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- Page 62
Archive
Stocks Jump on News of Recession
Stocks closed green despite a poor GDP print, West Virginia is cutting ties with several large banks, Instagram is rolling back recent changes after user pushback, Jack Ma is giving up control of Ant Group, Xi got chippy with Biden, and Amazon took a big quarterly loss on its Rivian investment.
MOAR Rate Hikes
J Pow doesn't think we're in a recession, interest rate hikes will likely slow down moving forward, mortgage refinancing demand is down 83% YoY, Sequoia is opening an NYC office, Porsche is buying a stake in Red Bull Racing, and Manchin now supports the new climate and tax bill.
Biden Caught Covid
Biden tested positive for Covid, UK inflation hit a 40-year high, the Nord Stream 1 pipeline resumed gas deliveries to Europe, China fined Didi $1.2B, Amazon is expanding its empire into the healthcare sector, and we finally got the first crypto insider trading case in the US.
Tesla Paper Hands Bitcoin
Tesla sold 75% of its bitcoin holdings for $936M, US home prices keep climbing, investors are cutting back on equities exposure, private credit giants are slowing down lending, Ivy League endowments are bracing for losses, Esports giant FaZe Clan went public through a SPAC, and BlackRock lost $1.7T in the first half of 2022. A lot of OOOOF in this opener.
Leveraged SPAC ETFs are here
Stocks ripped yesterday, China holdings of US debt fell below $1T, gas prices are going down, Twitter and Elon will have a five-day trial in October, the UK is getting rekt by a heat wave, Netflix *only* lost 970K subscribers, and a new ETF that will lever up to invest in SPACs hit the market.
Interest Rates Go Brrrr
The Fed is getting ready to raise interest rates (again), Yellen wants to move ahead with a global minimum corporate tax, Amazon sold 300M items on Prime Day, China is dealing with a mortgage boycott, Musk wants to block Twitter's request for an expedited trial, and Disney is jacking up the cost of ESPN+.
Manhattan Rents Are Bussin' Fr
Average Manhattan rent broke $5,000, an inverse Tesla ETF is hitting the market, the SEC is investigating Musk's past tweets, the Euro slipped below the Dollar, Stripe cut its internal valuation by 28%, bank earnings are down, and OpenSea is the latest tech company to cut jobs.