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DAILY UPDATE: Jack Dorsey, Deutsche Bank and the Markets

Posted on March 25, 2023 by Dr. Marcinko

By Staff Reporters

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Jack Dorsey’s wealth tumbled after Hindenburg Research targeted his payments company Block, per Bloomberg. The short seller alleged Block misled investors “with inflated metrics” Block’s share price tumbled as much as 22% on Thursday on Hindenburg’s report.

Short seller Hindenburg Research has hit another billionaire’s fortune with a report. Jack Dorsey, the co-founder of payments company Block and Twitter, saw his net worth tumble by $526 million, or 11%, to $4.4 billion after the US-based research firm led by Nathan Anderson accused Block of misleading investors in a March 23 report, according to Bloomberg. Dorsey isn’t on the list of the world’s 500 richest persons on the Bloomberg Billionaires Index currently. He was previously featured at number 456 with a net worth of $5.41 billion on March 22nd, per Insider’s scan of the Index on Wednesday.

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Investors sparked a furious selloff in Deutsche Bank AG and thrust one of Europe’s most important lenders into the center of concerns about the health of the global financial system. Shares of Germany’s largest lender tumbled as much as 15%, their third consecutive day of losses, though they later regained some ground and were recently down 10%. The cost to insure against its default using credit-default swaps soared to their highest levels since 2020.

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Chairman Jerome Powell was ambiguous this week about future Federal Reserve moves, suggesting “some additional policy firming may be needed.”

Treasury yields dropped near seven-month lows, a seeming indication of escalating recession worries after the Fed raised its benchmark lending rate nine times to a range of 4.75% to 5% over the past year. The release next week of updated data on consumer confidence, inflation, and economic growth will likely be in focus.

Monetary Policy: https://medicalexecutivepost.com/2023/03/17/the-modern-us-monetary-system/

The swings in stock prices this week “were consistent with the unclear outlook for monetary policy, the banking system, and the broader economy,” says Kevin Gordon, senior investment strategist at Charles Schwab. “More time needs to pass before we know the true impact of the expected tightening in credit conditions.”

The S&P 500^® Index was up 22.27 (0.6%) at 3970.99; the Dow Jones industrial average was up 132.28 (0.4%) at 32,237.53; the NASDAQ Composite was up 36.56 (0.3%) at 11,823.96.
The 10-year Treasury yield was little changed at about 3.374%.
CBOE’s Volatility Index was down 0.87 at 21.74.

The real estate sector led the gainers Friday, followed by consumer staples and health care. Financials and consumer discretionary stocks edged lower, and technology stocks were little changed, though the tech-focused NASDAQ Composite still notched its second straight weekly gain. Gold and crude oil futures both declined, while the U.S. dollar strengthened.

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DAILY UPDATE: Bird Flu Vaccine Up, FRB Down as Other Banks Rebound

Posted on March 21, 2023 by Dr. Marcinko

By Staff Reporters

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Executives at GSK Plc (NYSE: GSK), Moderna Inc (NASDAQ: MRNA), and CSL Seqirus, owned by CSL (OTC: CSLLY), said they are developing or about to test sample human vaccines against bird flu as a precautionary measure against a future pandemic. Others, like Sanofi SA (NASDAQ: SNY), “stand ready” to begin production if needed, with existing H5N1 vaccine strains in stock. The U.N. said it had signed legally binding agreements with 14 manufacturers for 10% of their pandemic flu vaccine in a mix of donated doses and doses to be bought at affordable prices.

Health Insurance: https://www.amazon.com/Dictionary-Health-Insurance-Managed-Care/dp/0826149944/ref=sr_1_4?ie=UTF8&s=books&qid=1275315485&sr=1-4

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Shares in troubled First Republic Bank crashed more than 46% on Monday, after reports the San Francisco-based bank may need to raise more funds despite a $30bn (£24bn) rescue last week.

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U.S. stocks ended the day higher, as the financials sector bounced back amid the recent choppiness in the markets. Meanwhile, uncertainty remained regarding whether the turmoil will impact the Fed’s monetary policy decision on Wednesday. Banking stocks continued to be in focus, as UBS Group agreed to acquire Credit Suisse for a little over $3.0 billion, while the Fed and five other major central banks took action to increase the availability of liquidity for the financial system.

Treasury yields were higher, and the U.S. dollar was lower, while crude oil and gold prices gained ground.

Asia finished broadly lower, and markets in Europe rose sharply, as investors around the world contend with the latest updates surrounding global banks.

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DAILY UPDATE: VIX and the Equity Markets

Posted on March 18, 2023 by Dr. Marcinko

By Staff Reporters

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The CBOE VIX index the gauge of equity volatility, twice spiked up to 30 before tumbling back down. The ICE BoAML MOVE index, a VIX for the Treasury market, jumped to its highest since the great financial crisis of 2008, at one point up more than 80% from just the start of February.

CITE: https://medicalexecutivepost.com/2022/10/08/what-up-vix/

Those moves illustrate the whipsaw action in stocks and bond yields as traders tried to work out the seriousness of the unfolding banking crisis and how much it would compromise central banks’ ability to sustain their inflation fighting strategies.

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

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The Dow Jones Industrial Average decreased 385 points (1.2%) to 31,862, the S&P 500 Index fell 44 points (1.1%) to 3,917, and the NASDAQ Composite went down 87 points (0.7%) to 11,631. In heavy volume, 8.8 billion shares of NYSE-listed stocks were traded, and 7.5 billion shares changed hands on the NASDAQ WTI crude oil lost $1.61 to $66.74 per barrel.

Elsewhere, the gold spot price climbed $58.70 to $1,981.70 per ounce, and the Dollar Index went down 0.5% to 103.90. Markets ended mixed for the week, as the DJIA nudged 0.2% lower, while the S&P 500 gained 1.4%, and the NASDAQ Composite advanced 4.4%.

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DAILY UPDATE: ECB Rates Up while US Equities Blast Off!

Posted on March 17, 2023 by Dr. Marcinko

Good morning and Happy Saint Patrick’s Day

By Staff Reporters

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The European Central Bank (ECB) lifted its three policy rates by 50 basis points for the sixth consecutive time, raising the benchmark for borrowing costs in the Euro-zone to 3.0% from 2.5%, the highest level since late 2008, as inflation is seen overshooting its 2% target through 2025.

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

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U.S. stocks blasted higher reversing some recent losses as the banking sector continues to remain in the headlines. First Republic climbed after reports that it could receive up to $30 billion in deposits from some of the nation’s largest banks in an attempt to stabilize the lending firm. In other equity news, Adobe topped quarterly expectations and offered upbeat guidance, while Dollar General offered mixed results.

The economic calendar was also busy today, as jobless claims declined more than anticipated, import prices dipped, housing construction activity rose much more than projected, and manufacturing output in Philadelphia remained solidly in contraction territory.

Treasury yields were higher too and the U.S. dollar dipped, while crude oil prices rose, and gold moved modestly to the downside.

Asia finished mostly lower amid the global banking worries, and markets in Europe rebounded even as the European Central Bank followed through with a 50-basis point rate hike despite the financial market turbulence. Finally, Suisse rallied after getting some capital support from the Swiss National Bank.

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DAILY UPDATE: National Health Service Warning and the Domestic Markets

Posted on March 16, 2023 by Dr. Marcinko

By Staff Reporters

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Great Britain’s National Health Service, which is meant to provide “free” universal healthcare, is collapsing under the strain of long wait times, hidden data, and excess deaths. Long held up as the crown jewel of “socialized healthcare,” the world’s largest government-run system is unraveling. The crisis has led to a surge in excess deaths that has outlasted the coronavirus pandemic, with ambulance and emergency room delays linked to hundreds of deaths each week, leaked internal data suggest. Hospitals already near capacity last fall could not keep pace as the winter flu season took hold.

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

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U.S. equities were able to claw out of a deep hole to finish mixed, as the recent turmoil in the banking sector on this side of the pond made its way to Europe.

Swiss regulators stepped in to reassure global financial markets after fresh fears about the viability of Credit Suisse threatened wider fallout just days after two historic U.S. bank failures. The Swiss National Bank issued a statement late Wednesday offering the embattled lender financial support if necessary, a move that helped markets pare some of the day’s steep losses. Other bank stocks took hits as well, with JPMorgan closing down 4% and Wells Fargo and Goldman Sachs closing down about 3%. Bank of America closed down less than 1%.

The broader Dow Jones Industrial Index ended Wednesday’s session down about 280 points — roughly 0.9% — while the S&P 500 closed 0.7% lower. The tech-heavy NASDAQ finished the day roughly flat.

The worries overshadowed a welcome benign read on February producer price inflation and a retail sales report that showed a key core component of spending unexpectedly rose and the prior month’s figures were revised to larger-than-expected jumps.

In other economic news, home builder sentiment unexpectedly improved, mortgage applications rose for a second-straight week, but manufacturing output in New York contracted much more than anticipated, and business inventories surprisingly dipped. In other equity news, Lennar Corporation topped quarterly expectations.

Treasury yields tumbled and the U.S. dollar rallied, while crude oil prices dropped, and gold was higher. Asia finished mostly higher after the rebound in the U.S. yesterday, while markets in Europe fell with the banking worries dragging stocks lower across the board.

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DAILY UPDATE: Mortgage Rates Down–Stock Markets Up

Posted on March 14, 2023 by Dr. Marcinko

By Staff Reporters

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The average rate on the popular 30-year fixed mortgage dropped to 6.57% according to Mortgage News Daily. If rates continue to drop now, buyers could return to the housing market once again. “This mini banking crisis has to drive a change in consumer behavior in order to have a lasting positive impact on rates. It’s still all about inflation,” said Matthew Graham, chief operating officer at Mortgage News Daily.
CITE: https://www.r2library.com/Resource/Title/082610254

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U.S. stocks turned mixed to close out the day up, which follows a sharp decline last week amid turmoil in the banking sector. The uneasiness that came after the recent collapses of SVB Financial and Silvergate Capital has been exacerbated by the closure of Signature Bank in New York over the weekend. In M&A news, Pfizer confirmed that it reached an agreement to acquire cancer drug maker Seagen in a transaction valued at about $43 billion.

Treasury yields tumbled, and the U.S. dollar dropped, while crude oil prices saw pressure, and gold rallied. The economic calendar was dormant today, but will heat up tomorrow as the Consumer Price Index (CPI) will be released, beginning the development of the February inflation picture.

Asia finished mixed, with Chinese and Hong Kong markets rising, and European stocks fell amid heightened volatility due to the turbulence in the banking sector.

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Follow-Up: Silvergate, Silicon Valley Bank and Signature Bank collapsed last week. All eyes are now on First Republic Bank.

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DAILY UPDATE: Silicon Valley and Silvergate Banks Out as Domestic Markets Tank

Posted on March 11, 2023 by Dr. Marcinko

By Staff Reporters

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Financial regulators have closed Silicon Valley Bank and taken control of its deposits, the Federal Deposit Insurance Corp. announced yesterday, in what is the largest U.S. bank failure since the global financial crisis more than a decade ago.

The FDIC said in the announcement that insured depositors will have access to their deposits no later than Monday morning.
SVB’s branch offices will also reopen at that time, under the control of the regulator.
The FDIC’s standard insurance covers up to $250,000 per depositor, per bank, for each account ownership category.

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

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And, the crypto company SB announced yesterday that it’s winding down operations and liquidating Silvergate Bank, which has about $11 billion in assets. Silvergate has been struggle throughout crypto’s downturn—especially after the collapse of FTX, one of its biggest customers. Last quarter, Silvergate fired 40% of its workforce, reported a $1 billion loss, and took out billions in loans…but apparently it wasn’t enough.

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

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U.S. equities ended the day and week sharply lower, as the markets continued to look for hints regarding future monetary policy decisions. The moves came amid a flurry of news and economic data, as the February labor report showed stronger-than-expected job gains, and a lower-than-anticipated increase in wages, but a rise in the unemployment rate. The report was in stark contrast to January’s blowout figures, and seemed to soothe some of the anxiety over the Fed’s future actions.

In earnings news, Ulta Beauty handily beat estimates and provided upbeat guidance, and Oracle offered mixed quarterly results and increased its dividend, but Gap fell well short of expectations amid a tumble in online sales, and it saw a shakeup in management.

Treasury yields tumbled in the wake of the labor report and worries surrounding the banking sector, and the U.S. dollar was sharply lower, while crude oil and gold prices traded to the upside.

Asian stocks finished lower, and markets in Europe saw widespread losses, led by shares of banking companies, amid uncertainty regarding the overall effects of rate hikes.

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DAILY UPDATE: Lawmaker’s Health Data Breach, BLS Report and the Crashing Bank & Stock Markets!

Posted on March 10, 2023 by Dr. Marcinko

By Staff Reporters

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The online health insurance marketplace for members of Congress and Washington, D.C., residents was subjected to a hack that compromised the personal identifying information of potentially thousands of lawmakers, their spouses, dependents and employees, according to a letter from House leaders informing their colleagues about the breach and a memo from the Senate’s top security official.

CITE: https://www.amazon.com/Dictionary-Health-Information-Technology-Security/dp/0826149952/ref=sr_1_5?ie=UTF8&s=books&qid=1254413315&sr=1-5

CITE: https://www.amazon.com/Dictionary-Health-Insurance-Managed-Care/dp/0826149944/ref=sr_1_4?ie=UTF8&s=books&qid=1275315485&sr=1-4

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Today the U.S. Bureau of Labor Statistics (US-BLS) will report the number of jobs the U.S. economy added in February as well as other pertinent information surrounding the labor market. Officials at the Fed and investors have been watching the labor market very carefully, which has been red hot with the unemployment rate in January remaining near historic lows at 3.4%. Fed officials believe the tight labor market is empowering consumers to spend through rising consumer prices, which has made inflation sticky. Fed Chairman Jerome Powell has said previously the Fed would like to see some deterioration in the labor market to know that it’s winning its war with inflation.

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

Bank stocks plunged as investors assessed the potential fallout from the implosions of Silicon Valley Bank and Silvergate Capital.
SVB Financial surprised investors with lowered guidance, a $2.3 billion capital raise, and a massive $1.8 billion loss from its bond portfolio.
“This is sending shock waves through the financials with the regional bank ETF lower by 8%,” NYSE’s Michael Reinking said.

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U.S. stocks declined to close out a choppy trading session, adding to weekly losses that followed this week’s hawkish Congressional testimony from Fed Chairman Jerome Powell. A larger-than-expected increase in weekly initial jobless claims seemed to offer a modest reprieve from the concerns about how aggressive the Fed may be.

The Financial sector saw pressure, as SVB Financial plummeted after selling securities for a loss, and Silvergate Capital dropped after announcing that it would shut down its bank operations and liquidate. As a result of the turmoil in the sector, the shares of numerous banks declined. In other equity news, Dow member American Express increased its share buyback plan and raised its dividend, while GE rallied as the Street cheered its long-term outlook.

Treasury yields were mostly lower with short-term rates giving back recent gains, and the yield curve steepened somewhat after inverting further on Powell’s testimony.

The U.S. dollar relinquished some of this week’s rally, while crude oil prices were lower, and gold traded to the upside.

Asian stocks finished mixed following some cooler-than-expected Chinese inflation reports, and Europe ended mostly lower, as the global markets continued to react to Fed Chair Powell’s comments.

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DAILY UPDATE: Credit Suisse Down While US Equities Mixed

Posted on March 9, 2023 by Dr. Marcinko

By Staff Reporters

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

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

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

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

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

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

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

Posted on March 8, 2023 by Dr. Marcinko

By Staff Reporters

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The Dow Jones Industrial Average decreased 575 points (1.7%) to 32,856, the S&P 500 Index was 62 points (1.5%) lower at 3,986, and the NASDAQ Composite lost 145 points (1.3%) to 11,530. In moderate volume, 3.8 billion shares of NYSE-listed stocks were traded, and 5.3 billion shares changed hands on the NASDAQ. WTI crude oil fell $2.88 to $77.58 per barrel. Elsewhere, the gold spot price tumbled $34.80 to $1,819.80 per ounce, and the Dollar Index jumped 1.2% to 105.59.

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And, a key recession indicator flashed its loudest warning ever after Federal Reserve Chairman Jerome Powell said benchmark rates will likely go higher than once anticipated. The inversion between the 2-year and 10-year Treasury yields hit a record 103.5 basis points on Tuesday, according to Refinitiv data. It later narrowed to 102.4 basis points. In normal economic times, shorter-term yields are below longer-term yields. But for months, the 2- and 10-year yields have been inverted amid growing recession fears, as the Fed continues to tighten policy to rein in inflation. The 2-year yield currently sits at 4.992% while the 10-year yield is 3.968%. Meanwhile, there’s a 61.6% probability the Fed will raise its benchmark rate by 50 basis points on March 22, up from 31.4% a day earlier.

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Finally, the economic calendar introduced a read on wholesale inventories, which was un-revised from the preliminary report at a m/m decline in January. Meanwhile, consumer credit for January expanded at a slower-than-expected pace. Q4 earnings season continues to wrap up, as Dick’s Sporting Goods bested earnings estimates, raised its quarterly dividend, and issued full-year guidance that came in above forecasts. In other equity news, Meta Platforms is planning another round of layoffs that could affect thousands of workers, according to a Bloomberg News report.

Treasury yields were mixed, and the U.S. dollar rallied, while crude oil and gold prices were sharply lower.

Asian stocks ended mixed following the Reserve Bank of Australia’s 25 bp rate hike, and European stocks were lower, as international investors digested Powell’s comments.

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DAILY UPDATE: U.S. Stocks Subdued

Posted on March 7, 2023 by Dr. Marcinko

By Staff Reporters

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U.S. stocks were subdued in a choppy trading session, as the markets struggled to add to last week’s gains that snapped a string of weekly losses.

Treasury yields went up and the U.S. dollar was lower ahead of this week’s two-day Congressional testimony from Fed Chairman Jerome Powell. Crude oil prices rose, and gold traded slightly to the downside.

Equity news was light with Q4 earnings season mostly in the books, though Tesla announced that it reduced the price of its pricier models in the U.S. for the second time this year, and Ciena Corporation topped earnings forecasts. The economic week began with a read on factory orders that fell less than expected. Additionally, durable goods orders were unchanged from the preliminary report, while excluding transportation, orders were unexpectedly revised upward.

Asian stocks finished mostly higher even as China offered a conservative economic growth outlook, and markets in Europe were mixed following some lackluster data.

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DAILY UPDATE: The Domestic Markets Blast-Off as Blackstone Defaults

Posted on March 4, 2023 by Dr. Marcinko

By Staff Reporters

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U.S. equities finished higher, with all the major indexes posting solid gains for the week. Q4 earnings season approached the end of the final chapter, as Broadcom topped forecasts and issued upbeat guidance, though Zscaler’s billings outlook appeared to overshadow a stronger-than-expected quarterly report, and Costco Wholesale posted mixed results. The market broke a four-week losing streak as Meta was one of the stocks that climbed after the Facebook parent announced big price cuts for its VR headsets, including the high-end Meta Quest Pro.

The economic front offered services sector reports that showed growth was stronger than expected.

Treasury yields came under pressure, along with the U.S. dollar, while crude oil prices were higher, and gold rallied.

Asia finished out the week in positive fashion, and Europe was mostly higher following some economic data.

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Backstone (NYSE:BX) has reportedly defaulted on a €531M bond backed by a portfolio of offices and stores owned by Finnish property investment firm Sponda, which it acquired in 2017. The private equity firm earlier sought an extension from holders of the securitized notes so that it could sell the assets and repay the debt, Bloomberg reported citing people aware of the matter. And, Seeking Alpha learned that the asset sale process was impacted by COVID-related disruptions, the Ukraine war (the assets are located in Finland, which shares its border with Russia) and wider market volatility.

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DAILY UPDATE: E.S.G. Investing is Down but Markets are Up as Marc Benioff Speaks

Posted on March 3, 2023 by Dr. Marcinko

By Staff Reporters

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The US Senate passed a disapproval resolution formally killing a Department of Labor rule that encourages private retirement plan fiduciaries to consider environment, social and governance (ESG) factors when making investment decisions for over 150 million Americans. ESG is a framework that helps stakeholders understand how an organization is managing risks and opportunities related to environmental, social, and governance criteria (sometimes called ESG factors). ESG is an acronym for Environmental, Social, and Governance. ESG takes the holistic view that sustainability extends beyond just environmental issues. While the term ESG is often used in the context of investing, stakeholders include not just the investment community but also customers, suppliers, and employees, all of whom are increasingly interested in how sustainable an organization’s operations are.

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Stocks Shake Off Fed Uncertainty, Rise in Interest Rates: U.S. equities rallied into the close to finish near the highs of the day, as investors appeared to shake off the persistent rise in interest rates. The markets also digested some earnings reports, as shares of Dow member Salesforce jumped after topping expectations, and Macy’s also moved solidly higher after besting the Street’s forecasts.

However, disappointing guidance from Best Buy took some of the luster of its earnings beat. Elsewhere, the economic calendar added to the Fed uncertainty, as jobless claims unexpectedly dipped, while Q4 productivity was revised lower and unit labor costs were adjusted to the upside. Treasury yields continued their ascent, and the U.S. dollar gained solid ground, while crude oil prices edged higher in choppy trading, and gold was slightly lower.

Asia finished mixed, and Europe posted gains across the board, as the global markets continued to wrestle with recent data.

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Finally, Marc Benioff is bracing for a recession that shows shades of the dot-com crash and financial crisis. The Salesforce CEO is shifting his focus from sales and deals to efficiency and profitability. Benioff warned that falling stocks and recession fears dampen corporate spending.

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DAILY UPDATE: Both Home Prices and Stocks Fade

Posted on March 1, 2023 by Dr. Marcinko

By Staff Reporters

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Three cities that saw the steepest home price declines on a seasonally-adjusted, month-over-month basis include Las Vegas, Phoenix, and Portland, with drops of 1.5%, 1.3%, and 1.3%, respectively.

***

U.S. equities finished lower in choppy action amid the backdrop of uncertainty regarding the ultimate impact of aggressive monetary policy tightening.

Treasury yields were little changed, and the U.S. dollar was slightly higher, while crude oil and gold prices gained ground. Q4 earnings season continues to wrap up this week, with Target topping forecasts but offering disappointing guidance, while Zoom Video Communications bested forecasts but delivered a mixed outlook.

The economic calendar showed home prices dipped compared to the prior month, while the trade deficit widened more than expected, and wholesale inventories unexpectedly declined. Additionally, consumer confidence and manufacturing activity in the Chicago region unexpectedly declined in February.

Asia finished mixed and Europe also diverged, with the markets continuing to grapple with monetary policy uncertainty.

***

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

***

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DAILY UPDATE: Stocks Cool Down as February Ends

Posted on February 28, 2023 by Dr. Marcinko

By Staff Reporters

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It’s the 28th and final day of February. Have you wondered why February is shorter than the other months? Turns out, we have ancient Roman superstitions to thank. Roman King Numa Pompilius tweaked the calendar to sync it with the lunar year, and that included changing every month to 29 days (because even numbers were unlucky at that time). One month, though, needed to have an even number of days, and February was selected since it was when the Romans held rituals for the dead. And so, February was dropped down to 28 days.

***

Markets: Stocks started climbing again yesterday after last week’s slump as things calmed down a bit in the bond market. Tech stocks led the upward trend, along with Union-Pacific, which jumped after the railroad company said it would give in to investor pressure and replace its CEO this year.

***

Overall, U.S. equities finished in the green, although well off the best levels of the day, trimming some of last week’s sharp drop.

Treasury yields were mixed, and the U.S. dollar lost ground as the markets continue to grapple with uncertainty regarding how much more aggressive monetary policies in the U.S. and Europe will be to try to cool off inflation.

Gold traded higher and crude oil prices saw modest losses. The equity front was relatively light, though Pfizer is reportedly in talks to acquire Seagen, while Berkshire Hathaway posted Q4 operating earnings that were down year-over-year (y/y) but it noted $2.6 billion in share buybacks.

Finally, in other economic news, durable goods orders fell on the headline level, though core durable goods orders rose, while pending home sales jumped. Asia was broadly lower, while Europe finished with widespread gains.

***

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DAILY UPDATE: The WHO Calls for Radiology Readiness and Bonds Sell-Off

Posted on February 27, 2023 by Dr. Marcinko

By Staff Reporters

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A new World Health Organization (WHO) report calling for an increased global preparedness for radiological and nuclear emergencies doesn’t spell out any particular current conflict, but it doesn’t need to. The world has become fully aware of the increased dangers of radiological and nuclear threats.

The World Health Organization’s updated list of critical medicines puts a focus on radiological and nuclear emergencies.
The WHO says governments need to have treatments available for citizens exposed to radiation.
New formulas developed in the last decade have, in part, prompted the updated guidelines from WHO.

In the just-issued report, the WHO updated its list of medicines that governments should stockpile for these types of emergencies, including medicines that “either prevent or reduce exposure to radiation or treat injuries once exposure has occurred.”

***

Finally, a major sell-off in bonds sent Treasury yields higher, making stocks less attractive to investors. Last week, the major US stock indexes posted their biggest weekly losses of the year.

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***

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DAILY UPDATE: U.S. Stocks Slow Down after FOMC Minutes

Posted on February 23, 2023 by Dr. Marcinko

By Staff Reporters

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U.S. equities did an about-face in late-day trading to finish mixed, with the Dow and S&P 500 adding to yesterday’s solid declines. The moves came following the release of the minutes from the Fed’s February 1 monetary policy meeting that showed Committee members remain steadfast in their rate hike campaign despite some cooling in inflationary pressures. In other economic news, mortgage applications fell for a second-straight week.

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

Treasury yields were lower, and the U.S. dollar was higher, while crude oil prices tumbled, and gold traded to the downside. As Q4 earnings season continued to roll down the home stretch, Palo Alto Networks topped forecasts and offered upbeat guidance, and TJX Companies offered an outlook that missed forecasts.

In other equity news, Dow member Intel Corporation slashed its dividend and reaffirmed its Q1 outlook. Asia finished lower and Europe was mixed as investors awaited today’s Fed report.

***

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DAILY UPDATE: U.S. Equities Mixed while Oil, Gold and Asian Stocks Dip -BUT- Cathie Wood Buys for ARK

Posted on February 18, 2023 by Dr. Marcinko

By Staff Reporters

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U.S. equities ended the day and week mixed ahead of the long holiday weekend. The markets continued to grapple with the possibility of further aggressive FOMC measures to try to tamp down inflation pressures after this week’s reports showed continued elevated consumer and wholesale prices.

Today, the economic calendar showed headline import price inflation declined more than expected in January, though excluding petroleum it unexpectedly rose. Meanwhile, recession uncertainty was preserved by a tenth-straight monthly decline in the Leading Economic Index. Earnings results were positive today, as Deere & Company topped estimates and raised its guidance, while Applied Materials also exceeded expectations and issued a favorable outlook.

Treasury yields were lower, and the U.S. dollar was mostly unchanged, while crude oil prices fell, and gold dipped.

And, Asian stocks finished broadly lower to close out the week, and markets in Europe diverged, as the global markets wrestled with uncertainty.

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

***

Finally, CEO of ARK Investment Management and investment mega personality Cathie Wood purchased a hefty chunk of shares for Shopify Inc (SHOP) – Get Free Report. ARK scooped up 776,835 shares that are worth an estimated $34.8 million.

***

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DAILY UPDATE: U.S. Stocks Edge Up a Bit

Posted on February 16, 2023 by Dr. Marcinko

By Staff Reporters

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Stocks Rise as Investors Digest Economic Data

THE DATA: U.S. retail sales jumped 3% in January as consumers broadly boosted spending on vehicles, furniture, clothing and dining out, adding to signs that economic growth picked up at the start of the year. Last month’s seasonally adjusted spending increase was the biggest since March 2021 and followed two months of declines at the end of last year, the Commerce Department said yesterday. Job growth surged and high inflation cooled slightly in January after rising prices, increased borrowing costs and uncertainty about the economy caused households to pull back on spending late last year.

The unexpectedly strong employment report last month and still solid wage gains bode well for consumer spending, and some economists think economic growth could be picking up. The Federal Reserve has raised interest rates aggressively since last March in an attempt to slow the economy and bring down inflation. The consumer-price index climbed 6.4% in January from a year earlier, down slightly from 6.5% in December but still well above the Federal Reserve’s 2% inflation target.

***

THE MARKETS: U.S. stocks were higher to end the day, as investors continued to wrestle with the implications of persisting inflation and a tight labor market on Fed monetary policy actions. The economic calendar came in heavy, as retail sales rose much more than anticipated in January, which may be further complicating Fed perception, home-builder sentiment improved by the most since the summer of 2013, and business inventories continued to rise.

However, industrial production came in below forecasts, mortgage applications dropped, and New York manufacturing remained in contraction territory. Q4 earnings season continued to roll on, with AirBnB topping estimates and offering upbeat guidance, and Kraft Heinz also exceeding earnings estimates, while Devon Energy missed profit projections.

Treasury yields were mostly higher, and the U.S. dollar rallied, while crude oil and gold prices were lower.

Asian stocks finished mostly lower, and markets in Europe traded higher as investors digested further inflation data in the region.

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DAILY UPDATE: US Stocks UP!

Posted on February 14, 2023 by Dr. Marcinko

By Staff Reporters

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U.S. stocks rose ahead of some key January inflation data this week, which will begin with the Consumer Price Index (CPI) report. The economic calendar was dormant today, while Q4 earnings season continued down the back stretch, as Check Point Software Technologies topped estimates and announced an increase to its share buyback plan, while Fidelity National Information Services offered disappointing guidance.

Treasury yields were mixed, and the U.S. dollar was lower, while crude oil prices gained ground, and gold traded to the downside.

Asian stocks finished mostly lower ahead of the U.S. inflation data and as tensions between the U.S. and China remained, though markets in Europe rebounded from last week’s decline.

***

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DAILY UPDATE: U.S. Stock Markets Post Weekly Decline!

Posted on February 11, 2023 by Dr. Marcinko

By Staff Reporters

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U.S. equities ended the day mixed in a quiet trading session, while the major indexes posted solid losses for the week. Investors sifted through more mixed earnings results, as Expedia Group and Lyft fell well short of the Street’s expectations, with the latter also disappointing with its Q1 guidance, and PayPal Holdings bested forecasts and offered an upbeat outlook.

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

US Markets: After a mixed performance yesterday, all three major indexes ended up down for the week, with both the NASDAQ and the S&P 500 suffering their worst week of the year. News Corp’s stock fell after the company said it plans to cut 1,250 jobs, or about 5% of its workforce, this year.

Economic news remained light, as the lone report showed a better-than-expected increase in consumer sentiment for February.

Treasury yields were mixed, and the U.S. dollar traded to the upside, while crude oil prices rose and gold declined.

Asian and European stocks finished lower as the international markets digested regional data and continued to grapple with the implications of monetary policy tightening.

***

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DAILY UPDATE: Falling SoftBank, Zoom and US Equities

Posted on February 9, 2023 by Dr. Marcinko

By Staff Reporters

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

***

ZOOM-The videoconferencing company that became a household name during Covid is cutting 15% of its workforce, or about 1,300 people. CEO Eric Yuan said the “uncertainty of the global economy” was partly to blame, but he also admitted the company “made mistakes.” To own up to those mistakes, Yuan said he’s reducing his upcoming fiscal year salary by 98% and ditching his 2023 corporate bonus. Zoom shares are down about 85% from their 2020 highs’ according to Bloomberg.

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

***

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

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

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

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

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

***

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DAILY UPDATE: Stocks Close Lower

Posted on February 7, 2023 by Dr. Marcinko

By Staff Reporters

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Stocks Lower to Kick off the Week

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

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

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

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

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

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

***

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DAILY UPDATE: Treasury Yields Up, Markets Down as Elon Wins

Posted on February 4, 2023 by Dr. Marcinko

By Staff Reporters

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Treasury yields jumped after a much stronger-than-expected U.S. January jobs report clouded investor expectations for the Federal Reserve to end its interest rate hiking cycle in coming months. Treasury Yields and debt prices move opposite each other:

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

The yield on the 2-year Treasury note rose 14.9 basis points to 4.233%.
The 10-year Treasury note yield jumped 9.9 basis points to 3.498%.
The 30-year Treasury bond yield was up 6.9 basis points at 3.626%.

***

U.S. equities declined in a choppy trading session following a stronger-than-expected January labor report, and some uninspiring earnings results from mega-cap stocks. Non farm payroll additions beat estimates by a large amount, and the unemployment rate declined, solidifying the notion of a tight job market.

Meanwhile, a read on domestic services sector activity moved back into expansion territory. Mega-cap stocks were in focus today, as Dow member Apple missed estimates and posted its first quarterly decline in revenues since 2019, and Alphabet also posted discouraging quarterly results, while Qualcomm bested EPS estimates by a penny, but fell short on the revenue side.

Notably, the retail giant Amazon is finally starting to feel the economic pinch. The e-commerce company, which most people thought was unstoppable, has reportedly had its first unprofitable year since 2014. The company released this week that it has lost over $2 billion in 2022, despite holiday-season sales increasing by 9%.

Asian and European stocks finished mixed, as the markets continued to process the week’s monetary policy decisions, as well as some services sector data across the globe.

***

Elon Musk was found not liable for investors’ losses in a securities fraud trial over his 2018 tweet that he had “funding secured” to take Tesla private at $420 per share, continuing the tech mogul’s streak of favorable verdicts over his erratic behavior. Plaintiff Glen Littleton and fellow members of the class action sued Musk and Tesla, including its board of directors, over the tweet and Musk’s subsequent statements, alleging the notion that financing was in place had been false. They said shareholders suffered steep financial harms because of panicked sales in the 10 days following the tweet, as Tesla and Musk engaged in damage control.

***

***

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DAILY UPDATE: January Job Cuts as the Technology Markets Blast Off Along with Flying Motorbikes

Posted on February 3, 2023 by Dr. Marcinko

By Staff Reporters

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US employers in January announced the most job cuts since 2020, according to data compiled by Challenger, Gray & Christmas, Inc. Businesses reported 102,943 cuts in the month, more than twice those announced in December and up 440% from January 2022. The technology sector made up 41% of the planned reductions. Announced layoffs at retailers and financial companies also climbed from a year ago.

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

***

Meanwhile, U.S. stocks ended the day mixed, with the S&P 500 and NASDAQ adding to yesterday’s rally that came as the Fed hiked rates by a decelerated amount and suggested that it may be nearing the end of its tightening cycle. The global markets also reacted to 50-basis point rate increases from the European Central Bank and Bank of England.

Earnings continued to pour in, with Meta Platform jumping after some upbeat guidance, and Eli Lilly and Company saw pressure after some softer-than-expected revenue growth. The economic calendar delivered some positive news, with Q4 productivity much stronger than expected and unit labor costs slowing more than anticipated, and jobless claims continued to slide, while factory orders missed estimates.

Treasury yields were unchanged, and the U.S. dollar gained ground, while crude oil and gold prices declined. Asian stocks finished mixed following the Fed’s decision, and markets in Europe were mostly higher in the wake of the monetary policy decisions in the region.

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Finally, a Japanese maker of flying motorbikes will list on the NASDAQ stock exchange and start trading in New York, making it the fifth company from the Asian nation to join the tech-heavy bourse, according to Bloomberg. Tokyo-based ALI Technologies Inc. is going public through a merger with the blank-check firm Pono Capital Corp. Under terms of the deal, ALI Technologies will become a fully owned unit of its US arm, Aerwins Technologies, the people said, asking not to be named because the information isn’t yet public. Its market cap is expected to be at least $600 million, in line with its target last year despite a market selloff. Its ticker will be AWIN.

***

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DAILY UPDATE: IBM and SAP Lay-Offs but Equities Positive

Posted on January 28, 2023 by Dr. Marcinko

By Staff Reporters

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Technology giants IBM and SAP joined the ranks of large companies laying off significant numbers of workers, as both announced that they will be laying off thousands of employees.

***

U.S. equities closed out the week on a positive note, as investors sifted through another heavy dose of earnings and economic data. Dow components posted mixed earnings results, as Visa bested expectations, and American Express missed forecasts but offered upbeat guidance.

Additionally, Dow member Chevron also fell short, and Intel disappointed the Street amid a fourth-consecutive quarter of declining sales and warned of future losses. Meanwhile, KLA Corporation beat estimates but offered lackluster guidance. News on the economic front was upbeat, as personal income rose, pending home sales posted a gain for last month, and consumer sentiment was positively revised.

Treasury yields were higher, and the U.S. dollar increased, while crude oil and gold prices declined.

Asian stocks finished out the week with gains in continued light volume as mainland Chinese markets remained closed for the Lunar New Year holiday, and markets in Europe were higher for the most part amid some cautious trading ahead of a host of monetary policy decisions slated for next week.

***

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DAILY UPDATE: Stocks Rise with Economic Data

Posted on January 27, 2023 by Dr. Marcinko

By Staff Reporters

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Q4’s strong GDP numbers are raising hopes that the Fed could actually pull off the tricky “soft landing”—where it knocks down inflation through interest rate hikes without sending economic growth into reverse. The resilient labor market is cooperating: Despite all the headlines about layoffs, jobless claims fell last week to their lowest point since April 2022.

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

***

U.S. stocks ended the day in the green as the markets digested a host of economic and earnings data. The economic calendar came in heavy today, as Q4 GDP growth was higher than expected, jobless claims unexpectedly fell, new home sales rose, and durable goods orders jumped, but dipped when stripping out the volatile component of transportation activity. Several Dow members were in focus, as IBM exceeded expectations, though its cash flow performance garnered some scrutiny on the Street, and Dow Inc. missed quarterly estimates. Fellow Dow component Chevron announced an increased dividend and a new $75.0 billion share repurchase plan, while in other news, Tesla topped quarterly estimates and offered an upbeat outlook.

Treasury yields traded mostly higher, and the U.S. dollar advanced, while crude oil prices increased, and gold moved to the downside.

Asian stocks finished mixed in lighter volume as several markets remained closed for holidays, while markets in Europe were higher for the most part, adding to the region’s strong start to the year.

***

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DAILY UPDATE: Markets Morass & Walgreens Boots Alliance

Posted on January 26, 2023 by Dr. Marcinko

By Staff Reporters

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Image result for morass

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U.S. equities came well off their lows of the day to finish nearly where they began, as the Street sifted through a slew of mixed results with Q4 earnings season kicking into gear.

IOW: A seismic morass.

Dow member Microsoft topped profit projections, but its revenues and guidance disappointed, and Dow Component Boeing Company posted an unexpected loss, and its revenues came in short of forecasts. Elsewhere, AT&T exceeded earnings estimates and topped subscriber expectations, which are overshadowing its lackluster guidance, and Texas Instruments is lower on its outlook. The economic calendar was relatively light today, with the lone report being a third-straight weekly gain for mortgage applications.

Treasury yields were lower, and the U.S. dollar lost ground, while crude oil prices were nearly unchanged, and gold prices were higher.

And, Asia finished mixed, with mainland China and Hong Kong remaining closed for the Lunar New Year holiday, and Europe was mostly lower as investors continued to digest yesterday’s flood of manufacturing and services data.

***

Finally, Walgreens Boots Alliance Inc. is weighing a sale of its pharmacy automation business, which could fetch up to $2 billion, according to people familiar with the matter.

***

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DAILY UPDATE: Stocks Gain But “Spotify” Down

Posted on January 24, 2023 by Dr. Marcinko

By Staff Reporters

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U.S. stocks were higher, extending the rally from late last week, as Q4 earnings season is set to shift into high gear tomorrow. The markets also prepared for next week’s Fed monetary policy decision, with the Central Bank expected to slow down on their tightening campaign. The economic calendar was light, with the only report being the Leading Economic Index, which indicated a tenth-straight monthly decline and bolstered Fed expectations.

Treasury yields rose, and the U.S. dollar nudged higher, while crude oil prices were mostly unchanged, and gold gained ground. Equity news was relatively light before the week’s earnings storm, as Elliott Investment Management reportedly took a multi-billion dollar stake in Dow member Salesforce, and Evoqua Water Technologies agreed to be acquired by Xylem Inc. for roughly $7.5 billion.

Asian and European stocks finished higher, although trading volume in Asia was lower than usual as several markets were closed for the Lunar New Year holiday.

***

Spotify announced that it will lay off about 600 employees, or 6% of its workforce, in the latest Big Tech recession hedge. The shakeup could signal a pivot in the company’s podcast strategy. Like most of the other major tech companies making cuts, Spotify cited overly ambitious pandemic growth as the primary cause, and CEO Daniel Ek took “full accountability.” Along with the layoffs, Ek announced a major departure from the audio streamer: Chief Content Officer Dawn Ostroff, who was the driving force behind the company’s $1+ billion podcasting arms race to sign deals with companies like Gimlet and high-profile talent like Barack and Michelle Obama, Prince Harry and Meghan Markle, and Joe Rogan.

***

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Filed under: "Ask-an-Advisor", Alerts Sign-Up, Experts Invited, Investing | Tagged: asian, central bank, Daniel Elk, DJIA, earning season, Elliott Investment Management, european, Leading Economic Index, NASDAQ, S&P 500, Spotify, stocks, stocks gain, Treasury yields | Leave a comment »

DAILY UPDATE: Technology Stocks Rally

Posted on January 21, 2023 by Dr. Marcinko

By Staff Reporters

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The S&P 500 rose 1.9%. Despite the gains, the benchmark index still ended with its first weekly loss in the last three. The Dow Jones Industrial Average rose 1% and the NASDAQ composite closed 2.7% higher still.

***

And so, U.S. equities ended higher for the day and mixed for the week, with the Dow and S&P 500 posting their first weekly declines of the new year.

Equity news remained focused on earnings, as Netflix fell well short of estimates but easily beat the Street’s forecasts for subscribers, and PPG Industries bested expectations. Meanwhile, Alphabet announced it will slash its workforce by 12,000 jobs. Economic news was on the light side today, with the lone report showing an eleventh-straight month-over-month decline in existing home sales.

Treasury yields ended higher, and the U.S. dollar dipped slightly, while crude oil and gold prices rose.

Asian and European stocks saw gains across the board, as investors digested economic data in their respective regions.

***

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

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Filed under: Alerts Sign-Up, Information Technology, Investing | Tagged: Alphabet, Asian stocks, DJIA, European stocks, NASDAQ, Netflix, PPG, S&P 500, Technology rally, technology stock rally, Treasury yields | Leave a comment »

DAILY UPDATE: Jobless Down, Markets Down, Netflix Out but FTX is Rising?

Posted on January 20, 2023 by Dr. Marcinko

By Staff Reporters

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The number of people seeking unemployment benefits in the U.S. reached a four-month low last week, a sign that employers are holding on to their workers despite the Federal Reserve’s efforts to slow the economy and tamp down inflation. U.S. jobless aid applications for the week ending January14th fell by 15,000 to 190,000, from 205,000 the week before, according to the Labor Department. The four-week moving average of claims, which can even out the week-to-week volatility, declined by 6,500 to 206,000. Jobless claims generally serve as a proxy for layoffs, which have been relatively low since the pandemic wiped out millions of jobs in the spring of 2020. And, the labor market is closely watched by the Federal Reserve, which raised interest rates seven times last year in a bid to slow job growth and bring down stubbornly high inflation.

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

***

According to Bloomberg, Netflix Inc. co-founder Reed Hastings is stepping aside as Chief Executive Officer of the company he’s led for more than two decades, leaving the position to his two longtime associates, Ted Sarandos and Greg Peters.

***

U.S. stocks were lower, adding to yesterday’s sharp draw downs as investors remain concerned regarding the Fed’s monetary policy decisions and its ultimate impact on the economy. Economic data was mixed, as housing starts came in above estimates, building permits missed forecasts, and jobless claims unexpectedly dropped, while Philadelphia’s manufacturing output improved more than expected but remained contractionary. Q4 earnings season continued to heat up, as Dow member Procter & Gamble matched estimates, while Discover Financial Services topped forecasts but offered cautious guidance about charge offs, and Allstate Corporation issued a Q4 profit warning.

Treasury yields gained modest ground, and the U.S. dollar declined, while crude oil and gold prices rose.

Asian stocks finished mixed and markets in Europe saw widespread losses, trimming some of its strong start to 2023.

***

Finally, bankrupt Crypto exchange FTX is looking into the possibility of reviving its business, Chief Executive Officer John Ray just told the Wall Street Journal. Ray, who took over the reins in November, has set up a task force to explore restarting FTX.com, the company’s main international exchange. The CEO also told the Journal that he would look into whether reviving FTX’s international exchange would recover more value for the company’s customers than his team could get from simply liquidating assets or selling the platform. FTX’s native token FTT surged nearly 30% after the report.

FTX SCANDAL: Who is John J. Ray III?

***

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

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Filed under: "Advisors Only", Accounting, Alerts Sign-Up, Events-Planner, Investing | Tagged: Allstate, Asian stocks, DJIA, Federal Reserve, FOMC, FTX, Greg Peters, inflation, job growth, jobless, jobless claims, jobs report, John Ray, NASDAQ, Netflix, Procter & Gamble, Reed Hastings, S&P 500, Ted Sarandos, Treasury yields, unemployment, unemployment benefits | Leave a comment »

Two Year Treasury Yields = HIGH!

Posted on November 4, 2022 by Dr. Marcinko

By Staff Reporters

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U.S. bond yields just rose to new cycle highs as the fallout from the Federal Reserve’s latest interest rate hike and commentary reverberated across markets. The policy-sensitive 2-year rate broke intermittently above 4.7%, shrinking its spread to the 10-year rate to as little as minus 60.9 basis points in a worrisome sign of the economic outlook. The 2-year yield finished the New York session at its highest level in more than 15 years.

What’s happening

The yield on the 2-year Treasury rose 13.1 basis points to 4.699% from 4.568% on Wednesday. Thursday’s level is the highest since July 25, 2007, based on 3 p.m. figures from Dow Jones Market Data.
The yield on the 10-year Treasury advanced 6.4 basis points to 4.123% from 4.059% as of late Wednesday. Thursday’s level is the highest since Oct. 24.
The yield on the 30-year Treasury climbed 2.9 basis points to 4.151% from 4.122% Wednesday afternoon.

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Filed under: Breaking News, Investing, Taxation | Tagged: bond yields, FOMC, interest rates, IRS, Treasury yields, Two Year Treasury Yields = HIGH! | Leave a comment »

UPDATE: Treasury Yields, the Markets and Dr. Mark Mobius Speaks

Posted on September 8, 2022 by Dr. Marcinko

By Staff Reporters

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The yield on the 2-year Treasury is up 10.1 basis points to 3.499% as of 3 p.m. Eastern. Yields move in the opposite direction to prices.
The yield on the 10-year Treasury rose 14.9 basis points to 3.339%, its highest since June 15th, according to Dow Jones Market Data.
The yield on the 30-year Treasury jumped 13.9 basis points to 3.482% — the highest since May 12th, 2014.

***

The Dow Jones Industrial Average finished 435.98 points higher, or 1.4%, to 31,581.28.
The S&P 500 added 71.68 points, or 1.8%, ending at 3,979.87.
The NASDAQ advanced 246.99 points, or 2.1%, to finish at 11,791.90.
All three indexes posted their biggest daily percentage gain since Aug. 10th, according to Dow Jones Market Data.

***

Mark Mobius PhD warned of further downside for US markets and the economy.
The veteran investor singled out Europe’s energy crisis and China’s lockdowns as key concerns.
Mobius said the Fed may be forced to hike interest rates to keep up with the European Central Bank.

And, he predicted further pain for US markets, and issued a bleak forecast for Europe and China, in a CNBC interview.

***

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Filed under: Alerts Sign-Up, Experts Invited, Financial Planning, Investing | Tagged: bills, bonds, DJIA, Mark Mobius, NASDAQ, notes, S&P, Treasury yields | Leave a comment »

UPDATE: Inflation, S-S Benefits, Job Recruiters, the Markets and U.S. Treasury Yields

Posted on July 14, 2022 by Dr. Marcinko

By Staff Reporters

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U.S. inflation climbed to new 41-year high of 9.1% in June, as gasoline prices surged. Soaring gasoline prices in June drove the rate of U.S. inflation to 9.1%, a nearly 41-year peak. The CPI jumped 1.3% last month to mark the third time in the last four months it’s topped 1%. Economists polled by The Wall Street Journal had forecast a 1.1% advance.

Because of June’s higher-than-expected inflation jump, it’s likely seniors will receive a 10.5% adjustment to their Social Security checks in early 2023, the Senior Citizens League, an advocacy group for older Americans opined.

Nearly a third of job recruiters said they experience extreme stress on a weekly basis because of their work, according to a December survey by human-resources analytics firm Veris Insights. The research found that 77% of high-ranking recruiters are open to changing jobs, along with 65% of HR professionals — a figure that rose 17 percentage points from September to November last year.

And, the S&P 500 slipped 0.5%, and the Dow Jones Industrial Average shed 210 points, or roughly 0.7%, though both indexes pared losses from sharper declines earlier in the day. The NASDAQ Composite closed down 0.2% but was an outlier for much of the session, trading in the green as technology stocks rebounded.

Finally, US Treasury yields were also in focus with the most dramatic moves happening at the front end of the yield curve. The 10-year stood at 3.04% following the CPI print, with 2-year yields rising as high as 3.17%, further inverting the yield curve. The curve “inverts” when yields on shorter-dated Treasuries rise above those of longer-dated ones and have typically preceded recessions on Wall Street.

***

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Filed under: Accounting, Alerts Sign-Up, Investing | Tagged: DJIA, inflation, job recruiters, jobs, markets, NASDAQ, S&P, social security, SS Benefits, Treasury yields, US Treasury | Leave a comment »

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

Posted on April 22, 2022 by Dr. Marcinko

By Staff Reporters

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

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

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

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

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

HAPPY EARTH DAY 2022!

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Filed under: Alerts Sign-Up, Glossary Terms, Investing | Tagged: bond yields, bonds, China, CSI 300 Index, DJIA, Earth Day, Jerome Powell, Mary Daly, NASDAQ, Netflix, S&P, Tesla, Treasury yields | Leave a comment »

UPDATE: The CPI, NASDAQ, Gas Prices and Digital Health Investing

Posted on April 12, 2022 by Dr. Marcinko

By Staff Reporters

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Today’s consumer price index [CPI] reading is expected to show that March prices surged 8.4% over last year.

Treasury yields rose and stocks dropped in anticipation of higher interest rates and a cooling economy. The tech-heavy NASDAQ lost more than $1 trillion in market value in just the past five trading sessions.

US average gas prices sank to their lowest level in more than a month, at $4.11 a gallon. The easing is likely a reaction to the White House’s big release of crude reserves and lock-downs in China reducing overall demand for fuel.

US digital health company investment financing experienced a dip in Q1 of 2022, dropping to $6 billion from the $6.7 billion invested in Q1 2021. In addition, the average size of each investment deal dropped from $46 million last year to just shy of $33 million.

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Filed under: Alerts Sign-Up, Funding Basics, Glossary Terms, Health Economics, Health Insurance, Investing | Tagged: bonds, Consumer Price Index, covid, CPI, Digital Health, gas prices, inflation, NASDAQ, oil, oil prices, Treasury yields | Leave a comment »

UPDATE: Stocks, Treasury Yield and Commodity Futures

Posted on April 9, 2022 by Dr. Marcinko

By Staff Reporters

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The Dow Jones Industrial Average gained 0.40%, or 137 points, The S&P 500 fell 0.20%, the NASDAQ slipped 1.3%. All three major averages ended the week in the red.

Technology stocks snapped a three-week winning streak, keeping the broader market in the red as investors remain wary of growth sectors of the market in the wake of surging Treasury yields.

The 10-year Treasury yield jumped above 2.7% for the first time in more than three years on expectations for aggressive Federal Reserve tightening to stem inflation.

DEFINITION: In economics, a commodity is an economic good, usually a resource, that has full or substantial fungibility: that is, the market treats instances of the good as equivalent or nearly so with no regard to who produced them.

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

Gold Futures for June delivery were down 0.34% or 6.60 to $1,931.20 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in May rose 0.31% or 0.30 to hit $96.33 a barrel, while the June Brent oil contract rose 0.14% or 0.14 to trade at $100.72 a barrel.

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Filed under: Alerts Sign-Up, Interviews | Tagged: 10 year treasury yield, bond yields, bonds, commodities, commodity, DJIA, Dow Jones Industrial Average, NASDAQ, S&P 500, Technology, Treasury yields | Leave a comment »

UPDATE: The Markets, Treasury Yields, Ukraine & the Week Ahead

Posted on March 28, 2022 by Dr. Marcinko

By Staff Reporters

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Markets: US stocks rose for two straight weeks. Investors appear to be putting more emphasis on strong corporate earnings than all the uncertainty around the war in Ukraine and inflation.
Treasury: Yields climbed (in anticipation of higher interest rates), giving a lift to financial stocks.
Ukraine: Top Russian military officials signaled a change in approach to the war. They spoke about the “complete liberation” of the Donbas region in eastern Ukraine, which means Russia could potentially be pivoting from its initial goal of taking Ukraine’s biggest cities and toppling its government.
EARNING REPORTS THIS WEEK:
Monday: Earnings from Dave & Buster’s.
Tuesday: US consumer confidence; US Job Openings and Labor Turnover (JOLTS); earnings from Micron, Chewy, Lululemon and RH.
Wednesday: US ADP jobs report; US GDP for Q4 (third estimate); weekly crude oil inventories; earnings from BioNTech and Paychex.
Thursday: End of first quarter; US personal income and spending; US weekly jobless claims: earnings from Walgreens and Blackberry.
Friday: US jobs report; US ISM manufacturing.

***

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