Good MorningEquity markets cheered a 25 basis point interest rate hike from the FOMC on Wednesday and drove the S&P 500 up more than 1.0% on the news. However, the takeaway from the statement is that the FOMC will continue to hike rates for the foreseeable future. In this light, the good news is bad because the FOMC still pressures the economy. The bad news is that economic pressure is cutting into S&P 500 earnings, which will bring the index and market down.
The caveat for traders is the S&P 500 failed to cross above resistance. The index moved up to but did not cross the 4,150 level and then closed off of the day's high. This is evidence of resistance at a key level and a potential peak for the market. However, a move above 4,150 would not get the market in the clear because another key level of resistance is just above the 4,300 level. Featured: America's #1 Stock Picker Issues 5 Buy Alerts (IPM) 
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Shares of Bed Bath & Beyond (NASDAQ: BBBY) are circling the drain and may fall through very soon. Attempts to stave off bankruptcy, including a search for potential buyers, are coming up short. The latest word on the street is that a Chapter 11 bankruptcy filing could come as soon as this week... Read the Full Story |
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Markets | | | Global stock markets and Wall Street futures rose Thursday after the Federal Reserve said the U.S. economy is moving toward lower inflation but more interest rate hikes are planned.
London and Frankfurt opened higher. Shanghai and Tokyo advanced. Oil prices rose.
Wall S... Read the Full Story |
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Markets | | | Asian stock markets gained Thursday after the Federal Reserve said the U.S. economy is moving toward lower inflation but more interest rate hikes are planned.
Shanghai, Tokyo, Hong Kong and Sydney advanced. Oil prices rose.
Wall Street's benchmark S&P 500 index clos... Read the Full Story |
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From Our PartnersIn the next 75 days, I predict Americans will face fuel shortages, widespread blackouts, empty grocery shelves, $1000 energy bills, drained retirement accounts… and a new crime wave. | | | | See my full warning here. |
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On a day when it’s important for companies to beat on earnings, Altria Group, Inc. (NYSE: MO) delivered. The company reported better-than-expected earnings per share (EPS) of $1.18, which was two cents higher than consensus estimates of $1.16.
But the real reason that MO stock is up ... Read the Full Story |
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Peloton Interactive, Inc. (NASDAQ: PTON) is up 18% after a double beat in its second quarter fiscal 2023 earnings report. But although the calendar says 2023, you can forgive investors who feel like it’s 2021. Specifically, investors are beginning to get a taste for risk. And that’s im... Read the Full Story |
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From Our PartnersWhy we are about to RETURN to traditional energy like oil and gas. How the “greenest” Democrats were BUSTED investing in oil and gas. And how you could profit from their failures. | | | | I show everything in this brief video I made |
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Allegro Microsystems (NASDAQ: ALGM) share prices are advancing at a brisk pace on the news the company’s business is better than expected. The company, a semiconductor/integrated circuit manufacturer, provides sensor IC and app-specific analog ICs to the auto OEM and industrial market.
Dema... Read the Full Story |
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Politics | | | For months, the United States has restricted Iraq’s access to its own dollars, trying to stamp out what Iraqi officials describe as rampant money laundering that benefits Iran and Syria. Iraq is now feeling the crunch, with a drop in the value of its currency and public anger blowing back against th... Read the Full Story |
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Markets | | | The European Central Bank is set for another large interest rate increase to fight painfully high inflation even after the U.S. Federal Reserve slowed its pace, a divergence that underlines Europe's later start and could speed the euro's rebound from recent lows against the dollar.
EC... Read the Full Story |
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Politics | | | The Bank of England is expected to raise interest rates by as much as half a percentage point Thursday as it seeks to tame the double-digit inflation fueling a cost-of-living crisis, public-sector strikes and fears of recession.
The move would push the U.K.’s key rate to 4%. Economist... Read the Full Story |
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Those who’ve watched the Scotts Miracle-Gro (NYSE: SMG) saga unfold over the last few years have seen it bottom, gear up for growth, expand into the cannabis equipment market, get boosted by the pandemic, and then see it all come crashing down. The bursting COVID bubble was compounded by iss... Read the Full Story |
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Thursday's Early Bird Stock Of The Day CNX Resources Corporation, an independent natural gas and midstream company, engages in the acquisition, exploration, development, and production of natural gas properties in the Appalachian Basin. The company operates in two segments, Shale and Coalbed Methane (CBM). It produces and sells pipeline quality natural gas primarily for gas wholesalers. The company owns rights to extract natural gas from shale properties in Pennsylvania, West Virginia, and Ohio, as well as rights to extract natural gas from other shale and shallow oil and gas formations in Illinois, Indiana, New York, and Virginia. It also owns rights to extract CBM in Virginia, West Virginia, Pennsylvania, Ohio, Illinois, Indiana, and New Mexico. In addition, the company designs, builds, and operates natural gas gathering systems to move gas from the wellhead to interstate pipelines or other local sales points; owns and operates approximately 2,600 miles of natural gas gathering pipelines, as well as various natural gas processing facilities. It also offers turn-key solutions for water sourcing, delivery, and disposal for its natural gas operations and for third parties. The company was formerly known as CONSOL Energy Inc. and changed its name to CNX Resources Corporation in November 2017. CNX Resources Corporation was founded in 1860 and is headquartered in Canonsburg, Pennsylvania. | | View Today's Stock Pick |
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