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Quiet, Low-volume Day

Published 06/12/2022, 14:55
Updated 06/12/2022, 16:15
Quiet, Low-volume Day

Benzinga - Good Morning Everyone!

Remember, if (NYSE: AMC) and (NYSE: GME) apes can stay bullish after all this time, you can invest in the stock market every month.

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Prices as of 4 pm EST, 12/5/22; % YTD

MARKET UPDATE 18 trading days left in 2022

  • Volumes low ahead of next week’s FOMC meeting

2-10 curve inverted to levels not seen since the 1980s

  • Suggests an economic slowdown with most pointing to potential recession in second half of 2023

China

  • Covid cases have fallen each of the past 8 days since peaking in late November

Crude

  • Massive in oil prices and energy stocks

  • Energy best performer of 2023

  • Oil prices roughly flat YTD

  • Which one is right?

PepsiCo (NASDAQ: NASDAQ:PEP)

  • Laying off hundreds of workers

  • Corporate belt-tightening

  • Other bellwethers that have recently downsized: Walmart (NYSE: NYSE:WMT) and Ford (NYSE: F)

Earnings

  • AutoZone (NYSE: AZO)

CRYPTO UPDATE Crypto lender Nexo saying goodbye to US markets

  • Will stop offering products/services in US in coming months

  • Earn Interest Product halted immediately in 8 states

  • Company hit “dead end” in regulator talks:

“the U.S. refuses to provide a path forward for enabling blockchain businesses and we cannot give our customers confidence that regulators are focused on their best interests” - Nexo

Digital asset investment product flows

  • Minor outflows of $7 million last week

  • However, most outflows came from short investment products

  • Bitcoin (CRYPTO: BTC) inflows $11 million, short-Bitcoin outflows also $11 million

  • Ethereum (CRYPTO: ETH) 3rd straight week of minor outflows

  • Altcoins mixed/flat

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