[Market Madness] Edition 0078
Refreshed and Ready to Roll
Back on the horse
Well folks, it feels good to be back! There has been a lot that has happened in the past few days, so I will do my best to sift through everything, find the good things, and report out to you all.
Today’s edition will be split between catching up on older news from the end of last week and reporting on news that breaks today. Hopefully, this will get us all caught up and better prepared for the week ahead.
Be sure to check out the Reader’s Corner for a special announcement!
Did you miss the last edition? No worries! Get it right here and catch up on the madness.
Fundamentals
Monday Close:
Dow Jones Industrial Avg: +1.78%
S&P 500: +1.59%
NASDAQ: +2.21%
US 10 YR: 0.682%
Crude OIL: $40.57
Market Madness Portfolio: +1.59%
COVID 19 Global Cases: 11,516,782
Indices Overseas:
FTSE 100: +2.09%
Nikkei 225: +1.83%
Hang Seng: +3.81%
TEDRATE: 0.15
LIBOR (3 month): 0.27588%
A quick recap
The first Friday of a new month is a great day for economic indicators. This past report, we saw increases in private payrolls as well as a decline in the overall level of unemployment, down to a little over 11%. Any movement down in this unemployment figure suggests that businesses are growing more able to reopen and tackle new challenges in the next step of recovery. The month of June saw about 5 million jobs added back to the economy, a clear move in the right direction. At this moment, the U.S. is still 15 million jobs shy of what was recorded in February of 2020.
Much of the other news I’ve dug up has been related to the ongoing turmoil we are seeing here in the states. Companies, states, and sports teams are seeking to change their logos and actions to better assist in the ongoing fight for racial equality.
What I have noticed is that the news moves too quick for you to go back and dig up older material. The lesson of the day: stay informed or you fall behind!
Happy market, happy life
There have been a lot of smaller news bits today, but nothing that jumped out at me for a full story. Instead, it would be nice to take note of where everything is currently, and where we are to go in the future.
Overnight, the Asian exchanges crushed it, up well into the green, feeding fuel to the green open here in the states. It looks like China is experiencing a positive recovery effort, for the time being, possibly hoping to adjust H2 outlooks upward in the coming weeks/months. This of course, remains in the balance given they are continually successful in warding off resurgences of COVID 19. The European markets also closed in the green. Globally, cases continue to rise at new levels, scaring many in the health space about what is to come next from the COVID 19 pandemic.
However, today the markets are giving COVID 19 cases a big shrug, following the green from the overseas markets opening before ours. The bullish sentiment we are seeing in the markets can be drawn from the strong start to Q3 we’ve witnessed, as well as the rise in deal-making activity and the positive market activity overseas. Companies are looking to deal again, either through market consolidation purchases (mergers, acquisitions), or through IPOs by private companies seeking to go public. Either way, it is good to see these activities, as they signal a revitalization of economic activity.
Here in the states, although ignored today, people’s focus will gradually begin to return to reopening. There are many considerations in this area of the recovery that are raising more doubts and questions, leading to what many will consider another pause on economic recovery. State leaders across the country are recognizing the errors made in their original closure and subsequent reopening, and now, they are paying for their choices. Now, it appears they are looking for the assistance needed to curb the virus at the federal level, but to no success yet. As hot spots continue to surge in cases, it will be interesting to see how retail store foot traffic will be affected, and thus consumer confidence.
Quick Takes
Uber to purchase food delivery company, Postmates, for $2.65 billion in stock. (via CNBC and via WSJ)
List of businesses that benefited from PPP loans. (via CNBC)
Warren Buffett leaves his hiding place to purchase Dominion Energy’s natural gas assets for $10 billion. (via CNBC)
More developments in the ongoing Wirecard legal case. (via WSJ)
States gaining some authority over their electoral college votes. (via CNBC)
Goldman Sachs adjusts economic outlook down as new case surge continues. (via CNBC)
Ongoing developments in the Taliban bounty scandal. (via WSJ)
Video recap to help us get up to speed on important market issues. (via CNBC)
Google’s parent company, Alphabet, joins the trillion dollar club. (via CNBC)
Irrational exuberance? (via WSJ)
Reader’s Corner
The editor is thrilled to announce they have accepted an offer to begin their career with Silicon Valley Bank as a Financial Crimes KYC Associate. I am very excited for this opportunity and to be able to work with incredibly bright individuals and work for such a unique and innovative bank. Thank you, the reader, for all of the support both personally and professionally.
My start date is not for a couple weeks so Market Madness will continue on its regular schedule. Once the work starts, I will re-evaluate the publishing schedule and try to do something mid-week and on the weekend. Both pieces will be longer to make up for the loss of daily content. More on this front to come!
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Behind the Madness
You’ve made it through the madness. I’ve worked really hard to ensure that you leave this page having learned something, and I hope that benefits you in your daily adventure. Thank you again for checking in.
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