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Stock Market Today: Dow Jones, S&P 500 Rebounds After Lowest Closing Since March 2021; Upstart Tumbles After Cutting Outlook

Markets opened higher today after breaking a three-session losing streak.
The post Stock Market Today: Dow Jones, S&P 500 Rebounds After Lowest Closing…

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Stock Market Today Mid-Morning Updates

On Tuesday, the Dow Jones Industrial Average is up by 350 points after retreating for the last 3 sessions. All major indexes were green today despite continued fears of rising inflation. Also, rising interest rates continue to weigh in on investors. Vladimir Putin has reportedly lost his 40th colonel. Earlier, President Joe Biden said he is concerned that Putin no longer has an exit strategy from his war in Ukraine after the Russian president led Victory Day celebrations in Moscow.

Biohaven Pharmaceutical (NYSE: BHVN) is up by over 70% today after the company agreed to be acquired by Pfizer (NYSE: PFE). The deal will be worth approximately $11.6 billion and Biohaven shareholders will receive $148.50 per share in cash. Shares of Novavax (NASDAQ: NVAX) are down by over 12% today after the company missed both top and bottom-line estimates in its latest quarter. The miss comes as Novavax shipped just 31 million coronavirus vaccine doses during the quarter, well off its projected 2 billion shots for 2022.

Among the Dow Jones leaders, shares of Apple are up by 2.81% today while Microsoft (NASDAQ: MSFT) is also up by 3.27%. Meanwhile, Disney (NYSE: DIS) and Nike (NYSE: NKE) are trading higher on Tuesday. Among the Dow financial leaders, Visa (NYSE: V) is up by 0.81% while JPMorgan Chase (NYSE: JPM) is also up by 0.08%.

Shares of EV leader Tesla (NASDAQ: TSLA) are up by 2.95% on Tuesday. Rival EV companies like Rivian (NASDAQ: RIVN) are also up by 2.94%. Lucid Group (NASDAQ: LCID) is also up by 2.48% today. Chinese EV leaders like Nio (NYSE: NIO) and Xpeng Motors (NYSE: XPEV) are trading higher today. 

Dow Jones Today: U.S. Treasury Yields and Oil Prices Drop

Following the stock market opening on Tuesday, the S&P 500, Dow, and Nasdaq are trading higher at 1.41%, 0.96%, and 2.12%. Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) is up by 2.30% while the SPDR S&P 500 ETF (NYSEARCA: SPY) is also up by 1.40%. 

The benchmark 10-year U.S. Treasury yield dropped below 3% today after rising over the last week to new pandemic-era highs as bond traders bet that the Federal Reserve will not be able to get inflation under control. Investors will also be able to look forward to two key inflation reports that will be out on Wednesday and Thursday. Joe Biden will also deliver remarks on inflation today.

Bitcoin Sees Slight Rebound After Sliding Below $30,000; El Salvador Doubles Down On Bitcoin Investments

Bitcoin (BTC) is in the news more today thanks to more bouts of volatility. Notably, this is likely the result of the cryptocurrency diving under the $30,000 per coin mark late on Monday. While moves such as this are common for Bitcoin, it would mark an alarming point for crypto traders. This would be the case seeing as it is the leading crypto component in the digital currency space today. By dipping past the $30,000 point, Bitcoin was at lows last seen in July 2021. For some perspective, this is over 55% since its all-time high back in November 2021. After taking all this into consideration, it would be all that surprising to see Bitcoin making the rounds in today’s news cycle.

Regardless, as with most dips in significant markets, there are some who see a buying opportunity. In the case of Bitcoin, this would be the country of El Salvador. Namely, the country has added an additional 500 bitcoins to its national balance sheet, marking its largest purchase to date. This news comes directly from El Salvador President Nayib Bukele via a post on his Twitter (NYSE: TWTR) account. With this purchase, the country’s total Bitcoin reserve now stands at 2,301. In detail, this translates to total assets worth about $71.7 million. 

[Read More] Top Stock Market News For Today May 10, 2022 

Upstart Stock Nosedives After Company Issues Downbeat Quarterly And Full-Year Revenue Guidance

Upstart (NASDAQ: UPST) seems to be standing out amongst the most active stocks in the stock market today. This would be for negative reasons, however, as the artificial intelligence (AI) powered digital lending firm is seeing massive losses at today’s opening bell. To be precise, UPST stock is now down by over 50% today. By and large, this is likely a result of the company’s latest outlooks for the current quarter and fiscal year. Before getting into that, let’s take a look at Upstart’s latest quarterly financials.

Going into the specifics, Upstart is looking at earnings of $0.61 per share on revenue of $310 million. This would top consensus Wall Street estimates of $0.53 and $300 million respectively. Also, the company also facilitated 465,537 loans across its platform totaling $4.5 billion. This would be in comparison to the 495,205 loans adding up to $4.1 billion across its platform in the previous quarter. It seems that Upstart is seeing an increase in loan values albeit with a decrease in total loan count. 

More importantly, investors are likely focusing on Upstart’s latest quarterly and full-year revenue outlooks. For starters, the company is expecting revenue of between $295 million to $305 million. This would fall short of consensus analyst projections of $334.8 million. Additionally, Upstart’s full-year guidance of about $1.25 billion is also short of Wall Street estimates of $1.40 billion. Despite all this, CEO Dave Girouard notes, “While this year is shaping up to be a challenging one for the economy, we know the drill and are confident that we can navigate whatever 2022 and beyond might hold.” Safe to say, there will be no shortage of coverage on UPST stock today.

UPST stock
Source: TradingView

[Read More] Best Stocks To Invest In 2022? 4 Software Stocks For Your List

Peloton Stock Slides Following Wider-Than-Expected Losses And Revenue Miss

Similar to Upstart, Peloton (NASDAQ: PTON) appears to be another casualty during this rocky earnings season. For the most part, a combination of growing warehouse inventory and diminishing consumer demand appears to be weighing on the firm. After all, as we transition towards learning to live with the pandemic, more people are out and about than ever. Accordingly, this would lead to fewer people needing to rely on Peloton’s exercise bikes to get in their daily exercise. In fact, even existing Peloton members would see less reason behind paying for their subscriptions. With all this in mind, it is no wonder that PTON stock is looking at losses of over 14% at today’s opening bell. 

Overall, Peloton is looking at a loss per share of $2.27 on revenue of $964.3 million. For reference, this is versus Wall Street projections of an $0.83 per share loss and $972.9 million in revenue. Upon missing these marks, it is increasingly apparent that Peloton is under pressure. To better navigate its current business conditions, Peloton is borrowing $750 million via a five-year term debt from JPMorgan (NYSE: JPM) and Goldman Sachs (NYSE: GS). According to CEO Barry McCarthy, this capital infusion will serve to help Peloton to free cash flow positive by fiscal 2023. While time will tell if it can pull this off, PTON stock remains in the hot spot today.

PTON stock
Source: TradingView

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The post Stock Market Today: Dow Jones, S&P 500 Rebounds After Lowest Closing Since March 2021; Upstart Tumbles After Cutting Outlook appeared first on Stock Market News, Quotes, Charts and Financial Information | StockMarket.com.

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Government

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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