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: 100% overnight gains? (Ad) 
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Consumer Discretionary | | 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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Consumer Discretionary | |
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 economy ... Read the Full Story |
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Materials | | 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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From Our Partners | | The federal government is throwing its full support behind a new class of AI technology, in what's being called the biggest push since the Apollo moon landing.
This AI reportedly works 10,000 times faster than human PhDs and could eventually be worth 500 times more than ChatGPT. Elon Musk has called the underlying tech the most disruptive force in history. | | Discover the stock positioned to benefit as this AI initiative accelerates |
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Consumer Discretionary | | 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, $19.19 ... Read the Full Story |
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Technology | | 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 develops, ... Read the Full Story |
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From Our Partners | | The U.S. Army and Department of Energy are preparing to launch Project Janus, a high-priority initiative centered on a new fuel source.
One obscure defense contractor reportedly has a five-year head start on every competitor, with the first powerplant expected to go live before December 18, 2026.
Full details on the company, including its name and ticker symbol, are available now. | | Get the stock name and ticker before Project Janus goes live |
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Technology | |
DocuSign (NASDAQ: DOCU) is continuing a long, painful decline that started almost exactly one year ago in September 2021. What a different time that was. DOCU stock was trading for over $300 and was being fueled by a pandemic tailwind.
But in 2022 that tailwind has turned into a strong headwind... Read the Full Story |
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Consumer Staples | |
The price action in Campbell Soup Company (NYSE: CPB) shed 7% in the wake of the Q4 earnings report but income investors should be cheering the news. Campbell Soup Company is a high-yielding value among consumer staples (NYSEARCA: XLP) stocks, a buy-and-hold name for income investors, and it just ... Read the Full Story |
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Communication Services | | Live entertainment ticketing and promotion giant Live Nation (NYSE: LYV) stock is still down (-24%) for the year despite having its best quarter ever. The promotion powerhouse has emerged from the pandemic stronger and more dominant than ever. Live Nation is widely known for operating Ticket Master,... Read the Full Story |
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Consumer Discretionary | |
The institutions took some big bites of Chewy, Inc (NYSE: CHWY) over the last two years driving the institutional ownership up to nearly 100%. This is quite a feat considering the short interest is also running near 25% so there are quite a few shares on the market. The net of institutional activi... Read the Full Story |
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Technology | |
Nvidia (NASDAQ: NVDA) and AMD have been directed by the U.S. government to stop the sales of their latest data center and enterprise chips, specifically the A100 and H100 chips. These chips have a number of different uses including AI, enterprise, networking, and cloud. Nvidia’s stock fell i... 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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