Wall Street is tearing higher today, the Dow Jones Industrial Average (DJI) up more than 559 points and pacing for its third-straight win following a better-than-expected inflation reading. Meanwhile, the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also significantly higher midday, while the Cboe Volatility Index (VIX) tumbles to its lowest level since mid-September.Options traders are responding to third-quarter figures from Fisker Inc (NYSE: FSR). At the session’s halfway point, more than 43,000 calls and 28,000 puts have exchanged hands, or four times the average intraday volume. Most popular is the November 3.50 call,...
Image source: Pixabay The University of Michigan Consumer Survey for November found a fresh low in spending intentions. Consumers citing interest rates as preventing them from buying an automobile (36%) and a home (67%) were the highest since the 1981 and 1982 recessions when the Fed funds rate was 12 and 10 percent, respectively, versus 5.5 percent today. Meanwhile, it is more too-high prices than interest rates that are the biggest impediment to affordability today. The good news is that anemic demand is pressuring prices lower.For retail sales, the all-important holiday shopping season will likely disappoint elevated earnings expectatio...
A 2.5 percent decline in energy smoothed the CPI. But for the 27th straight month, the cost of rent rose at least 0.4 percent.CPI month-over-month data from the BLS, chart by Mish Groundhog Day for RentI repeat my core key theme for two years now. People keep telling me rents are falling, I keep saying they aren’t.Rent of primary residence, the cost that best equates to the rent people pay, jumped 0.5 percent. Rent of primary residence has gone up at least 0.4 percent for 27 consecutive months!All these “rents are falling” projections have been based on the price of new leases, but existing leases, vastly more important, keep rising.Wi...
Photo by Amber Martin on Unsplash CottonGeneral Comments: Cotton closed a little higher yesterday. The weekly export sales report was strong and helped support prices. The monthly USDA reports were mostly ignored as market factors. USDA increased yields and production to 13.090 million bales. Ending stocks levels increased to 320 million bales from 280 million last month. World ending stocks levels were also increased. There are still many concerns about demand from China and the rest of Asia due to the slow economic return of China in the world market. There are production concerns about Australian and Indian Cotton as both countries are l...
Image Source: Pexels The US dollar index fell and stocks rose higher on Tuesday following a positive inflation report for October.The US dollar index fell by roughly 1% on Tuesday following cooler-than-expected inflation data for October. The annual inflation rate of 3.2% was lower than economists’ projections and marked a notable drop from September’s 3.7%. The report acted as a catalyst for US equities, with all major indices seeing noteworthy gains at the opening bell. Core CPI Lowest in Two YearsThe most recent Consumer Price Index (CPI) report for October released on Tuesday offered a promising signal for the US economy, wi...
The October CPI report confirmed yet again what I have been saying for months: except for fictitious shelter, both headline and core inflation are well within what should be the Fed’s comfort zone.Headline inflation (blue in the first two graphs below) was unchanged in October (thank you, a renewed decline in gas prices!) and was up 3.2% YoY. Core inflation less food and energy (red) increased 0.2% and was up 4.0% YoY.Shelter, which is 1/3rd of the headline index, and 40% of core, increased 0.3% for the month – still the 2nd lowest increase in over 2 years – and was up 6.7% YoY. More importantly, CPI ex-shelter (gold) was *down*...
EUR/USD shoots past the 1.0800 barrier, or multi-week highs. Extra gains appear on the cards above 1.0800. EUR/USD picks up extra pace and surpasses the 1.0800 hurdle for the first time since early September.A clear breakout of the 200-day SMA, today at 1.0801, should shift the pair’s outlook to a more constructive one and open the door to a potential challenge of the weekly high of 1.0945 (August 30). EUR/USD daily chart EUR/USD OVERVIEW Today last price 1.0814 Today Daily Change 138 Today Daily Change % 1.07 Today daily open 1.0699 TRENDS Daily SMA20 1.0627 Daily SMA50 1.0621 Daily SMA100 1.0793 Daily SMA200 1.0802 LEVELS Previous Da...
Pilgrim’s Pride (PPC) is a Zacks Rank #1 (Strong Buy) that engages in the production, processing, marketing and distribution of fresh, frozen, and value-added chicken, and pork products to retailers, distributors, and foodservice operators.The stock is trading at 52-week highs after a revenue and earnings beat. While PPC is trading up about 15% on the year, it is still down 25% from 2022 highs.Investors should be looking for more upside if the stock can break the resistance level at $26.50. More about Pilgrim’s PrideThe company was founded in 1946 and is headquartered in Greeley, Colorado. It employs over 61,000 people and has a market ...
The Cannabist Company Holdings Inc. (CBSTF) reported its financial results today for the third quarter (Q3) that ended September 30, 2023. Q3 Financial HighlightsFinancial results are reported in U.S. dollars and are in comparison to those reported in Q2. Revenue: N/C @ $129.2M Gross Profit: DOWN 28.7% to $37.1M Adj. Gross Margin: DOWN to 38.9% from 40.3% Adj. EBITDA: DOWN 2.4% to $20.5M Adj. EBITDA Margin: UP to 15.9% from 15.7% Net Income (Loss): DOWN 24.8% to $(36.2)M Cash on Hand: UP 63% to $60.3M Q3 Operational Highlights Wholesale revenue increased 3.3% sequentially to $15.7 million Retail revenue was flat sequentially, with an inc...
However, it’s important to maintain a balanced perspective, and it’s unlikely that the US dollar will experience a significant downturn given the current tight monetary policy stance of the Federal Reserve. The GBP/USD initially made a push higher during Monday’s trading session but later relinquished a significant portion of its gains against the US dollar. Nevertheless, it’s important to note that the market is poised to remain characterized by considerable volatility, especially given the preceding candlestick formation, which resembles a hammer. This hammer pattern suggests the presence of at least some level o...