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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Consumer Staples | | 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 product... Read the Full Story |
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Retail/Wholesale | | 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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Consumer Discretionary | | 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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Consumer Discretionary | |
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 begin... 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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Technology | | For a company that watched its shares rally by more than 600% last year, The Trade Desk (NASDAQ: TTD) has had a rough first five months to 2021. Their stock has been pretty much sliced in half since hitting an all time high in the final week of December and any remaining bulls would be forgiven for ... Read the Full Story |
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Consumer Discretionary | |
Mixed Results Drive Volatility In Electronic Arts
Electronic Arts (NASDAQ: EA) delivered a bit of a mixed report for the FQ4/CQ1 period but the net results are very positive. The news had shares down immediately following the release but bargain hunters were more than willing to scoop up some sh... Read the Full Story |
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Consumer Discretionary | | Gaming stocks are a mixed bag these days, with recent S&P 500 addition Penn National Gaming (NASDAQ: PENN) in a correction, while another new S&P component Caesars Entertainment (NASDAQ: CZR), is trading at new highs.
Meanwhile, smaller companies from the gaming industry, such as Golden En... Read the Full Story |
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Markets | | With volatility on the rise and heavy rotation occurring in sectors all over the market, investors are probably trying to figure out where they can safely put some of their capital to work at this time. That’s why looking at conservative dividend-paying stocks makes a lot of sense. Since many ... Read the Full Story |
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Markets | | Hardware and information technologies solutions provider Dell Technologies (NASDAQ: DELL) stock has been a pandemic winner but is proving itself to follow through as a re-opening play as well. The Company continues to evolve with its APEX as-a-service (AaaS) accelerating the legacy hardware provider... Read the Full Story |
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The Early Bird Stock Of The Day Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets. The Consumer Banking segment offers traditional and money market savings accounts, certificates of deposit and IRAs, non-interest and interest-bearing checking accounts, and investment accounts and products; credit and debit cards; residential mortgages, and home equity loans; and direct and indirect loans, such as automotive, recreational vehicle, and consumer personal loans. The GWIM segment provides investment management, brokerage, banking, and trust and retirement products and services; wealth management solutions; and customized solutions, including specialty asset management services. The Global Banking segment offers lending products and services, including commercial loans, leases, commitment facilities, trade finance, and commercial real estate and asset-based lending; treasury solutions, such as treasury management, foreign exchange, short-term investing options, and merchant services; working capital management solutions; debt and equity underwriting and distribution, and merger-related and other advisory services; and fixed-income and equity research, and certain market-based services. The Global Markets segment provides market-making, financing, securities clearing, settlement, and custody services; securities and derivative products; and risk management products using interest rate, equity, credit, currency and commodity derivatives, foreign exchange, fixed-income, and mortgage-related products. Bank of America Corporation was founded in 1784 and is based in Charlotte, North Carolina. | | View Today's Stock Pick |
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