Good MorningEquity markets plunged on Thursday following hot inflation data. The September read of the Consumer Price Index came in hotter than expected at the headline and core levels as the cost of housing and wages continue to rise. The data seals the deal in regard to the Fed's next move which will be another 100 basis point interest rate hike according to the CMEs FedWatch Tool. If the next PCE Price Index reading is hot as well the FOMC could be forced to become even more aggressive. Technically speaking, the move hit a key support target at 3,500 which sparked a massive rebound that left the index up for the day.
Earnings season gets into high gear today with reports from the Big Banks. The banks are expected to show the benefit of rising interest rates but may scare the market if consumer and business banking results are weaker than expected. Rising interest rates help the spread upon which the banks make their money but also cut into economic activity. Featured: Do You Own These 7 Inflation-Survival Stocks? (Mauldin Economics) 
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Since its emergence as a “meme stock” in early 2021, AMC Entertainment (NYSE: AMC) has gone through bouts of short selling, short covering and just plain-old buying and selling.
Does continued short selling in AMC mean investors could see a bounce due to covering or a short sque... Read the Full Story |
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Politics | | | Global stock markets surged Friday after Wall Street rebounded from a slump caused by higher-than-forecast inflation numbers.
Market benchmarks in London and Paris opened up more than 1%. Tokyo jumped 3.3% for its biggest one-day gain in seven months. Hong Kong and Shanghai also rose.... Read the Full Story |
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Markets | | | Casino operator MGM Resorts (NYSE: MGM) has been profitable during the post-pandemic recovery faring much better than leading rival casinos Las Vegas Sands (NYSE: LVS), Wynn Resorts (NASDAQ: WYNN), Melco (NASDAQ: MLCO). Ironically, its shares are down (-25%) lagging Las Vegas Sands stock ... Read the Full Story |
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Markets | | | Delta Air Lines expects travelers will pack planes during the upcoming holidays despite higher fares and growing concerns over inflation and the economy.
Delta posted a profit Thursday of $695 million in the third quarter as higher fares this summer and a lucrative credit-card busines... Read the Full Story |
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Tech | | | Samsung Electronics has been granted an exception that will allow it to continue to temporarily maintain its memory-chip production facilities in China after the U.S. announced last week it’s tightening export controls to limit China’s ability to get advanced computing chips, according to a Biden administration official Read the Full Story |
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Shares of Walgreens Boots Alliance (NYSE: WBA) are up more than 6% after the company posted a double beat in its fourth quarter earnings report. The company wrapped up its fiscal year with earnings per share (EPS) of 80 cents on revenue of $32.45 billion. That beat analysts’ expectations for... Read the Full Story |
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Politics | | | Millions of Social Security recipients will get an 8.7% boost in their benefits in 2023, a historic increase but a gain that will be eaten up in part by the rising cost of everyday living.
The cost-of living adjustment — the largest in more than 40 years — means the average recipient ... Read the Full Story |
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Politics | | | A fifth union has now ratified its deal with the major freight railroads just days after one of the largest rail unions rejected their tentative agreement.
The Mechanical and Engineering Department of the Sheet Metal, Air, Rail and Transportation workers union voted Wednesday to appro... Read the Full Story |
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Markets | | | A 4% jump in Delta’s (NYSE: DAL) shares on a day when the S&P 500 index sank to fresh lows is a good indication of what they might do over the next few months. The catalyst for the move higher was the company’s Q3 earnings report, which was released just before the bell rang to start... Read the Full Story |
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As interest rates rise, mortgage rates have climbed close to 7% over the past few months. This means that demand for housing has come down significantly. A number of factors, including the prevalence of working from home, has led many people to move away from metropolitan areas. Now that interest ... Read the Full Story |
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Friday's Early Bird Stock Of The Day Rocket Pharmaceuticals, Inc., together with its subsidiaries, operates as a late-stage biotechnology company that focuses on developing gene therapies for rare and devastating diseases. It has three clinical-stage ex vivo lentiviral vector programs for fanconi anemia, a genetic defect in the bone marrow that reduces production of blood cells or promotes the production of faulty blood cells; leukocyte adhesion deficiency-I, a genetic disorder that causes the immune system to malfunction; and pyruvate kinase deficiency, a rare red blood cell autosomal recessive disorder that results in chronic non-spherocytic hemolytic anemia. The company also has a clinical stage in vivo adeno-associated virus program for Danon disease, a multi-organ lysosomal-associated disorder leading to early death due to heart failure; Plakophilin-2 Arrhythmogenic Cardiomyopathy, an inheritable cardiac disorder; and BAG3 Dilated Cardiomyopathy. It has license agreements with Centro de Investigaciones Energéticas, Medioambientales y Tecnológicas, Centro de Investigacion Biomedica En Red, and Fundacion Instituto de investigacion Sanitaria Fundacion Jimenez Diaz; UCL Business PLC; The Regents of the University of California; and REGENXBIO, Inc. Rocket Pharmaceuticals, Inc. was founded in 1999 and is headquartered in Cranbury, New Jersey. | | View Today's Stock Pick |
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