Good MorningSome like it hot. But the markets do not. That’s the sentiment of investors after the June PPI number came in at 11.1%. That was hotter than expected. Leading the charge was a 10% increase in energy costs. And that wasn’t the only piece of bad news that investors received. Unemployment claims were at their highest level in eight months.
The issue of the moment is what investors believe about inflation. There is some evidence that “core” CPI is going down. That could mean producer prices are beginning to ease. On the other hand, consumers are still feeling inflation every time they fill up their cars or shop for groceries.
That sent the market down for the fourth straight day. And that will be the longest losing streak in a month for U.S. stocks. Gold and oil were also down today.
Now that the S&P 500 index is below 3,800, investors will eye the 3,600 level. It’s fair to ask if that’s where the bulls make a stand. If they do, it will despite a lift from the big banks. Earnings from JPMorgan Chase and Morgan Stanley both disappointed.
Featured: The Last Great Value Stock (The Oxford Club) 
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Politics | | | Share prices were mixed in Asia on Friday after China reported its economy contracted by 2.6% in the last quarter as virus shutdowns kept businesses closed and people at home.
U.S. futures and oil prices edged higher.
Tokyo's Nikkei 225 index added 0.5% to 26,788.47. ... Read the Full Story |
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Markets | | |
Shopify Inc. (NYSE: SHOP) is the poster child for why the pandemic was both a blessing and a curse for some companies.
Born out of necessity, a surge in demand for e-commerce technology drove the Canadian commerce platform provider’s stock as high as $1,762.90 in November 2021. Since diffic... Read the Full Story |
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Markets | | |
The supply chain crisis has affected a number of stocks. Largely due to the various stimulus policies, demand increased significantly across many sectors. This led to large lead times in shipping and shortages across key components, especially semiconductors. As supply chains adjust and economies ... Read the Full Story |
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Politics | | | European shares have opened higher after a mixed session in Asia following a report that China's economy contracted by 2.6% in the last quarter due to virus shutdowns that kept businesses closed and people at home Read the Full Story |
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Markets | | | Stocks closed broadly lower on Wall Street Thursday as JPMorgan Chase opened the latest round of corporate earnings for big banks with weak results and a warning about the economy.
Wall Street is also assessing the latest government reports showing that inflation remains hot and shows... Read the Full Story |
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Markets | | |
-Net income for TSMC came in at $7.9 billion for the quarter surpassing analyst estimates.
-Revenue was up 30% y-o-y and came in above guidance at $18.6 billion.
-Management has said that supply of chips will continue to be tight, and customers will continue to draw down inventory throughout the... Read the Full Story |
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Markets | | | Fastenal (NASDAQ: FAST) is the largest distributor in North America of industrial safety and construction supplies, and also offers third-party logistics. Sales and estimates came in strong as demand continued to remain on a strong footing. Construction, OEM, airline, and manufacturing all continued to see strong demand,
Read the Full Story |
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Markets | | | Toyota’s flagship model in Japan, the Crown, is going on sale around the world for the first time, including in the U.S. Toyota Chief Executive Akio Toyoda said the company was aiming for 200,000 vehicles in annual global sales in 40 nations Read the Full Story |
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Tech | | | Twitter Inc.’s lawsuit to force billionaire Elon Musk to make good on his promise to buy the social media giant will be resolved in a small but powerful Delaware court that specializes in high-stakes business disputes Read the Full Story |
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Markets | | | Customer engagement software provider Verint Systems (NASDAQ: VRNT) stock has been resilient trading down (-17%) on the year compared to (-26%) for the Nasdaq 100 index. The Company is a benefactor of the cloud migration and digital transformation trend that continues to accelerate. The workforce en... Read the Full Story |
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Friday's Early Bird Stock Of The Day Cogent Biosciences, Inc., a biotechnology company, focuses on developing precision therapies for genetically defined diseases. Its lead product candidate includes bezuclastinib (CGT9486), a selective tyrosine kinase inhibitor designed to target mutations within the KIT receptor tyrosine kinase, including KIT D816V KIT D816V mutation that drives systemic mastocytosis, as well as other mutations in KIT exon 17, which are found in patients with advanced gastrointestinal stromal tumors. The company has a licensing agreement with Plexxikon Inc. for the research, development, and commercialization of bezuclastinib. The company was formerly known as Unum Therapeutics Inc. and changed its name to Cogent Biosciences, Inc. in October 2020. Cogent Biosciences, Inc. was incorporated in 2014 and is headquartered in Waltham, Massachusetts. | | View Today's Stock Pick |
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