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
- August -3.5%
- YTD -17%
9 sectors DOWN in August, Only Energy & Utilities up
- S&P500 17% below record high
- Nasdaq 27% below record high
10yr 3.2%
- U.S. initial Jobless Claims down 5,000 to 232,000 in week ended August 27
- Applications for U.S. unemployment insurance fell for a 3rd week
Crude 88 -2%
China lockdown
- Chengdu will lock down its 21 million residents to contain a Covid outbreak
- 157 new cases were reported
- The city, which is a manufacturing center, will do mass testing over 4 days
- In Shenzhen, the technology manufacturing center, cases doubled to 62. A lockdown in Shenzhen would be more impactful.
Nvidia (NASDAQ: NVDA) -5%
- Noted overnight that U.S. export restrictions to China could result in a $400 million shortfall in their Data Center business
- Intel -1% (NASDAQ: NASDAQ:INTC)
- Advanced Micro Devices -2% (NASDAQ: NASDAQ:AMD)
- Micron -1% (NASDAQ: NASDAQ:MU)
- (iShares Semiconductor) (NASDAQ: SOXX) Index was down 10% in August
Earnings
- Veeva (NYSE: VEEV)
- Okta (NASDAQ: OKTA)
- Hormel (NYSE: HRL)
- Campbell Soup (NYSE: CPB)
- Toro (NYSE: TTC)
CRYPTO UPDATE Michael Saylor - tax evader?
- Accused of evading $25 million in taxes
- Lawsuit also lists MicroStrategy (NASDAQ: MSTR) as defendant
- Saylor stepped down as CEO last month
- Attorney General seeking >$100 million
Ticketmaster
- Quietly running pilot NFT program for 6 months
- Has minted over 5 million NFTs
- Will now exclusively use Flow blockchain (Dapper Labs)
- Built wallet and marketplace feature into website
MEME OF THE DAY
And finally, how is WallStreetBets feeling this morning?
data from Swaggy Stocks
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Read the original article on Benzinga
