It has been a terrible week for the stock market in an awful year.
Walmart, Target TGT, and Tencent 700 reported disappointing results, which adds to the worries about interest-rate hikes and quantitative tightening. There hasn't been signs of capitulation, according to Melvin Capital.
Equity redemptions have totaled $46 billion over the last six weeks, versus $91 billion when the COVID outbreak first became apparent, according to Sean Darby, chief equity strategist at Jefferies. You could see the argument on why markets may not have plummeted.
The technician Tom DeMark, who called the bottom in 2020 after COVID emerged, disagrees. The founder of DeMark Analytics, known for advising hedge fund managers like Paul Tudor Jones and Steven Cohen, told Fundstrat s head of technical strategy Mark Newton that key markets are on the verge of reversing.
DeMark's indicators are designed to anticipate turning points, to find overextended price moves in either direction that reverse.
The S&P 500 SPX, DeMark says, will see a sell-off, with a close below 3,863, before a shocking rally that lifts the index between 4,400 and 4,500. The 10 year TMUBMUSD 10 Y, will make one more high before peaking, and crude oil CL. He believes that he will make a top within four trading days — $117.29 per barrel, he forecasts — before turning lower.
If he is correct, the inflationary drivers of energy and commodities are peaking, which would put less pressure on inflation.
The end of key options contracts could add volatility to the session on Friday.
The People's Bank of China lowered the rate for home mortgages to 4.45% from 4.6%.
Ross Stores ROST, joined retail Armageddon by reporting a 7% drop in same-store sales. The retailer pointed out the impact of higher transportation and labor costs, besides flagging sales.
According to a report in Business Insider, SpaceX paid $250,000 for a sexual misconduct claim against its chief executive, Elon Musk. Musk, who is also the chief executive of Tesla TSLA and bidder for Twitter TWTR, told the publication that the story was a hit piece, and later tweeted that the accusations are untrue.
President Joe Biden started a trip to Asia with a visit to a Samsung Electronics factory in South Korea, which has machines built by Lam LRCX, and KLA KLAC. U.S. stock futures pointed to a strong open, with futures on the Dow Jones Industrial Average YM 00 rising over 300 points.
The yield on the 10 year Treasury TMUBMUSD 10 Y was 2.87%.
Here were the most active stock-market tickers as of 6 a.m. Eastern.
It's a lot more difficult to find a better video than a programmers teaching his goldfish to pick stocks, and then compare the results to the picks on Reddit Wall Street Bets. It contains some swearing. Finland's application with NATO is still pending, but NATO beer has already hit the shelves.
Bob Cousy, now 93 years old, fired back at ESPN commentator JJ Redick's plumbers and firemen.
The emailed version will be sent at around 7: 30 a.m. Eastern.