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- 📊 TikTok on the Clock?
📊 TikTok on the Clock?
Ticker Tea
March 14, 2024
Mornin’ ☀️
In a subdued trading session awaiting Thursday's retail sales data, the markets showed mixed performance; the Dow Jones managed a slight increase, the S&P 500 edged lower, and the Nasdaq 100 declined by approximately 0.8%.
High-profile tech companies like Nvidia and Tesla faced losses, with Tesla continuing its March downturn following an analyst downgrade. The tech sector's significant contribution to the S&P 500's performance this year raises concerns among some investors, especially as profits outside the top seven tech giants contracted by 1.7% in the latest quarter, according to Bloomberg Intelligence.
Meanwhile, US 10-year yields climbed to about 4.19%, and Bitcoin traded near $73,000 (chart).
The upcoming release of February's producer price index (PPI) will offer further insights into inflation, with expectations for a moderation in core monthly costs.
Discussed further below 👇, the United States is inching towards banning TikTok from app stores should they not sell to a U.S. based company 👀
Should the U.S. ban TikTok? |
⬆️ Gainers: Williams-Sonoma (+18%), Microstrategy (+11%), On Holdings (+8.5%), NYCB (+9%), Sweetgreen (+8%), (link)
⬇️ Losers: Dollar Tree (-14%), , United States Steel (-13%), Sunrun (-7%), Rivian (-5%), Krispy Kreme (-5%) (link)
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» The US House of Representatives passed a bill aiming to ban TikTok unless sold by its Chinese owner, ByteDance Ltd., citing national security concerns. The bill, now moving to the Senate, could lead to significant legal and political ramifications, including a potential legal battle and tensions with China, despite President Biden's willingness to sign it into law. (link)
» Bitcoin reaches a new high of $73,664, driven by unprecedented ETF demand, with BlackRock's IBIT experiencing a record $849 million in daily inflows. (link)
» Memecoin trading surges to levels not seen since before the last crypto bubble burst, with Dogwifhat and Pepe leading the frenzy, pushing the total market value of memecoins over $60 billion. (link)
» MicroStrategy ($MSTR) announces a second convertible note sale of $500 million this month to purchase more Bitcoin, following an $800 million sale, as the cryptocurrency hits record highs. (link)
» Dollar Tree $DLTR shares plummeted up to 14% after announcing plans to close 1,000 stores to enhance profitability amidst ongoing litigation and challenges. The decision is expected to contribute 15 cents to 2024 earnings per share. (link)
» SpaceX has received FAA approval for its third Starship test flight, potentially launching Thursday morning. This follows mixed results from previous prototypes, aiming for new milestones, including a live-streamed event. (link)
» Under Armour ($UAA) reappoints founder Kevin Plank as CEO, replacing Stephanie Linnartz after her year-long tenure, amidst investor concerns reflected by a share price decline. (link)
» Reddit anticipates over 20% revenue growth in 2024, following a $804 million revenue in 2023, and aims to reach a break-even point on an adjusted Ebitda basis this year. (link)
Major earnings releases scheduled the next five business days 👇
Click here for a comprehensive list of earnings scheduled over the next 5 days (mkt cap $1bn+)
Economic results from yesterday are below, along with today’s schedule 👇 Click here for full schedule & live updates of Wall Street estimates.
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Dalai Lama
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