Good Morning Everyone!
Remember, it’s the best time to buy great companies at a great price and leave them alone.
Prices as of 4 pm EST, 7/22/22; % YTD
MARKET UPDATE
>$9 trillion in market cap reporting this week
Apple (NASDAQ:AAPL), Amazon (NASDAQ:AMZN), Charter (NASDAQ:CHTR), Comcast (NASDAQ:CMCSA), Google (NASDAQ:GOOGL), Intel (NASDAQ:INTC), Mastercard (NYSE:MA), Meta (NASDAQ:META), Microsoft (NASDAQ:MSFT), ServiceNow (NYSE:NOW), Qualcomm (NASDAQ:QCOM), Shopify (NYSE:SHOP), Visa (NYSE:V), GM (NYSE:GM), G.E. (NYSE:GE), UPS (NYSE:UPS)
With all the bad news on the come (recession, rate hikes, margin hit, estimate cuts),
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S&P 500 is this a Bear-Market bounce?
Bank of America is this a Bear-Market bounce? (NYSE:BAC)
Netflix is this a Bear-Market bounce? (NASDAQ:NFLX)
Wednesday: Federal Reserve 5th Meeting of the year: 75 basis point hike expected
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75 point hike would bring the target rate to 2.5%
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2.5% is the peak of the last rate-hiking cycle in 2018-2019
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Federal Reserve rate cut expected March 2023
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Will June’s high 9.1% increase in consumer prices be the peak?
Crude 96 +1%
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Crude oil back to the level they were at when Russia launched its invasion of Ukraine on February 24, 2022
Biden says: Gasoline prices “still too high”
U.S. Housing
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With Mortgage rates rising sharply, mortgage refinancing activity has fallen to its lowest level since November 2000
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Average on the 30-year fixed rate mortgage rose to 5.54% vs. 1-year ago when rates were 2.8%
Apple (NASDAQ:AAPL)
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Leading contender to win 2023 NFL Sunday ticket rights
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$2.5 billion per season ($1 billion more than the last contract)
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Google, Amazon and Disney (ESPN+) also bidding for the rights
Airports
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According to FlightAware, Toronto Airport worst in the world for delays
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Over 53% of flights departing Toronto Pearson between June 1 – July 18 arrived late
Disney (NYSE:DIS)
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Disney+ adds R-rated content
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For the first time, Disney pushes further into adult-focused content in pursuit of new subscribers
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Added Deadpool, Deadpool 2 and Logan
Earnings today
CRYPTO UPDATE
Inflows are picking up
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A correction to Week 28 (2 weeks ago) flows puts total inflows for the week at $343M — the largest since November 2021
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Bitcoin (CRYPTO: BTC) inflows over last 2 weeks total $225M
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Ethereum (CRYPTO: ETH) inflows totaled $128M over the same period
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YTD flows
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BTC +$241.3M
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ETH -$315.8M
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SOL +1$12.6m
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Total inflows for digital assets totaled $30M
MEME OF THE DAY
How’s WallStreetBets feeling to start the week?
data from Swaggy Stocks
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