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