[Market Madness] Edition 0101
Sunday Recap
Back at it
Well folks, thank you for the celebratory spirits on Friday’s 100th edition special, it meant a lot to me. But just like that, we go back into the weeds to bring you the latest, and greatest in financial and economic commentary.
Some quick updates to get you up to speed on what’s been going on; Donnie is still all twisted up about TikTok and does not seem to like the proposed Microsoft deal. Instead, he wants to wave the magic pen once again and write a poorly executed executive order. Congressional leaders remain at an impasse with regards to the latest round of stimulus. Antitrust talks on Congress between the fine folks on Capitol Hill and big tech did not seem to go anywhere, and I’m not sure if anyone really expected an outcome that was different than that. Needless to say, COVID 19 is still doing great damage to the U.S., taking more lives and infecting more and more citizens. This continues to weigh heavily on financial and economic optimists.
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Fundamentals
Friday’s Close:
Dow Jones: +0.44%
S&P 500: +0.77%
NASDAQ: +1.49%
U.S. Dollar Index: 93.42
US 10 YR: 0.547%
Crude OIL: $40.40
Spot Gold: $1991.90
Market Madness Portfolio: +0.72%
COVID 19 Global Cases: 17,859,763 (updated Sunday morning)
Indices Overseas:
FTSE 100: -1.54%
Nikkei 225: -2.82%
Hang Seng: -0.47%
TEDRATE: 0.12
LIBOR (3 month): 0.25100%
A collection of thoughts
All things being considered, and for the sake of everyone’s eyes who’ve been reading past editions, it has been a quiet weekend for new, standout news. That being said, it is important to recognize and take into account everything that is still impacting market decisions. COVID 19 is still creating a great deal of fog surrounding the recovery trail. The July jobs report comes out Friday, which many are eagerly awaiting for the results. Other economic indicators are slated to release this week, which will help give a clearer picture of where the economy stands as we move further into August; indicators within manufacturing, trade, and the labor market are all set for different days this week.
A focus continues to remain on big tech, as the NASDAQ at large is up huge on the year. The FAANG stocks that everyone knows and loves are still crushing it, posting good earnings, and forward guidance shows no signs of slowing down. As mentioned earlier, the antitrust conversations that took place on Capitol Hill yielded no real outcome that will change/alter their way of doing business. Google is set to continue their attempted acquisition of Fitbit, but will face a large antitrust investigation by the EU. Microsoft engaged in talks with ByteDance to purchase TikTok, but Donnie felt differently, opting instead for an outright ban. Some of this decision can be attributed to the blowout Donnie faced after his low-show Tulsa rally following a mass of fake TikTok signups for that rally — Donnie is out for revenge on this one, so no one is really sure how this will all shake out.
Outside of the financial realm, the rise in natural disaster incidences (tropical storms and hurricanes) is going to pose another major challenge to the recovery efforts and containing the spread of COVID 19. To contain the virus, there needs to be a strong sense of order in place. These natural disasters replace order with chaos, between stockpiling goods and supplies before storms and the rescue efforts following the passing of the storm. Social distancing must go to the wayside to further save human lives, this time from results of the storm and not of the virus. Regardless, its a deadly tango between the two for people in those areas.
It goes without saying that it is going to be another busy and hectic week. Be sure to tune in for upcoming developments!
Quick Takes
Microsoft in the works to bid to acquire TikTok. Donnie’s not happy, looks to outright ban with executive order. (via CNBC)
Insider dealings got the WH-Kodak deal. (via CNBC)
More on Apple’s upcoming stock split. (via WSJ)
A recap of last week’s historic GDP result. (via WSJ)
Apple surpasses Saudi Aramco as the world’s most valuable company. (via CNBC)
Reader’s Corner
The reader hopes you enjoyed the 100th edition special.
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