Good MorningEquity markets held their ground on Tuesday despite renewed signals of economic contraction. The flash reading for both the Services and Manufacturing sector PMIs came in below expectation and with the services sector deep in contractionary territory. The reading of 44 is the fifth month of decline and the lowest reading since May of 2020 at the height of the pandemic lockdowns. The news may be a one-off but is compounded by a trend in data that suggests the economic slowdown that began in Q1 is still present in Q2. The Atlanta Federal Reserve's GDPNow tracking tool is still showing Q3 GDP above 0% but it has taken a noticeable downturn in recent weeks.
With the market in retreat, the economic data weak, and the PCE price index due out on Friday the odds of another major sell-off are high. The S&P 500 is still above the 30-day EMA but not by much and it won't take much to spark the move. Once the index is below 4,115 investors should expect to see downward momentum build and the index fall to 4,000 or lower.
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U.S. electric vehicle (EV) manufacturer Fisker Inc. (NYSE: FSR) stock has had its ups and downs in the past two-years. Shares peaked at $31.96 highs in March of 2021 and fell as low as $7.95 in June of 2022. Up until now, Fisker was a speculative pre-production electric vehicle (EV) play. However,... Read the Full Story |
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From Our PartnersWith the next presidential cycle heating up and Trump leading the charge, major market shifts are already taking shape.
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The allure of penny stocks is easy to understand. Simply put, a little can go a long way.
For example, investing $1,000 in a stock that’s trading for $1 dollar could net you a significant gain if the stock moves just a little higher. And penny stocks can make big moves quickly. ... Read the Full Story |
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Stocks | | | Artificial intelligence-based lending platform Upstart Holdings (NASDAQ: UPST) was a pandemic-era winner, but has struggled since October of last year.
Other fintechs, including those with stadium naming rights - I’m looking at you SoFi Technologies (NASDAQ: SOFI) - are also well off previous... Read the Full Story |
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Markets | | | Ok readers, please take your seats and buckle up, because Foot Locker (NYSE: FL) looks about ready to take off. Having hit their lower post-pandemic levels just last month as part of a 60% sell-off, shares of the sportswear retailer have recently rallied almost 70%. The biggest single jump took plac... Read the Full Story |
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Markets | | | Stocks fell broadly in afternoon trading on Wall Street Monday, extending the market’s losses amid worries about inflation and the path ahead for the economy.
The S&P 500 fell 2.1% as of 3:07 p.m. Eastern and more than 90% of stocks in the benchmark index posted losses. It finishe... Read the Full Story |
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Politics | | | Warren Buffett’s company now has clearance to boost its current 20% stake in Occidental Petroleum up to 50% of the oil producer, but it’s not immediately clear how many more shares Berkshire Hathaway plans to buy Read the Full Story |
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Last year, Chipotle Mexican Grill, Inc. (NYSE: CMG) came within the price of a few burritos of reaching $2,000 a share. A surging digital business tied to the pandemic munchies propelled the stock to an all-time high. Nine months later, it slipped below $1,200.
Now up more than 30% off its summer... Read the Full Story |
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Politics | | | The Biden administration is forecasting that this year’s budget deficit will be nearly $400 billion lower than it estimated back in March, due in part to stronger than expected revenues, reduced spending, and an economy that has recovered all of the jobs lost during the multi-year pandemic Read the Full Story |
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Politics | | | A company seeking to mine in Georgia near the edge of the Okefenokee Swamp's vast wildlife refuge said Monday that its project is back on track after a federal agency reversed a June decision that had posed a big setback.
Twin Pines Minerals said the Army Corps of Engineers has agreed... Read the Full Story |
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Politics | | | Russia's invasion of Ukraine has already killed some 9,000 Ukrainian soldiers since it began nearly six months ago, a general said, and the fighting Monday showed no signs that the war is abating.
At a veteran's event, Ukraine’s military chief, Gen. Valerii Zaluzhnyi, said many of Ukr... Read the Full Story |
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Wednesday's Early Bird Stock Of The Day Cactus, Inc., together with its subsidiaries, designs, manufactures, sells, and leases pressure control and spoolable pipes in the United States, Australia, Canada, the Middle East, and internationally. It operates through two segments, Pressure Control and Spoolable Technologies. The Pressure Control segment designs, manufactures, sells, and rents a range of wellhead and pressure control equipment under the Cactus Wellhead brand name through service centers. Its products are sold and rented primarily for onshore unconventional oil and gas wells for drilling, completion, and production phases of the wells. This segment also provides field services to install, maintain, and handle the equipment. The Spoolable Technologies segment designs, manufactures, and sells spoolable pipes and associated end fittings under the FlexSteel brand name. Its products are primarily used to transport oil, gas, and other liquids. This segment also provides field services and rental items through service centers and pipe yards, as well as offers equipment and services internationally. In addition, the company offers repair and refurbishment services. Cactus, Inc. was founded in 2011 and is headquartered in Houston, Texas. | | View Today's Stock Pick |
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