Good MorningEquity markets did an abrupt about-face on Tuesday, shedding more than 1.25% at the session's low. The move was driven by news of weak iPhone sales in China, which caused Apple shares to fall 3%. The S&P 500 may recover from the move soon, but Apple may not. The market is heading lower due to the compounded effect of multiple bad news events that could shave several handles off of the P/E ratio.
The S&P 500 is due for a correction and may use this opportunity as an excuse to do it. The market is well above critical support at the prior all-time high and could retreat as deep as that before finding solid support. However, the market remains above the 30-day EMA, which may provide solid support and keep the rally intact. The biggest risk this week is the labor data, which is not due until Friday. Featured: HUGE BUY ALERT: Move Fast, Musk… (Stansberry Research) 
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Stocks | | | Chinese new energy vehicle (NEV) maker Li Auto Inc. (NASDAQ: LI) started the electric vehicle (EV) race with competitors Nio Inc. (NYSE: NIO) and Xpeng Inc. (NYSE: XPEV) on relatively even footing in the Auto/Tires/Trucks sector in 2020. As EV speculation hit the stock market, Xpeng and Li Auto re... Read the Full Story >> |
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Markets | | | Beam Therapeutics Inc. (NASDAQ: BEAM) is a biotech company that specializes in developing precision gene therapies for hereditary diseases. The medical sector company is a pioneer in a proprietary gene-editing technique called base editing. Unlike CRISPR/Cas-9, popularized by CRISPR Therapeutics A... Read the Full Story >> |
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Markets | | | China has plenty of room to maneuver to attain its annual target for robust economic growth of about 5% after a strong start for the year, top economic officials said Wednesday, though they acknowledged it's a challenge. China's exports rose about 10% in the first two months of the year from a year ... Read the Full Story >> |
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Markets | | | Bitcoin has hit an all-time high less than two years after the collapse of the crypto exchange FTX severely damaged faith in digital currencies and sent prices plunging. The world's largest cryptocurrency jumped 4% this week and briefly surpassed $68,800 Tuesday, according to CoinMarketCap. That's j... Read the Full Story >> |
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Markets | | | The media is making a lot out of Scion Asset Management's latest filings, but don’t read too much into the chatter. Mr. Burry was right to be worried about a market correction in 2023, and shifting to a bullish stance is suitable for 2024; it’s not smart to fight the market. The market... Read the Full Story >> |
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Stocks | | | World shares were mostly higher on Wednesday after tumbling Big Tech stocks dragged Wall Street to its worst day in three weeks. Most major markets logged gains, though Shanghai edged lower and Tokyo's benchmark was flat. Oil prices advanced. Germany's DAX added 0.1% to 17,718.00 and the CAC 40 in P... Read the Full Story >> |
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Stocks | | | The Ozempic craze continues to make headlines in the medical sector, and GLP-1 drug stocks continue to surge higher. Shares of Ozempic and Wegovy makers Novo Nordisk A/S (NYSE: NVO) are already up 20% year-to-date (YTD). Mounjaro and Zepbound maker Eli Lilly & Co. (NYSE: LLY) shares are up 34%... Read the Full Story >> |
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Markets | | | Anheuser-Busch InBev (NYSE: BUD) is down about 4.25% a few days after it reported its fourth quarter and full-year 2023 earnings report on February 29, 2024. The downward move may be nothing more than a company delivering a so-so report at a time when investors were in a selling mood. The ... Read the Full Story >> |
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Markets | | | British Treasury chief Jeremy Hunt headed to Parliament on Wednesday to announce tax cuts for millions of workers, a move his Conservative Party hopes can turn the political dial ahead of a general election in the coming year.Even though the British economy has hit one definition of recession and pu... Read the Full Story >> |
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Markets | | | The Egyptian pound slipped sharply against the dollar on Wednesday after the Central Bank of Egypt raised its main interest rate and said it would allow the currency's exchange rate to be set by market forces.The measures were meant to combat inflationary waves and attract foreign investment as the ... Read the Full Story >> |
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Wednesday's Early Bird Stock Of The Day Icahn Enterprises L.P., through its subsidiaries, operates in investment, energy, automotive, food packaging, real estate, home fashion, and pharma businesses in the United States and Internationally. Its Investment segment invests its proprietary capital through various private investment funds. The company's Energy segment refines and markets transportation fuels; and produces and markets nitrogen fertilizers in the form of urea ammonium nitrate and ammonia. Its Automotive segment is invo... | | View Today's Stock Pick |
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