DJIA -106.77 to 35544.18, NAS Comp -175.64 to 15237.63, S&P 500-34.88 at 4634.09
Tuesday, the S&P 500 fell 0.8% as concerns about inflation and economic growth weighed during this last annual FOMC meeting. The NAS Comp (-1.1%) and Russell 2000 (-1.0%) both underperformed the benchmark index, while the DJIA declined only 0.3%. Our Key technical indicators are flashing Green now.
- S&P 500 +23.4% YTD
- NAS Comp +18.2% YTD
- DJIA +16.1% YTD
- Russell 2000 +9.4% YTD
WTI Crude Oil futures settled lower by 0.9%, or $0.67, to $70.57/bbl, Gold futures settled $16.00 lower (-0.9%) to $1,772.30/oz and the US Dollar Index is +0.2% at $96.52.
AMC (NYSE:AMC) traded up 5.24% at $24.50 Tuesday. The stock’s 52-wk range is $1.91 to 72.62, and average daily trading volume is about 43.3-M/shares shares. Tuesday 106-M/shares traded.
Most other on our meme list traded off on the day.
Investment programs are gaining popularity in the US and internationally, as more millennials shift their money into cryptocurrency.
This dynamic represents both an opportunity for citizens to obtain a 2nd passport, and an option to claim permanent residency in a foreign country.
The reasons why the crypto crowd is gravitating toward having a 2nd home country are related to opportunity cost, tax exposure, and more.
As more countries allow investment into their nation by foreign nationals and offer them substantial benefits in return, and citizenship by investment programs (CIP) do a lot of “due diligence” when it comes to vetting applicants.
- The November Producer Price Index (PPI) showed that the index for final demand increased 0.8% month-over-month, while the index for final demand, less foods and energy, increased 0.7%. That left the year-over-year increases on an unadjusted basis at 9.6% and 7.7%, respectively.
- The Key takeaway from the report is that it is another sign that inflation pressures are persisting in an unacceptable manner and may force the Fed into taking a more aggressive policy path at a time when the market has concerns about a slowdown in growth.
- The NFIB Small Business Optimism Index increased to 98.4 in November from 98.2 in October
Looking ahead to Wednesday, investors can expect the FOMC Rate Decision, Retail Sales for November, the NAHB Housing Market Index for December, Import and Export Prices for November, the Empire State Manufacturing Index for December, Business Inventories for October, and Net Long-Term TIC Flows for October.
Fresh off his Time magazine Person of the Year honor and calling for Congress to press ”delete” on Mr. Biden’s ‘‘Build Back Better’‘ plan, Elon Musk fired shots at Senator Elizabeth Warren (D-Mass), as a ”Karen.”
Mr. Musk then fired off a series of tweets trolling Ms. Warren as an ”angry mom” and a ‘‘Karen,” a pejorative term as defined by the Urban Dictionary as a ”middle-aged woman” who ”makes solutions to others’ problems an inconvenience to her although she isn’t even remotely affected.”
”Stop projecting!” Mr. Musk tweeted, linking a story detailing her ”lies about being Native American.”
Mr. Musk did not stop there.
”You remind me of when I was a kid and my friend’s angry Mom would just randomly yell at everyone for no reason,” he tweeted, adding in an ensuing tweet: ”Please don’t call the manager on me, Senator Karen.”
Musk further tweeted: “And if you opened your eyes for 2 seconds, you would realize I will pay more taxes than any American in history this year.“
Have a prosperous day, Keep the Faith!