Insiders seem to be in 'maintenance mode' and are throwing off little in the way of actionable market signals. There's no broad buying and no broad selling. That reflects a stock pickers market, as investors seek out specific opportunities while being mindful of the multiple challenges making headlines these days. Seemingly supporting this view, Argus' Director of Research, Jim Kelleher, CFA, has titled his weekly economic commentary 'Uneasy Calm at Mid-Year.' In the piece, Jim noted the following. 'Both business leaders and consumers are uneasy about the months ahead, given clear signs of slowing consumer spending, still-soft purchasing managers' sentiment, and the pending elections. Technically, the stock market appears overdue for a shakeout.' Still, he added, 'It's not all doom and gloom. The upcoming earnings season is likely to be the best in at least two years. Accelerating earnings growth is preventing the market from stretching into deep overvaluation territory even as stocks repeatedly hit new highs. Although economic activity may have slowed from 2022-2023 levels, stabilization in global supply chains means the U.S. economy may be sending signals that are more accurate and operating at a more sustainable level of activity. And notably, recent inflation data (CPI and PPI) finally showed improvement from recently stalled levels.' On a sector basis, selling by insiders last week was greatest in Healthcare, with shares valued at $193 million sold, followed by Financials ($191 million sold) and Information Technology ($125 million sold). Meanwhile, in Consumer Discretionary, selling outpaced buying by a factor of just 1.85-times, with roughly $24 million of shares sold versus $13 million of shares bought. Buying outpaced selling in Energy and Communication Services. This week, analysts at Vickers highlighted insider transactions of interest at Adobe Inc. (NGS: ADBE) and CAVA Group Inc. (NYSE: CAVA).

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.

Stocks were lower Monday morning ahead of this week's release of ADP's private employment data and job openings as well as Fed Powell's testimony to Congress. The Dow fell 0.3%, the S&P 0.1%, and the Nasdaq 0.2%. Crude oil traded near $79 per barrel, while gold rose $22 to $2118 per ounce.

Stocks rose on Friday morning as investors weighed new comments from Fed Chair Jerome Powell. Speaking at Spelman College in Atlanta, Mr. Powell warned that it would be 'premature to conclude with confidence' that the Fed had completed its rate hike cycle, or to speculate on the timing of rate cuts. Mr. Powell also reiterated that the central bank was 'prepared to tighten policy further if it becomes appropriate to do so.' Meanwhile, manufacturing data was weaker than expected, as the manufacturing purchasing managers' index showed contraction for the 13th straight month. The Institute for Supply Management said that its manufacturing PMI held steady at 46.7 in November, below the Reuters consensus forecast of 47.6. The Dow rose 0.5%, the S&P 0.4%, and the Nasdaq 0.3%. Crude oil traded near $76 per barrel, while gold rose $21 to $2079 per ounce.

As of the close on Friday, August 18, the major indices had fallen in three consecutive weeks for the first time since December 2022, when they all fell four weeks in a row. The Nasdaq fell to its key 21-week exponential average (EMA) on that Friday and bounced, while the S&P 500 was within 10 points of its 21-week EMA before bouncing. The Nasdaq 100 (QQQ) got within four points of the average and popped. Rebounds on Friday did nothing to erase the short-term downtrends, as the 10- and 21-day EMAs for the indices are above declining price and the indices all undercut their 50-day.

Monday Tee Up: Happy Fourth!

In this edition, Crane cleared for takeoff; openings in apparel; CDMOs vital to health of healthcare industry; and Valero Energy, Pinterest, and Mirvac Group.

Stocks rose on Friday morning, extending their Thursday rally. Services sector data was better than expected. The Institute for Supply Management said that its nonmanufacturing PMI slipped to 55.1 in February, down slightly from 55.2 in January but still indicating expansion. The reading also topped the Reuters consensus forecast of 54.5. On the earnings front, Costco shares fell more than 3% after the company missed the fiscal 2Q consensus sales estimate amid cautious consumer spending. The Dow rose 0.7%, the S&P 1.1%, and the Nasdaq 1.3%. Crude oil rose more than 1% to $79 per barrel, while gold rose $13 to $1853 per ounce.Stocks rose on Friday morning, extending their Thursday rally. Services sector data was better than expected. The Institute for Supply Management said that its nonmanufacturing PMI slipped to 55.1 in February, down slightly from 55.2 in January but still indicating expansion. The reading also topped the Reuters consensus forecast of 54.5. On the earnings front, Costco shares fell more than 3% after the company missed the fiscal 2Q consensus sales estimate amid cautious consumer spending. The Dow rose 0.7%, the S&P 1.1%, and the Nasdaq 1.3%. Crude oil rose more than 1% to $79 per barrel, while gold rose $13 to $1853 per ounce.

Stocks extended their losses on Friday morning after Thursday's sharp selloff. Purchasing managers' data was weaker than expected. S&P said that its flash U.S. Composite PMI, measuring both manufacturing and services, fell to 44.6 in December, down from a final reading of 46.4 in November and below the Reuters consensus forecast of 47.0. On the earnings front, Adobe shares rose 5% after the company reported better-than-expected fiscal 4Q earnings, helped by growth in annual recurring revenue. The Dow fell 1.0%, the S&P 1.0%, and the Nasdaq 0.6%. Crude oil traded near $74 per barrel, while gold rose $15 to $1802 per ounce.

Stocks continued to drop on Friday morning on interest rate and recession fears, led by sharp declines in the Energy, Materials, and Consumer Discretionary sectors. Goldman Sachs cut its year-end target for the S&P 500 by 16% to 3,600, citing a higher than previously expected path for interest rates. On the earnings front, Costco posted better-than-expected fiscal 4Q results, though the shares fell on concerns about declining gross margins. The Dow fell 1.4%, the S&P 1.7%, and the Nasdaq 1.9%. Crude oil dropped more than 5% to $79 per barrel, while gold traded near $1653 per ounce.

Stocks continued to drop on Friday morning on interest rate and recession fears, led by sharp declines in the Energy, Materials, and Consumer Discretionary sectors. Goldman Sachs cut its year-end target for the S&P 500 by 16% to 3,600, citing a higher than previously expected path for interest rates. On the earnings front, Costco posted better-than-expected fiscal 4Q results, though the shares fell on concerns about declining gross margins. The Dow fell 1.4%, the S&P 1.7%, and the Nasdaq 1.9%. Crude oil dropped more than 5% to $79 per barrel, while gold traded near $1653 per ounce.

Stocks were mixed in volatile trading on Friday morning as investors continued to focus on inflation, rate hikes, and prospects for recession. Manufacturing data was weaker than expected. The Federal Reserve said that production at U.S. factories fell 0.1% in May after rising 0.8% in April. The consensus called for modest growth of 0.3%. Including mines and utilities, overall industrial production rose 0.2%, down from 1.4% growth a month earlier. The Dow fell 0.2%, the S&P was flat, and the Nasdaq rose 0.9%. Crude oil fell sharply to $111 per barrel, while gold traded near $1841 per ounce.

Volatility, in both indices and individual stocks, remains extreme. Once a market pulls back by a decent amount (8%-10%) or correct (11%-20%), it is typical for that market to be wild from day to day, and even week to week. A new trading range for many stocks and indices is being hammered-out right now -- and the process usually takes some time (assuming a low is in) to complete a bottom.

Stocks finished mostly higher on Thursday as investors weighed a new round of earnings reports and continued to assess the Fed's tapering plan. Employment data was strong. The Labor Department said that first-time claims for state unemployment benefits fell to 269,000 for the week ended October 30, down from 283,000 a week earlier and below the Bloomberg consensus of 275,000. Continuing claims of 2.105 million were also down from the prior week and below consensus. The data came ahead of the government's October employment report on Friday morning. The consensus calls for the addition of 450,000 new payroll jobs after an increase of 194,000 in September, and a decrease in the unemployment rate to 4.7%. The Dow fell 0.09%, the S&P rose 0.42%, and the Nasdaq rose 0.81%. Crude oil fell 2% to $79 per barrel, while gold rose $29 to $1793 per ounce.

Stocks finished mostly higher on Thursday as investors weighed a new round of earnings reports and continued to assess the Fed's tapering plan. Employment data was strong. The Labor Department said that first-time claims for state unemployment benefits fell to 269,000 for the week ended October 30, down from 283,000 a week earlier and below the Bloomberg consensus of 275,000. Continuing claims of 2.105 million were also down from the prior week and below consensus. The data came ahead of the government's October employment report on Friday morning. The consensus calls for the addition of 450,000 new payroll jobs after an increase of 194,000 in September, and a decrease in the unemployment rate to 4.7%. The Dow fell 0.09%, the S&P rose 0.42%, and the Nasdaq rose 0.81%. Crude oil fell 2% to $79 per barrel, while gold rose $29 to $1793 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.

Stocks fell on Monday morning amid geopolitical concerns and weaker-than-expected Chinese economic data. The Chinese National Bureau of Statistics said that industrial production expanded at a 6.4% rate in July, down from 8.3% in June and below the Reuters consensus forecast of 7.8% growth. Retail sales growth of 8.5% was also down from 12.1% in June and below the consensus estimate. The Dow fell 0.2%, the S&P 0.4%, and the Nasdaq 0.9%. Crude oil fell nearly 3% to $66.50 per barrel, while gold traded near $1788 per ounce.

Inflation has bared its fangs this month, with multi-year high readings in the consumer price index and the producer price index. The housing sector, the bulwark of the economy during the worst of the pandemic, came crashing down this past week according to data for new home starts; rising rates, higher materials prices, and in particular, higher home prices are all crimping demand. Crypto got crushed last week, and not just because of the latest tweet from Elon Musk.

Stocks were largely flat on Friday morning as investors weighed new consumer sentiment data and awaited further progress on the Biden administration's stimulus plan. The University of Michigan said that its consumer sentiment index fell to 76.2 in the first half of February, down from a final January reading of 79 and below the Reuters consensus forecast of 80.8. The Dow fell 0.1%, the S&P rose 0.2%, and the Nasdaq rose 0.2%. Crude oil traded near $59 per barrel, while gold fell $2 to $1825 per ounce.

In the trading week that ended on October 30, the stock market had its most serious stumble since the early weeks of the pandemic. Earnings and economic news was generally positive, including the record 33% recovery in 3Q20 GDP. But the combination of sharply rising COVID-19 cases and prospects for an inconclusive and contested election spooked investors heading into Halloween.

Stocks were mixed on Monday morning as investors weighed new earnings reports and the details of President Trump's executive orders on coronavirus relief, which circumvent congressional authority and raise a range of legal and constitutional questions. The president's orders call for $400 per week in enhanced unemployment benefits, though these benefits would likely last for only a short period. Making the payments would also be logistically complex and require a $100 per week contribution from financially hard-pressed states. The Dow rose 0.9%, the S&P fell 0.1%, and the Nasdaq fell 0.9%. Crude oil traded near $42 per barrel, while gold rose $16 to $2044 per ounce.

Stocks were mixed on Monday morning as investors weighed new earnings reports and the details of President Trump's executive orders on coronavirus relief, which circumvent congressional authority and raise a range of legal and constitutional questions. The president's orders call for $400 per week in enhanced unemployment benefits, though these benefits would likely last for only a short period. Making the payments would also be logistically complex and require a $100 per week contribution from financially hard-pressed states. The Dow rose 0.9%, the S&P fell 0.1%, and the Nasdaq fell 0.9%. Crude oil traded near $42 per barrel, while gold rose $16 to $2044 per ounce.

Stocks rallied on Friday morning after an unexpected jump in nonfarm payrolls and a decline in the unemployment rate. The Labor Department said that the U.S. economy added 2.509 million jobs in May after a loss of 20.687 million in April. The reading thoroughly surprised the Street, as the Reuters consensus had called for a loss of 8 million jobs. The official unemployment rate also fell to 13.3%, down from 14.7% in April and below the consensus forecast of 19.8%. The S&P rose 2.7%, the Dow 3.4%, and the Nasdaq 2.0%. Crude oil rose more than 4% to $39 per barrel, while gold fell $52 to $1675 per ounce.

Stocks rallied on Friday morning after an unexpected jump in nonfarm payrolls and a decline in the unemployment rate. The Labor Department said that the U.S. economy added 2.509 million jobs in May after a loss of 20.687 million in April. The reading thoroughly surprised the Street, as the Reuters consensus had called for a loss of 8 million jobs. The official unemployment rate also fell to 13.3%, down from 14.7% in April and below the consensus forecast of 19.8%. The S&P rose 2.7%, the Dow 3.4%, and the Nasdaq 2.0%. Crude oil rose more than 4% to $39 per barrel, while gold fell $52 to $1675 per ounce.