oil futures. Climbing yields appeared to drag down financial shares, with the KBW Regional Banking Index (KRX) sinking 1.7% to its lowest level in over a month. Semiconductors were among the few sectors to post gains.
Posted on January 10, 2024 by Dr. David Edward Marcinko MBA
By Staff Reporters
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The S&P 500® index (SPX) was down 7.04 points (0.2%) at 4,756.50; the Dow Jones Industrial Average® (DJI) was down 157.85 points (0.4%) at 37,525.16; the NASDAQ Composite was up 13.94 points (0.1%) at 14,857.71.
The 10-year Treasury note yield (TNX)was up about 2 basis points at 4.019%.
The CBOE® Volatility Index (VIX) was down 0.32 at 12.76.
Energy shares were among the market’s weakest performers Tuesday despite a rally of nearly 2% in crude oil futures. The Philadelphia Oil Service Index (OSX) sank 2.4% to a four-week low. Banking and materials were also notably soft. Small-cap stocks remained under pressure, sending the Russell 2000® Index (RUT) down 1.1%.
Despite the market’s weak start to the year, excessively bullish sentiment “remains a risk” to the recent rally, according to Kevin Gordon, senior investment strategist at Schwab. But he also noted that market “breadth,” the number of advancing shares versus declining shares, is “healthier” than it was for much of 2023. Sentiment “is still quite stretched, which means that the market remains vulnerable to a correction,” Gordon said. “However, the backdrop—whether it’s the number of stocks trading above their 200-day moving average, outperforming their respective benchmark, or in an uptrend—is relatively healthy. That keeps the broader uptrend in place, albeit not perfectly or smoothly.”
Posted on November 5, 2023 by Dr. David Edward Marcinko MBA
By Staff Reporters
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“The Medicare physician payment schedule released today is an unfortunate continuation of a two-decade march in making Medicare unsustainable for patients and physicians.
For 2024, the new rule indicates there will be another downward adjustment of 3.4 percent, on top of the 2 percent payment reduction in 2023. At the same time, the payment schedule confirms the Medicare Economic Index (MEI) increase at 4.6 percent, the highest this century and on top of last year’s 3.8 percent. MEI is the government measure of inflation in medical practice costs. “
“When adjusted for inflation, Medicare physician payment already has effectively declined 26% from 2001 to 2023 before additional inflation and these cuts are factored in.”
Posted on November 4, 2023 by Dr. David Edward Marcinko MBA
“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.
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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.
Posted on November 3, 2023 by Dr. David Edward Marcinko MBA
By Staff Reporters
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The IRS has increased the 401(k) plan contribution limits for 2024, allowing employees to defer up to $23,000 into workplace plans, up from $22,500 in 2023. The agency boosted contributions for individual retirement accounts to $7,000 for 2024, up from $6,500. The employee contribution limit for 401(k) plans is also increasing to $23,000 in 2024, up from $22,500 in 2023, and catch-up contributions for savers age 50 and older will remain unchanged at $7,500. The new amounts also apply to 403(b) plans, most 457 plans and Thrift Savings Plans.
IBM just informed its US workers that starting on January 1st, 2024, the corporation will no longer match employee contributions to their 401(k) retirement plans. Instead, it will offer a new benefit called a Retirement Benefit Account (RBA).
“Each eligible employee’s RBA will be credited monthly with an amount equal to five percent of their eligible pay – no employee contribution required,” a leaked internal memo reads, the content of which was confirmed by The Register’s sourcing. “IBMers will also receive a one-time salary increase to offset the difference between the IBM contributions they are currently eligible to receive in the 401(k) plan and the new five percent RBA pay credit. This is separate from the annual salary plan later in the year.”
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A jury on Thursday convicted FTX co-founder Sam Bankman-Fried of fraud, conspiracy and money laundering, the culmination of a month-long trial that saw the former crypto mogul take the stand in his own defense after his inner circle of friends-turned-deputies provided damning testimony against him.
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Here is where the major benchmarks ended:
The S&P 500 Index was up 79.92 points (1.9%) at 4,317.78; the Dow Jones Industrial Average (DJI) was up 564.50 points (1.7%) at 33,839.08; the NASDAQ Composite was up 232.72 points (1.8%) at 13,294.19.
The 10-year Treasury note yield was down about 13 basis points at 4.663%.
CBOE’s Volatility Index (VIX) was down 1.21 at 15.66.
Nearly every sector participated in Thursday’s rally, with banks and other financial companies leading gainers. The KBW Regional Banking Index (KRX) surged more than 5%. Energy and retail shares were also strong. Small-cap stocks outpaced their larger counterparts, with the Russell 2000 Index (RUT) jumping 2.5%.
Posted on October 24, 2023 by Dr. David Edward Marcinko MBA
By Staff Reporters
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Here is where the major benchmarks ended today:
The S&P 500® Index (SPX) was down seven points (0.2%) at 4,217.04; the Dow Jones Industrial Average (DJI) was down 191 points (0.6%) at 32,936.41; the NASDAQ Composite was up 35 points (0.3%) at 13,018.33.
The 10-year Treasury note yield was down about nine basis points at 4.845%.
CBOE’s Volatility Index (VIX) was down 1.4 points at 20.35.
The communication services, technology, and consumer discretionary were the best sector performers, thanks in part to gains in big tech companies.
Energy was the laggard Monday, as WTI crude dropped 2.6% to below $86 a barrel.
Posted on October 23, 2023 by Dr. David Edward Marcinko MBA
By Staff Reporters
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The 2023 federal budget deficitsurged by 23% to $1.7 trillion, leaving the US in its deepest yearly fiscal hole outside of the Covid era, according to the Treasury Department, which released the data on Friday.
But a closer look reveals the financial picture is even worse than the headline #s suggest.
The Treasury recorded the Biden administration’s ~$300 billion student loan forgiveness program as a cost last year, but it was struck down by the Supreme Court and never took effect, resulting in the Treasury considering it a savings this year.
That means the year over year increase effectively doubled from $1 trillion in 2022 to $2 trillion in 2023.
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The benchmark 10-year Treasury bond yield rose above 5% and to its highest since 2007 on Monday, as a roaring U.S. economy led investors to expect interest rates to stay high for an extended period. The combination of those higher yields and risk of a wider conflict in the Middle East soured sentiment at the start of a week full of mega-cap earnings and key data, and pushed global shares down to seven-month lows.
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Chevron said it would buy Hess in an all-stock deal worth $53 billion, the second major oil tie-up this month following Exxon Mobil’s deal to buy Pioneer Natural Resources. The U.S. energy company said buying Hess would upgrade and diversify its portfolio, marking Chevron’s entrance into an Exxon-led partnership overseeing a generational oil find in Guyana, while picking up additional U.S. shale assets largely in North Dakota. Chevron also highlighted the attraction of Hess’s assets in the Gulf of Mexico and its natural-gas business in Southeast Asia.
Posted on October 21, 2023 by Dr. David Edward Marcinko MBA
By Staff Reporters
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The U.S. government on Friday posted a $1.695 trillion budget deficit in fiscal 2023, a 23% jump from the prior year as revenues fell and outlays for Social Security, Medicare and interest costs on the federal debt rose significantly.
The Treasury Department said the deficit was the largest since a COVID-fueled $2.78 trillion gap in 2021 and marks a major return to ballooning deficits after back-to-back declines during President Joe Biden’s first two years in office. The deficit comes as Biden is asking Congress for $100 billion in new foreign aid and security spending, including $60 billion for Ukraine and $14 billion for Israel, along with funding for U.S. border security and the Indo-Pacific region.
The S&P 500® Index was down 53.84 points (1.3%) at 4,224.16, down 2.4% for the week; the Dow Jones Industrial Average (DJI) was down 286.89 points (0.9%) at 33,127.28, down 1.6% for the week; the NASDAQ Composite was down 202.37 points (1.5%) at 12,983.81, down 3.2% for the week.
The 10-year Treasury note yield was up about 8 basis points at 4.907%.
CBOE’s Volatility Index (VIX) was up 0.26 at 21.71.
Small-cap stocks, which are considered to be more exposed to economic uncertainty, were also soft, as the Russell 2000 Index (RUT) dropped to a 12-month low and was 2.2% lower for the week.
Gold futures rose 2.3% for the week and ended near a three-month high, as the fighting in the Middle East fueled demand for assets considered to be safe havens. Volatility based on the VIX spiked to its highest level since March.
Posted on October 20, 2023 by Dr. David Edward Marcinko MBA
By Staff Reporters
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Bond yields, which impact borrowing costs for all kinds of loan products, moved higher this week as investors fretted over higher-for-longer interest rates. After notching a 16-year-record earlier this month, the yield on the 10-year Treasury bond continued to surge on Thursday, rising to 4.958%.
The S&P 500 Index was down 36.60 points (0.9%) at 4,278.00; the Dow Jones Industrial Average (DJI) was down 250.91 points (0.8%) at 33,414.17; the NASDAQ Composite was down 128.13 points (1.0%) at 13,186.18.
The 10-year Treasury note yield was up about 9 basis points at 4.988%.
CBOE’s Volatility Index (VIX) was up 2.09 at 21.31.
Powell’s speech and Treasury yields at least partly overshadowed earnings reports from a few major companies, including Netflix (NFLX), whose shares soared 16% after the company reported stronger-than-expected quarterly results.
Otherwise, most areas of the market eroded, with consumer discretionary and real estate among the weakest-performing sectors. Energy shares held up somewhat better as crude oil futures rose for the fifth day in the past six and ended near a three-week high above $89 a barrel.
Gold futures jumped 1% and closed near a three-month high.
Posted on October 19, 2023 by Dr. David Edward Marcinko MBA
By Staff Reporters
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Though high interest rates have consumers and businesses feeling the pinch, they’ve been a boon to the US’s largest banks. JPMorgan Chase, Citigroup, and Wells Fargo all had stronger-than-expected third-quarter results. In total, the banks earned $22 billion in profit, more than a third higher than in Q3 2022, the Wall Street Journal reported. Their combined revenue was $81 billion, or 14% higher than last year.
Bank stocks dipped last month following the Fed’s meeting, where it held interest rates steady. But though high rates have hurt some smaller banks, they’ve helped keep the large banks’ net interest margins healthy according to CNBC. JPMorgan’s Net Interest Income (NII) was up 30% year over year, rising to $22.9 billion. Wells Fargo’s declined slightly from last quarter, but was still 8% higher than it was last year.
The US economy remains strong, but shows some signs of slowing, bank executives said during recent earnings calls. JPMorgan and Citi took note of consumer spending, with JPMorgan CFO Jeremy Barnum saying, “we are coming on off a very low base. And so there’s a hope and an expectation that we are on the path to normalization and improvement.”
The average cost for a family health insurance plan offered through an employer jumped 7% this year to $23,968 − the highest rate increase in a decade, according to the annual employer health benefits survey released yesterday by KFF, a nonprofit health policy organization. Prices are far higher than they were a year ago, when premiums increased by 1%.
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Here is where the major benchmarks ended:
The S&P 500 Index was down 58.60 points (1.3%) at 4,314.60; the Dow Jones Industrial Average (DJI) was down 332.57 points (1.0%) at 33,665.08; the NASDAQ Composite was down 219.44 points (1.6%) at 13,314.30.The 10-year Treasury note yield was up about 6 basis points at 4.906%.CBOE’s Volatility Index (VIX) was up 1.42 at 19.30.
Weaker-than-expected quarterly results from some airlines and shipping companies weighed on the transport sector, with the Dow Jones Transportation Average (DJT) sinking 3.4% to end near a four-month low. Financial shares were also lower, with the KBW Regional Banking Index (KRX) dropping nearly 3%. Energy was one of the few areas of strength after WTI Crude Oil futures (CLZ3) jumped above $87 a barrel to a two-week high following a larger-than-expected drop in U.S. supplies. Gold futures rose 1.4% near a two-month high.
Posted on October 18, 2023 by Dr. David Edward Marcinko MBA
By Staff Reporters
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The IRS recently announced some welcome news for higher-income workers with 401-k[s] and similar retirement plans. The agency delayed implementing a new rule that would have required catch-up contributions made by people earning over $145,000 to be directed into an after-tax Roth account.
The S&P 500 Index was down 0.43 point at 4,373.20; the Dow Jones Industrial Average was up 13.11 points at 33,997.65; the NASDAQ Composite (COMP) was down 34.24 points (0.3%) at 13,533.75.
The 10-year Treasury note yield was up about 13 basis points at 4.84%.
CBOE’s Volatility Index (VIX) was up 0.68 at 17.89.
Technology shares were among the market’s weakest performers Tuesday, with the Philadelphia Semiconductor Index (SOX) dropping more than 1%. Banks and retailers did better.
The KBW Regional Banking Index (KRX) rose 2% to end near a four-week high. Small-cap stocks were also higher, with the Russell 2000 Index (RUT) gaining more than 1%.
Posted on October 17, 2023 by Dr. David Edward Marcinko MBA
By Staff Reporters
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Neuberger Berman is submitting a shareholder proposal to Lions Gate Entertainment Corp., advocating for an end to the dual-class voting structure at the company ahead of a spinoff of its studio business.
The investment manager owns 0.02% of the company’s class A shares and 4.4% of the non-voting class B shares, according to a statement and Bloomberg calculations. Neuberger Berman, which has been a shareholder since 2016, submitted a proposal after having sent a letter to Lions Gate’s board last month.
Neuberger Berman said “one share, one vote” is a foundational principle of corporate governance and that dual-class structures are inconsistent with market practice with a 7% adoption among S&P 500 companies. It also said the structure may impair value and increase risk as it complicates capital structure and gives certain shareholder outsized influence.
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Treasury Secretary Janet Yellen said higher interest rates may persist, while insisting the US economy is “in a good place.” The interest on US debt, which stands at 98% of economic output, “remains manageable,” Yellen said on Monday in an interview with Sky News. “Higher interest rates may persist although that’s not clear,” she said. “Our fiscal situation is by no means unsolvable. We have to be attentive to it.”
LinkedIn said Monday it is laying off hundreds of employees amounting to about 3% of the social media company’s workforce. The Microsoft-owned career network is cutting about 668 roles across its engineering, product, talent and finance teams. “Talent changes are a difficult, but necessary and regular part of managing our business,” the company said in a statement.
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Here is where the major benchmarks ended:
The S&P 500 Index was up 45.85 points (1.1%) at 4,373.63; the Dow Jones Industrial Average was up 314.25 points (0.9%) at 33,984.54; the NASDAQ Composite (COMP) was up 160.75 points (1.2%) at 13,567.98.
The 10-year Treasury note yield (TNX) was up about 8 basis points at 4.71%.
CBOE’s Volatility Index (VIX) was down 2.06 at 17.26.
All 11 S&P 500 sectors posted gains in Monday’s broad-based upswing, led by the S&P Retail Select Industry Index (SPSIRE), which surged 2.7%.
Regional banks and transportation shares were also among the strongest performers. Energy stocks held firm even as WTI crude oil futures slipped over 1%.
Posted on October 15, 2023 by Dr. David Edward Marcinko MBA
By Staff Reporters
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Kaiser Permanente and unions representing 75,000 of its employees reached a tentative deal for a new contract in the wake of the largest healthcare strike ever in the US.
The UAW did not expand its strike against Detroit’s Big Three automakers, but the union’s president said more workers could be added to the picket lines at any time and urged carmakers to “pony up.”***
Posted on October 14, 2023 by Dr. David Edward Marcinko MBA
By Staff Reporters
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Citigroup chief Jane Fraser has unveiled a plan to eliminate five layers of management in what is poised to become the bank’s largest restructuring in two decades, according to a presentation unveiled Friday. Since major reorganization changes were announced last month, Citigroup has scrapped its two core operating units — which had focused on institutional and consumer clients — and reorganized into five key business units including trading, banking, services, wealth management, and US consumer offerings. The stock price was up 3%.
JPMorgan Chase’s third-quarter profit soared 35% from last year, fueled by a rapid rise in interest rates, but the bank’s CEO, Jamie Dimon, issued a sobering statement about the current state of world affairs and economic instability.
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Here is where the major benchmarks ended:
The S&P 500 Index was down 21.83 points (0.5%) at 4,327.78, up 0.4% for the week; the Dow Jones Industrial Average (DJI) was up 39.15 points (0.1%) at 33,670.29, up 0.8% for the week; the NASDAQ Composite (COMP) was down 166.98 points (1.2%) at 13,407.23, down 0.2% for the week.
The 10-year Treasury note yield (TNX) was down about 9 basis points at 4.623%.
CBOE’s Volatility Index (VIX) was up 2.63 at 19.32.
Technology shares were among the market’s weakest sectors Friday, with the Philadelphia Semiconductor Index (SOX) tumbling more than 2%. Regional banks and transportation were also lower.
The small-cap focused Russell 2000 Index (RUT) extended a recent slide and was down 1.5% for the week. Energy shares led sector gainers as WTI crude oil futures soared more than 5%, capping a gain of nearly 6% for the week, after reports the U.S. had tightened sanctions against Russian crude exports.
Posted on October 13, 2023 by Dr. David Edward Marcinko MBA
By Staff Reporters
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Here is where the major benchmarks ended today:
The S&P 500 Index was down 27.34 points (0.6%) at 4,349.61; the Dow Jones Industrial Average (DJI) was down 173.73 points (0.5%) at 33,631.14; the NASDAQ Composite was down 85.46 points (0.6%) at 13,574.22.
The 10-year Treasury note yield (TNX) was up nearly 11 basis points at 4.703%.
CBOE’s Volatility Index (VIX) was up 0.58 at 16.67.
Small-cap stocks led the way lower Thursday, as the Russell 2000 Index (RUT) sank more than 2% to a one-week low.
Retailers and utilities were also lower. Semiconductors and energy producers were among the few areas of strength, the latter posting modest gains even after a larger-than-expected increase in U.S. crude stockpiles sent oil futures lower.
Posted on October 12, 2023 by Dr. David Edward Marcinko MBA
By Staff Reporters
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Resilient economic and earnings data, an expected end to Fed rate hikes, lower market volatility, and a broader recovery in the equity markets are favorable signs for IPO activity. With 8 of the 10 largest tech IPOs ever, the NYSE is ready when you are. Learn more.
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Here is where the major benchmarks ended:
The S&P 500 Index was up 18.71 points (0.4%) at 4,376.95; the Dow Jones Industrial Average (DJI) was up 65.57 points (0.2%) at 33,804.87; the NASDAQ Composite was up 96.83 points (0.7%) at 13,659.68.
The 10-year Treasury note yield (TNX) was down nearly 10 basis points at 4.558%.
CBOE’s Volatility Index (VIX) was down 0.93 at 16.10.
Real estate and utilities were among the market’s strongest sectors Wednesday, with the Dow Jones Utility Index (DJU) jumping more than 1% to a two-week high. Communication services and technology shares were also higher.
Energy stocks led sector decliners as crude oil futures fell more than 2%, pressured by reports Saudi Arabia will support efforts to stabilize oil markets to account for uncertainty caused by the fighting in Israel.
Posted on October 11, 2023 by Dr. David Edward Marcinko MBA
By Staff Reporters
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After months of speculation, Birkenstock made its first move to go public in September, sending its prospectus document to the U.S. Securities and Exchange Commission. In the filing, Birkenstock stated it would sell close to 32.26 million shares priced between $44 and $49 per ordinary share to raise about $1.58 billion for the company and its private equity owner L Catterton, which is backed by the French luxury fashion house LVMH. At the low end, the valuation would hover around $8.3 billion, and at the high end about $9.2 billion, according to the numbers revealed in the filing. The prospectus also stated that LVMH CEO Bernard Arnault’s family holding company Financière Agache is interested in buying up to $325 million in shares. Alexandre Arnault, Bernard’ son, will join Birkenstock’s board of directors after the offering. While no date has been confirmed for when the company will officially go public, Birkenstock’s debut on the stock exchange could come as soon as Wednesday, Oct. 11th, 2023.
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A sustained rise in long-term Treasury yields could be bringing the Federal Reserve’s historic rate hiking cycle to an anticlimactic end. Top central bank officials have signaled in recent days that they could be done raising short-term interest rates if long-term rates remain near their recent highs and inflation continues to cool.
The S&P 500 Index was up 22.58 points (0.5%) at 4,358.24; the Dow Jones Industrial Average (DJI) was up 134.65 points (0.4%) at 33,739.30; the NASDAQ Composite was up 78.60 points (0.6%) at 13,562.84.
The 10-year Treasury note yield was down about 13 basis points at 4.653%.
CBOE’s Volatility Index (VIX) was down 0.66 at 17.04.
Shares of retailers, regional banks, and technology companies were among the market’s strongest performers Tuesday, with the Philadelphia Semiconductor Index (SOX) up more than 1% to a three-week high.
Small-caps also strengthened, with the Russell 2000 Index (RUT) up about 1.5%, outpacing their large-cap counterparts. WTI crude oil futures fell for the first day in three, while the U.S. dollar index (DXY) eroded for the fifth day in a row to touch its lowest level in more than a week.
Posted on October 10, 2023 by Dr. David Edward Marcinko MBA
By Staff Reporters
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Walgreens’ corporate management have announced that they would be closing 150 of its nearly 9,000 stores in the United States by the end of August 2024 as profits have declined. In an earnings call the Chief Financial Officer James Kehoe said that earnings sunk from $289 million to $118 million from the year prior in the third quarter, CEO Rosalind Brewer said.
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Hospitalizations from COVID-19 pose a “continued public health threat”, particularly to those adults aged 65 and above. This is the warning of a study by researchers from the Centers for Disease Control and Prevention(CDC), which analyzed hospitalizations between January and August this year.
Markets: Investors will be focused on the outbreak of war in Israel and Gaza, which could lead to volatility in global stock markets and oil prices, depending on the escalation of the conflict. US oil futures jumped. Later in the week, the consumer price index report will give an update on the Fed’s fight against inflation.
Here is where the major benchmarks ended (the bond market was closed for Columbus Day):
The S&P 500 Index was up 27.16 points (0.6%) at 4,335.66; the Dow Jones Industrial Average (DJI) was up 197.07 points (0.6%) at 33,604.65; the NASDAQ Composite was up 52.90 points (0.4%) at 13,484.24.
CBOE’s Volatility Index (VIX) was up 0.25 at 17.70.
Posted on October 9, 2023 by Dr. David Edward Marcinko MBA
By Staff Reporters
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Be alert and ready for the S&P 500 to crash by 50%, house prices to slide, and a recession to strike, Jeremy Grantham says.
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It has been a difficult couple of years for BlackRock, the world’s biggest money manager. The firm is still enormously profitable, though it has recently taken some big hits because of its promotion of ESG investments.
Under a new proposal from the Post Office, the cost of a First Class stamp would rise to $.68 from $.66. The price was increased from $.63 to $.66 in July. Last January, the price rose from $.60 to $.63. If the new plan is accepted, First Class mail prices will rise 13% over the period.
Posted on October 8, 2023 by Dr. David Edward Marcinko MBA
By Staff Reporters
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The Centers for Disease Control and Prevention will no longer print or issue COVID-19 vaccination cards, the agency said in guidance updated this week. The agency also said it does not maintain vaccination records. According to the CDC, your state health department immunization information system can provide you a digital or paper copy of your full vaccination record, including your COVID-19 vaccinations, but cannot issue you a new vaccination card.
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The more than 6 million-barrel weekly rise in U.S. gasoline supplies reported by the Energy Information Administration wasn’t just a surprise, but the strongest sign yet that prices for oil and its products have reached the breaking point for consumers.
Posted on October 7, 2023 by Dr. David Edward Marcinko MBA
By Staff Reporters
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Here is where the major benchmarks ended this week:
The S&P 500 Index rose 50 points (1.2%) to 4,308.52 and gained 0.5% for the week; the Dow Jones Industrial Average (DJI) was up 288 points (0.87%) at 33,407.58 but was down 0.3% for the week; the NASDAQ Composite was up 211 points (1.6%) at 13,431.34 and gained 1.6% for the week.
The 10-year Treasury note yield was up eight basis points at 4.788%.
CBOEs Volatility Index (VIX) fell one point to 17.47.
Energy shares were among the market’s strongest sectors behind a rebound in crude oil futures, though oil prices still ended down more than 8% for the week. Technology and industrial stocks were also strong.
Small-caps joined the upswing as the Russell 2000 Index (RUT) gained over 1% Friday but still ended the week with a loss of nearly 2%.
Posted on October 5, 2023 by Dr. David Edward Marcinko MBA
By Staff Reporters
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Here is where the major benchmarks ended Thursday:
The S&P 500® Index (SPX) was down 5.56 points (0.1.%) at 4,258.19; the Dow Jones Industrial Average (DJI) was down 9.98 points at 33,119.57; the ASDAQ Composite (COMP)was down 16.18 points (0.1%) at 13,219.83.
The 10-year Treasury note yield (TNX) was down about 2 basis points at 4.716%.
CBOE’s Volatility Index (VIX) was down 0.14 at 18.44.
Consumer staples and retail shares were among the market’s weakest sectors Thursday. Energy shares were also under pressure as WTI crude oil futures extended a sharp selloff, sinking more than 2% to a five-week low. Since topping $95 a week ago, oil futures have tumbled 13% amid concerns that global demand may slow.
Financial stocks were among the strongest performers, with the KBW Regional Banking Index (KRX) gaining more than 2%.
Posted on October 4, 2023 by Dr. David Edward Marcinko MBA
By Staff Reporters
President Joe Biden announced yesterday that the manufacturers of all of the first 10 prescription drugs selected for Medicare’s first price negotiations have agreed to participate, clearing the way for talks that could lower their costs in coming years and give him a potential political win heading into next year’s election.
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Wall Street SANK Tuesday as it focuses on the downside of a surprisingly strong job market.The S&P 500 was 1.5% lower in late trading and nearly back to where it was in May. The Dow Jones Industrial Average was down 475 points, or 1.4%, at 32,957 and wiped out the last of its gains made for the year so far. The NASDAQ composite was leading the market lower with a 2% drop as Big Tech stocks were among the market’s biggest losers.
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The 16-year high on 10-year yields is probably the biggest factor weighing on equities. So, here is where the major benchmarks ended:
The S&P 500 Index was down 58.94 points (1.4%) at 4,229.45; the Dow Jones Industrial Average was down 430.97 points (1.3%) at 33,002.38; the NASDAQ Composite was down 248.31 points (1.9%) at 13,059.47.
The 10-year Treasury note yield was up about 11 basis points at 4.791%.
CBOE’s Volatility Index was up 2.17 at 19.78.
Energy shares were among the few gainers, as WTI crude oil futures rose for the first time in four sessions after dropping sharply from a 13-month high above $95 a barrel. The U.S. dollar index (DXY) strengthened for a third-straight day, touching its highest level since November, reflecting expectations that rates will remain high.
Posted on October 3, 2023 by Dr. David Edward Marcinko MBA
By Staff Reporters
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Thecost of oil continues on an upward trend, and Americans are seeing yet another increase in the average cost to fill up at the gasoline pump. The average cost across the nation is up twenty cents per gallon year-over-year, at around $3.88 as of yesterday’s data release.
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Microsoft CEO Satya Nadella said Monday that unfair tactics used by Google led to its dominance as a search engine, tactics that in turn have thwarted his company’s rival program, Bing.
Nadella testified in packed Washington, D.C., courtroom as part of the government’s landmark antitrust trial against Google’s parent company, Alphabet. The Justice Department alleges Google has abused the dominance of its ubiquitous search engine to throttle competition and innovation at the expense of consumers, allegations that echo a similar case brought against Microsoft in the late 1990s.
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Here is where the major benchmarks ended:
The S&P 500 Index ® (SPX) was up 0.34 point at 4,288.39; the Dow Jones Industrial Average was down 74.15 points (0.2%) at 33,433.35; the NASDAQ Composite (COMP) was up 88.45 points (0.7%) at 13,307.77.
The 10-year Treasury note yield was up about 12 basis points at 4.691%.
CBOE’s Volatility Index (VIX) was up 0.07 at 17.59.
Energy stocks were among the market’s weakest performers as crude oil futures dropped for a third-consecutive session to $90 a barrel. Financial shares were also lower, with the KBW Regional Bank Index (KRX) dropping more than 2% to a three-month low. Technology shares were among the few areas of strength.
The U.S. Dollar Index (DXY) strengthened to a 10-month high thanks to expectations that interest rates are likely to remain high for some time.
Posted on October 2, 2023 by Dr. David Edward Marcinko MBA
By Staff Reporters
The stock markets ended Q3 last week with a whimper despite new data showing that the Fed’s favorite CPI inflation measure cooled in August. September was the worst month of the year for the S&P 500 and the NASDAQ. But Blue Apron soared on the news that it’s being bought by Wonder Group, a food delivery startup helmed by a former Walmart exec.
America’s debt today stands at $33 trillion, a figure some politicians, finance mavens and everyday citizens find astonishingly high.
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Carmot Therapeutics, which is developing drugs for diabetes and weight-loss, is reportedly mulling an IPO or possible sale to a large pharmaceutical company at a valuation of at least $1B. The biotech company has two injectable GLP-1 drug candidates in Phase 2 development for type 1 and type 2 diabetes, according to the company’s website.
Carmot enlisted JP Morgan and Bank of America as underwriters on an IPO, which could come as early as this year if market conditions are favorable. The company has also received “takeover interest” from large drug makers at a valuation of over $1B, according to a Bloomberg report. Carmot had a post-money valuation of $1.25B following a $150M funding round in May, Bloomberg added.
Posted on October 1, 2023 by Dr. David Edward Marcinko MBA
By Staff Reporters
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CPI: Here’s a breakdown of how different aisles and departments rose over the past 12 months:
Cereals and bakery: increase 6%
Meats, poultry, fish, and eggs: unchanged
Remaining products (ranging from dairy to beverages): increase 0.3% to 4.8%
Food in general is up 4.3%
Food away from home: increase 6.8%
Used cars and trucks fell 1.2% year-over-year, but new cars and trucks rose 0.3%. Those may not seem like much, but a new car still costs an average of more than $48,000 — as of May 2023 only three models were available in the U.S. market for $20,000 or less.
Transportation similarly rose 10.3% over the same period but shelter, which rose 7.3%, “was the largest factor in the monthly increase in the index for all items less food and energy,” according to the August CPI.
Not to put a damper on your Sunday morning (the relentless rain is already doing that to the North East USA), but the government still appears headed for a shutdown. Among the immediate impacts: Many federal employees will be furloughed, the IRS will stop picking up your calls, you won’t be able to get married in DC courts, and most national parks—and their social media handles—will go dark.
And even more rain as New York City was hit with its heaviest rain in decades, which flooded roads and subway stations and delayed air travel. Both the mayor and New York’s governor declared states of emergency as images of the waterlogged city filled social media.
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It appears that Mark Zuckerberg’s new “Threads” social media platform is struggling with a massive decline. The social media platform called “Threads” was launched by Facebook (now called Meta). The platform is essentially a clone of Elon Musk’s Twitter, which is now called X. Threads struggling to maintain momentum and gain new users.
Among major social platforms, Threads is reportedly only ahead of Tumblr in the race for user acquisition. Forecasts by Insider Intelligence predict a U.S. user base of 23.7 million for Threads in 2023. The company reportedly anticipated 56.1 million U.S. users. In comparison, X has roughly 528.3 million monthly users.
Posted on September 29, 2023 by Dr. David Edward Marcinko MBA
By Staff Reporters
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The Stock Markets are bouncing back after days of pronounced volatility, aided by the slowdown in Treasury yields and Thursday’s dip in the value of the dollar. Newly released data confirmed that U.S. economic growth was at an annualized rate of 2.1% in Q2, while initial jobless claims have held near their over-eight-month low, defying expectations of a more significant increase.
The surge in risk appetite is fueling solid gains in tech stocks and Bitcoin (CRYPTO: BTC) during the trading sessions. The cryptocurrency has gained 2.9% by midday, marking its strongest session in September.
The S&P 500 Index was up 25.19 points (0.6%) at 4,299.70; the Dow Jones Industrial Average (DJIA) was up 116.07 points (0.4%) at 33,666.34; the NASDAQ Composite was up 108.43 points (0.8%) at 13,201.28.
The 10-year Treasury note yield (TNX) was down about 5 basis points at 4.577%.
CBOE’s Volatility Index (VIX) was down 0.88 at 17.34.
Crude oil futures,meanwhile, retreated from 13-month highs to fall more than 2% to less than $92 a barrel.
Posted on September 28, 2023 by Dr. David Edward Marcinko MBA
By Staff Reporters
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Consulting firm McKinsey & Co has agreed to pay $230 million to resolve lawsuits by hundreds of U.S. local governments and school districts alleging it fueled an epidemic of opioid addiction through its work for bankrupt OxyContin maker Purdue Pharma and other drug companies.
The S&P 500 Index was up about 1 point (0.02%) at 4,274.51; the Dow Jones Industrial Average fell 69 points (0.20%) to 33,550.27; the NASDAQ gained 29 points (0.22%) to 13,092.85.
The 10-year Treasury note yield was up 7 basis points at 4.613%.
CBOE Volatility Index (VIX) fell half a point to 18.42.
Energy stocks were among the best performers Wednesday, with the S&P 500 Energy Sector rising 2.5%. The U.S. Dollar Index (DXY), which has been rising since July as investors digested the likelihood of “higher-for-longer” interest rates, remained at its highest level so far this year.
Posted on September 27, 2023 by Dr. David Edward Marcinko MBA
By Staff Reporters
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Instacart shares recently fell below its $30 IPO price.
After FTX crashed, the world of crypto seemed to belong to the largest exchange, Binance. Less than a year later, Binance is the one in distress. Under threat of enforcement actions by U.S. agencies, Binance’s empire is quaking. Over the past three months, more than a dozen senior executives have left, and the exchange has laid off at least 1,500 employees this year to cut costs and prepare for a decline in business. And while Binance still looms large in crypto, its dominance is dwindling.
Here is where the major benchmarks ended:
The S&P 500 Index was down 63.91 points (1.5%) at 4,273.53; the Dow Jones Industrial Average (DJIA) was down 388.00 points (1.1%) at 33,618.88; the NASDAQ Composite was down 207.71 points (1.6%) at 13,063.61.
The 10-year Treasury note yield (TNX) was up about 1 basis point at 4.548%.
CBOEs Volatility Index (VIX) was up 1.98 at 18.89.
Utilities were the weakest sector Tuesday. The Philadelphia Utility Index (UTY) dropped almost 3% to near a 12-month low. Utility stocks, traditionally favored by some investors because of their relatively high dividend yields, have fallen out of favor as bond yields surged this year. Consumer discretionary shares were also down sharply, perhaps reflecting concern that a slowing economy will prompt consumers to cut back on big-ticket purchases.
The U.S. Dollar Index (DXY) extended a nearly three-month rally and touched a 10-month high. Volatility based on the VIX hit a four-month high.
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Finally, Moody’s, the only major credit rating agency that still gives the US government a triple-A rating, warned that a federal government shutdown would negatively impact the country’s credit.
Posted on September 26, 2023 by Dr. David Edward Marcinko MBA
By Staff Reporters
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Bed Bath & Beyond, Christmas Tree Shops, and Tuesday Morning are unable to find a way to continue and moved into Chapter 7 bankruptcy. When that happens, liquidation sales are held, followed by any assets the company owns being sold off to pay off creditors. Bed Bath & Beyond, for example, saw its name, website, and its brand get purchased by the former Overstock.com, which promptly changed its name. So, while all of its stores closed and it’s no longer the same company, Bed Bath & Beyond’s name still exists. That’s, so far, not the case for Tuesday Morning or Christmas Tree Shops, which have liquidated their merchandise, but have not auction off their names and intellectual property.
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Here is where the major benchmarks ended:
The S&P 500 Index was up 17 points (0.4%) at 4,337.44; the Dow Jones Industrial Average (DJIA) was up 43 points (0.13%) at 34,006.88; the NASDAQ was up 60 points (0.45%) at 13,271.32.
The 10-year Treasury note yield was up 10 basis points at 4.54%.
CBOE’s Volatility Index (VIX) edged down to 17.11.
Energy was the best-performing sector Monday, despite the slight pullback in oil prices.
The U.S. Dollar Index (DXY), which has been rising since July as investors digested the likelihood of “higher-for-longer” interest rates, pushed to its highest level so far this year.
Stocks last week capping off the S&P 500 and the NASDAQ’s worst week since March as investors wait to see whether lawmakers will manage to keep the government from shutting down. Klaviyo, Instacart, and Arm—the three recent IPOs that all briefly soared on their debut also were down.
Posted on September 24, 2023 by Dr. David Edward Marcinko MBA
By Staff Reporters
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An NFT is a digital asset that can come in the form of art, music, in-game items, videos, and more. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos. They’ve been around since 2014.
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NFTs, the digital collectibles, are pretty much worthless now. Using data from NFT Scan, the crypto platform dappGambl found that 95% of the 73,257 Non Fungible Token collections (e.g., Bored Ape Yacht Club) it analyzed are worth 0 ether.
In other words, if NFTs were physical objects, it’d be time to put them on the same garage shelf with Beanie Babies. The report estimates that 23 million people are now the owners of worthless digital files. The crash is mainly for one S/D reason: There just isn’t enough demand to keep up with supply.
Pharmacy giant Rite Aid is negotiating terms of a bankruptcy plan that could see a significant number of its more than 2,100 drugstores permanently close, according to a report.
People familiar with the company’s talks with creditors told the Wall Street Journal that Rite Aid has proposed to close as many as 500 stores in bankruptcy, and either sell or let creditors take over its remaining operations. One group of bondholders wants to liquidate a larger number of stores, and there is an ongoing discussion on the number of stores to be closed, the Journal reported.
Given the conversations remain ongoing, no decisions have been made at this time, Rite Aid said in a statement to Reuters.
Posted on September 23, 2023 by Dr. David Edward Marcinko MBA
By Staff Reporters
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There were about 1.65 million accountants and auditors in the U.S. in 2022, up 1.3% from the previous year but down 2.6% from 2020 and down 15.9% from 2019, according to the Bureau of Labor Statistics’ current population survey. More than 300,000 accountants quit their jobs between 2019 and 2021, data show. And fewer people are pursuing degrees in accounting and entering the field, leading to more open positions and for longer periods. The shortage is expected to worsen as more accountants retire without a robust pipeline of replacements.
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Here is where the major benchmarks ended:
The S&P 500 Index was down 9.94 points (0.2%) at 4,320.06, down 2.9% for the week and the lowest since mid-June; the Dow Jones Industrial Average (DJIA) was down 106.58 points (0.3%) at 33,963.84, down 1.9% for the week; the NASDAQ Composite (COMP) was down 12.18 points (0.1%) at 13,211.81, down 3.6% for the week.
The 10-year Treasury note yield (TNX) was down about 4 basis points at 4.436%.
CBOE’s Volatility Index (VIX) was down 0.34 at 17.20.
The past week was particularly rough for smaller companies and other parts of the market considered to have exposure to recession risks. The small-cap Russell 2000 Index (RUT) sank 3.4% this week and ended Friday at its lowest point since June 1. The Dow Jones Transportation Index (DJT) also reflected recession concerns, dropping over 2% for the week. The energy sector was down for the week despite crude oil futures holding near 10-month highs of more than $90 a barrel.
The U.S. Dollar Index (DXY) strengthened for the 10th consecutive week and on Friday touched its highest level since early March, reflecting expectations interest rates will remain at historical highs.
Posted on September 22, 2023 by Dr. David Edward Marcinko MBA
By Staff Reporters
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Cisco Systems has struck a $28 billion deal to buy analytics and security-software company Splunk as the networking-equipment giant looks to tap further into the rise of artificial intelligence. Cisco said Thursday it has agreed to pay $157 a share in cash for Splunk, a 31% premium to Wednesday’s closing price of $119.59 for the San Francisco company.
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Here is where the major benchmarks ended:
The S&P 500 Index was down 72.20 points (1.6%) at 4,330.00; the Dow Jones Industrial Average (DJIA) was down 370.46 points (1.1%) at 34,070.42; the NASDAQ Composite (COMP) was down 245.14 points (1.8%) at 13,223.98.
The 10-year Treasury note yield (TNX) was up about 14 basis points at 4.49%.
CBOE’s Volatility Index (VIX) was up 2.40 at 17.54.
Recession or interest rate concerns weighed particularly heavily on sectors viewed as having greater exposure to those factors. Shares of real estate, consumer discretionary, and financial companies were among the market’s poorest-performing sectors Thursday, with the KBW Regional Banking Index (KRX) sinking to an 11-week low.
The outlook for higher-for-longer interest rates helped lift the U.S. Dollar Index (DXY) to a 6½-month high, though it faded later.
Posted on September 21, 2023 by Dr. David Edward Marcinko MBA
By Staff Reporters
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The Federal Reserve announced it was leaving its benchmark interest rate unchanged at a 22-year high on Wednesday but signaled it could hike rates again in its fight to bring down inflation. After a two-day meeting the Fed announced its federal funds rate would remain in a range of 5.25 to 5.5% – the same level as the central bank announced in July, when it last raised rates.
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Here is where the major benchmarks ended:
The S&P 500 Index was down 41.75 points (0.9%) at 4,402.20; the Dow Jones Industrial Average (DJIA) was down 76.85 points (0.2%) at 34,440.88; the NASDAQ Composite was down 209.06 points (1.5%) at 13,469.13.
The 10-year Treasury note yield (TNX) was up about 3 basis points at 4.393%.
CBOE’s Volatility Index (VIX) was up 1.03 at 15.14, after touching a two-week high.
Communication services and technology were among the weakest sectors Wednesday, with the Philadelphia Semiconductor Index (SOX) falling to its lowest level since late May.
Regional banks were also lower, and energy stocks slipped after crude oil futures pulled back from a recent rally. Real estate and consumer staples posted modest gains. The U.S. Dollar Index (DXY) strengthened back toward a six-month high.
Posted on September 20, 2023 by Dr. David Edward Marcinko MBA
By Staff Reporters
Three nurse practitioners who earned doctorates of nursing practice are suing the state of California, saying that they have earned the right to tout themselves using the term “doctor.” The nurse practitioners claim a California statute that only allows California-licensed allopathic, podiatric and osteopathic physicians to use the terms “doctor” and “Dr.” is unconstitutional. The restriction has been on the books since at least 1937 to avoid patient confusion over the level of education their health professionals have achieved.
The S&P 500 Index was down 9.58 points (0.2%) at 4,443.95; the Dow Jones Industrial Average (DJIA) was down 106.57 points (0.3%) at 34,517.73; the NASDAQ Composite (COMP) was down 32.05 points (0.2%) at 13,678.19.
The 10-year Treasury note yield (TNX) was up about 5 basis points at 4.369%.
CBOE’s Volatility Index (VIX) was up 0.11 at 14.11.
Transportation and small-cap companies were among the market’s weakest areas Tuesday. Both the Dow Jones Transportation Average (DJT) and Russell 2000 Index (RUT) ended at their lowest levels since late June. Technology companies were also lower, with the Philadelphia Semiconductor Index (SOX) down more than 1%.
Posted on September 19, 2023 by Dr. David Edward Marcinko MBA
By Staff Reporters
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$5.6 billion. That’s the estimated economic impact should the United Auto Workers strike against Detroit’s Big Three automakers last 10 days, according to the Anderson Economic Group. (Bloomberg)
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Here is where the major benchmarks ended:
The S&P 500® Index (SPX) was up 3.21 points (0.1%) at 4,453.53; the Dow Jones Industrial Average (DJIA) was up 6.06 points at 34,624.30; the NASDAQ Composite (COMP) was up 1.90 points at 13,710.24.
The 10-year Treasury note yield (TNX) was down about 1 basis point at 4.311%.
CBOE’s Volatility Index (VIX) was up 0.25 at 14.04.
Energy shares were once again one of the market’s strongest performers thanks to an extended rally in crude oil futures, which rose to a 10-month high of more than $92 a barrel Monday.
Regional banks and consumer discretionary stocks were among the weakest sectors. The 10-year Treasury yield climbed near a 16-year high posted in August before pulling back later in the session.
Posted on September 16, 2023 by Dr. David Edward Marcinko MBA
By Staff Reporters
Medicare Part B and D are likely increasing in 2024
Due to a new Alzheimer’s treatment coming to the market (Leqembi, from pharmaceutical companies Eisai and Biogen), Medicare beneficiaries are expected to pick up the cost. Therefore, Medicare Part B prices are expected to increase in 2024. The costs are projected to go up from the current $164.90 to $174.80, a nearly $10 increase per month.
While you may not see a huge difference in the amount you’re paying for Medicare Part D, it still could be slightly lower. The average total monthly Part D premium is projected to decrease from $56.49 in 2023 to $55.50 in 2024, according to the Centers for Medicare & Medicaid Services (CMS). That’s nearly $10 each month.
The S&P 500 Index was down 54.78 points (1.2%) at 4,450.32, down 0.2% for the week; the Dow Jones Industrial Average (DJIA) was down 288.87 points (0.8%) at 34,618.24, up 0.1% for the week; the NASDAQ Composite was down 217.72 points (1.6%) at 13,708.33, down 0.4% for the week.
The 10-year Treasury note yield (TNX) was up about 4 basis points at 4.332%.
CBOE’s Volatility Index (VIX) was up 0.97 at 13.79.
Technology shares were among the market’s weakest performers Friday after Reuters reported Taiwan Semiconductor Manufacturing Co. (TSMC) had told its major suppliers to delay delivery of high-end chipmaking equipment because of concerns over demand.
The Philadelphia Semiconductor Index (SOX) sank more than 3% to a four-week low. Most market sectors were under pressure, including energy, despite crude oil futures extending a climb above $90 a barrel.
Posted on September 15, 2023 by Dr. David Edward Marcinko MBA
By Staff Reporters
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The forecast for next year’s Social Security increase rose to 3.2% from 3% on Wednesday after the government said inflation ticked up in August. Annual inflation in August rose to 3.7%, from 3.2% in July but off a 40-year high of 9.1% in June 2022. Without the volatile food and energy sectors, the so-called “core” inflation rate was 4.3%, down from July’s 4.7%.
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Illegal drugs are expected to be one of the biggest threats to national security in 2024 as overdose deaths topped 100,000 in the last year, according to the Department of Homeland Security’s annual threat study. In its report released Thursday, DHS said it expects illegal drugs produced in Mexico and sold in the United States will continue to kill more Americans than any other threat.
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U.S. stocks ended sharply higher and the greenback jumped on Thursday as robust economic data failed to budge expectations that the Federal Reserve will leave its key interest rate unchanged next week. The rally boosted a broad array of assets. All three major stock indexes ended higher, as did all 11 major sectors of the S&P 500. The dollar jumped to a six-month high, 10-year Treasury yields rose, and crude oil futures hit their highest this year, helping energy stocks outperform the broader market.
A spate of economic data released before the opening bell showed energy prices, specifically gasoline, were largely responsible for a hotter-than-expected producer prices print and a consensus-beating retail sales reading.
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Here is where the major benchmarks ended:
The S&P 500 Index was up 37.66 points (0.8%) at 4,505.10; the Dow Jones Industrial Average was up 331.58 points (1.0%) at 34,907.11; the NASDAQ Composite (COMP) was up 112.47 points (0.8%) at 13,926.05.The 10-year Treasury note yield (TNX) was up about 4 basis points at 4.286%. CBOE’s Volatility Index (VIX) was down 0.69 at 12.79.
Retailers were among the market’s strongest sectors Thursday in the wake of stronger-than-expected August retail sales reported by the Commerce Department. Energy companies also climbed as crude oil futures extended a rally and topped $90 a barrel for the first time since mid-November. Small-cap stocks joined the upswing, with the Russell 2000 Index (RUT) rising nearly 1.5% and ended at a one-week high. Volatility based on the VIX fell under 13.00 and near pre-pandemic levels of early 2020.
Posted on September 14, 2023 by Dr. David Edward Marcinko MBA
By Staff Reporters
Yesterday was the first day of trade group America’s Health Insurance Plans 2023 Consumer Experience & Digital Health Forum, a two-day conference focused on emerging digital health innovations and how they’re changing the consumer experience of the US healthcare system.
According to Bankrate’s extensive research, the average cost of auto insurance in the U.S. is $2,014 per year. Minimum coverage, on the other hand, has an average annual cost of $622. However, car insurance is like a fingerprint. Although your circumstances may seem similar, your personalized rating factors will cause your premium to vary from that of friends, family and the national average. Still, knowing the average cost of car insurance might give you the information you need to ensure you’re not overpaying for this necessary financial protection.
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The average cost of new cars is now well over $48,000—up almost $6,000 from two years ago and about $10,000 from September 2020, according to Kelley Blue Book.
Posted on September 12, 2023 by Dr. David Edward Marcinko MBA
By Staff Reporters
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The U.S. Food and Drug Administration authorized and approved updated COVID boosters on Monday amid rising cases and hospitalizations across the country. The boosters made by Pfizer-BioNTech and Moderna, were formulated to target variants that are currently circulating, which are related to XBB – an offshoot of the omicron variant.
The US economy is in a “rolling recession” and a full-blown downturn looms, Liz Ann Sonders says.
Weakness in consumer goods and manufacturing is being offset by strength in services, she noted.
Charles Schwab’s chief investment strategist doesn’t expect a bunch of interest—rate cuts in 2024.
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Here is where the major benchmarks ended:
The S&P 500 Index was up 29.97 points (0.7%) at 4,487.46; the Dow Jones Industrial Average (DJIA) was up 87.13 points (0.3%) at 34,663.72; the NASDAQ Composite was up 156.37 points (1.1%) at 13,917.89.
The 10-year Treasury note yield (TNX) was up about 3 basis points at 4.29%.
CBOE’s Volatility Index (VIX) was down 0.03 at 13.81.
The consumer discretionary sector, which includes stocks like Tesla and Amazon (AMZN), gained nearly 3% and ended at an eight-week high. Health care and utilities were also higher. Energy shares dropped as crude oil futures eased, but oil prices remained near 10-month highs.
Posted on September 9, 2023 by Dr. David Edward Marcinko MBA
By Staff Reporters
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The IRS just announced that it is launching an effort to aggressively pursue 1,600 millionaires and 75 large business partnerships that owe hundreds of millions of dollars in past due taxes. IRS Commissioner Daniel Werfel said that with a boost in federal funding and the help of artificial intelligence tools, the agency has new means of targeting wealthy people who have “cut corners” on their taxes.
“If you pay your taxes on time it should be particularly frustrating when you see that wealthy filers are not,” Werfel told reporters in a call previewing the announcement. He said 1,600 millionaires who owe at least $250,000 each in back taxes and 75 large business partnerships that have assets of roughly $10 billion on average are targeted for the new “compliance efforts.”
Werfel said a massive hiring effort and AI research tools developed by IRS employees and contractors are playing a big role in identifying wealthy tax dodgers. The agency is making an effort to showcase positive results from its burst of new funding under President Joe Biden’s Democratic administration as Republicans in Congress look to claw back some of that money.
“New tools are helping us see patterns and trends that we could not see before, and as a result, we have higher confidence on where to look and find where large partnerships are shielding income,” he said.
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Here is where the major benchmarks ended:
The S&P 500 Index was up 6 points (0.1%) at 4,457.49, down 1.3% for the week; the Dow Jones Industrial Average (DJIA) was up 76 points (0.2%) at 34,576.59, down 0.8% for the week; the NASDAQ Composite was up 13 points (0.1%) at 13,761.53, down 1.9% for the week.
The 10-year Treasury note yield (TNX) remained unchanged at 4.26%.
CBOE’s Volatility Index (VIX) was down 0.56 at 13.84.
Energy shares were among the market’s strongest performers this week on expectations the recent rally in crude oil prices to 10-month highs will boost profits. The Philadelphia Oil Service index (OSX) has gained 5% so far this month and ended Friday at its highest level since April 2019. Utilities and regional banks were also firm.
Retail and transportation sectors were among the weakest performers, and small-cap stocks also took pressure, with the Russell 2000 (RUT) down 3.7% for the week.
Kroger and Albertsons plan to sell stores that are in the Pacific Northwest, the Mountain states and in California, Texas, Illinois, and the East Coast, Reuters reported. A deal could be announced as early as this week.
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Here is where the major benchmarks ended:
The S&P 500® Index (SPX) was down 14.34 points (0.3%) at 4,451.14; the Dow Jones Industrial Average (DJIA) was up 57.54 points (0.2%) at 34,500.73; the NASDAQ Composite was down 123.64 points (0.9%) at 13,748.83.
The 10-year Treasury note yield (TNX) was down about 4 basis points at 4.252%.
CBOE’s Volatility Index (VIX) was down 0.05 at 14.40.
Technology shares were among the market’s weakest performers Thursday, as the Philadelphia Semiconductor Index (SOX) fell nearly 2%. Regional banks and small-cap stocks were also under pressure, with the Russell 2000 (RUT) dropping near a two-week low. Utilities were among the few sectors to post gains.
The U.S. dollar index (DXY) climbed for the fifth consecutive day and touched a six-month high amid ideas interest rates will remain elevated for a prolonged period.
Posted on August 8, 2023 by Dr. David Edward Marcinko MBA
By Staff Reporters
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Zachary Kirkhorn resigned last week as Tesla’s chief financial officer after 13 years with the electric car giant, according to a filing with the U.S. Securities and Exchange Commission (SEC). The SEC filing show Kirkhorn, who also held the playful title of “Master of Coin,” stepped down on August 4th as Tesla’s CFO. Kirkhorn has served in different finance positions since 2010 and was appointed to CFO in 2019, according to Tesla’s website.
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Here is where the major benchmarks ended:
The S&P 500 Index was up 40.41 points (0.9%) at 4,518.44; the Dow Jones Industrial Average (DJIA) was up 407.51 points (1.2%) at 35,473.13; the NASDAQ Composite (COMP) was up 85.16 points (0.6%) at 13,994.40.
The 10-year Treasury note yield (TNX) was up about 3 basis points at 4.093%.
CBOE’s Volatility Index (VIX) was down 1.29 at 15.81.
Financials and Communication Services were among the best-performing S&P market sectors, while energy shares pulled back as crude oil futures fell nearly 1%. Small-cap stocks were also lower, with the Russell 2000 Index (RUT) easing slightly.
Posted on July 22, 2023 by Dr. David Edward Marcinko MBA
By Staff Reporters
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Regulators fined Deutsche Bank $186 million for not fixing anti-money laundering, due diligence, and sanctions controls. This is the third time since 2015 that the Federal Reserve has fined the troubled bank for internal control failures. (CNN Business)
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Under the YouTube Health Initiative, the company partnered with several healthcare organizations, including traditional health systems like Cleveland Clinic in Ohio and Mass General Brigham in Boston, as well as online health education platforms like Osmosis and Psych Hub. Other partners include the medical journal the New England Journal of Medicine, the World Health Organization, and the American Public Health Association.
These health organizations created videos on a range of health topics, which YouTube curates in what it calls “carousels” and labels to indicate that the information comes from reputable sources. If someone searches for information on diabetes, for example, they’ll get a carousel of videos from the health partners on diabetes.
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Here is where the major benchmarks ended yesterday and for the week:
The S&P 500 Index was up 1.47 points at 4,536.34, up 0.7% for the week and the benchmark’s eighth weekly gain in the past 10; the Dow Jones industrial average was up 2.51 points at 35,227.69, up 2.1% for the week; the NASDAQ Composite was down 30.50 points (0.2%) at 14,032.81, down 0.6% for the week.
The 10-year Treasury note yield (TNX) was down about 2 basis points at 3.837%.
CBOE’s Volatility Index (VIX) was down 0.39 at 13.60.
Utility and health care shares were among the strongest performers Friday, which may reflect investors rotating into more “defensive” sectors, which haven’t participated as much in this year’s rally and may be seen as a “relative value” or “catch-up” play.
Energy stocks were also strong as crude oil futures jumped over 2% and posted a fourth straight weekly gain. Regional banks and communication services were among the weakest sectors, while the small-cap-focused Russell 2000 (RUT) fell slightly.
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