MARKET NEWS
- Gold = $1,643.30
- Silver = $19.43
- Platinum = $945.10
Jim McIngvale is a furniture mogul, and he could also be the winner of the largest payout from a legal sports bet in history. The self-proclaimed Mattress King bet $10M on the Astros to win the World Series and if they pull it off Jim could win $75 Million!!
Fed Chair Jerome Powell sent stocks plummeting again after he did not tell investors what they wanted to hear. A fourth interest rate hike of at least 75 basis points is coming. This and future rate hikes may be lower than the peak 100-point hike but expect the hikes to continue well into the future.
AirBnB stock just got destroyed even though they posted some of their best earnings ever, and this is because they made a statement saying that the future profits in the short term look bleak. Just remember, Stock prices are not
tied to real production of goods and services, at least not directly. It is all just supply and demand for the individual stock being based off of fear or optimism.
The world's biggest iPhone plant is locked down for
seven days because it is located in Zhengzhou China and the CCP is still enforcing their zero Covid policy. (Apple + China) x Covid = Logistical Nightmare.
Elon Musk has owned Twitter for about one week and he has already
fired many top tier executives including CEO Parag Agrawal and Musk also plans to let go another 3,700 employees. Elon says he might start charging blue check marks $8/month and he is getting rid of the work from home policy. Lots of change that the secular left seems to hate for some reason?!
A new comedy series is hitting Netflix about the last remaining Blockbuster store and the irony is strong! Netflix is the main reason Blockbuster is a thing of the past and the real kicker is that Blockbuster had a chance to buy Netflix for $50 Million in the late 90's. That would have been a steal since Netflix is now worth $120 Billion. Netflix is launching its first ad-driven tier to stop the bleeding of
subscribers.
Russia and Ukraine are still at war but they have agreed to trade Grain once again. Food and money trump Power struggles I suppose.
Hook-up culture is rampant, and the financial industry is proving it. Swipe right apps like Tinder and Hinge are reporting record earnings despite the rest of the market taking a perpetual nosedive. So, despite inflation people are still willing to spend money on casual hookups. That is
probably great for society, right? (As much sarcasm intended as possible)
Another company that is beating inflation is Yum Brands (Taco Bell, Pizza Hut, and KFC). Apparently even premium menu items are selling, and this
means a great study will be done in the future as to how we were willing to spend money on test tube fried chicken and mystery meat tacos even though are grocery bills were going through the roof.
