Gas prices, Is it time to buy or sell?
Plus: Investors flock to Gold as safe haven & Stock slides as Capri holdings scrap succession plan
Gas price tops $4, all-time record could be broken this week.
Why it matters: Gas prices are inching closer to high records as the US moves to ban Russia Oil. This will lead to a triggering drop in stock prices. The Dow Jones has dropped 2.4%, while the S&P 500 and NASDAQ are closing 3% and 3.6% respectively. Now may not be the best time to sell, as analysts say prices are likely to go lower. (Yahoo)
Investors flock to Gold as safe haven
Gold crosses $2,000 an ounce
Why it matters: With the increased tension in the Russia-Ukraine war, investors have been buying more gold to protect their portfolio. This panic has seen a 9.38% increase in the precious metal, first in 19 months. Additionally, “gold appears to be following oil prices today, so if oil corrects lower again, the fast-money longs are likely to quickly retreat.” says Jeffrey Halley, senior market analyst at Oanda. (Barrons)
Stock slides as Capri holdings scrap succession plan
Shares of Capri Holdings tumbled after the parent company of Michael Kors, Jimmy Choo, and Versace announced it was essentially scrapping its succession plan.
Why it matters: Capri Holdings (CPRI) shares have tumbled 13% after CEO John Idol remains Chairman and CEO. Michael Kors Chief Executive, Joshua Schulman, was expected to succeed Idol, but Idol recently announced he was going to remain CEO. Earlier last month, the company had an upbeat earnings outlook, saying its investments during the pandemic had largely panned out and were driving growth. Idol said Capri was committed to continue to execute those strategies and remained optimistic about the company’s growth. (Barrons)
That’s it from us today,
See you tomorrow.