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Stock Market Today: Dow Jones, S&P 500 Mixed On Netflix Disappointment; Twitter Fray Continues With Elon Musk’s Tweet

Markets are mixed today as investors react to big corporate earnings.
The post Stock Market Today: Dow Jones, S&P 500 Mixed On Netflix Disappointment;…

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Stock Market Today Mid-Morning Updates

On Wednesday, the Dow Jones Industrial Average is up by over 200 points as investors anticipate yet another slew of high-profile corporate earnings this week. Palantir Technologies (NYSE: PLTR) is up today after investment firm RBC upgraded the company, citing several reasons. Analyst Rishi Jaluria raised the rating on Palantir to sector perform from underperform. Jaluria believes that as the Russia-Ukraine war drags on, governments around the world will continue to increase their defense spending.

Consumer company Procter & Gamble (NYSE: PG) is also up on today’s opening bell after beating earnings and revenue estimates. For instance, it posted an adjusted earnings per share of $1.33, $0.04 above estimates. In fact, it saw the biggest year-over-year sales gain in two decades as demand remains high for its household products. This comes despite in the face of higher prices. Furthermore, the company also raised organic sales guidance. Coinbase (NASDAQ: COIN) launched its long-awaited NFT marketplace on Wednesday with a focus on trying to create a social community for buyers and sellers. It hopes to deepen social engagement with the new NFT marketplace.

Among the Dow Jones leaders, shares of Apple (NASDAQ: AAPL) are down by 0.26% today while Microsoft (NASDAQ: MSFT) is up by 0.36%. Meanwhile, Disney (NYSE: DIS) and Nike (NYSE: NKE) are trading mixed on Wednesday. Among the Dow financial leaders, Visa (NYSE: V) is up by 1.62% while JPMorgan Chase (NYSE: JPM) is also up by 0.69%.

Shares of EV leader Tesla (NASDAQ: TSLA) are down 3.19% on Wednesday. Rival EV companies like Rivian (NASDAQ: RIVN) are down by 5.74%. Lucid Group (NASDAQ: LCID) is also up by 2.89% today. Chinese EV leaders like Nio (NYSE: NIO) and Xpeng Motors (NYSE: XPEV) are trading lower today.

Dow Jones Today: IMF Cuts Global Growth Forecasts.

Following the stock market opening on Wednesday, the S&P 500 and Nasdaq are trading lower at 0.01% and 0.87% respectively. The Dow, however, is up by 0.55%. Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) is down by 1.01% while the SPDR S&P 500 ETF (NYSEARCA: SPY) is also down by 0.02%. 

The benchmark 10-year U.S. Treasury yield continues to hover at elevated highs and is currently at 2.86%, also at a pandemic-era high. Yields have spiked in recent months as investors continue to sell out of bonds amid concerns around inflation and its detrimental effect on the economy. Also, the International Monetary Fund cut its global growth forecasts as the Russia-Ukraine war drags on. It says that the risks to the economy have risen sharply. 

“Global economic prospects have been severely set back, largely because of Russia’s invasion of Ukraine,” Pierre-Olivier Gourinchas, economic counsellor at the IMF, said in a blog post Tuesday, marking the release of the IMF’s latest World Economic Outlook report.

[Read More] Top Stock Market News For Today April 20, 2022

Netflix Stock Slumps Following Chilling Subscriber Losses And Outlook

In the news today, we have Netflix (NASDAQ: NFLX). For the most part, the attention around Netflix today would be a result of its latest quarterly earnings update. After yesterday’s closing bell, the company posted somewhat mixed results. To begin with, it is looking at an earnings per share of $3.53 on revenue of $7.87 billion. For some perspective, this is versus Wall Street estimates of $2.89 and $7.93 billion respectively. In the larger scheme of things, most would see these results as commendable overall. However, NFLX stock is now taking a nosedive of over 26% at today’s opening bell thanks to its subscriber count.

In detail, Netflix’s total subscriber count shrunk by 200,000 throughout the quarter. This marks a first for the company since October 2011. This appears to be the case as consumers look to cut back on their streaming spending amidst rising costs across the board. With Netflix’s pandemic-era performances dwarfing these figures, NFLX stock would be under pressure. Not to mention, Netflix is currently projecting losses of up to 2 million more global paying subscribers in the current quarter. Aside from decelerating streaming trends, the company’s push to hamper password-sharing among households could also contribute to this.

While all this may be discouraging for investors, Netflix seems to have its eyes on long-term growth. The company writes, “Streaming is winning over linear, as we predicted, and Netflix titles are very popular globally.” On top of that, Netflix is also looking to expand its subscription plan offerings as well. CEO Reed Hastings mentions the addition of a plan, catering to customers that want “a lower price and are advertising-tolerant.” Safe to say, NFLX stock will likely be turning heads in the stock market today.

NFLX stock
Source: TradingView

[Read More] Good Stocks To Buy Right Now? 5 Semiconductor Stocks For Your Watchlist

Twitter Is The Night? Elon Musk Saga Continues On 4/20

Elsewhere, it seems that Twitter (NYSE: TWTR) and Tesla CEO Elon Musk just can’t seem to stay out of the news headlines. Today, the latest development in the ongoing Musk-Twitter chronicle comes from the billionaire investor’s Twitter page again. The tweet in question reads, “_______ is the Night.” According to many speculators, this could be a reference to a 1934 novel by F. Scott Fitzgerald, “Tender Is The Night”. Should this be the case, it would be the second time Musk has hinted at a possible tender offer for Twitter stock in the past week.

By and large, some are also suggesting that the post could mean “Tonight is the Night.” In this case it would not be all that surprising seeing as today is 4/20 and Musk has an affinity for the date. Regardless, of whichever of these it may be, TWTR stock will likely be in the spotlight now as well. Not to mention, even Florida Governor Ron DeSantis recently spoke in support of Twitter accepting Musk’s takeover offer. Accordingly, this is likely due to Florida’s pension fund having shares in the company. As the company inches closer towards meme stock territory by the day, it could be worth keeping an eye on amidst a volatile stock market.

TWTR stock
Source: TradingView

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The post Stock Market Today: Dow Jones, S&P 500 Mixed On Netflix Disappointment; Twitter Fray Continues With Elon Musk’s Tweet appeared first on Stock Market News, Quotes, Charts and Financial Information | StockMarket.com.

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Survey Shows Declining Concerns Among Americans About COVID-19

Survey Shows Declining Concerns Among Americans About COVID-19

A new survey reveals that only 20% of Americans view covid-19 as "a major threat"…

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Survey Shows Declining Concerns Among Americans About COVID-19

A new survey reveals that only 20% of Americans view covid-19 as "a major threat" to the health of the US population - a sharp decline from a high of 67% in July 2020.

(SARMDY/Shutterstock)

What's more, the Pew Research Center survey conducted from Feb. 7 to Feb. 11 showed that just 10% of Americans are concerned that they will  catch the disease and require hospitalization.

"This data represents a low ebb of public concern about the virus that reached its height in the summer and fall of 2020, when as many as two-thirds of Americans viewed COVID-19 as a major threat to public health," reads the report, which was published March 7.

According to the survey, half of the participants understand the significance of researchers and healthcare providers in understanding and treating long COVID - however 27% of participants consider this issue less important, while 22% of Americans are unaware of long COVID.

What's more, while Democrats were far more worried than Republicans in the past, that gap has narrowed significantly.

"In the pandemic’s first year, Democrats were routinely about 40 points more likely than Republicans to view the coronavirus as a major threat to the health of the U.S. population. This gap has waned as overall levels of concern have fallen," reads the report.

More via the Epoch Times;

The survey found that three in ten Democrats under 50 have received an updated COVID-19 vaccine, compared with 66 percent of Democrats ages 65 and older.

Moreover, 66 percent of Democrats ages 65 and older have received the updated COVID-19 vaccine, while only 24 percent of Republicans ages 65 and older have done so.

“This 42-point partisan gap is much wider now than at other points since the start of the outbreak. For instance, in August 2021, 93 percent of older Democrats and 78 percent of older Republicans said they had received all the shots needed to be fully vaccinated (a 15-point gap),” it noted.

COVID-19 No Longer an Emergency

The U.S. Centers for Disease Control and Prevention (CDC) recently issued its updated recommendations for the virus, which no longer require people to stay home for five days after testing positive for COVID-19.

The updated guidance recommends that people who contracted a respiratory virus stay home, and they can resume normal activities when their symptoms improve overall and their fever subsides for 24 hours without medication.

“We still must use the commonsense solutions we know work to protect ourselves and others from serious illness from respiratory viruses, this includes vaccination, treatment, and staying home when we get sick,” CDC director Dr. Mandy Cohen said in a statement.

The CDC said that while the virus remains a threat, it is now less likely to cause severe illness because of widespread immunity and improved tools to prevent and treat the disease.

Importantly, states and countries that have already adjusted recommended isolation times have not seen increased hospitalizations or deaths related to COVID-19,” it stated.

The federal government suspended its free at-home COVID-19 test program on March 8, according to a website set up by the government, following a decrease in COVID-19-related hospitalizations.

According to the CDC, hospitalization rates for COVID-19 and influenza diseases remain “elevated” but are decreasing in some parts of the United States.

Tyler Durden Sun, 03/10/2024 - 22:45

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International

Rand Paul Teases Senate GOP Leader Run – Musk Says “I Would Support”

Rand Paul Teases Senate GOP Leader Run – Musk Says "I Would Support"

Republican Kentucky Senator Rand Paul on Friday hinted that he may jump…

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Rand Paul Teases Senate GOP Leader Run - Musk Says "I Would Support"

Republican Kentucky Senator Rand Paul on Friday hinted that he may jump into the race to become the next Senate GOP leader, and Elon Musk was quick to support the idea. Republicans must find a successor for periodically malfunctioning Mitch McConnell, who recently announced he'll step down in November, though intending to keep his Senate seat until his term ends in January 2027, when he'd be within weeks of turning 86. 

So far, the announced field consists of two quintessential establishment types: John Cornyn of Texas and John Thune of South Dakota. While John Barrasso's name had been thrown around as one of "The Three Johns" considered top contenders, the Wyoming senator on Tuesday said he'll instead seek the number two slot as party whip. 

Paul used X to tease his potential bid for the position which -- if the GOP takes back the upper chamber in November -- could graduate from Minority Leader to Majority Leader. He started by telling his 5.1 million followers he'd had lots of people asking him about his interest in running...

...then followed up with a poll in which he predictably annihilated Cornyn and Thune, taking a 96% share as of Friday night, with the other two below 2% each. 

Elon Musk was quick to back the idea of Paul as GOP leader, while daring Cornyn and Thune to follow Paul's lead by throwing their names out for consideration by the Twitter-verse X-verse. 

Paul has been a stalwart opponent of security-state mass surveillance, foreign interventionism -- to include shoveling billions of dollars into the proxy war in Ukraine -- and out-of-control spending in general. He demonstrated the latter passion on the Senate floor this week as he ridiculed the latest kick-the-can spending package:   

In February, Paul used Senate rules to force his colleagues into a grueling Super Bowl weekend of votes, as he worked to derail a $95 billion foreign aid bill. "I think we should stay here as long as it takes,” said Paul. “If it takes a week or a month, I’ll force them to stay here to discuss why they think the border of Ukraine is more important than the US border.”

Don't expect a Majority Leader Paul to ditch the filibuster -- he's been a hardy user of the legislative delay tactic. In 2013, he spoke for 13 hours to fight the nomination of John Brennan as CIA director. In 2015, he orated for 10-and-a-half-hours to oppose extension of the Patriot Act

Rand Paul amid his 10 1/2 hour filibuster in 2015

Among the general public, Paul is probably best known as Capitol Hill's chief tormentor of Dr. Anthony Fauci, who was director of the National Institute of Allergy and Infectious Disease during the Covid-19 pandemic. Paul says the evidence indicates the virus emerged from China's Wuhan Institute of Virology. He's accused Fauci and other members of the US government public health apparatus of evading questions about their funding of the Chinese lab's "gain of function" research, which takes natural viruses and morphs them into something more dangerous. Paul has pointedly said that Fauci committed perjury in congressional hearings and that he belongs in jail "without question."   

Musk is neither the only nor the first noteworthy figure to back Paul for party leader. Just hours after McConnell announced his upcoming step-down from leadership, independent 2024 presidential candidate Robert F. Kennedy, Jr voiced his support: 

In a testament to the extent to which the establishment recoils at the libertarian-minded Paul, mainstream media outlets -- which have been quick to report on other developments in the majority leader race -- pretended not to notice that Paul had signaled his interest in the job. More than 24 hours after Paul's test-the-waters tweet-fest began, not a single major outlet had brought it to the attention of their audience. 

That may be his strongest endorsement yet. 

Tyler Durden Sun, 03/10/2024 - 20:25

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Government

The Great Replacement Loophole: Illegal Immigrants Score 5-Year Work Benefit While “Waiting” For Deporation, Asylum

The Great Replacement Loophole: Illegal Immigrants Score 5-Year Work Benefit While "Waiting" For Deporation, Asylum

Over the past several…

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The Great Replacement Loophole: Illegal Immigrants Score 5-Year Work Benefit While "Waiting" For Deporation, Asylum

Over the past several months we've pointed out that there has  been zero job creation for native-born workers since the summer of 2018...

... and that since Joe Biden was sworn into office, most of the post-pandemic job gains the administration continuously brags about have gone foreign-born (read immigrants, mostly illegal ones) workers.

And while the left might find this data almost as verboten as FBI crime statistics - as it directly supports the so-called "great replacement theory" we're not supposed to discuss - it also coincides with record numbers of illegal crossings into the United States under Biden.

In short, the Biden administration opened the floodgates, 10 million illegal immigrants poured into the country, and most of the post-pandemic "jobs recovery" went to foreign-born workers, of which illegal immigrants represent the largest chunk.

Asylum seekers from Venezuela await work permits on June 28, 2023 (via the Chicago Tribune)

'But Tyler, illegal immigrants can't possibly work in the United States whilst awaiting their asylum hearings,' one might hear from the peanut gallery. On the contrary: ever since Biden reversed a key aspect of Trump's labor policies, all illegal immigrants - even those awaiting deportation proceedings - have been given carte blanche to work while awaiting said proceedings for up to five years...

... something which even Elon Musk was shocked to learn.

Which leads us to another question: recall that the primary concern for the Biden admin for much of 2022 and 2023 was soaring prices, i.e., relentless inflation in general, and rising wages in particular, which in turn prompted even Goldman to admit two years ago that the diabolical wage-price spiral had been unleashed in the US (diabolical, because nothing absent a major economic shock, read recession or depression, can short-circuit it once it is in place).

Well, there is one other thing that can break the wage-price spiral loop: a flood of ultra-cheap illegal immigrant workers. But don't take our word for it: here is Fed Chair Jerome Powell himself during his February 60 Minutes interview:

PELLEY: Why was immigration important?

POWELL: Because, you know, immigrants come in, and they tend to work at a rate that is at or above that for non-immigrants. Immigrants who come to the country tend to be in the workforce at a slightly higher level than native Americans do. But that's largely because of the age difference. They tend to skew younger.

PELLEY: Why is immigration so important to the economy?

POWELL: Well, first of all, immigration policy is not the Fed's job. The immigration policy of the United States is really important and really much under discussion right now, and that's none of our business. We don't set immigration policy. We don't comment on it.

I will say, over time, though, the U.S. economy has benefited from immigration. And, frankly, just in the last, year a big part of the story of the labor market coming back into better balance is immigration returning to levels that were more typical of the pre-pandemic era.

PELLEY: The country needed the workers.

POWELL: It did. And so, that's what's been happening.

Translation: Immigrants work hard, and Americans are lazy. But much more importantly, since illegal immigrants will work for any pay, and since Biden's Department of Homeland Security, via its Citizenship and Immigration Services Agency, has made it so illegal immigrants can work in the US perfectly legally for up to 5 years (if not more), one can argue that the flood of illegals through the southern border has been the primary reason why inflation - or rather mostly wage inflation, that all too critical component of the wage-price spiral  - has moderated in in the past year, when the US labor market suddenly found itself flooded with millions of perfectly eligible workers, who just also happen to be illegal immigrants and thus have zero wage bargaining options.

None of this is to suggest that the relentless flood of immigrants into the US is not also driven by voting and census concerns - something Elon Musk has been pounding the table on in recent weeks, and has gone so far to call it "the biggest corruption of American democracy in the 21st century", but in retrospect, one can also argue that the only modest success the Biden admin has had in the past year - namely bringing inflation down from a torrid 9% annual rate to "only" 3% - has also been due to the millions of illegals he's imported into the country.

We would be remiss if we didn't also note that this so often carries catastrophic short-term consequences for the social fabric of the country (the Laken Riley fiasco being only the latest example), not to mention the far more dire long-term consequences for the future of the US - chief among them the trillions of dollars in debt the US will need to incur to pay for all those new illegal immigrants Democrat voters and low-paid workers. This is on top of the labor revolution that will kick in once AI leads to mass layoffs among high-paying, white-collar jobs, after which all those newly laid off native-born workers hoping to trade down to lower paying (if available) jobs will discover that hardened criminals from Honduras or Guatemala have already taken them, all thanks to Joe Biden.

Tyler Durden Sun, 03/10/2024 - 19:15

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