Here are today’s market moves:
S&P 500 down 2.45% to 3,829.34
Dow Jones down 1.75% to 31,402.01
Nasdaq down 3.52% to 13,119.43
Gold: $1,771
Bitcoin: $46,835
US10Y: 1.525%
What Happened?
.@elonmusk made $180 million when PayPal was acquired in 2002.
He then put $100M in SpaceX, $70M in Tesla, and $10M in Solar City. He borrowed money for rent.
Now, he's worth ~$180 billion.
If u want to achieve something, believe in ur dreams, work hard and never give up.
$GME and $AMC picked back up where they left Wednesday and shot out of the gate at the beginning of Thursday trading. Both stocks blew past their 10-day average daily volumes in less than 30 minutes. on.mktw.net/37MFtZH
JUST IN: U.S. stimulus checks could unleash a $170 billion wave of fresh retail inflows to the stock market, according to Deutsche Bank strategists.
A survey showed 37% of retail investors planned to put their stimulus cash directly into equities.
JUST IN - Acting U.S. Capitol Police Chief Pittman says "militia groups want to blow up the Capitol and kill as many members as possible," when Biden delivers his State of the Union address in Congress.
In a normal market environment P/E declines when 10y yield rises. Over the last 60 years there were only three occasions when we had rising P/E with rising 10y yields at the peak of a 12year bull market. In '87, before the Black Monday, in '00 Dot com crash, and today.
$SPX
They're investigating Elon Musk tweeting dogecoin memes quicker than they investigated those who crashed the entire economy in 2008.
Tech shares led a rout in U.S. stocks while the selloff in global bonds deepened, with the benchmark Treasury yield hitting a one-year high and debt from the U.K. to Australia coming under pressure trib.al/4tj7eHc
NEW - Very bright bolide was seen fragmenting in the night sky over Mallorca and other Balearic Islands.
NASDAQ 100 vs. Russell 2000.
The ratio is down 25% in relative terms since the peak in September 2020.
The last time we saw a 25% relative decline off 12-month rolling highs was in November 2000.
Back then, it was still rather early days in the bursting of the dotcom bubble. https://t.co/yv6rFzFpVJ
Julien Bittel, CFA @BittelJulien
This Week
Monday: Earnings expected from Palo Alto Networks.
Tuesday: Earnings expected from Home Depot and Square; Jerome Powell to testify before the Senate Banking Committee.
Wednesday: Earnings expected from Lowe's and Nvidia; Jerome Powell to testify before the House Financial Services Committee.
Thursday: Earnings expected from Airbnb, AMC, Best Buy, Beyond Meat, Domino's, DoorDash, HP, Salesforce, and Wayfair; Weekly jobless claims.
Friday: Earnings expected from Foot Locker.