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

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

“FALL BACK WEEKEND”

By Staff Reporters

***

***

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.

***

***

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

Wells Fargo and Chase just reported similar situations.

***

Here is where the major benchmarks ended:

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

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

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

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

COMMENTS APPRECIATED

Thank You

***

***

***

Filed under: Alternative Investments, Experts Invited, Financial Planning, Funding Basics, Glossary Terms, Information Technology, Investing | Tagged: , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment »

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

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

By Staff Reporters

***

SPONSOR: http://www.MarcinkoAssociates.com

***

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

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

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

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

***

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

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

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

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

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

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

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

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

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

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

COMMENTS APPRECIATED

Thank You

***

***

Filed under: "Ask-an-Advisor", Accounting, Alternative Investments, Career Development, Experts Invited, Financial Planning, Funding Basics, Glossary Terms, Investing, LifeStyle, Marcinko Associates, Risk Management | Tagged: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment »

DAILY UPDATE: Stocks Rebound and then Blast Off!

Posted on October 31, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

***

***

The S&P 500 Index posted its first gain in four sessions as investors looked ahead to key earnings and economic reports.

Here is where the major benchmarks ended:

  • The S&P 500 Index was up 49.45 points (1.2%) at 4,166.82; the Dow Jones Industrial Average (DJI) was up 511.37 points (1.6%) at 32,928.96; the NASDAQ Composite was up 146.47 points (1.2%) at 12,789.48.
  • The 10-year Treasury note yield was up about 4 basis points at 4.888%.
  • CBOE’s Volatility Index (VIX) was down 1.52 at 19.75.

Communications services and transportation shares were among the strongest performers Monday, with the latter sector boosted by better-than-expected quarterly results from two big trucking companies. Financial companies were also strong.

Energy stocks were also modestly higher despite crude oil futures falling 3% to less than $83 a barrel—a two-month low.

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

COMMENTS APPRECIATED

Thank You

***

***

Filed under: Alternative Investments, Financial Planning, Funding Basics, Glossary Terms, Investing | Tagged: , , , , , , , , , , , | Leave a comment »

DAILY UPDATE: Amazon Up, Capital One Bank Down as BioTech Hubs Are In

Posted on October 30, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

***

***

Statistic: 13%. That’s how much Amazon’s revenue grew last quarter. The behemoth saw business picking up after a tough 2022 and cost-saving measures taking effect to boost the bottom line. The company also said it had its “biggest ever” Prime day sale this past quarter. (CNBC)

***

In 2019, Capital One bank was hit by a cyber attack that resulted in the exposure of millions of its customers’ data. The incident led to a collective complaint against the bank by its customers. After a long legal process, Capital One agreed to pay $190 million in compensation to the 98 million affected customers.

***

The Biden administration announced this week the creation of 10 biotech hubs across the US under its Tech Hubs program, with each hub eligible to apply for up to $75 million to invest in areas like research and development and job creation. The hubs are spread across the US, primarily in rural areas, and are part of a $500 million investment from the Biden administration that’s intended to boost the tech industry’s growth beyond the coasts.

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

COMMENTS APPRECIATED

Thank You

***

***

Filed under: Alternative Investments, Drugs and Pharma, Experts Invited, Financial Planning, Funding Basics, Glossary Terms, Investing | Tagged: , , , , , , , , , , , , , , , , , | Leave a comment »

DAILY UPDATE: Medicare Part C Dropped, Inflation Slows as the Markets Crash Again

Posted on October 28, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

Today, October 28th, has been the best day of the entire year for stocks since 1950, according to Dr. David Edward Marcinko MBA of http://www.MarcinkoAssociates.com. Black Monday (also known as Black Tuesday in some parts of the world due to timezone differences) was the global, severe and largely unexpected stock market crash on Monday, October 19th, 1987. Worldwide losses were estimated at US$1.71 trillion. The severity of the crash sparked fears of extended economic instability or even a reprise of the Great Depression.

Of course it’s a Saturday this year; today.

***

***

One large health system with hospitals in Virginia and Ohio this year cut off in-network access to consumers enrolled in some Anthem Blue Cross Blue Shield Medicare and Medicaid health insurance plans. Two doctors groups with Scripps Health in San Diego are terminating contracts with private Medicare plans over concerns about payments and routine denials.

PODCAST: https://medicalexecutivepost.com/2023/10/24/podcast-medicare-advantage-part-c-fraud/

***

Inflation’s summer decline slowed last month. Still, inflation has improved enough recently for Federal Reserve officials to hold interest rates steady at their meeting next week.

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

The personal-consumption expenditures price index, the Fed’s preferred inflation gauge, rose 0.4% in September from the prior month, the same pace as in August, the Commerce Department said Friday. But so-called core prices, which exclude volatile food and energy categories, increased 0.3% in September from the prior month, compared with a 0.1% rise in August. Higher prices for services drove the increase.

***

Here is where the major benchmarks ended:

  • The S&P 500 Index was down 19.86 points (0.5%) at 4,117.37, down 2.5% for the week and down 10.6% from a July peak; the Dow Jones Industrial Average (DJI) was down 366.71 points (1.1%) at 32,417.59, down 2.1% for the week; the NASDAQ Composite was up 47.41 points (0.4%) at 12,643.01, down 2.6% for the week.
  • The 10-year Treasury note yield (TNX) was down about 1 basis point at 4.835%.
  • CBOE’s Volatility Index (VIX) was up 0.61 at 21.29.

Banking and energy were among the weakest sectors Friday, with the latter under pressure despite strength in crude oil futures. Another leg down in small-cap stocks suggested investors are growing increasingly concerned about the economy, as the Russell 2000 Index (RUT) closed at its lowest level in nearly three years and dropped 2.6% for the week.

COMMENTS APPRECIATED

Thank You

***

***

Filed under: "Ask-an-Advisor", Alternative Investments, Financial Planning, Funding Basics, Glossary Terms, Investing | Tagged: , , , , , , , , , , , , , , | Leave a comment »

DAILY UPDATE: Pfizer Revises amid US Economic Growth as the Stock Markets Plummet

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

By Staff Reporters

***

Pfizer, a key producer of the COVID-19 vaccine, has revised its earnings outlook for 2023, cutting its projected earnings per share and revenue estimates. Pfizer saw its 2022 revenue surpass a record $100 billion as company CEO Albert Bourla vowed that everyone will have a “perfectly normal life with just injection maybe once a year.” Bourla received a 36% pay hike and netted $33 million through the pandemic.

***

***

The U.S. economy grew at its fastest pace in nearly two years in the third quarter as higher wages from a tight labor market helped to power consumer spending, again defying dire warnings of a recession that have lingered since 2022. Gross domestic product increased at a 4.9% annualized rate last quarter, the fastest since the fourth quarter of 2021, the Commerce Department’s Bureau of Economic Analysis said in its advance estimate of third-quarter GDP growth. Economists polled by Reuters had forecast GDP rising at a 4.3% rate.

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

Here is where the major benchmarks ended:

  • The S&P 500® Index (SPX) was down 49.54 points (1.2%) at 4,137.23; the Dow Jones Industrial Average (DJI) was down 251.63 points (0.8%) at 32,784.30; the NASDAQ Composite was down 225.62 points (1.8%) at 12,595.61.
  • The 10-year Treasury note yield (TNX) was down about 11 basis points at 4.845%.
  • CBOE’s Volatility Index (VIX) was up 0.49 at 20.68.

Energy shares were among the weakest-performing sectors Thursday after a larger-than-expected increase in U.S. oil inventories last week sent WTI crude futures down more than 2% to a two-week low. Communication services and technology were also lower.

The market’s overall weakness belied some notable pockets of strength, including in banks and utilities, as the KBW Regional Banking Index (KRX) jumped more than 3%. Small-caps offered possible signs that a recent steep downdraft may be waning, with the Russell 2000 Index (RUT) dropping to a 12-month low earlier in the day before recovering to close about 0.7% higher.

***

COMMENTS APPRECIATED

Thank You

***

***

Filed under: Alternative Investments, Financial Planning, Funding Basics, Glossary Terms, Investing | Tagged: , , , , , , , , , , , , , , , , , , , , , | Leave a comment »

DAILY UPDATE: Meta Sued as Markets Rise!

Posted on October 25, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

***

***

A bipartisan group of 33 attorneys general is suing Meta over addictive features aimed at kids and teens, according to a complaint filed Tuesday in a federal court in California. The support from so many state AGs of different political backgrounds indicates a significant legal challenge to Meta’s business.

***

Here is where the major benchmarks ended today:

  • The S&P 500 Index was up 30.64 points (0.7%) at 4,247.68; the Dow Jones Industrial Average (DJI) was up 204.97 points (0.6%) at 33,141.38; the NASDAQ Composite (COMP) was up 121.55 points (0.9%) at 13,139.87.
  • The 10-year Treasury note yield was down about 2 basis points at 4.815%.
  • CBOE’s Volatility Index (VIX) was down 1.51 at 18.89.

Utilities were among the strongest performers Tuesday, with the Philadelphia Utility Index (UTY) rising nearly 3%. Semiconductors and communications services shares were also higher.

Energy stocks were pressured by a more than 2% drop in WTI crude oil futures, which briefly fell under $83 a barrel.

COMMENTS APPRECIATED

Thank You

***

***

Filed under: Alternative Investments, Financial Planning, Funding Basics, Glossary Terms, Investing | Tagged: , , , , , , , , , , , , , , , , | Leave a comment »

« Previous Page