Happy Wednesday Zingernation!
All major indices are in the red going into the open. But, Jerome Powell is testifying to the senate at 9:30 am ET, so things could quickly change. Yesterday was a great day for the overall market, with the S&P 500 finishing up more than 2%. Tesla was a leader, closing up nearly 10% on Tuesday.
1. ARK Sheds Nearly All Of Its Disney Exposure
What Happened: Cathie Wood-led Ark Invest Management on Tuesday shed most of its exposure in Walt Disney Co amid reports of a likely shareholder battle over CEO Bob Chapek's salary. The popular money managing firm sold 76,387 shares, estimated to be worth $7.12 million, in the entertainment giant that owns Disney parks and resorts and other properties.
Why It Matters: The latest sale lowers Ark Invest’s exposure in Walt Disney by 98%. The investment firm held a total of 77,843 shares — worth about $7.3 million — in Walt Disney stock, ahead of Tuesday’s trade. The investment company owns Walt Disney shares via the Ark Next Generation Internet ETF ARKW and no other Ark ETF has exposure to it.
2. Bill Maher Gets Schooled By His Own Guest on Inflation, Stock Market
What’s Happening:
Krystal Ball went on “Real Time With Bill Maher” on Warner Bros Discovery Inc -owned HBO Friday and gave host Bill Maher a free lesson on inflation, the economy and the stock market.
During Ball's appearance on Maher’s show, the topic of inflation came up. Another guest, conservative commentator James Kirchick, commented on how much money the U.S. government sent out in the forms of stimulus checks throughout the COVID pandemic, insinuating that stimulus checks are why we are seeing high inflation
Why It Matters:
And this is where things got interesting. Maher pushed back on Ball, asking when the Federal Reserve pumped money into Wall Street. She correctly explained that while the market was collapsing in March 2020, the Federal Reserve began buying trillions of dollars of assets. Maher seemed to not know that the market crashed at the beginning of the COVID pandemic, asking: “the stock market crashed and we never heard about it?”
Read more and watch the clip here.
3. Bill Clinton Takes Shot At Donald Trump
What Happened: In an appearance on last week’s “Late Late Show With James Corden,” former President Bill Clinton was a featured guest.
The economy, international relations and aliens were among the key topics the duo talked about.
Why It Matters: For a question about fictional presidents, he answered: “I like Tony Goldwyn, I like Martin Sheen, I liked Michael Douglas, I loved Harrison Ford and Morgan Freeman and Donald Trump."
If you know someone who would enjoy this newsletter, forward it to them! If this was forwarded to you, please subscribe here.
