U.S. stocks were mixed on Friday morning following Israel's limited retaliatory strike against Iran. American Express (AXP) topped 1Q estimates and rose 4%. Meanwhile, Netflix (NFLX) shares are down sharply, despite the company easily beating expectations in the latest quarter and providing strong guidance. In a significant deviation from past practices, the company has decided to stop reporting subscriber numbers or average revenue per member, which is causing concerns among investors that the absence of these key metrics could point to stagnating growth. The Dow was up 0.4%, the S&P 500 fell 0.4% and the Nasdaq lost 1.1%. Crude oil is trading above $83 per barrel and gold rose $12 to $2410 per ounce.

Overnight events in the Middle East notwithstanding, WTI closed yesterday at $82.05/barrel, down slightly and below its recent high on April 5 and April 12 near $88. Crude oil traced out a bearish throwback, as its breakout over the top of the bullish channel that has been in place for about four months failed miserably. Generally, failed breakouts and failed breakdowns lead to decent-sized moves in the other direction. Almost the entire rally from the high $60s was labored and failed to generate much enthusiasm among market participants.

That was one heck of a quarter -- and now we've had two consecutive quarters of strong gains. As well, there have been five months with gains and 18 out 22 weeks in which the S&P 500 (SPX) has moved higher. And that happened with barely a speck of price volatility. The S&P 500 rose 10.2% in Q1, the S&P 100 (OEX) was up 10.9%, the Nasdaq (IXIC) was up 9.1%, the Nasdaq 100 (NDX) was up 8.5%, the S&P MidCap 400 (MDY) was up 9.9%, and the Russell 2000 (IWM) was up 5%. Bonds sold off a bit, the 10-year was up 34 basis points, gold (GLD) was up 7.6%, WTI was up 16%, the U.S. Dollar Index was up 2.4%, and Bitcoin soared 65%.

At midday, U.S. stocks are treading water as investors seemingly await big earnings news that is due out after the close, with Microsft and Alphabet both reporting. Also keeping a lid on trading is pending news from the Federal Reserve that will come on Wednesday afternoon, though it is deemed almost a certainty that interst rates will not be changed. In intraday news, GM shares are solidly higher after the company easily beat expectatiosn for both sales and revenue. As of this writing, the S&P 500 is essentially unchanged, the Dow is slightly higher, and the Nasdaq and Rusell 2000 are both slightly lower. Crude oil and gold are both up, at about 1.2% and 0.35%, respectively.

Stocks rose on Tuesday morning following more 3Q earnings reports and new purchasing managers' data. S&P said that its flash composite global PMI, which tracks both manufacturing and services, rose to 51.0 in October, up from a final September reading of 50.2. The manufacturing component rose to the breakeven level of 50, above the Reuters consensus forecast of 49.5 and the highest reading since April. The services PMI rose to 50.9 from 50.1 a month earlier and also topped the consensus estimate. On the earnings front, General Electric and 3M posted strong 3Q results and raised their full-year guidance. General Motors also reported above-consensus sales and earnings, but withdrew its full-year guidance due to the uncertain impact of the UAW strike. The Dow, the S&P, and the Nasdaq were all up about 0.9%. Crude oil fell to $85 per barrel, while gold traded near $1975 per ounce.

Monday Tee Up: Another Fed Hike?

U.S. Equities were down on Thursday morning. Existing home sales fell 2.4% in March to a seasonally adjusted annual rate of 4.44 million. The median existing-home sales price fell 0.9% year-over-year to $375,700. The Labor Department reported that first-time jobless claims rose to 245,000 from 240,000 last week. On the earnings front, Tesla stock fell after the company cut prices. The Dow fell 0.2%, the S&P slipped 0.5%, and the Nasdaq was down 0.6%. Crude oil traded near $77 per barrel while gold rose $8 to $2015 per ounce.

The Vickers Top Buyers & Sellers is a daily report that identifies the five companies the largest insider purchase transactions based on the dollar value of the transactions as well as the five companies the largest insider sales transactions based on the dollar value of the transactions.

At the beginning of any year, there are always many moving parts for investors -- including corporate insiders. Of late, investors have positioned themselves for the end of a very tough 2022 and established themselves for what most hope is a better 2023. They have also considered earnings season; the war in Ukraine; inflation; the status of the supply chain; a relentlessly hawkish Fed; the state of crypto; and on and on. Some of those issues are 'improving' or look to get better soon; some are not; and some are anyone's guess.

Stocks finished lower on Thursday after giving up early gains, as investors weighed mixed earnings reports along with new employment and housing market data. First-time claims for state unemployment benefits fell by 12,000 to 214,000 for the week ended October 15, below the Bloomberg consensus forecast of 230,000. Continuing claims rose by 21,000 to 1.385 million. On the housing front, existing home sales fell 1.5% in September to an annualized 4.71 million units, slightly above the consensus estimate. The Dow fell 0.30%, the S&P 0.80%, and the Nasdaq 0.61%. Crude oil rose to $86 per barrel, while gold fell slightly to $1633 per ounce.

Stocks were mixed on Thursday morning following earnings reports from Tesla, AT&T, and United Airlines, and new weekly employment data. Investors also weighed a rate hike in Europe. The European Central Bank announced a 50-basis-point hike in its benchmark interest rate, more than the 25-basis-point increase that had been expected and the first hike since 2011. The move sent the euro higher against the dollar, though the gains were tempered by political turbulence in Italy following the resignation of Prime Minister Mario Draghi. The Dow fell 0.4%, the S&P rose 0.2%, and the Nasdaq rose 0.4%. Crude oil fell nearly 4% to $96 per barrel, while gold traded near $1710 per ounce.

Vickers Stock Research, a subsidiary of Argus Research Group, tracks and analyzes insider trading and institutional ownership trends. Form 13-Fs are due 45 days after the end of calendar quarters, and have now come in from 1Q22. We like to review the 13Fs of the major activist investors, including Carl Icahn, Trian Fund Management, Jana Partners, and ValueAct Holdings, among others. Activist investing has evolved in recent years and is now less about generating a short-term return on an underpriced stock and more about achieving long-term returns through an active management/investor partnership. Here are some recent new purchases and key holdings of activist investors, according to the data from Vickers.

Stocks were mixed on Thursday morning after giving up strong early gains. Tesla shares rose more than 6% after the carmaker posted better-than-expected 1Q sales and earnings, helped by price increases that more than offset the impact of higher costs. American Airlines shares also rose strongly after the company posted a narrower-than-expected 1Q loss and forecast a return to profitability in the second quarter. The Dow rose 0.3%, the S&P rose 0.2%, and the Nasdaq fell 0.1%. Crude oil rose more than 1% to $103.50 per barrel, while gold fell $14 to $1942 per ounce.

Stocks stumbled early in 2022. Growth stocks were the weakest, as Technology, Communication Services, and Consumer Discretionary underperformed. Leading sectors tended to be value-oriented, including Energy, Financial, and Utilities. The average stock in the Argus universe declined 2% in 1Q22, and the median stock declined 4%. The average BUY-rated stock dropped 3.2%, while the average HOLD-rated stock gained 1.4%. Will investors continue to favor value? Will high inflation drive continued outperformance in Energy and Materials? Given interest rates that remain historically low, we expect growth stocks to outperform over time and believe that 2022 simply may be the one-in-five years that value leads. Investors seeking value are encouraged to focus on dividends and yields in the 3%-4% range. Our current Over-weights sectors are Energy, Financial, Healthcare, Industrials, and Materials.

Last week, the stock market had its best week since November 2020, breaking its five-week losing streak. On Friday, the Dow Jones Industrial Average gained 274 points, or 0.8%. The S&P 500 rose 1.17%, and the Nasdaq Composite climbed 2.05%. For the week, the DJIA was up 1,810 points, or 5.5%, while the S&P 500 was up 6.16%, and the Nasdaq Composite rose 8.18%. Year-to-date, the Dow is down 4.36%; and the S&P 500 is off 6.36%. The Nasdaq Composite extended its relative underperformance and is now down 11.19% year-to-date.

The Vickers Top Buyers & Sellers is a daily report that identifies the five companies the largest insider purchase transactions based on the dollar value of the transactions as well as the five companies the largest insider sales transactions based on the dollar value of the transactions.

The Vickers Top Buyers & Sellers is a daily report that identifies the five companies the largest insider purchase transactions based on the dollar value of the transactions as well as the five companies the largest insider sales transactions based on the dollar value of the transactions.

While stocks have fallen since the start of 2022, current insider sentiment remains reassuringly benign. Indeed, the overall Insider Index from Vickers Stock Research is resting at its most-attractive level since November 2020. As expected now that earnings season is in full swing, insider trading volume has dropped from recent robust levels, with only 856 insider transactions meeting the criteria this week for inclusion in Vickers' Weekly Insider Report.

Investors wrapped up a quiet final week in 2021 with a modest loss for the S&P 500. But that hardly dented a strong year for stocks, when the S&P 500 climbed almost 27%. The average stock in the Argus Universe of Coverage rose 24% during the quarter, and the median stock advanced 36%. The average BUY-rated stock increased 28%, while the average HOLD-rated stock gained 15%. Will investors continue to favor value in 2021? Will small-caps reverse their recent weak trend? Given low interest rates, we expect growth stocks to resume outperformance over time. Investors seeking value are encouraged to focus on dividends and look for yields in the 3%-4% range. As for small-caps, the promise of the vaccine is encouraging for these companies, which typically don't have the gilt-edged balance sheets of large-caps and are thus more dependent on a strong U.S. economy. Small-cap valuations remain depressed, and this group looks to offer value into 2022.

The stock market staged a modest rally last week, with the DJIA inching higher while the Nasdaq rallied sharply. The Dow was up less than 0.2%, the Nasdaq was up over 3%, and the S&P 500 split the difference with a 1.2% gain. Dread of Omicron has given way to "it's just a cold" thinking, which may be as delusional as regarding Omicron as the next plague.

The stock market moved higher last week as earnings season kicked off. Tech stocks outperformed blue chips, though both performed well. During Friday's session, the Dow Jones Industrial Average increased 382 points, or 1.09%. The S&P 500 was up 0.75%, and the Nasdaq Composite was up 0.50%. For the week, the DJIA was up 549 points, or 1.58%, the S&P 500 was up 1.82%, and the Nasdaq Composite was up 2.18%. Year-to-date, the DJIA is up 15.32%, the S&P 500 is up 19.04%, and the Nasdaq Composite is up 15.59%.

Due to a difficult September, in which the S&P 500 fell 4.7%, 3Q21 was barely positive for stocks, with the major benchmark index increasing only 0.6%. The average stock in the Argus Universe of Coverage fell 1.7% during the quarter, and the median stock dropped 1.4%. The average BUY-rated stock slipped 0.9%, while the average HOLD-rated stock declined 3.7%. Will investors continue to favor value in 2021? Will small-caps reverse their recent weak trend? Given low interest rates, we expect growth stocks to resume their outperformance over time, and think this may be the one-in-five years that value leads. Investors seeking value are encouraged to focus on dividends and look for yields in the 3%-4% range. As for small-caps, the promise of the vaccine is encouraging for these companies, which typically don't have the gilt-edged balance sheets of large-caps and are thus more dependent on a strong U.S. economy. Small-cap valuations remain depressed, and this group looks to offer value into 2022.

In the trading week ended September 10, the stock market did what it often does in September -- which is head lower. The S&P 500 fell 1.69% and the Nasdaq Composite declined 1.61%. The DJIA fared the worst, declining 2.15%, weighed down by Boeing.

With earnings season underway, the volume of insider transactions has slowed markedly. Overall insider sentiment remains frustratingly non-committal, with a bias toward caution yet certain trends slowly improving.

Stocks were little changed on Thursday morning following new employment and housing market data. The Labor Department said that first-time claims for state unemployment benefits fell to 547,000 for the week ended April 17, down from 586,000 a week earlier and below the Bloomberg consensus forecast of 610,000. The National Association of Realtors said that existing home sales fell 3.7% to an annualized 6.01 million in March. The reading was the weakest since August 2020 and below the consensus forecast of 6.19 million. The Dow fell 0.2%, the S&P was flat, and the Nasdaq rose 0.2%. Crude oil fell slightly to $61 per barrel, while gold traded near $1787 per ounce.

Stocks fluctuated on Thursday morning, a day after Wednesday's strong rally, as President Biden prepared to announce a new federal pandemic response strategy that will include an accelerated vaccine rollout. On Wednesday, Mr. Biden signed 17 executive orders reversing Trump administration policies in such areas as climate change, immigration, racial equality, and government accountability. On the employment front, the Labor Department reported that first-time claims for state unemployment benefits fell to 900,000 for the week ended January 16, down from a revised 926,000 a week earlier and below the Bloomberg consensus forecast of 935,000. The Dow fell 0.1%, the S&P rose 0.1%, and the Nasdaq rose 0.5%. Crude oil fell to $53 per barrel, while gold traded near $1863 per ounce.

Alcoa is a vertically integrated aluminum company whose operations include bauxite mining, alumina refining, and the manufacture of primary aluminum. It is the world’s largest bauxite miner and alumina refiner by production volume, and its profits are closely tied to prevailing commodity prices along the aluminum supply chain.

Stocks eked out a win for the week, helped by early 3Q20 earnings results; investors were relieved as banks came in with lower-than-expected loan-loss provisions. The modest gains showed riskier stocks again outperforming blue chips. On Friday, the Dow Jones Industrial Average gained 112 points, or 0.4%. The S&P 500 was flat and the Nasdaq Composite was down 0.4% on the day. For the full week, the Dow was up 0.1%, the S&P 500 was up 0.2%, and the Nasdaq was up 0.8%. For the year-to-date, the DJIA is up 0.2%, the S&P is up 7.8%, and the Nasdaq is up 30.1%. Over the past 52 weeks, the Dow is up 6.9%, the S&P 500 is up 16.7%, and the Nasdaq is up 44.3%.

Stocks eked out a win for the week, helped by early 3Q20 earnings results; investors were relieved as banks came in with lower-than-expected loan-loss provisions. The modest gains showed riskier stocks again outperforming blue chips. On Friday, the Dow Jones Industrial Average gained 112 points, or 0.4%. The S&P 500 was flat and the Nasdaq Composite was down 0.4% on the day. For the full week, the Dow was up 0.1%, the S&P 500 was up 0.2%, and the Nasdaq was up 0.8%. For the year-to-date, the DJIA is up 0.2%, the S&P is up 7.8%, and the Nasdaq is up 30.1%. Over the past 52 weeks, the Dow is up 6.9%, the S&P 500 is up 16.7%, and the Nasdaq is up 44.3%.

July more than lived up to its reputation as the best summer stock month, delivering capital appreciation of 5.5%. End of story: nothing to see here, move along.

July more than lived up to its reputation as the best summer stock month, delivering capital appreciation of 5.5%. End of story: nothing to see here, move along.

We scrutinize insider-transaction data every week, but admit that there are times when the results are not overly meaningful. For a host of factors, now seems to be one of those times.

We scrutinize insider-transaction data every week, but admit that there are times when the results are not overly meaningful. For a host of factors, now seems to be one of those times.

Alcoa is a vertically integrated aluminum company involved in every phase of aluminum production, including bauxite mining, alumina refining, and the manufacture of primary aluminum. It is the world’s largest bauxite miner and alumina refiner by production volume, and its profits are closely tied to prevailing commodity prices along the aluminum supply chain.

U.S. stocks rose on Thursday morning. Details of the phase one trade deal signed by the U.S. and China yesterday failed to impress many analysts, but the easing of tensions between the world's two largest economies is a positive. Morgan Stanley and Taiwan Semiconductor are both trading higher after reporting earnings. The dollar is mixed compared to major currencies. The greenback is down against the euro, up against the yen, and down against the pound. The Dow rose 0.6%, the S&P 0.5%, and the Nasdaq 0.6%. Crude oil traded near $58.50 per barrel, while gold fell $5 to $1550 per ounce.

U.S. stocks rose on Thursday morning. Details of the phase one trade deal signed by the U.S. and China yesterday failed to impress many analysts, but the easing of tensions between the world's two largest economies is a positive. Morgan Stanley and Taiwan Semiconductor are both trading higher after reporting earnings. The dollar is mixed compared to major currencies. The greenback is down against the euro, up against the yen, and down against the pound. The Dow rose 0.6%, the S&P 0.5%, and the Nasdaq 0.6%. Crude oil traded near $58.50 per barrel, while gold fell $5 to $1550 per ounce.

July more than lived up to its reputation as the best summer stock month, delivering capital appreciation of 5.5%. End of story: nothing to see here, move along.

We scrutinize insider-transaction data every week, but admit that there are times when the results are not overly meaningful. For a host of factors, now seems to be one of those times.

U.S. stocks rose on Thursday morning. Details of the phase one trade deal signed by the U.S. and China yesterday failed to impress many analysts, but the easing of tensions between the world's two largest economies is a positive. Morgan Stanley and Taiwan Semiconductor are both trading higher after reporting earnings. The dollar is mixed compared to major currencies. The greenback is down against the euro, up against the yen, and down against the pound. The Dow rose 0.6%, the S&P 0.5%, and the Nasdaq 0.6%. Crude oil traded near $58.50 per barrel, while gold fell $5 to $1550 per ounce.

Stocks eked out a win for the week, helped by early 3Q20 earnings results; investors were relieved as banks came in with lower-than-expected loan-loss provisions. The modest gains showed riskier stocks again outperforming blue chips. On Friday, the Dow Jones Industrial Average gained 112 points, or 0.4%. The S&P 500 was flat and the Nasdaq Composite was down 0.4% on the day. For the full week, the Dow was up 0.1%, the S&P 500 was up 0.2%, and the Nasdaq was up 0.8%. For the year-to-date, the DJIA is up 0.2%, the S&P is up 7.8%, and the Nasdaq is up 30.1%. Over the past 52 weeks, the Dow is up 6.9%, the S&P 500 is up 16.7%, and the Nasdaq is up 44.3%.

Stocks rose modestly on Thursday amid mixed earnings reports and new housing market and employment data. Investors also weighed the last-minute Brexit deal between the UK and the EU. However, the deal must still be approved by the British Parliament, which is by no means certain. On the housing front, the Commerce Department reported that U.S. housing starts fell 9.4% in September to an annualized 1.256 million, driven by a decline in the multifamily segment. The results were below the Reuters consensus forecast of 1.32 million. Building permits also fell 2.7% to an annualized 1.387 million. Meanwhile, the Labor Department said that first-time unemployment benefit claims rose by 4,000 to a seasonally adjusted 214,000 for the week ended October 12, slightly below the Reuters consensus forecast. The Dow rose 0.09%, the S&P 0.28%, and the Nasdaq 0.40%. Crude oil rose to about $54 per barrel, while gold rose slightly to $1495 per ounce.

Stocks recovered from early losses on Thursday afternoon after comments from New York Fed President John Williams pointed strongly to an interest rate cut at the end of the month. The advance was led by the Consumer Staples, Financial, and Technology sectors, while Communication Services and Consumer Discretionary stocks traded lower. On the employment front, the Labor Department said that first-time unemployment benefit claims rose by 8,000 to a seasonally adjusted 216,000 for the week ended July 13, in line with the Reuters consensus forecast. The Dow rose 0.01%, the S&P 0.36%, and the Nasdaq 0.27%. Crude oil fell 2% to about $55.50 per barrel, while gold rose $23 to $1446 per ounce.

Stocks recovered from early losses on Thursday afternoon after comments from New York Fed President John Williams pointed strongly to an interest rate cut at the end of the month. The advance was led by the Consumer Staples, Financial, and Technology sectors, while Communication Services and Consumer Discretionary stocks traded lower. On the employment front, the Labor Department said that first-time unemployment benefit claims rose by 8,000 to a seasonally adjusted 216,000 for the week ended July 13, in line with the Reuters consensus forecast. The Dow rose 0.01%, the S&P 0.36%, and the Nasdaq 0.27%. Crude oil fell 2% to about $55.50 per barrel, while gold rose $23 to $1446 per ounce.

U.S. stocks were mixed on Thursday morning ahead of the holiday weekend. The Commerce Department reported that retail sales rose 1.6% in March, driven by motor vehicles and gasoline stations. Jobless claims fell to 192,000 for the week ended April 13, a 49-year low.The S&P rose 0.1%, the Dow 0.4%, while the Nasdaq was down slightly (0.02%). Crude oil rose 0.3% to $64 per barrel, while gold fell $1 to $1275 per ounce.

U.S. stocks were mixed on Thursday morning ahead of the holiday weekend. The Commerce Department reported that retail sales rose 1.6% in March, driven by motor vehicles and gasoline stations. Jobless claims fell to 192,000 for the week ended April 13, a 49-year low.The S&P rose 0.1%, the Dow 0.4%, while the Nasdaq was down slightly (0.02%). Crude oil rose 0.3% to $64 per barrel, while gold fell $1 to $1275 per ounce.

Stocks were largely flat on Thursday morning. Materials and Industrial stocks rose, while Financials traded lower after Morgan Stanley reported disappointing 4Q results. Investors will be closely watching Netflix when it reports this afternoon, as the streaming-video company announced an increase in subscription prices just two days ago. Unemployment claims came in very close to estimates, indicating continued strength in the job market. Industries doing well today include Trading Companies & Distributors, Air Freight & Logistics, and Airlines. Industries showing weakness include Capital Markets, Technology Hardware, Storage & Peripherals, and Diversified Financial Services. The VIX is down 0.09 to 18.95 after the previous close of 19.04. The Dow fell 0.1%, the S&P rose 0.2%, and the Nasdaq rose 0.2%. Crude oil fell 1% to about $52 per barrel, while gold fell $3 to $1291 per ounce.

Stocks were largely flat on Thursday morning. Materials and Industrial stocks rose, while Financials traded lower after Morgan Stanley reported disappointing 4Q results. Investors will be closely watching Netflix when it reports this afternoon, as the streaming-video company announced an increase in subscription prices just two days ago. Unemployment claims came in very close to estimates, indicating continued strength in the job market. Industries doing well today include Trading Companies & Distributors, Air Freight & Logistics, and Airlines. Industries showing weakness include Capital Markets, Technology Hardware, Storage & Peripherals, and Diversified Financial Services. The VIX is down 0.09 to 18.95 after the previous close of 19.04. The Dow fell 0.1%, the S&P rose 0.2%, and the Nasdaq rose 0.2%. Crude oil fell 1% to about $52 per barrel, while gold fell $3 to $1291 per ounce.

Stocks recovered from early losses on Thursday afternoon after comments from New York Fed President John Williams pointed strongly to an interest rate cut at the end of the month. The advance was led by the Consumer Staples, Financial, and Technology sectors, while Communication Services and Consumer Discretionary stocks traded lower. On the employment front, the Labor Department said that first-time unemployment benefit claims rose by 8,000 to a seasonally adjusted 216,000 for the week ended July 13, in line with the Reuters consensus forecast. The Dow rose 0.01%, the S&P 0.36%, and the Nasdaq 0.27%. Crude oil fell 2% to about $55.50 per barrel, while gold rose $23 to $1446 per ounce.

U.S. stocks were mixed on Thursday morning ahead of the holiday weekend. The Commerce Department reported that retail sales rose 1.6% in March, driven by motor vehicles and gasoline stations. Jobless claims fell to 192,000 for the week ended April 13, a 49-year low.The S&P rose 0.1%, the Dow 0.4%, while the Nasdaq was down slightly (0.02%). Crude oil rose 0.3% to $64 per barrel, while gold fell $1 to $1275 per ounce.