MARKET UPDATE Incremental Chinese stimulus
- US $146 billion ($1 trillion yuan) focused on infrastructure spending
- Volumes remain near the lows for the year
10yr 3.1% (Climbing)
More clarity today on how hawkish the Fed intends to be
- Kansas City Fed President Esther George at Jackson Hole
- “may have to take rates above 4%”
Balanced Portfolios are down in 2022
-
Year to date
- S&P 500 -13%
- U.S. Gov’t and Corporate Bonds -12%
The only years that have seen both stocks and bonds at a loss by end of August
- 1973
- 1974
- 1981
Crude 95 flat
Tesla (NASDAQ: TSLA (NASDAQ:TSLA))
- 3-for-1 stock split today
- California set to vote on the ban of gasoline powered cars by 2035
- California is the largest auto market in the U.S.
Earnings
Nvidia (NASDAQ: NVDA) -3%, guide lower for gaming
Salesforce (NYSE: CRM) -5%, guide was light
Snowflake (NYSE: SNOW) +16%, beat and raise, short squeeze
Autodesk (NASDAQ: NASDAQ:ADSK) +6%
Splunk (NASDAQ: SPLK) -1%
Williams-Sonoma (NYSE: WSM) +3%, EPS beat
Dollar General (NYSE: NYSE:DG) -2%, EPS beat, not raising guide
Dollar Tree (NASDAQ: NASDAQ:DLTR) -8%, reported in-line but cutting guide
Peloton (NASDAQ: NASDAQ:PTON) -16%
Under the Radar
CRYPTO UPDATE Depository Trust & Clearing Corp (DTCC): Project Ion
- Huge institutional adoption piece
- DTCC process virtually every trade in $40 trillion US stock market
- Joining crypto-revolution
- Testing private blockchain - Project Ion
- Processing +100,000 trades per day
-
Big implications for settlement times
- Potential to avoid meme-stock-fiascos
Global crypto traffic
- Traffic on exchanges dominated by US, 14.3%
- South Korea, 6.5%
- Russia, 4.9%
- Turkey, 3.5%
- Japan, 2.6%
These are the tickers dominating the news headlines:
data from Swaggy Stocks
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