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S&P and Covid Hit All-Time Highs
The S&P 500 hit all-time high number 70 of the year (ruining a perfect year at 69). What else hit an all-time high? US covid cases. Minimum wages are climbing, but employers are raising pay even faster. Justice was served in the Ghislaine Maxwell trial. China is trying to shut down democracy in Hong Kong. Turkish Lira can't stop crashing. The 2021 IPO market started off hot, but the sector is now giving up gains everywhere.
Apple Engineers Got PAID
The S&P 500 did not break all-time high number 69. Can we finish the year without hitting 70? We hope so. The CDC cut the covid isolation period from 10 to 5 days. The Nasdaq is on pace to underperform the S&P 500 for the first time in six years. Apple is offering $180k bonuses to keep Meta from poaching its engineers (so y'all should probably ask for a raise too). We lost a coaching, broadcasting, and video game legend with the passing of John Madden yesterday.
Based Dorsey
Jack Dorsey left his CEO role at Twitter to roast web3 VCs 24/7. Markets forgot about omicron, and indices all turned green yesterday. Cruise lines and reopening stocks led the recovery. Biden is putting free Covid tests in all of our stockings this year. Home sales data coming in hot.
The Rate Hike Hat Trick
J Pow is planning a rate hike hat trick next year, with projections released on Wednesday indicating three hikes in 2022, two in 2023, and two more in 2024. The Fed will also begin reducing the pace of its asset purchases in January. Time to slowly wean the markets off free money.
Raise the Roof
Congress passed $2.5 trillion debt ceiling increase because, as Joe Biden said last week, "the US always pays its debts". The not-so-fine print being that it does so by printing more money and increasing the amount of debt to pay off the existing debt (although this is nothing new under this administration).
The Most Interesting Man In The World
Omicron headlines spooked the markets yet again, with airlines and cruise line operators leading the way. We've got fresh inflation data via the producer price index which drops today. The Fed will also be kicking off its monthly two-day meeting.