China News Starts The Month Of September On A Negative Note

China News Starts The Month Of September On A Negative Note

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 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% INTC

  • Advanced Micro Devices -2% AMD

  • Micron -1% MU                       

  • (iShares Semiconductor) SOXX Index was down 10% in August

Earnings

  • Veeva VEEV

  • Okta OKTA

  • Hormel HRL

  • Campbell Soup CPB

  • Toro TTC

CRYPTO UPDATE

Michael Saylor - tax evader?

  • Accused of evading $25 million in taxes

  • Lawsuit also lists MicroStrategy 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

Posted In: contributorsmarket updateAsiaCryptocurrencyMarkets

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