Good Morning Everyone!
Remember, bear markets can make you a lot of money – it just feels like hell at the time.
Prices as of 4 pm EST, 8/31/22; % YTD
MARKET UPDATE
S&P500 in US dollars
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August -3.5%
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YTD -17%
9 sectors DOWN in August, Only Energy & Utilities up
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S&P500 17% below record high
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Nasdaq 27% below record high
10yr 3.2%
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U.S. initial Jobless Claims down 5,000 to 232,000 in week ended August 27
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Applications for U.S. unemployment insurance fell for a 3rd week
Crude 88 -2%
China lockdown
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Chengdu will lock down its 21 million residents to contain a Covid outbreak
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157 new cases were reported
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The city, which is a manufacturing center, will do mass testing over 4 days
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In Shenzhen, the technology manufacturing center, cases doubled to 62. A lockdown in Shenzhen would be more impactful.
Nvidia (NASDAQ:NVDA) -5%
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Noted overnight that U.S. export restrictions to China could result in a $400 million shortfall in their Data Center business
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Intel -1% (NASDAQ:INTC)
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Advanced Micro Devices -2% (NASDAQ:AMD)
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Micron -1% (NASDAQ:MU)
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(iShares Semiconductor) (NASDAQ:SOXX) Index was down 10% in August
Earnings
CRYPTO UPDATE
Michael Saylor – tax evader?
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Accused of evading $25 million in taxes
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Lawsuit also lists MicroStrategy (NASDAQ:MSTR) as defendant
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Saylor stepped down as CEO last month
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Attorney General seeking >$100 million
Ticketmaster
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Quietly running pilot NFT program for 6 months
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Has minted over 5 million NFTs
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Will now exclusively use Flow blockchain (Dapper Labs)
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Built wallet and marketplace feature into website
MEME OF THE DAY
And finally, how is WallStreetBets feeling this morning?
data from Swaggy Stocks
