DAILY UPDATE: Goldman Sachs Speaks as the Stock Markets Rise

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

By Staff Reporters

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

Here is where the major benchmarks ended:

Here’s where the major benchmarks ended:

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

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

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

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IRS Inheritance Rule Change and the “Delta Dental” Data Breach

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

By Staff Reporters

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The IRS is demanding billions from small business who took this credit ...

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The IRS Quietly Changed the Rules on Children’s Inheritance

The IRS just issued Revenue Ruling 2023-2, which had a substantial impact on estate planning, particularly where an irrevocable trust is involved.

In the last decade or so, more families have begun utilizing irrevocable trusts to protect their assets from spend-down in order to qualify for government benefits, such as Medicaid and VA Aid and Attendance. Prior to the issuance of this ruling, it was unclear whether assets passing to beneficiaries through an irrevocable trust would receive a step-up in basis, thereby eliminating any capital gains taxes that would otherwise be owed.

Historically, assets that are disposed of during an individual’s lifetime are subject to capital gains taxes on the increase in value of that asset over time. The amount of capital gains owed is determined largely by the difference between the value at the time of purchase and the value at the time of transfer.

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Delta Dental of California data breach exposed info of 7 million people

“Delta Dental of California and its affiliates are warning almost seven million patients that they suffered a data breach after personal data was exposed in a MOVEit Transfer software breach.Delta Dental of California provides 24 months of free credit monitoring and identity theft protection services to impacted patients to mitigate the risk of their exposed data.”

LINK: https://tinyurl.com/bp4u2chv

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

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

By Staff Reporters

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

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

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

Related: CVS, Kroger and Rite Aid face unsettling medical privacy concerns

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Here is where the major benchmarks ended:

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

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

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

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

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DAILY UPDATE: DJIA Records a High as Treasury Yields Drop

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

By Staff Reporters

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MANY THANKS E.R. HEROES

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

Here’s where the major benchmarks ended:

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

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

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

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

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

By Staff Reporters

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

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

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

HIPAA anyone?

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Here’s where the major benchmarks ended:

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

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

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

Here is where the major benchmarks ended:

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DAILY UPDATE: Health Care, FOMC and the Tepid Markets

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

By Staff Reporters

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

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

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

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Here is where the major stock index benchmarks ended:

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

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

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

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

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

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

By Staff Reporters

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

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

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

Here is where the major benchmarks ended:

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

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DAILY UPDATE: Deflation Pending as Stock Markets Gain

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

By Staff Reporters

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

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

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

Here is where the major benchmarks ended:

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

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

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

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

By Staff Reporters

MEDICARE ANNUAL ENROLLMENT ENDS

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

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

Here’s where the major benchmarks ended:

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

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

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

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

By Staff Reporters

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

Here is where the major benchmarks ended:

Here’s where the major benchmarks ended:

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

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

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DAILY UPDATE: Stock Indexes Pull Back

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

By Staff Reporters

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Here is where the major benchmarks ended yesterday:

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

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

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

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DAILY UPDATE: Sidelines Awash with Cash in Up Markets

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

By Staff Reporters

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There’s almost $6 trillion of cash sitting on the sidelines in money-market funds, with the potential for some portion of it to be reallocated into “carefully selected risk assets.”

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This is according to Ali Dibadj, chief executive of London-based Janus Henderson Investors, which had $308.3 billion in assets under management as of September. About $187.9 billion, or 61%, of that was in equity strategies.

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Here’s where the major benchmarks ended:

  • The S&P 500 index was up 26.83 points (0.6%) at 4,594.63, up 0.8% for the week; the Dow Jones Industrial Average® (DJI) was up 294.61 points (0.8%) at 36,245.50, up 2.4% for the week; the NASDAQ Composite was up 78.81 points (0.6%) at 14,305.03, up 0.4% for the week.
  • The 10-year Treasury note yield was down about 14 basis points at 4.213%.
  • The CBOE® Volatility Index (VIX) was down 0.27 at 12.65.

Friday’s gains followed the market’s strongest month of the year, as the S&P 500 and NASDAQ surged 8.9% and 10.7% in November, respectively, their best monthly performances since July 2022. Among sectors, the KBW Regional Bank Index (KRX) jumped 5.3% Friday, and retail shares were also among the top gainers.

Shares of smaller companies extended a recent rally as the small-cap-focused Russell 2000® Index (RUT) gained 3.1% for the week and ended at a 2-1/2-month high.

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DAILY UPDATE: DJIA Rockets Upward!

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

By Staff Reporters

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Here is where the major benchmarks ended:

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

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

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

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DAILY UPDATE: Hospital Ransomware Attack as Stock Markets Mixed Ahead of Inflation Reading

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

By Staff Reporters

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A ransomware attack has caused a health care chain, which operates 30 hospitals in six states, to move patients from some of its emergency rooms to other hospitals, while putting certain procedures on pause, the company announced.

According to a statement from Ardent Health Services, the attack happened on November 23rd. The company said as a result of the attack, it took its network offline and suspended user access to its information technology applications, including the software used to document patient care.

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Here is where the major benchmarks ended:

Here’s where the major benchmarks ended:

  • The S&P 500® index was down 4.31 points (0.1%) at 4,550.58; the Dow Jones Industrial Average was up 13.44 points at 35,430.42; the NASDAQ Composite ® was down 23.27 points (0.2%) at 14,258.49.
  • The 10-year Treasury note yield (TNX) was down about 8 basis points at 4.261%.
  • CBOE ® Volatility Index (VIX) was up 0.29 at 12.98.

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

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

By Staff Reporters

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

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

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Here is where the major benchmarks ended:

Here’s where the major benchmarks ended:

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

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

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

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DAILY UPDATE: Interest Rate Cuts, CPA Holidays Spending Watch and the Markets

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

By Staff Reporters

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Wall Street is gearing up for rate cuts. Yep! Twenty months after the Federal Reserve began a historic campaign against inflation, investors now believe there is a much greater chance that the central bank will cut rates in just four months than raise them again in the foreseeable future.

Interest-rate futures indicated last week a roughly 60% chance the Fed will lower rates by a quarter-of-a-percentage point by its May 2024 policy meeting, up from 29% at the end of October, according to CME Group data. The same data has pointed to four cuts by the end of the year. And, investors, battered by the Fed’s efforts to slow the economy, have reacted by driving the S&P 500 up nearly 9% this month. That is despite the wagers reflecting different possible paths for the economy, not all of them favorable for stocks.

Of course, investors look ahead to the release this week of key US inflation data that could provide a guide for the Federal Reserve’s plans for interest rates going into the new year.

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Read: Can AI save accounting? (the Journal of Accountancy)

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Here is where the major benchmarks ended:

  • The S&P 500 Index was down 8.91 points (0.2%) at 4,550.43; theDow Jones Industrial Average® (DJI) was down 56.68 points (0.2%) at 35,333.47; the NASDAQ Composite® was down 9.83 points (0.1%) at 14,241.02.
  • The 10-year Treasury note yield (TNX) was down about 10 basis points at 4.387%.
  • CBOE Volatility Index® (VIX) was up 0.23 at 12.69.

Transportation shares were among the weakest performers Monday, and energy was also soft behind a drop in crude oil futures. Weakness in many retail stocks suggested some concern over consumer spending given high interest rates and slower job growth. The S&P Retail Select Index (SPSIRE) fell 0.6% but is still up 8.2% for the month. Consumer discretionary and real estate shares were among the few gainers.

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

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

By Staff Reporters

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How to Close Binance Account - Cryptalker

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

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

Here is where the major benchmarks ended:

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

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

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

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DAILY UPDATE: The U.S. Stock Markets

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

By Staff Reporters

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Here is where the major benchmarks ended on Friday:

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

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

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

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DAILY UPDATE: Mixed U.S. Stock Markets

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

By Staff Reporters

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

Here is where the major benchmarks ended:

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

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

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

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

By Staff Reporters

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

Here is where the major benchmarks ended:

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

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

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DAILY UPDATE: US Economic Prognostications as Stock Markets Surge

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

By Staff Reporters

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

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

Here is where the major benchmarks ended:

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

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

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

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

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

By Staff Reporters

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

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

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Here is where the major stock market benchmarks ended:

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

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

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

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DAILY UPDATE: Social Security COLA, Illegal Drugs and the Markets

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

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.

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DAILY UPDATE: America’s Health Insurance Plans, Auto Insurance and New Car Costs & the Markets

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

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.

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RISK MANAGEMENT: https://www.routledge.com/Risk-Management-Liability-Insurance-and-Asset-Protection-Strategies-for/Marcinko-Hetico/p/book/9781498725989

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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.

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Here is where the major benchmarks ended:

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DAILY UPDATE: Rothification and the Markets

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

By Staff Reporters

REMINDER

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Starting in 2026, high-income earners over the age of 50 who make more than $145,000 can no longer make catch-up contributions to regular 401(k)s. Instead, those catch-ups will head to Roth accounts. That carries significant tax implications.

MORE: https://taxfoundation.org/blog/what-rothification-means-for-tax-reform/

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Here is where the major benchmarks ended yesterday:

  • The S&P 500® Index (SPX) was down 25.56 points (0.6%) at 4,461.90; the Dow Jones Industrial Average (DJIA) was down 17.73 points at 34,645.99; the NASDAQ Composite was down 144.28 points (1.0%) at 13,773.61.
  • The 10-year Treasury note yield (TNX) was down about 2 basis points at 4.272%.
  • CBOE’s Volatility Index (VIX) was up 0.42 at 14.22.

While tech was the weakest performing sector Tuesday, consumer discretionary and communication services shares were also lower. Energy shares led sector gainers Tuesday as oil prices continued to rise.

The Philadelphia Oil Service Index (OSX) gained more than 2% and ended at its highest level since April 2019. WTI crude futures, the U.S. benchmark, extended gains to near $90 a barrel after OPEC, in a report, slightly increased its forecasts for global consumption in 2023 and 2024.

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DAILY UPDATE: August Red, Cannabis Green, Covid-19 and the Markets

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

By Staff Reporters

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Despite a recent rally, stocks couldn’t climb out of the deep hole they dug themselves earlier in the month, and all three major indexes finished August in the red.

Cannabis companies were the clear winner following news that the Department of Health and Human Services recommended that green pot should be reclassified as a lower-risk substance.

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And, Anthony Fauci MD has said that there is “not going to be the tsunami of cases that we’ve seen” during the darkest days of the COVID-19 pandemic, following the emergence of two new variants of the virus. Speaking to the BBC, the former chief medical advisor to the president, who was regularly the face of the government’s response to the pandemic, played down the seriousness of the new strains, stressing that the vast majority of the population had enough immunity to prevent infections requiring medical intervention.

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Markets: The Dow wrapped up its best week since July as investors celebrated another rock-solid jobs report. The economy added 187,000 jobs in August, and the unemployment rate rose to 3.8% from 3.5%—signs that the labor market is cooling, but not so fast that it’s likely to spark a recession.

Here is where the major benchmarks ended:

  • The S&P 500 Index was up 8.11 points (0.2%) at 4,515.77; the Dow Jones Industrial Average (DJIA) was up 115.80 points (0.3%) at 34,837.71, up 1.4% for the week; the NASDAQ Composite (COMP) was down 3.15 points at 14,031.81, up 3.2% for the week.
  • The 10-year Treasury note yield (TNX) was up about 7 basis points at 4.177%.
  • CBOE’s Volatility Index (VIX) was down 0.49 at 13.08.

Financial companies were among the strongest performers Friday, with the KBW Regional Banking Index (KRX) gaining about 2.5% to a three-week high.

Energy shares were also strong as WTI crude oil futures extended gains after the Energy Information Administration earlier this week reported a larger-than-expected drop in U.S. inventories. Crude futures surged nearly 3% to ended near $86 a barrel, the highest since mid-November. Consumer staples and consumer discretionary were among the weakest performers.

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DAILY UPDATE: Stocks Rise Amid Apple Hype

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

By Staff Reporters

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  • Markets: Investors are still in the Upside Down, where bad economic news is good news (and vice versa) thanks to the Fed, so stocks rose yesterday as the market digested data showing the labor market is cooling and there are fewer open jobs. Apple’s hype machine sent its stock climbing as excitement builds for its upcoming iPhone event.

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Here is where the major benchmarks ended:

  • The S&P 500 Index was up 17.24 points (0.4%) at 4,514.87; the Dow Jones Industrial Average (DJIA) was up 37.57 points (0.1%) at 34,890.24; the NASDAQ Composite was up 75.55 points (0.5%) at 14, 019.31.
  • The 10-year Treasury note yield (TNX) was little changed at 4.118% after dropping below 4.09% earlier.
  • CBOE’s Volatility Index (VIX) was down 0.57 at 13.88.

Energy companies were among the strongest performers Wednesday as crude oil futures extended a rally, rising to their highest level in more than two weeks. Retail and transportation shares were also higher.  Treasury yields, which have bedeviled the stock market after surging at the start of this month, fell to near three-week lows.

The U.S. Dollar Index (DXY) weakened to a two-week low, thanks to hopes that interest rates may not need to stay so high for so long.

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DAILY UPDATE: C-Suite and the Markets

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

By Staff Reporters

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Most CFOs think we’ll avoid a recession this year—and that confidence is shared by other members of the C-suite. That’s according to PwC’s August Pulse Survey, which found that only 8% of CFOs predict a recession within the next six months. The survey polled more than 600 C-suite executives from a variety of public and private companies.Among all respondents just 17% strongly agreed there’d be a recession in the next 6 months—a sharp decline from October 2022, when 35% did.Economists, policymakers, and executives “see…the possibility of a soft landing,” Wes Bricker, PwC US vice chair and trust co-leader, said during a media call. “It’s encouraging to see optimism from so many business leaders who participated in our survey.”

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Here is where the major benchmarks ended:

  • The S&P 500® Index (SPX) was up 27.60 points (0.6%) at 4,433.31; the Dow Jones Industrial Average (DJIA) was up 213.08 points (0.6%) at 34,559.98; the NASDAQ Composite was up 114.48 points (0.8%) at 13,705.13.
  • The 10-year Treasury note yield (TNX) was down about 3 basis points at 4.21%.
  • CBOE’s Volatility Index (VIX) was down 0.60 at 15.08.

Energy shares were among Monday’s strongest sectors, as crude oil futures rose for a third-straight session and closed at the highest level in over a week. Regional banks and retailers were also higher.

The U.S. dollar index (DXY) eased slightly but remained near a three-month high, reflecting expectations interest rates will stay elevated.

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DAILY UPDATE: Mortgages Rates and the Markets are Up!

Posted on August 24, 2023 by Dr. David Edward Marcinko MBA MEd CMP™

By Staff Reporters

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Home Mortgage rates just hit their highest mark since 2002, making home ownership even less attainable to potential buyers. Stagnation in the housing market could also put a squeeze on consumer spending, slowing broader economic growth. The average 30-year fixed-rate mortgage, a popular home loan, hit 7.09% last Thursday, up from 6.96% the week before, according to mortgage behemoth the Federal Home Loan Mortgage Corporation (Freddie Mac).

In a statement tied to the release, Freddie Mac noted that the rise of the 10-year Treasury yield and the strength of the economy both contributed to the high rate.

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Here is where the major benchmarks ended:

  • The S&P 500® Index rose 49 points (1.1%) to 4,436.02; the Dow Jones Industrial Average (DJIA) rose 184 points (0.54%) to 34,472.98; the NASDAQ Composite (COMP) rose 215 points (1.59%) to 13,721.03.
  • The 10-year Treasury note yield (TNX) fell 15 basis points to 4.180%.
  • CBOE’s Volatility Index (VIX) fell roughly 1 point to 16.03.

Communication services—which is home to tech-adjacent companies such as Google parent Alphabet (GOOG), Facebook parent Meta (META), and Netflix (NFLX)—and technology were the top-performing sectors Wednesday.

Energy was the laggard, as crude oil futures slipped more than 1% to below $79.

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DAILY UPDATE: The Markets and Economy

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

By Staff Reporters

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  • Markets: Stocks held steady despite a jump in bond yields (which typically sends equities lower). Gas station, oil prices continued their upward march.
  • Economy: Jobs Report at 8:30am ET today, as the government will drop the employment situation for July. It is expected to show a softening—but still healthy—labor market. Economists will be especially dialed in to wage growth for insights on the future trajectory of inflation. Workers getting big raises could put upward pressure on prices.

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Here is where the major benchmarks ended yesterday:

  • The S&P 500® Index (SPX) was down 11.50 points (0.3%) at 4,501.89; the Dow Jones Industrial Average (DJIA) was down 66.63 points (0.2%) at 35,215.89; the NASDAQ Composite (COMP) was down 13.73 points (0.1%) at 13,959.72.
  • The 10-year Treasury note yield (TNX) was up about 11 basis points at 4.185%.
  • CBOE’s Volatility Index (VIX) was down 0.11 at 15.98.

Energy was among the strongest sectors Thursday as crude oil futures surged nearly 3%. Consumer Discretionary shares and regional bank stocks recovered some of their losses from the day before.

Utilities were among the weakest sectors, with the Philadelphia Utility Index (UTY) dropping near a four-week low.

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ORDER: https://www.routledge.com/Comprehensive-Financial-Planning-Strategies-for-Doctors-and-Advisors-Best/Marcinko-Hetico/p/book/9781482240283

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DAILY UPDATE: Dow Falls Down!

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

By Staff Reporters

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The Dow slipped on Thursday, snapping a 13-day winning streak. The blue-chip index fell 237 points after being on track to close higher for a 14th consecutive session. That would have marked the Dow’s longest run of consecutive gains since May 1897. If the Dow had closed higher Thursday and Friday, it would have notched 15 days of gains, its longest daily winning streak ever.

But the index’s run was at historic levels before it was cut short Thursday: On Wednesday it notched its 13th straight day of gains, its best winning streak since 1987 and its highest level since February 2022. The Dow, up roughly 6% for the year, has rallied in recent weeks as cooler-than-expected inflation data has investors more optimistic that a soft landing, or no recession, could be in the cards for the economy.

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Here is where the major benchmarks ended for the day:

  • The S&P 500 Index was down 29 points (0.64%) at 4,537.41; the Dow Jones Industrial Average was down 237 points (0.67%) at 35,282.72; the NASDAQ Composite (COMP) was down 77 points (0.55%) at 14,050.11.
  • The 10-year Treasury note yield (TNX) rose about 14 points 4.002%.
  • CBOE’s Volatility Index (VIX) dropped 5 points to at 13.32.

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ORDER: https://www.routledge.com/Comprehensive-Financial-Planning-Strategies-for-Doctors-and-Advisors-Best/Marcinko-Hetico/p/book/9781482240283

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DAILY UPDATE: Dow and Fed Up but Markets Down

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

By Staff Reporters

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The Federal Reserve raised its benchmark interest rate another 0.25% on Wednesday, reviving its inflation fight despite a significant cooldown of price increases in recent months. The rate hike brought the Fed’s benchmark interest rate to a 22-year high of between 5.25% and 5.5%. Inflation has fallen significantly from a peak last summer, but remains at a level one percentage point higher than the Federal Reserve’s target of 2%.

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The Dow on Wednesday rose for a 13th straight day, matching its longest winning streak since 1987. If it closes higher today, it would be a streak not seen since 1897 — about a year after the benchmark was created — when the Dow advanced for 14 sessions in a row. During this latest run, the Dow has outperformed, gaining 5%. That momentum hasn’t been seen in the broader S&P 500 and NASDAQ Composite indexes, however. Both are up just 3% since the Dow’s streak began. The S&P 500 has fallen twice in that time, while the NASDAQ has posted three losing sessions

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Here is where the major benchmarks ended for the day:

  • The S&P 500 Index was down 0.02% at 4,566.75; the Dow Jones Industrial Average (DJIA) was up about 82 points (0.23%) at 35,520.12; the NASDAQ Composite was down 17 points (0.12%) at 14,127.28.
  • The 10-year Treasury note yield (TNX) edged down to 3.867%.
  • CBOE’s Volatility Index (VIX) dropped 5 points to at 13.32.

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ORDER: https://www.routledge.com/Comprehensive-Financial-Planning-Strategies-for-Doctors-and-Advisors-Best/Marcinko-Hetico/p/book/9781482240283

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Thank You

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