Good MorningEquity markets pulled back for a second day on Tuesday as markets eye Wednesday's CPI report. The report is expected to show consumer prices are still rising at an above-target pace, and there is little hope for cooling. The core PPI reading is expected to accelerate on a month-to-month basis and may lead to a hot YOY reading. Even if the reading cools, with inflation still rising, the Fed can not be expected to ease back on the interest rate throttle.
The S&P 500 is at a critical juncture; the next few days could decide the market's direction over the next 3 months. If the index can get its feet under it and move above 4,150, it could extend the rally to 4,300 or higher. Aside from inflation and the FOMC, the risk is that the outlook for 2nd half earnings growth resumed its slide. The consensus figures are now at the lowest level on record and are weighing heavily on stock market prices.
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Markets | | | Oil giant Saudi Aramco reported a first-quarter profit on Tuesday of $31.88 billion, down nearly 20% from the same period last year as energy prices have sunk over global recession concerns. The firm known formally as the Saudi Arabian Oil Co. blamed the drop — compared to $39.47 billion in the same... Read the Full Story |
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Steve Madden (NASDAQ: SHOO) reported its first quarter 2023 earnings results on Tuesday, signaling what could be the final stages of a choppy retail industry environment. Shares of Steve Madden are shaking off a market-wide decline, dipping initially by as much as 3.66% and rallying back, loo... Read the Full Story |
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Under Armour (NYSE: UA) shares are declining by 8.6% in Tuesday's trading session; the negative sentiment comes amid the company's first quarter 2023 earnings results. Despite new CEO Stephanie Linnartz achieving expense reductions across the SG&A (Selling, General, and Administrative) items, ... Read the Full Story |
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Markets | | | FTX founder Sam Bankman-Fried sought a dismissal of criminal charges against him in a court filing late Monday, saying prosecutors have improperly made federal crimes out of civil and regulatory issues that resulted from an industrywide collapse of cryptocurrency markets dubbed the “crypto winter.”L... Read the Full Story |
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Skyworks Solutions Inc. (NASDAQ: SWKS) does not have a consumer-facing business. Still, it makes many of the gadgets and gizmos used by today’s top consumer-products companies, and the news in the Q2 report does not inspire confidence. News from Packaging Corporation of America and United Pa... Read the Full Story |
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Lucid Group (NASDAQ: LCID) bottomed earlier this year on news the Saudi Sovereign Wealth Fund was buying a stake. The stock has retreated from the highs set following the announcement, but new lows may not be coming. The charts show support at higher levels than in January, and the company could s... Read the Full Story |
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Markets | | | The hot jobs market has been defying a weakening economy and confounding the Federal Reserve for months, but now shows signs of cooling.The latest set of employment data from the government shows that job openings fell in March to their lowest level since April 2021. Layoffs rose to 1.8 million, the... Read the Full Story |
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Markets | | | Airbnb said Tuesday that it earned $117 million in the first quarter as revenue rose during the ongoing recovery in travel, but the company's outlook for late spring and early summer disappointed investors.The San Francisco-based company's shares fell nearly 12% in extended trading hours after Airbn... Read the Full Story |
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Markets | | | Buffalo Bills safety Damar Hamlin will use the $10 million given to online fundraising campaigns by well-wishers after his on-field collapse to fund his own nonprofit, the Chasing M's Foundation. The decision, first shared with The Associated Press Monday, begins the 25-year-old's plan for the unpre... Read the Full Story |
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Shoals Technologies Group Inc. (NASDAQ: SHLS) is an electrical balance of system (EBOS) solutions provider for the solar, energy storage, and electric vehicle (EV) infrastructure industry. EBOS are all the components of photovoltaic power systems minus solar panels. This can include cables, invert... Read the Full Story |
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Wednesday's Early Bird Stock Of The Day SSR Mining Inc., together with its subsidiaries, engages in the operation, acquisition, exploration, and development of precious metal resource properties in the United States, Türkiye, Canada, and Argentina. The company explores for gold doré, copper, silver, lead, and zinc deposits. Its mines include the Çöpler, located in Erzincan province, Turkey; the Marigold, located in Nevada, the United States; the Seabee, located in Saskatchewan, Canada; and the Puna, located in Jujuy province, Argentina. The company was formerly known as Silver Standard Resources Inc. and changed its name to SSR Mining Inc. in August 2017. SSR Mining Inc. was incorporated in 1946 and is based in Denver, Colorado. | | View Today's Stock Pick |
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