Good MorningEquities sold off for a 5th straight day extending the downdraft to nearly 9.0% from the recent peak. The upshot is the market bounced off the low to close with a gain of 0.3%. The latest round of selling is being driven by the growing acceptance that inflation is not coming down appreciably and the FOMC is about to spark a major recession. The FOMC, through its many mouthpieces, has indicated an aggressive pace of interest hikes will continue until inflation is down and that could mean as many as 8 more 25 basis point hikes before the hiking cycle is over.
With the S&P 500 moving lower and firing off strong sell signals the odds the index will retest the 3,600 level are very strong. The risk now is the index will move below the 3,600 level and extend the sell-off to a new low in the range of 3,500 or lower. If the market can't get its feet back under by then, the selling could continue until the index reaches its long-term secular trend line near the 2,800 level. Featured: I interviewed 600 crypto millionaires – here's what's coming (Ad) 
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Politics | | | A late burst of buying erased some of the stock market’s losses Thursday, leaving indexes mixed on Wall Street though still on pace to end lower for the week.
The S&P 500 rose 0.3% after having been down 1.3% earlier in the day. The benchmark index's positive turn in the last 10 m... Read the Full Story |
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Politics | | | Asian stock markets were mixed Friday ahead of U.S. jobs data that might reinforce Federal Reserve plans for bigger interest rate hikes to cool surging inflation.
Shanghai advanced while Tokyo, Hong Kong and Seoul retreated. Oil prices rose more than $1.50 per barrel.
I... Read the Full Story |
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Politics | | | Asian stock markets were mixed Friday ahead of U.S. jobs data that might influence Federal Reserve plans for more interest rate hikes to cool surging inflation.
Shanghai and Seoul advanced while Tokyo and Hong Kong retreated. Oil prices rose more than $1.50 per barrel.
... Read the Full Story |
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Markets | | | Entegris (NASDAQ: ENTG) is an example of a company that provides products or services to another industry and can benefit from the latter’s growth. For example, copper producer Freeport McMoRan (NYSE: FCX) sells to electric vehicle producers, which can boost its fortunes.
Entegris devel... Read the Full Story |
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Markets | | | Just when equities were starting to look shaky again after a decent run to end the summer, athleisure brand Lululemon (NASDAQ: LULU) has given the would-be bears pause for thought. They reported their Q2 earnings after the bell rang to end yesterday’s session, and the numbers were red hot. Kee... Read the Full Story |
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Markets | | | Back in the day, as in pre-2013, aluminum manufacturer Alcoa (NYSE: AA) made financial headlines every quarter as the first Dow component to report earnings. In some ways, it served as a bellwether for what investors could expect in every earnings season. I was a financial journalist throughout the ... Read the Full Story |
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Markets | | |
Nike (NYSE: NKE) stock is approaching its 52-week low made in July. That’s presenting an interesting dilemma for investors. On the one hand, if the stock holds the July lows as a support level, a technical case can be made that NKE stock is oversold.
On the other hand, a weakening eco... Read the Full Story |
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Tech | | | The Chinese government is calling on Washington to repeal technology export curbs after California-based chip designer Nvidia said a new product might be delayed and some work might be moved out of China Read the Full Story |
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Tech | | | The last bits of ash and greenhouse gases from Hawaii’s only remaining coal-fired power plant slipped into the environment this week when the state’s dirtiest source of electricity burned its final pieces of fuel Read the Full Story |
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Markets | | | Is it even possible that companies like Royal Caribbean Cruises (NYSE: RCL) can ever return to smooth sailing?
Prior to 2020, the company was posting steadily increasing earnings. Then, of course, it hit that iceberg. It reported a loss of $18.31 per share in 2020, and an even bigger loss, $1... Read the Full Story |
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Friday's Early Bird Stock Of The Day MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and internationally. The company operates through three segments: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities. The company's casino operations include slots and table games, as well as online sports betting and iGaming through BetMGM. Its customers include premium gaming customers; leisure and wholesale travel customers; business travelers; and group customers, including conventions, trade associations, and small meetings. The company was formerly known as MGM MIRAGE and changed its name to MGM Resorts International in June 2010. MGM Resorts International was incorporated in 1986 and is based in Las Vegas, Nevada. | | View Today's Stock Pick |
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