August 8: Market Summary

Bitcoin tops $24,000

Good evening.

Stocks slip, Bitcoin climbs above $24,000, and Warren Buffett's Berkshire Hathaway lost $44 billion last quarter.

Let's dive in.

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Markets

Here are today’s market moves:

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What Happened?

• U.S. stocks slipped on Monday as Wall Street awaits more earnings and key inflation data.

• In recent weeks, markets have been grinding higher. The tech-heavy Nasdaq Composite is up 20% from its June lows.

• Why? The main reason is better-than-expected Q2 earnings from companies, helping calm recession fears.

• In addition, lower trading volumes during the summer months can drive outsize moves.

• The crypto market climbed on Monday, with Bitcoin moving above $24,000. In recent days, cryptocurrencies have followed other risk assets higher.

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Catch Up

1. Warren Buffett’s Berkshire Hathaway reported a $43.8 billion loss in Q2 as the value of the company's investments plummeted.

2. Investors this week will be watching the consumer price index (CPI) report for July, which drops on Wednesday.

3. Of the 439 companies that have reported earnings so far, about 75.3% have beat expectations, according to FactSet.

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What Else?

Douglas A. Boneparth @dougboneparth

“The commute sucks but the culture is great!” The culture:

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Brian Feroldi (🧠,📈) @BrianFeroldi

15 images every investor needs to memorize: 1: This chart by Jeremy Siegel

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Jon Erlichman @JonErlichman

Amazon’s stock fell 80% in 2000. Here’s what Jeff Bezos told investors:

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litquidity @litcapital

I like to think that all MIT Math PhDs face existential crises where they must decide if they want to: (a) advance our understanding of the universe or (b) build a profitable trading algorithm for Goldman Sachs