Good MorningThe selling on Wall Street took on a new tone on Wednesday after a hotter than expected CPI figure put a real fear of higher interest rates into the market. CPI, or the Consumer Price Index, advanced 0.9% at the core level in April versus the 0.3% expected by the analyst and suggests the FOMC’s stance is out of line with current conditions. The 0.9% gain puts consumer-level inflation at up 4.2% YOY which is well above the Fed’s 2.0% target. The risk for the market now is twofold; either the Fed won’t act as it has said and hyperinflation will get stronger or the Fed will act and interest rates will rise 24 months sooner than expected.
The S&P 500 shed more than 2.0% at the low of the day on Wednesday with tech shares in the lead. The price action was below the short-term EMA which means day traders are getting bearish. If today’s Producer Price Index shows similar gains as the CPI the market could be in for a much deeper decline.
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Markets | | | Restaurant chain operator Bloomin’ Brands (NASDAQ: BLMN) brands is consolidating below its April 30 high of $32.81, which it reached a day after reporting first-quarter results.
The company’s brands include Outback Steakhouse, Fleming’s, Bonefish Grill, Aussie Grill and Carrabba&r... Read the Full Story |
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Markets | | | Stock markets in London and Tokyo tumbled 2.5% on Thursday and U.S. futures were lower after a jump in American consumer prices fueled worries inflation might drag on an economic recovery.
Shanghai, Frankfurt and Hong Kong also declined for a second day, following Wall Street lower.
... Read the Full Story |
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Markets | | | Asian stock markets followed Wall Street lower for a second day Thursday after unexpectedly strong U.S. consumer price increases fueled worries inflation might drag on an economic recovery.
Market benchmarks in Shanghai, Tokyo, Hong Kong and Southeast Asia retreated.
Ov... Read the Full Story |
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Markets | | | While many high growth stocks have entered into bear market territory in recent weeks, Roblox (NYSE:RBLX) is a great example of one that is trying to buck the trend. After beating expectations with strong earnings results in the first report since the company went public back in March, investors sho... Read the Full Story |
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Politics | | | The Biden administration swung aggressively into action after a primary gasoline pipeline fell prey to a cyberattack — understanding that the situation posed a possible series of political and economic risks.
The pipeline shutdown was an all-hands-on-deck situation for a young preside... Read the Full Story |
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Politics | | | COLOMBO, Sri Lanka — Sri Lanka's government has banned travel throughout the country for three days in an effort to contain rapidly increasing COVID-19 cases.
The ban is effective from Thursday night until Monday morning. It does not apply to people engaged in essential services such ... Read the Full Story |
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Markets | | | The cybersecurity attack on the Colonial Pipeline has stricken fear and stress into the lives of people in the Southeastern U.S. who have been waiting in long lines amid distribution problems and panic-buying Read the Full Story |
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Markets | | | Mattress, cushions and sleeping products manufacturer Purple Innovation (NASDAQ: PRPL) stock was a pandemic winner as the stay-at-home mandates accelerated a housing and renovation boom. The Company’s patented grid system provides stability, breathability, and heavy duty support in its pr... Read the Full Story |
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Markets | | | Online art trading platform Takung Art Co., Ltd. (NYSEARCA: TKAT) stock has been on a meteoric rise fueled by the non-fungible token (NFT) hype and hysteria. The Company operates a shared-ownership model where its art listings are traded in pieces on its platform. The shares gained momentum in March... Read the Full Story |
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Markets | | |
Wolverine Worldwide, Inc Forecasts Strong Rebound
Wolverine Worldwide, Inc (NYSE: WWW) and the shoe industry at large didn’t have a fantastic 2020. Like other retailers of apparel, there was little impetus for demand due to social distancing and work-from-home trends. At least in the ... Read the Full Story |
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The Early Bird Stock Of The Day Snap-on Incorporated manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for professional users worldwide. It operates through Commercial & Industrial Group, Snap-on Tools Group, Repair Systems & Information Group, and Financial Services segments. The company provides hand tools, including wrenches, sockets, ratchet wrenches, pliers, screwdrivers, punches and chisels, saws and cutting tools, pruning tools, torque measuring instruments, and other related products; power tools, such as cordless, pneumatic, and hydraulic and corded tools; and tool storage products comprising tool chests, roll cabinets, and other products. It provides handheld and computer-based diagnostic products, service and repair information products, diagnostic software solutions, electronic parts catalogs, business management systems and services, point-of-sale systems, integrated systems for vehicle service shops, original equipment manufacturer purchasing facilitation services, and warranty management systems and analytics; and engineered solutions. In addition, the company offers solutions for the service of vehicles and industrial equipment that include wheel alignment equipment, wheel balancers, tire changers, vehicle lifts, test lane equipment, collision repair equipment, vehicle air conditioning service equipment, brake service equipment, fluid exchange equipment, transmission troubleshooting equipment, safety testing equipment, battery chargers, and hoists, as well as after-sales support services and training programs. Further, it provides financing programs to facilitate the sales of its products and support its franchise business. It serves the aviation and aerospace, agriculture, infrastructure construction, government and military, mining, natural resources, power generation, and technical education industries. Snap-on Incorporated was incorporated in 1920 and is headquartered in Kenosha, Wisconsin. | | View Today's Stock Pick |
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