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Posted on January 30, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Markets: Stocks had a strong start to the week, with the S&P 500 and the Dow once again hitting new records. That’s mostly thanks to a boom in Big Tech as investors anticipate a slew of high-profile earnings (not to mention a Fed meeting) this week. Microsoft, Meta, and Uber all reached all-time highs.
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Here’s where the major benchmarks ended today:
The S&P 500 index rose 36.96 points (0.8%) to 4,927.93; the Dow Jones Industrial Average gained 224.02 points (0.6%) to 38,333.45; the NASDAQ Composite® (COMP) added 172.68 points (1.1%) to 15,628.04.
The 10-year Treasury note yield (TNX) dropped about 8 basis points to 4.08%.
The CBOE Volatility Index® (VIX) rose 0.37 to 13.63.
Consumer discretionary and banks were among the market’s strongest sectors Monday, and small caps were also strong. The Russell 2000® Index (RUT), a small-cap benchmark, outpaced its large-cap counterparts with a gain of 1.7%, ending near a four-week high. Energy shares took pressure after WTICrude Oil futures (/CL) reversed an initial rally to a two-month high and ended with a loss of more than 1%.
Posted on January 28, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The US GDP grew 3.3% in Q4, per the Commerce Department, annihilating Wall Street’s expectations of 2% growth. For the year, the US economy expanded 2.5% in 2023, up from 1.9% in 2022. That also outpaced Wall Street’s estimates from the beginning of the year. The growth was driven by strong consumer spending made possible by rising wages and a sturdy job market, even as the country dealt with inflation. That, too, improved in Q4: Prices increased 2.7% on an annual basis, down from a 5.9% increase the year prior. The GDP smash adds more fuel to the expectation that the Fed will cut interest rates this year.
The cuts across Xbox and Activision Blizzard account for 8% of Microsoft’s video game division. The tech giant closed on its $69 billion acquisition of Call of Duty-maker Activision Blizzard in October and has since made several leadership changes. CEO Bobby Kotick stepped down in December, and now Blizzard President Mike Ybarra has decided to leave, according to an internal memo obtained by The Verge. An upcoming survival game has also been canceled. The cuts come as several gaming-related companies, including Twitch, Discord, Unity, and Riot Games, have conducted layoffs.
Posted on January 27, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Here’s where the major benchmarks ended:
The S&P 500® index (SPX) fell 3.19 points (0.1%) to 4,890.97, up 1.1% for the week; the Dow Jones Industrial Average gained 60.30 points (0.2%) to 38,109.43, up 0.6% for the week; the NASDAQ Composite® (COMP) dropped 55.13 points (0.4%) to 15,455.36, still up 0.9% for the week.
The 10-year Treasury note yield (TNX) rose about 1 basis point to 4.143%.
The CBOE Volatility Index® (VIX) fell 0.19 to 13.26.
Energy shares extended a strong week as WTI Crude Oil futures (/CL) rallied further, reaching a two-month high just under $78 per barrel. Regional banks were also among the market’s strongest performers Friday. Small-cap stocks gained modestly to end a firm week with the Russell 2000® Index (RUT) posting a weekly gain of about 1.8%.
Posted on January 26, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Here’s where the major benchmarks ended:
The S&P 500 index rose 25.61 points (0.5%) to 4,894.16, a record high close; the Dow Jones Industrial Average® (DJI) gained 242.74 points (0.6%) to 38,049.13, also a record high; the NASDAQ Composite rose 28.58 points (0.2%) to 15,510.50.
The 10-year Treasury note yield (TNX) fell about 5 basis points to 4.13%.
The CBOE Volatility Index® (VIX) rose 0.31 to 13.45.
Energy companies were among the market’s strongest performers Thursday, boosted by a rally in WTI crude oil (/CL) futures, which surged 2.8% and ended near a two-month high above $77 per barrel amid concerns conflict in the Middle East and the Russia-Ukraine war may disrupt global oil supplies.
Posted on January 25, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Alarmed by a surge in fraud draining bank accounts through popular mobile payment apps like Venmo,Cash App and Zelle, Manhattan District Attorney Alvin Bragg, Jr., has sent scathing letters to the CEOs of each company, demanding immediate action to protect consumers.
In the letters, Bragg described the crimes as involving an unauthorized user gaining access to unlocked devices, then stealing significant sums of money from bank accounts by making purchases with the mobile payment apps and using financial information from them to open new accounts.
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And, the U.S. economy expanded at a 3.3% annualized pace in the final quarter of 2023, the Commerce Department said on Thursday.
Why it matters: It’s much stronger growth than economists expected and caps a year of economic resilience as the nation avoided a projected recession.
Here’s where the major benchmarks ended:
The S&P 500 index rose3.95 points (0.1%) to 4,868.55; the Dow Jones Industrial Average® (DJI) lost 99.06 points (0.3%) to 37,806.39; the NASDAQ Composite gained 55.97 points (0.4%) to 15,481.92.
The 10-year Treasury note yield (TNX) increased about 4 basis points to 4.18%.
The CBOE Volatility Index® (VIX) rose 0.59 to 13.14.
Tech-related strength helped boost the NASDAQ-100® (NXD), which includes the NASDAQ’s largest non-financial companies, by 0.6% to a record close. Energy shares were also strong behind continued gains in WTI Crude Oil (/CL) futures, which rose 1.4% and settled near a two-month -high after the Energy Information Administration reported a 7.5% drop in U.S. oil production last week, reflecting disruptions from winter storms. Small-cap shares lagged as the Russell 2000® Index (RUT) fell 0.7%.
Posted on January 24, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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New York City intends to wipe out more than $2 billion in medical debt for up to 500,000 residents, tackling a top cause of personal bankruptcy, Mayor Eric Adams just announced yesterday.
The city is working with RIP Medical Debt, a nonprofit that buys medical debt in bulk from hospitals and debt collectors for pennies on the dollar. The group targets the debt of people with low incomes or financial hardships and then forgives the amounts.
The S&P 500 index rose 14.17 points (0.3%) to 4,864.60; the Dow Jones Industrial Average lost 96.36 points (0.3%) to 37,905.45; the NASDAQ Composite® (COMP) rose 65.66 points (0.4%) to 15,425.94.
The 10-year Treasury note yield (TNX) gained about 4 basis points to 4.138%.
The CBOE Volatility Index® (VIX) fell 0.64 to 12.55.
Shares of banks and retailers were among the market’s weakest areas Tuesday, while consumer staples were among the upside leaders. Oilfield services companies were also strong, as strong quarterly results from Halliburton (HAL) helped offset a slide in crude oil futures. In other markets, the U.S. dollar index (DXY) hit its strongest level since mid-December, partly reflecting the Bank of Japan’s decision to keep short-term interest rates unchanged.
Posted on January 21, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Four U.S. banks warned of lower interest income for this year on Friday, capping a week of dour commentary from the industry that has been under pressure from high deposit costs. After more than a year of booking strong profits on the back of the high interest they were able to charge on loans, banks are contending with a string of challenges heading into 2024, including weaker loan growth and potentially tougher capital rules.
Markets: Investors saw the S&P 500 and the Dow finished Friday at all-time highs. Soaring tech stocks helped the S&P blow past both intra-day and closing records set in January 2022.
Stock spotlight: Spirit Airlines had a bumpy ride this week. After falling for days, the budget carrier took off when it raised its forecast and said it still believes in the deal for JetBlue to buy it that a judge has blocked. Spirit and JetBlue also filed an appeal to try to save the merger.
Posted on January 20, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Drugmakers kicked off 2024 by raising the list prices for Ozempic, Mounjaro and dozens of other widely used medicines. Companies including Novo Nordisk, the maker of Ozempic, and Eli Lilly, which sells Mounjaro, raised list prices on 775 brand-name drugs during the first half of January 2024, according to an analysis for The Wall Street Journal by 46brooklyn Research, a nonprofit drug-pricing analytics group.
The drugmakers raised prices of their medicines by a median 4.5%, though the prices of some drugs rose by around 10% or higher, according to the research group. The median increase is higher than the rate of inflation, which ticked up to 3.4% in December.
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Reddit’s IPO is reportedly due in March. According to Reuters, the social media platform’s long-awaited initial public offering will launch by the end of March after it makes its public filing in late February. It’ll be the first big social media IPO since 2019, when Pinterest went public. All eyes will fall on Reddit’s own users, who are known to fuel meme stock rallies—namely AMC and GameStop—and could help prop up the company’s debut on the stock market. Valued at about $10 billion as of 2021, Reddit reportedly will sell 10% of its shares as it competes with TikTok and Facebook for attention and ad dollars.
Here’s where the major benchmarks ended:
The S&P 500 index rose 58.87 points (1.2%) to 4,839.81, up 1.2% for the week; the Dow Jones Industrial Average gained 395.19 points (1.1%) to 37,863.80, up 0.7% for the week; the NASDAQ Composite® (COMP) increased 255.32 points (1.7%) to a two-year high of 15,310.97, up 2.3% for the week.
The 10-year Treasury note yield (TNX) fell about 1 basis point to 4.132%.
The CBOE Volatility Index® (VIX) fell 0.83 to 13.30.
Strength in Nvidia and other chipmakers like Advance Micro Devices (AMD), which surged 6%, lifted the Philadelphia Semiconductor Index (SOX) 4% to a record high close. Regional banks were also among the market’s strongest performers, as the KBW Regional Banking Index (KRX) added nearly 2%. Food and beverage companies and utilities were among the weakest performers.
Posted on January 19, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Statistic 187,000: That’s how many first time unemployment claims were filed last week, a surprise decline and the lowest since September 2022. The resilient labor market is continuing to chug along as companies continue to hold on to the workers they have.
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Managed-care companies are reporting that seniors on Medicare Advantage Part C plans used far more medical services than expected in the final months of 2023. The announcements have sparked two separate selloffs over the past week: The first came January 12th, when UnitedHealth Group announced its fourth-quarter earnings. The second came Thursday, after Humana laid out preliminary fourth-quarter results, and said the high utilization trends would have a material impact on its 2024 performance “if current trends continue.”
In response, three largest sponsors of Medicare Advantage plans, UnitedHealth Group, CVS Health, and Humana, have seen their shares fall 3.2%, 7.5%, and 14.3% so far this year, respectively, as of midday Thursday. The S&P 500 is down 0.6% over the same period, while Cigna Group—which is reportedly near a deal to sell its relatively small Medicare Advantage business—is up 1%.
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Here’s where the major benchmarks ended:
The S&P 500 index rose 41.73 points (0.9%) to 4,780.94; the Dow Jones Industrial Average® (DJI) gained 201.94 points (0.5%) to 37,468.61; the NASDAQ Composite increased 200.03 points (1.4%) to 15,055.65.
The 10-year Treasury note yield (TNX) rose nearly 4 basis points to 4.142%.
The CBOE Volatility Index® (VIX) fell 0.66 to 14.13.
Gains in Taiwan Semiconductor and its industry counterparts sent the Philadelphia Semiconductor Index (SOX) up 3.4% to a three-week high. In a further illustration of tech sector strength, the Nasdaq-100® (NXD), which includes the NASDAQ’s largest non-financial companies, rose 1.5% to a record closing high. Banking and utility shares were among the market’s weakest performers.
Posted on January 18, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The Cigna Group (NYSE:CI) has announced leadership changes designed to continue accelerating growth across Evernorth Health Services and Cigna Healthcare.
Brian Evanko to continue as CFO, will serve as new President and CEO of Cigna Healthcare and Ann Dennison to join The Cigna Group as Deputy CFO.
Here’s where the major benchmarks ended:
The S&P 500 index fell 26.77 points (0.6%) to 4,739.21; the Dow Jones Industrial Average® (DJI) lost 94.45 points (0.3%) to 37,266.67; the NASDAQ Composite® (COMP) dropped 88.73 points (0.6%) to 14,855.62.
The 10-year Treasury note yield rose more than 3 basis points to 4.10%.
The CBOE® Volatility Index (VIX) climbed 0.95 to 14.79.
Real estate and utility shares were among the market’s weakest performers Wednesday, with the Dow Jones Utility Average (DJU) losing 1.4% and ending at its lowest level since late November. Small-cap stocks also remained under pressure. The Russell 2000® Index (RUT) fell 0.7% and ended at a five-week low. In other markets, the U.S. Dollar Index (DXY) strengthened to a five-week high as the retail sales report fueled optimism over the economy.
Posted on January 17, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Many analysts are talking about a rebound in healthcare stocks in 2024. If that’s the case, investors should load up on shares of UnitedHealth Group (NYSE:UNH) and buy the dip after the company’s Q4 results. The largest healthcare insurer in the U.S. reported Q4 financial results that beat Wall Street forecasts on the top and bottom lines. But, UNH stock dropped 3% due to higher-than-expected utilization rate for medical services.
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Uber is shutting down alcohol delivery app Drizly, the company confirmed, three years after acquiring the platform for $1.1 billion. Drizly will officially shut down at the end of March, Uber told The Associated Press. That means orders are open until then, Drizly said in details posted on X, the platform formerly known as Twitter.
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And, after a rocky couple of years for the Chinese economy, the country’s stock market appears to be in free fall now, with authorities asking institutional investors not to sell stocks in an attempt to stabilize share prices as foreigners are pulling out. On Monday, Chinese equities dipped after the country’s central bank decided to keep its medium-term policy rate unchanged at 2.5 percent, failing to cut interest as was widely expected by investors. The country’s CSI 300 was at its lowest level since 2019, a record only previously beaten in October 2023.
Here’s where the major benchmarks ended:
The S&P 500® index (SPX) fell 17.85 points (0.4%) to 4,765.98; the Dow Jones Industrial Average lost 231.86 points (0.6%) to 37,361.12; the NASDAQ Composite® (COMP) declined 28.41 points (0.2%) to 14,944.35.
The 10-year Treasury note yield rose about 11 basis points to 4.06%.
The CBOE® Volatility Index (VIX) rose 0.59 to 13.84.
Banks and energy shares were among the weakest performers Tuesday, the latter sector pressured by a 1.1% drop in crude oil futures. Climbing yields appeared to drag down financial shares, with the KBW Regional Banking Index (KRX) sinking 1.7% to its lowest level in over a month. Semiconductors were among the few sectors to post gains.
The S&P 500® index (SPX) fell 3.21 points (0.1%) to 4,780.24; the Dow Jones Industrial Average® (DJI) gained 15.29 points to 37,711.02; the NASDAQ Composite® (COMP)rose 0.55 point to 14,970.19.
The 10-year Treasury note yield dropped about 4 basis points to 3.988%.
The CBOE® Volatility Index (VIX) fell 0.25 to 12.44.
Nathan Peterson, director of derivatives analysis at the Schwab Center for Financial Research, noted that technology was one of few sectors to buck Thursday’s market weakness, as so-called mega-caps including Nvidia (NVDA) and Microsoft (MSFT) notched new record highs. Also, Amazon (AMZN), Google parent Alphabet (GOOGL), and Netflix (NFLX) each posted new 52-week highs, illustrating continued investor rotation back into that sector.
In other markets, the Securities and Exchange Commission (SEC) approved exchange-traded funds (ETF) linked to the spot bitcoin market late Wednesday. The spot market, also known as the cash market, refers to forums where commodities, securities, and other assets can be immediately exchanged between buyers and sellers. The move opens up a new crypto inroad for investors who might otherwise not want to hold actual bitcoin and looks like a potential bellwether event for individual investors and crypto itself. ETFs linked to spot bitcoin began trading today.
Bitcoin prices have nearly tripled since the start of 2023, reaching $47,000 earlier this month, partly reflecting anticipation of the SEC decision and amid hopes of easing interest rate policy.
Posted on January 10, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The S&P 500® index (SPX) was down 7.04 points (0.2%) at 4,756.50; the Dow Jones Industrial Average® (DJI) was down 157.85 points (0.4%) at 37,525.16; the NASDAQ Composite was up 13.94 points (0.1%) at 14,857.71.
The 10-year Treasury note yield (TNX)was up about 2 basis points at 4.019%.
The CBOE® Volatility Index (VIX) was down 0.32 at 12.76.
Energy shares were among the market’s weakest performers Tuesday despite a rally of nearly 2% in crude oil futures. The Philadelphia Oil Service Index (OSX) sank 2.4% to a four-week low. Banking and materials were also notably soft. Small-cap stocks remained under pressure, sending the Russell 2000® Index (RUT) down 1.1%.
Despite the market’s weak start to the year, excessively bullish sentiment “remains a risk” to the recent rally, according to Kevin Gordon, senior investment strategist at Schwab. But he also noted that market “breadth,” the number of advancing shares versus declining shares, is “healthier” than it was for much of 2023. Sentiment “is still quite stretched, which means that the market remains vulnerable to a correction,” Gordon said. “However, the backdrop—whether it’s the number of stocks trading above their 200-day moving average, outperforming their respective benchmark, or in an uptrend—is relatively healthy. That keeps the broader uptrend in place, albeit not perfectly or smoothly.”
Bond yields and stock prices often move inversely to each other, in part because higher interest rates on virtually risk-free bonds lower the premium investors can expect from riskier assets like stocks, making it less appealing to buy equities. Last week, the 10-year Treasury yield briefly increased to 4.10%, near a three-week high, before dropping back near 4% Monday.
The S&P 500 index was up 66.30 points (1.4%) at 4,763.54; the Dow Jones Industrial Average was up 216.90 points (0.6%) at 37,683.01; the NASDAQ Composite was up 319.70 points (2.2%) at 14,843.77.
The 10-year Treasury note yield (TNX) was down about 3 basis points at 4.015%.
The CBOE® Volatility Index (VIX) was down 0.28 at 13.07.
Semiconductors shares were among the strongest performers, helped by a surge of 6.4% in Nvdia Corp. (NVDA), the top 2023 performer in the S&P 500 with a gain of 239%. Small-cap stocks were also firm as were consumer discretionary and communication services. The Russell 2000® Index (RUT) gained 1.9% to partly climb back from last week’s 3.7% drop.
Energy shares were soft because crude oil futures sank nearly 4% following reports Saudi Arabia lowered its prices.
Markets: One week into 2024, stocks and bonds are off to their worst start in 21 years as investors maybe got a bit ahead of their skis in anticipating Fed rate cuts.
This week, Wall Street will be focused on fresh inflation data and the beginning of Q4 earnings season.
Bitcoin ETF cleared for launch? The first spot bitcoin ETF—could be approved by regulators this week in what would be a watershed moment for Wall Street’s embrace of digital tokens. The hype around these proposed funds, which would allow regular investors to gain exposure to bitcoin without buying it directly, drove bitcoin’s price up 162% over the past year.
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.
Posted on January 4, 2024 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Today the Earth is the closest it can get to the sun, a point in orbit known as perihelion, which happens every year two weeks after the December solstice.
The S&P 500® index (SPX) was down 38.02 points (0.8%) at 4,704.81; the Dow Jones Industrial Average® (DJI) was down 284.85 points (0.8%) at 37,430.19; the NASDAQ Composite was down 173.73 points (1.2%) at 14,592.21.
The 10-year Treasury note yield (TNX) was down about 3 basis points at 3.91%.
The CBOE® Volatility Index (VIX) was up 0.84 at 14.04.
In addition to tech shares, retailers and banks were also among the market’s weakest performers Wednesday. Small-cap stocks were also under pressure with the Russell 2000® Index (RUT) down about 2.7% to a three-week low. Energy shares strengthened behind a jump of nearly 4% in crude oil futures.
Driving much of the tech slump was a 4% drop by Apple’s stock, a dive precipitated by an analyst downgrade questioning why the $2.9 trillion (market capitalization) company is trading at such an expensive valuation considering its negative earnings and profit growth.
Other members of the “magnificent seven” tech stocks, which gained a collective $5.1 trillion in market cap last year, also flailed Tuesday. Alphabet, Amazon, Meta, Microsoft, Nvidia and Meta each fell 1.6% or more, while Tesla was the sole magnificent seven member in the green, as its shares slipped less than 1% after reporting more fourth-quarter electric vehicle deliveries than fore-casted.
Here is where the major benchmarks ended:
The S&P 500 index was down 27.00 points (0.6%) at 4,742.83; the Dow Jones Industrial Average® (DJI) was up 25.50 points (0.1%) at 37,715.04; the NASDAQ Composite was down 245.41 points (1.6%) at 14,765.94.
The 10-year Treasury note yield (TNX) was up about 7 basis points at 3.931%.
The CBOE® Volatility Index (VIX) was up 0.73 at 13.18.
Semiconductor companies led the way lower Tuesday after Bloomberg reported Netherlands-based ASML Holding NV (ASML) canceled shipments of some of its machines to China at the request of U.S. President Biden’s administration weeks before export bans on the high-end chipmaking equipment came into effect. The Philadelphia Semiconductor Index (SOX) tumbled 3.7%. Health care and energy sectors were among the few areas of strength, the latter gaining despite a 1.6% drop in crude oil futures.
3,200 business startups failed in 2023, according to PitchBook data. Those startups raised more than $27 billion combined, or roughly the 2022 GDP of Cambodia. (Business Insider).
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Here’s where the major benchmarks ended:
The S&P 500 index was up 6.83 points (0.1%) at 4,781.58; the Dow Jones Industrial Average was up 111.19 points (0.3%) at 37,656.52; the NASDAQ Composite® (COMP) was up 24.60 points (0.2%) at 15,099.18.
The 10-year Treasury note yield was down over 9 basis points at 3.791%.
The CBOE® Volatility Index (VIX) was down 0.49 at 12.50.
Small-cap stocks continued a strong finish to the year as the Russell 2000® Index (RUT) gained 0.3% to settle at its highest level since April 2022. Retailer shares were among the market’s strongest performers amid reports of strong holiday sales. The S&P Retail Select Industry Index (SPSIRE) rose 0.6% and ended near an 11-month high.
In other markets, the U.S. dollar traded around $1.11 versus the euro (EUR/USD), its weakest level since late July and a reflection of expectations that lower rates in the United States will prompt investors to seek higher returns elsewhere.
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.
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.
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.
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.
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.
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.
The Internal Revenue Service (IRS) is raising the stakes for those who underpay their taxes by ratcheting up the interest penalty that will be assessed in next spring’s tax filing season. Earlier this fall, the IRS increased its interest penalty on estimated tax underpayments to 8% – a notable jump from 3% just two years ago. The IRS indicated that the interest rate penalty is determined every quarter and that for taxpayers other than corporations the assessed rate is the federal short-term rate plus three percentage points.
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Speaking of a possible US economic “soft-landing“, the S&P 500closed at a 2023 high on Friday, the VIX (Wall Street’s “fear gauge”) has fallen to a nearly four-year low, and December has been the third-best month for the S&P since 1928. Even crypto is on a roll as bitcoin topped $40,000 for the first time since May 2022.
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.
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.
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.
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.
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.
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 Johnsonpitched 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.
Posted on November 14, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Michigan-based healthcare nonprofit McLaren Health Care notified more than 2 million people about a data breach exposing personal information on Thursday, according to a data breach notification report. Unauthorized access to McLaren systems began on July 28th and lasted through August 23rd before the company noticed it a week later on August 31st, according to a notice on the McLaren website.
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And, top US mortgage lender Mr Cooper has confirmed that “certain customer data” may have been exposed following a recent cyberattack. Precisely which data could have been exposed remains unconfirmed as the company continues to investigate “around the clock,” but affected customers are being promised complimentary credit monitoring services in due course.
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And so, here is where the major benchmarks ended today:
The S&P 500® Index (SPX) was down 3.69 points (0.1%) at 4,411.55; the Dow Jones Industrial Average was up 54.77 points (0.2%) at 34,337.87; the NASDAQ Composite (COMP) was down 30.36 points (0.2%) at 13,767.74.
The 10-year Treasury note yield was up about 1 basis point at 4.636%.
CBOE’s Volatility Index (VIX) was up 0.59 at 14.76.
Energy shares were among the strongest performers Monday, with an assist from stronger crude oil futures, which jumped for a second straight day but remain near 3½-month lows touched last week. Health care and consumer staples were also higher. Utilities led decliners, with the Dow Jones Utility Index (DJU) falling to its lowest level in over a week.
From a technical standpoint, chart patterns “remain in the bulls’ favor,” Nathan says, with the S&P 500 closing above 4,400 and its 100-day moving average (currently just above 4,402) for the second day in a row. He pegs key near-term resistance at roughly 4,500. That’s about where the index encountered resistance in late August and early September, with 4,600 a key intermediate hurdle for the bulls.
Posted on November 11, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
Today is Veterans Day, when Americans honor all who have served our country in the armed forces. It’s celebrated on November 11th each year because on that morning in 1918 (at the 11th hour of the 11th day of the 11th month), the Allied nations and Germany signed an armistice that ended the fighting in World War I.
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SPONSOR: MarcinkoAssociates.com
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Moody’s credit rating agency downgraded its outlook on the US government from ‘stable’ to ‘negative’, citing the risks to the nation’s fiscal strength and the political polarization in Congress. The agency has maintained the US’s current top-grade AAA rating, but has raised the possibility that it may be cut in the future. While the move does not automatically mean it will downgrade America’s creditworthiness, it increases the chances. Even the prospect of a US downgrade could hurt Americans’ investment portfolios, make it even more expensive for them to borrow money, and make it more costly for the government to pay off its debts.
These effects would likely be even more painful if Moody’s does eventually downgrade the US debt. The nation’s diminished fiscal strength, undone by extreme partisanship in Washington, was a key driver of the action, according to a statement from Moody’s.
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YET: Here is where the major benchmarks ended on Friday:
The S&P 500 Index was up 67.89 points (1.6%) at 4,415.24, up 1.3% for the week; the Dow Jones Industrial Average was up 391.16 points (1.2%) at 34,283.10, up 0.7% for the week; the NASDAQ Composite was up 276.66 points (2.1%) at 13,798.11, up 2.4% for the week.
The 10-year Treasury note yield was down about 1 basis point at 4.622%.
CBOE’s Volatility Index (VIX) was down 0.11 at 14.20.
Nearly every market sector gained Friday, with semiconductors and other tech shares leading the pack. The Philadelphia Semiconductor Index (SOX) jumped more than 4% to its highest level in more than two months. Consumer discretionary and energy companies were also strong, the latter thanks to a nearly-2% gain in crude oil futures.
But small-caps continued to lag their bigger counterparts, with the Russell 2000 Index (RUT) rising 1.1% Friday, though it was still down 3.1% for the week.
Posted on November 10, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The NYSE and the NASDAQ will follow a regular schedule on Friday, the day before Veterans Day. The U.S. bond market, which may be poised for a big comeback next year if yields continue to fall, will be open Friday as usual.
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The major indexes ended a brief winning streak after comments from Fed Chairman Jerome Powell stoked concerns over interest rates. More interest-rate hikes are still a possibility to bring inflation under control, he said. In a dramatic campaign to tamp down inflation, the Federal Reserve has raised the benchmark federal funds rate to a range of 5.25% to 5.5%, a 22-year high.
Here is where the major stock market benchmarks ended:
The S&P 500 Index was down 35.43 points (0.8%) at 4,347.35; the Dow Jones Industrial Average was down 220.33 points (0.7%) at 33,891.94; the NASDAQ Composite was down 128.97 points (0.9%) at 13,521.45.
The 10-year Treasury note yield was up about 12 basis points at 4.632%.
CBOEs Volatility Index (VIX) was up 0.84 at 15.28.
Nearly every market sector was under pressure Thursday, with consumer discretionary and health care among the weakest performers. Energy shares were an exception, thanks to a rebound in crude oil futures, though oil prices remain near the 3½-month lows touched earlier this week. The U.S. dollar index (DXY) strengthened for the fourth- straight day.
Posted on November 5, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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“The Medicare physician payment schedule released today is an unfortunate continuation of a two-decade march in making Medicare unsustainable for patients and physicians.
For 2024, the new rule indicates there will be another downward adjustment of 3.4 percent, on top of the 2 percent payment reduction in 2023. At the same time, the payment schedule confirms the Medicare Economic Index (MEI) increase at 4.6 percent, the highest this century and on top of last year’s 3.8 percent. MEI is the government measure of inflation in medical practice costs. “
“When adjusted for inflation, Medicare physician payment already has effectively declined 26% from 2001 to 2023 before additional inflation and these cuts are factored in.”
Posted on November 3, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The IRS has increased the 401(k) plan contribution limits for 2024, allowing employees to defer up to $23,000 into workplace plans, up from $22,500 in 2023. The agency boosted contributions for individual retirement accounts to $7,000 for 2024, up from $6,500. The employee contribution limit for 401(k) plans is also increasing to $23,000 in 2024, up from $22,500 in 2023, and catch-up contributions for savers age 50 and older will remain unchanged at $7,500. The new amounts also apply to 403(b) plans, most 457 plans and Thrift Savings Plans.
IBM just informed its US workers that starting on January 1st, 2024, the corporation will no longer match employee contributions to their 401(k) retirement plans. Instead, it will offer a new benefit called a Retirement Benefit Account (RBA).
“Each eligible employee’s RBA will be credited monthly with an amount equal to five percent of their eligible pay – no employee contribution required,” a leaked internal memo reads, the content of which was confirmed by The Register’s sourcing. “IBMers will also receive a one-time salary increase to offset the difference between the IBM contributions they are currently eligible to receive in the 401(k) plan and the new five percent RBA pay credit. This is separate from the annual salary plan later in the year.”
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A jury on Thursday convicted FTX co-founder Sam Bankman-Fried of fraud, conspiracy and money laundering, the culmination of a month-long trial that saw the former crypto mogul take the stand in his own defense after his inner circle of friends-turned-deputies provided damning testimony against him.
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Here is where the major benchmarks ended:
The S&P 500 Index was up 79.92 points (1.9%) at 4,317.78; the Dow Jones Industrial Average (DJI) was up 564.50 points (1.7%) at 33,839.08; the NASDAQ Composite was up 232.72 points (1.8%) at 13,294.19.
The 10-year Treasury note yield was down about 13 basis points at 4.663%.
CBOE’s Volatility Index (VIX) was down 1.21 at 15.66.
Nearly every sector participated in Thursday’s rally, with banks and other financial companies leading gainers. The KBW Regional Banking Index (KRX) surged more than 5%. Energy and retail shares were also strong. Small-cap stocks outpaced their larger counterparts, with the Russell 2000 Index (RUT) jumping 2.5%.
Posted on October 28, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
Today, October 28th, has been the best day of the entire year for stocks since 1950, according to Dr. David Edward Marcinko MBA of http://www.MarcinkoAssociates.com. Black Monday (also known as Black Tuesday in some parts of the world due to timezone differences) was the global, severe and largely unexpected stock market crash on Monday, October 19th, 1987. Worldwide losses were estimated at US$1.71 trillion. The severity of the crash sparked fears of extended economic instability or even a reprise of the Great Depression.
Of course it’s a Saturday this year; today.
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One large health system with hospitals in Virginia and Ohio this year cut off in-network access to consumers enrolled in some Anthem Blue Cross Blue Shield Medicare and Medicaid health insurance plans. Two doctors groups with Scripps Health in San Diego are terminating contracts with private Medicare plans over concerns about payments and routine denials.
Inflation’s summer decline slowed last month. Still, inflation has improved enough recently for Federal Reserve officials to hold interest rates steady at their meeting next week.
The personal-consumption expenditures price index, the Fed’s preferred inflation gauge, rose 0.4% in September from the prior month, the same pace as in August, the Commerce Department said Friday. But so-called core prices, which exclude volatile food and energy categories, increased 0.3% in September from the prior month, compared with a 0.1% rise in August. Higher prices for services drove the increase.
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Here is where the major benchmarks ended:
The S&P 500 Index was down 19.86 points (0.5%) at 4,117.37, down 2.5% for the week and down 10.6% from a July peak; the Dow Jones Industrial Average (DJI) was down 366.71 points (1.1%) at 32,417.59, down 2.1% for the week; the NASDAQ Composite was up 47.41 points (0.4%) at 12,643.01, down 2.6% for the week.
The 10-year Treasury note yield (TNX) was down about 1 basis point at 4.835%.
CBOE’s Volatility Index (VIX) was up 0.61 at 21.29.
Banking and energy were among the weakest sectors Friday, with the latter under pressure despite strength in crude oil futures. Another leg down in small-cap stocks suggested investors are growing increasingly concerned about the economy, as the Russell 2000 Index (RUT) closed at its lowest level in nearly three years and dropped 2.6% for the week.
Posted on October 24, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Here is where the major benchmarks ended today:
The S&P 500® Index (SPX) was down seven points (0.2%) at 4,217.04; the Dow Jones Industrial Average (DJI) was down 191 points (0.6%) at 32,936.41; the NASDAQ Composite was up 35 points (0.3%) at 13,018.33.
The 10-year Treasury note yield was down about nine basis points at 4.845%.
CBOE’s Volatility Index (VIX) was down 1.4 points at 20.35.
The communication services, technology, and consumer discretionary were the best sector performers, thanks in part to gains in big tech companies.
Energy was the laggard Monday, as WTI crude dropped 2.6% to below $86 a barrel.
Posted on October 23, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The 2023 federal budget deficitsurged by 23% to $1.7 trillion, leaving the US in its deepest yearly fiscal hole outside of the Covid era, according to the Treasury Department, which released the data on Friday.
But a closer look reveals the financial picture is even worse than the headline #s suggest.
The Treasury recorded the Biden administration’s ~$300 billion student loan forgiveness program as a cost last year, but it was struck down by the Supreme Court and never took effect, resulting in the Treasury considering it a savings this year.
That means the year over year increase effectively doubled from $1 trillion in 2022 to $2 trillion in 2023.
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The benchmark 10-year Treasury bond yield rose above 5% and to its highest since 2007 on Monday, as a roaring U.S. economy led investors to expect interest rates to stay high for an extended period. The combination of those higher yields and risk of a wider conflict in the Middle East soured sentiment at the start of a week full of mega-cap earnings and key data, and pushed global shares down to seven-month lows.
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Chevron said it would buy Hess in an all-stock deal worth $53 billion, the second major oil tie-up this month following Exxon Mobil’s deal to buy Pioneer Natural Resources. The U.S. energy company said buying Hess would upgrade and diversify its portfolio, marking Chevron’s entrance into an Exxon-led partnership overseeing a generational oil find in Guyana, while picking up additional U.S. shale assets largely in North Dakota. Chevron also highlighted the attraction of Hess’s assets in the Gulf of Mexico and its natural-gas business in Southeast Asia.
Posted on October 21, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The U.S. government on Friday posted a $1.695 trillion budget deficit in fiscal 2023, a 23% jump from the prior year as revenues fell and outlays for Social Security, Medicare and interest costs on the federal debt rose significantly.
The Treasury Department said the deficit was the largest since a COVID-fueled $2.78 trillion gap in 2021 and marks a major return to ballooning deficits after back-to-back declines during President Joe Biden’s first two years in office. The deficit comes as Biden is asking Congress for $100 billion in new foreign aid and security spending, including $60 billion for Ukraine and $14 billion for Israel, along with funding for U.S. border security and the Indo-Pacific region.
The S&P 500® Index was down 53.84 points (1.3%) at 4,224.16, down 2.4% for the week; the Dow Jones Industrial Average (DJI) was down 286.89 points (0.9%) at 33,127.28, down 1.6% for the week; the NASDAQ Composite was down 202.37 points (1.5%) at 12,983.81, down 3.2% for the week.
The 10-year Treasury note yield was up about 8 basis points at 4.907%.
CBOE’s Volatility Index (VIX) was up 0.26 at 21.71.
Small-cap stocks, which are considered to be more exposed to economic uncertainty, were also soft, as the Russell 2000 Index (RUT) dropped to a 12-month low and was 2.2% lower for the week.
Gold futures rose 2.3% for the week and ended near a three-month high, as the fighting in the Middle East fueled demand for assets considered to be safe havens. Volatility based on the VIX spiked to its highest level since March.
Posted on October 20, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Bond yields, which impact borrowing costs for all kinds of loan products, moved higher this week as investors fretted over higher-for-longer interest rates. After notching a 16-year-record earlier this month, the yield on the 10-year Treasury bond continued to surge on Thursday, rising to 4.958%.
The S&P 500 Index was down 36.60 points (0.9%) at 4,278.00; the Dow Jones Industrial Average (DJI) was down 250.91 points (0.8%) at 33,414.17; the NASDAQ Composite was down 128.13 points (1.0%) at 13,186.18.
The 10-year Treasury note yield was up about 9 basis points at 4.988%.
CBOE’s Volatility Index (VIX) was up 2.09 at 21.31.
Powell’s speech and Treasury yields at least partly overshadowed earnings reports from a few major companies, including Netflix (NFLX), whose shares soared 16% after the company reported stronger-than-expected quarterly results.
Otherwise, most areas of the market eroded, with consumer discretionary and real estate among the weakest-performing sectors. Energy shares held up somewhat better as crude oil futures rose for the fifth day in the past six and ended near a three-week high above $89 a barrel.
Gold futures jumped 1% and closed near a three-month high.
Posted on October 19, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Though high interest rates have consumers and businesses feeling the pinch, they’ve been a boon to the US’s largest banks. JPMorgan Chase, Citigroup, and Wells Fargo all had stronger-than-expected third-quarter results. In total, the banks earned $22 billion in profit, more than a third higher than in Q3 2022, the Wall Street Journal reported. Their combined revenue was $81 billion, or 14% higher than last year.
Bank stocks dipped last month following the Fed’s meeting, where it held interest rates steady. But though high rates have hurt some smaller banks, they’ve helped keep the large banks’ net interest margins healthy according to CNBC. JPMorgan’s Net Interest Income (NII) was up 30% year over year, rising to $22.9 billion. Wells Fargo’s declined slightly from last quarter, but was still 8% higher than it was last year.
The US economy remains strong, but shows some signs of slowing, bank executives said during recent earnings calls. JPMorgan and Citi took note of consumer spending, with JPMorgan CFO Jeremy Barnum saying, “we are coming on off a very low base. And so there’s a hope and an expectation that we are on the path to normalization and improvement.”
The average cost for a family health insurance plan offered through an employer jumped 7% this year to $23,968 − the highest rate increase in a decade, according to the annual employer health benefits survey released yesterday by KFF, a nonprofit health policy organization. Prices are far higher than they were a year ago, when premiums increased by 1%.
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Here is where the major benchmarks ended:
The S&P 500 Index was down 58.60 points (1.3%) at 4,314.60; the Dow Jones Industrial Average (DJI) was down 332.57 points (1.0%) at 33,665.08; the NASDAQ Composite was down 219.44 points (1.6%) at 13,314.30.The 10-year Treasury note yield was up about 6 basis points at 4.906%.CBOE’s Volatility Index (VIX) was up 1.42 at 19.30.
Weaker-than-expected quarterly results from some airlines and shipping companies weighed on the transport sector, with the Dow Jones Transportation Average (DJT) sinking 3.4% to end near a four-month low. Financial shares were also lower, with the KBW Regional Banking Index (KRX) dropping nearly 3%. Energy was one of the few areas of strength after WTI Crude Oil futures (CLZ3) jumped above $87 a barrel to a two-week high following a larger-than-expected drop in U.S. supplies. Gold futures rose 1.4% near a two-month high.
Posted on October 18, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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The IRS recently announced some welcome news for higher-income workers with 401-k[s] and similar retirement plans. The agency delayed implementing a new rule that would have required catch-up contributions made by people earning over $145,000 to be directed into an after-tax Roth account.
The S&P 500 Index was down 0.43 point at 4,373.20; the Dow Jones Industrial Average was up 13.11 points at 33,997.65; the NASDAQ Composite (COMP) was down 34.24 points (0.3%) at 13,533.75.
The 10-year Treasury note yield was up about 13 basis points at 4.84%.
CBOE’s Volatility Index (VIX) was up 0.68 at 17.89.
Technology shares were among the market’s weakest performers Tuesday, with the Philadelphia Semiconductor Index (SOX) dropping more than 1%. Banks and retailers did better.
The KBW Regional Banking Index (KRX) rose 2% to end near a four-week high. Small-cap stocks were also higher, with the Russell 2000 Index (RUT) gaining more than 1%.
Posted on October 17, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Neuberger Berman is submitting a shareholder proposal to Lions Gate Entertainment Corp., advocating for an end to the dual-class voting structure at the company ahead of a spinoff of its studio business.
The investment manager owns 0.02% of the company’s class A shares and 4.4% of the non-voting class B shares, according to a statement and Bloomberg calculations. Neuberger Berman, which has been a shareholder since 2016, submitted a proposal after having sent a letter to Lions Gate’s board last month.
Neuberger Berman said “one share, one vote” is a foundational principle of corporate governance and that dual-class structures are inconsistent with market practice with a 7% adoption among S&P 500 companies. It also said the structure may impair value and increase risk as it complicates capital structure and gives certain shareholder outsized influence.
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Treasury Secretary Janet Yellen said higher interest rates may persist, while insisting the US economy is “in a good place.” The interest on US debt, which stands at 98% of economic output, “remains manageable,” Yellen said on Monday in an interview with Sky News. “Higher interest rates may persist although that’s not clear,” she said. “Our fiscal situation is by no means unsolvable. We have to be attentive to it.”
LinkedIn said Monday it is laying off hundreds of employees amounting to about 3% of the social media company’s workforce. The Microsoft-owned career network is cutting about 668 roles across its engineering, product, talent and finance teams. “Talent changes are a difficult, but necessary and regular part of managing our business,” the company said in a statement.
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Here is where the major benchmarks ended:
The S&P 500 Index was up 45.85 points (1.1%) at 4,373.63; the Dow Jones Industrial Average was up 314.25 points (0.9%) at 33,984.54; the NASDAQ Composite (COMP) was up 160.75 points (1.2%) at 13,567.98.
The 10-year Treasury note yield (TNX) was up about 8 basis points at 4.71%.
CBOE’s Volatility Index (VIX) was down 2.06 at 17.26.
All 11 S&P 500 sectors posted gains in Monday’s broad-based upswing, led by the S&P Retail Select Industry Index (SPSIRE), which surged 2.7%.
Regional banks and transportation shares were also among the strongest performers. Energy stocks held firm even as WTI crude oil futures slipped over 1%.
Posted on October 15, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Kaiser Permanente and unions representing 75,000 of its employees reached a tentative deal for a new contract in the wake of the largest healthcare strike ever in the US.
The UAW did not expand its strike against Detroit’s Big Three automakers, but the union’s president said more workers could be added to the picket lines at any time and urged carmakers to “pony up.”***
Posted on October 14, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Citigroup chief Jane Fraser has unveiled a plan to eliminate five layers of management in what is poised to become the bank’s largest restructuring in two decades, according to a presentation unveiled Friday. Since major reorganization changes were announced last month, Citigroup has scrapped its two core operating units — which had focused on institutional and consumer clients — and reorganized into five key business units including trading, banking, services, wealth management, and US consumer offerings. The stock price was up 3%.
JPMorgan Chase’s third-quarter profit soared 35% from last year, fueled by a rapid rise in interest rates, but the bank’s CEO, Jamie Dimon, issued a sobering statement about the current state of world affairs and economic instability.
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Here is where the major benchmarks ended:
The S&P 500 Index was down 21.83 points (0.5%) at 4,327.78, up 0.4% for the week; the Dow Jones Industrial Average (DJI) was up 39.15 points (0.1%) at 33,670.29, up 0.8% for the week; the NASDAQ Composite (COMP) was down 166.98 points (1.2%) at 13,407.23, down 0.2% for the week.
The 10-year Treasury note yield (TNX) was down about 9 basis points at 4.623%.
CBOE’s Volatility Index (VIX) was up 2.63 at 19.32.
Technology shares were among the market’s weakest sectors Friday, with the Philadelphia Semiconductor Index (SOX) tumbling more than 2%. Regional banks and transportation were also lower.
The small-cap focused Russell 2000 Index (RUT) extended a recent slide and was down 1.5% for the week. Energy shares led sector gainers as WTI crude oil futures soared more than 5%, capping a gain of nearly 6% for the week, after reports the U.S. had tightened sanctions against Russian crude exports.
Posted on October 13, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Here is where the major benchmarks ended today:
The S&P 500 Index was down 27.34 points (0.6%) at 4,349.61; the Dow Jones Industrial Average (DJI) was down 173.73 points (0.5%) at 33,631.14; the NASDAQ Composite was down 85.46 points (0.6%) at 13,574.22.
The 10-year Treasury note yield (TNX) was up nearly 11 basis points at 4.703%.
CBOE’s Volatility Index (VIX) was up 0.58 at 16.67.
Small-cap stocks led the way lower Thursday, as the Russell 2000 Index (RUT) sank more than 2% to a one-week low.
Retailers and utilities were also lower. Semiconductors and energy producers were among the few areas of strength, the latter posting modest gains even after a larger-than-expected increase in U.S. crude stockpiles sent oil futures lower.
Posted on October 12, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Resilient economic and earnings data, an expected end to Fed rate hikes, lower market volatility, and a broader recovery in the equity markets are favorable signs for IPO activity. With 8 of the 10 largest tech IPOs ever, the NYSE is ready when you are. Learn more.
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Here is where the major benchmarks ended:
The S&P 500 Index was up 18.71 points (0.4%) at 4,376.95; the Dow Jones Industrial Average (DJI) was up 65.57 points (0.2%) at 33,804.87; the NASDAQ Composite was up 96.83 points (0.7%) at 13,659.68.
The 10-year Treasury note yield (TNX) was down nearly 10 basis points at 4.558%.
CBOE’s Volatility Index (VIX) was down 0.93 at 16.10.
Real estate and utilities were among the market’s strongest sectors Wednesday, with the Dow Jones Utility Index (DJU) jumping more than 1% to a two-week high. Communication services and technology shares were also higher.
Energy stocks led sector decliners as crude oil futures fell more than 2%, pressured by reports Saudi Arabia will support efforts to stabilize oil markets to account for uncertainty caused by the fighting in Israel.
Posted on October 11, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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After months of speculation, Birkenstock made its first move to go public in September, sending its prospectus document to the U.S. Securities and Exchange Commission. In the filing, Birkenstock stated it would sell close to 32.26 million shares priced between $44 and $49 per ordinary share to raise about $1.58 billion for the company and its private equity owner L Catterton, which is backed by the French luxury fashion house LVMH. At the low end, the valuation would hover around $8.3 billion, and at the high end about $9.2 billion, according to the numbers revealed in the filing. The prospectus also stated that LVMH CEO Bernard Arnault’s family holding company Financière Agache is interested in buying up to $325 million in shares. Alexandre Arnault, Bernard’ son, will join Birkenstock’s board of directors after the offering. While no date has been confirmed for when the company will officially go public, Birkenstock’s debut on the stock exchange could come as soon as Wednesday, Oct. 11th, 2023.
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A sustained rise in long-term Treasury yields could be bringing the Federal Reserve’s historic rate hiking cycle to an anticlimactic end. Top central bank officials have signaled in recent days that they could be done raising short-term interest rates if long-term rates remain near their recent highs and inflation continues to cool.
The S&P 500 Index was up 22.58 points (0.5%) at 4,358.24; the Dow Jones Industrial Average (DJI) was up 134.65 points (0.4%) at 33,739.30; the NASDAQ Composite was up 78.60 points (0.6%) at 13,562.84.
The 10-year Treasury note yield was down about 13 basis points at 4.653%.
CBOE’s Volatility Index (VIX) was down 0.66 at 17.04.
Shares of retailers, regional banks, and technology companies were among the market’s strongest performers Tuesday, with the Philadelphia Semiconductor Index (SOX) up more than 1% to a three-week high.
Small-caps also strengthened, with the Russell 2000 Index (RUT) up about 1.5%, outpacing their large-cap counterparts. WTI crude oil futures fell for the first day in three, while the U.S. dollar index (DXY) eroded for the fifth day in a row to touch its lowest level in more than a week.
Posted on October 10, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Walgreens’ corporate management have announced that they would be closing 150 of its nearly 9,000 stores in the United States by the end of August 2024 as profits have declined. In an earnings call the Chief Financial Officer James Kehoe said that earnings sunk from $289 million to $118 million from the year prior in the third quarter, CEO Rosalind Brewer said.
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Hospitalizations from COVID-19 pose a “continued public health threat”, particularly to those adults aged 65 and above. This is the warning of a study by researchers from the Centers for Disease Control and Prevention(CDC), which analyzed hospitalizations between January and August this year.
Markets: Investors will be focused on the outbreak of war in Israel and Gaza, which could lead to volatility in global stock markets and oil prices, depending on the escalation of the conflict. US oil futures jumped. Later in the week, the consumer price index report will give an update on the Fed’s fight against inflation.
Here is where the major benchmarks ended (the bond market was closed for Columbus Day):
The S&P 500 Index was up 27.16 points (0.6%) at 4,335.66; the Dow Jones Industrial Average (DJI) was up 197.07 points (0.6%) at 33,604.65; the NASDAQ Composite was up 52.90 points (0.4%) at 13,484.24.
CBOE’s Volatility Index (VIX) was up 0.25 at 17.70.
Posted on October 9, 2023 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Be alert and ready for the S&P 500 to crash by 50%, house prices to slide, and a recession to strike, Jeremy Grantham says.
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It has been a difficult couple of years for BlackRock, the world’s biggest money manager. The firm is still enormously profitable, though it has recently taken some big hits because of its promotion of ESG investments.
Under a new proposal from the Post Office, the cost of a First Class stamp would rise to $.68 from $.66. The price was increased from $.63 to $.66 in July. Last January, the price rose from $.60 to $.63. If the new plan is accepted, First Class mail prices will rise 13% over the period.
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