Good MorningBearish momentum is building on Wall Street. Wednesday's market rebound was nothing more than a blip on the radar, possibly driven by short-covering, as traders and investors continue to move to cash. The move comes just a day before the fresh read of the PCE price index and put the S&P 500 at a new 22-month low. Assuming the PCE index comes out as expected, the sell-off could easily gain momentum and take the market down to the 3,500 level or lower.
The PCE index is expected to come in at 0.5% MoM and 4.7% YOY, which are both an acceleration from the previous month and a new high for the YOY comparison. The takeaway is the market is expecting the worst, and the data could be hotter than predicted. Regardless, the data is in support of the Hawkish FOMC, so investors should be prepared for at least another 50 basis points of interest rate hikes at the next meeting if not another 75. Featured: See the Daily 10AM setup for 4PM payouts (Ad) 
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Politics | | | Stocks fell broadly on Wall Street Thursday as worries about a possible recession and rising bond yields put the squeeze back on markets.
The S&P 500 fell 2.1%, reaching its lowest level since late 2020. The washout erased the index’s gains in a big rally the day before. That’s w... Read the Full Story |
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Stocks | | | Investors learned from Target (NYSE: TGT) and Walmart (NYSE: WMT) that consumers are shifting purchases away from discretionary items and toward groceries. One company benefiting from continued spending on food is JM Smucker (NYSE: SJM), famous for making jams and jellies, but also the parent ... Read the Full Story |
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Stocks | | | With the market continuing to hit the skids, despite Wednesday’s bounce higher, dividend-paying stocks like Keurig Dr Pepper (NASDAQ: KDP) may look more and more attractive.
But can it bubble to the top of investors’ watch lists, especially when compared to bigger rivals Coca-Cola... Read the Full Story |
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Markets | | | Health insurance and wellness provider Humana (NYSE: HUM) stock has been outperforming the benchmark indexes trading up 4.6% for the year versus (-31%) for the Nasdaq (NYSEARCA: QQQ) and (-16%) for S&P 500 (NYSEARCA: SPY). Healthcare is considered a recession proof business that continues to ris... Read the Full Story |
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Stocks | | |
The used car dealership CarMax (NYSE:KMX) disappointed investors with a lemon of an earnings report. The company showed softer revenue than expected. But the headline number was the company’s profit decline. The company reported earnings per share (EPS) of 79 cents, nearly 50% below the aver... Read the Full Story |
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Stocks | | |
Labor market stocks like Paychex (NASDAQ: PAYX), Automatic Data Processing (NASDAQ: ADP), and even Cintas (NASDAQ: CTAS) have been sustaining growth and outperforming expectations in the face of sketchy economic conditions, and that trend is not ending. The latest reports from Cintas and Paychex s... Read the Full Story |
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Tech | | | Japan is providing a major U.S. chipmaker a subsidy of up to 46.6 billion yen ($322 million) to support its plan to produce advanced memory chips at a Hiroshima factory, the Japanese trade minister said Friday.
The announcement to subsidize Micron Technology comes on the heels of U.S... Read the Full Story |
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Markets | | | A former eBay Inc. executive has been sentenced to almost five years in prison for leading a scheme to terrorize the creators of an online newsletter that included sending live spiders, cockroaches, a funeral wreath and other disturbing deliveries to their home Read the Full Story |
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Tech | | | A New York City man is suing an Atlantic City casino, its parent company and its online betting partner, alleging he was repeatedly disconnected while gambling online, and was given payments to prevent him from reporting the malfunctions to New Jersey gambling regulators during a nine-month span in ... Read the Full Story |
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Markets | | | This Thanksgiving, your pumpkin pie might have a lower carbon footprint.
On the central Illinois farms that supply most of the world’s canned pumpkin, farmers are adopting regenerative techniques designed to reduce emissions, attract natural pollinators like bees and butterflies and i... Read the Full Story |
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Friday's Early Bird Stock Of The Day Allakos Inc., a clinical stage biotechnology company, develops therapeutics that target immunomodulatory receptors present on immune effector cells in allergy, inflammatory, and proliferative diseases in the United States. The company's lead product candidate is AK006, which in a Phase I clinical trial for the treatment of chronic spontaneous urticaria (CSU) and other indications. The company was incorporated in 2012 and is headquartered in San Carlos, California. | | View Today's Stock Pick |
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