Here are today’s market moves:
S&P 500 down 1.34% to 3768.47
Dow Jones down 1.11% to 30,924.14
Nasdaq down 2.11% to 12,723.47
Gold: $1,699
Bitcoin: $48,157
US10Y: 1.559%
What Happened?
US stocks fall for 3rd day as Treasury yields top 1.5% after Fed chair Powell underwhelmed markets by refraining from pushing back more forcefully against the recent spike in Treasury yields. Nasdaq erases gain for 2021.
In 1997, the bear case against $AMZN was strong
In 2004, the bear case against $NFLX was strong
In 2010, the bear case against $TSLA was strong
If you want to own the next big winner, you have to be willing to buy and hold in the face of huge uncertainty
Jay-Z bought TIDAL in 2015 for $56 million.
Today he sold it for $297 million.
5.3x in about 5 years.
You better respect Jay-Z, the billionaire, as an entrepreneur.
Fed Chair Jay Powell didn't say last week's move in U.S. yields was disorderly, signaling that the central bank didn't intend to take additional measures to suppress the recent selloff. The result: yields swing higher.
Senate Democrats advanced a $1.9 trillion coronavirus relief package Thursday after making a series of adjustments to the legislation, with approval in the chamber expected within days
This Week
Monday: Earnings expected from Zoom, Nio, Workhorse, and Novavax.
Tuesday: Earnings expected from Target, Lemonade, Nordstrom, Ross, and Kohl's.
Wednesday: Earnings expected from Snowflake and Wendy's.
Thursday: Earnings expected from Costco; Weekly jobless claims.
Friday: Earnings expected from Big Lots.