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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Markets | | |
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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Stocks | | |
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 | | |
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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Markets | | | Global shares were mixed Wednesday as a wait-and-see mood set in following another — though more modest — day of sell-offs on Wall Street.
Worries about inflation are weighing on investors' minds, including in Asia. Inflation data for Singapore released earlier in the week showed inf... Read the Full Story |
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Politics | | | Fox Corp. chief executive Lachlan Murdoch is suing Australian news website Crikey in a Sydney court for defamation over an opinion piece about last year’s storming of the U.S. Capitol.
Media mogul Rupert Murdoch’s son filed a statement of claim in the Federal Court on Tuesday, a day a... Read the Full Story |
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Markets | | | Asian shares were mixed Wednesday as a wait-and-see mood set in following another — though more modest — day of sell-offs on Wall Street.
Worries about inflation are weighing on investors' minds, including in Asia. Inflation data for Singapore released earlier in the week showed infl... Read the Full Story |
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Markets | | | Asian shares were mixed Wednesday as a wait-and-see mood set in following another — though more modest — day of sell-offs on Wall Street.
Worries about inflation are weighing on investors' minds, including in Asia. Inflation data for Singapore released earlier in the week showed infl... Read the Full Story |
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Politics | | | Najib Razak is Malaysia’s first former prime minister to go to prison -- a mighty fall for a British-educated politician whose father and uncle were the country’s second and third prime ministers, respectively.
The enormous 1MDB financial scandal tied directly to him was not just a pe... 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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