Good MorningEquity markets sold off on Wednesday, led by tech. The NASDAQ Composite shed roughly 2%, followed by 1% losses for the S&P 500 and the Dow Jones Industrial Average. The rising 10-year treasury rate and weak existing home sales drove the move. The 10-year treasury rate, which is the base rate for products ranging from car loans to credit cards and mortgages, rose to the highest level since July as the market reprices the outlook for Fed policy. The latest data suggests caution on the part of the Fed and a slower-than-forecasted pace of policy reduction.
At the same time, the pace of existing home sales fell to the lowest level since 2010, down more than 3% YoY due to rising prices and costs. The average price of a home is up by mid-single digits and is likely to remain hot due to demand. The US housing inventory remains historically low, leaving prospective buyers few choices. If the S&P cannot recover quickly, the sell-off could deteriorate into a full-blown correction and take the S&P 500 down another 8% to 10% by the end of the month. Featured: Tim Sykes’ Urgent Trade Alert: “Make this move now” (Timothy Sykes) 
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The stock market can trap investors who get either too long or too short on a specific company or trend. Whenever this happens, the market has a way of correcting these imbalances through sharp rotations. Those who are too long on a stock or trend and see a sharp selloff will likely run for the ex... Read the Full Story |
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Stocks | | | U.S. stocks fell Wednesday as more steam came out of Wall Street’s huge, record-breaking rally.The S&P 500 sank 0.9% for its first three-day losing streak since early September. It was coming off two small losses since setting an all-time high on Friday, and the pullback follows a superb run wh... Read the Full Story |
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Following the government's announcement of significant economic stimulus measures, Chinese stocks recently experienced a major rally, with some soaring as much as 100% from their 52-week lows. However, the surge has since cooled, with a pullback emerging over the past two weeks, raising the questi... Read the Full Story |
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Markets | | | Wall Street drifted to a mixed finish Thursday after Tesla surged to one of the best days in its history, while IBM slumped to its worst in six months.The S&P 500 rose 0.2% to break its first three-day losing streak since early September. It bounced between losses and gains through the day, and ... Read the Full Story |
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Palantir Technologies Inc. (NYSE: PLTR) is taking a breather after climbing to over $43 a share in early October. The stock had dropped 3.7% from peak to trough and climbed above $43 but has failed to push past what appears to be forming a level of resistance.
One reason for the cho... Read the Full Story |
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From Our PartnersFormer advisor to the CIA, the Pentagon and the White House Jim Rickards went on multiple TV news programs…
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Markets | | | Coca-Cola Co. said Wednesday its third-quarter revenue fell as sales volumes flattened or declined around the world. But the company still beat Wall Street's forecasts and said it expects full-year organic revenue to rise 10%, which is at the high end of its previous guidance.The Atlanta beverage gi... Read the Full Story |
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It's been a good year in the stock market so far; however, one group of companies that hasn’t performed as well as others are those in the consumer staples sector. This includes companies making and selling essential products like food. The Consumer Staples Select Sector SPDR Fund (NYSEARC... Read the Full Story |
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Markets | | | The global war against inflation has largely been won — and at surprisingly little cost to economic growth, the International Monetary Fund declared Tuesday.In its latest assessment of the global economy, the IMF predicted that worldwide inflation will cool from 6.7% last year to 5.8% this year and ... Read the Full Story |
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The demand for clean, reliable energy is skyrocketing, driven by concerns about climate change and energy security. Nuclear power could be a solution, and the industry is undergoing a rapid strategic shift that could transform the renewable energy sector. Once highly controversial, nuclear power i... Read the Full Story |
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Markets | | | A federal regulator on Wednesday ordered Apple and Goldman Sachs to pay a combined $89 million for deceiving consumers and mishandled transaction disputes of Apple Card customers.The Consumer Finance Protection Bureau orders point to “customer service breakdowns and misrepresentations” around Apple ... Read the Full Story |
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Thursday's Early Bird Stock Of The Day Great Ajax Corp. operates as a mortgage real estate investment trust. It acquires re-performing and non-performing loans; acquires or originates small balance commercial mortgage loans that are secured by multi-family residential and commercial mixed use retail/residential properties; and invests in single-family and smaller commercial properties. The company elected to be taxed as a real estate investment trust for U.S. federal income tax purposes. Great Ajax Corp. was incorporated in 2014 and is based in Tigard, Oregon. | | View Today's Stock Pick |
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