MARKET NEWS
There was a brief rally in the stock market last week, but stocks have most likely not hit bottom yet. That bottom won't come until the Fed eases up on the interest rate hikes. The Nasdaq is down 34% on the year and the S&P has lost in 16 of the last 20
trading days as of Monday 10/17/22. At least Goldman Sachs reported okay earnings which led to a jump in stocks
yesterday.
Crypto interest has only died among retail investors. The big players like BNY Mellon, Nasdaq, Mastercard, and Google have all been investing big into digital currencies. Mainly BTC and
ETH.
Fast-Food partnerships are a new craze and the latest is McDonalds and Krispy Kreme. McDonalds plans to sell three flavors of Krispy Kreme doughnuts in stores at nine locations as a test run.
These new product offerings are because prices were up 8% from last year and fast-food
chains need something to entice consumers.
CCP president Xi Jinping is about to be elected to his third consecutive 5-year term. This is unprecedented in China, and it was made possible because Pres. Xi got rid of term limits in
2018.
China and the US are battling over Chip making supremacy and right now the US is winning. The US has the upper hand because China is still relying
on American tech to produce chips and the Whitehouse is limiting exports in the industry. However, China Chip making factories has a lot of American citizenship as its leaders. This should raise the red flag of corruption. The US is winning, but the battle is going to be a long one.
The Beta version of cancelling student loan debt has been released. But expect a lot of bugs, because this is a beta version of something the Government has produced. If you want to give it a shot and try and cancel up to $20K of your student debt, then you can try it out HERE.
New British
PM Liz Truss is currently being put through the ringer and you can follow the story HERE. PM Liz Truss and Italian PM
Giorgia Meloni are both conservative in their mind set and this has caused the powers at be to pounce.
Nearly $3 Trillion dollars has been wiped from retirement accounts this year alone. in somewhat of a response the US government is upping the
Social Security benefits to people receiving their SS checks. Giving more money to struggling retirees is welcomed by most, but we don't yet know how this will affect the paychecks of working Americans and their employers.
What causes inflation? Too
many dollars chasing too few goods! only a fourth of the economic growth experienced in the last 15 years or so can be contributed to actually products and services being produced. This means all that abstract investing in stocks and your 401k might be what you're doing to protect against inflation, but it is also causing inflation.
Netflix has lost 1 million subscribers over the past two quarters and plans to launch an ad-tier for $7/month to ease the pain. But they just announced that they gained subscribers for the first time
in a while last quarter.
Luxury EV Demand is increasing. Rolls-Royce has a $413K Spectre Electric car for sale and over 300 orders have come in from the US. GM has a similar $300K EV that was just released.
Tesla is not a profitable company on their own. Many people think Tesla is a powerhouse, and it is, but not for the reasons you may think. In 2020 Tesla would have
posted a net loss if it wasn't for the $1.6 Billion it received in regulatory credits.Tesla has since increased its profitability, but the question must be asked if they would have gotten there without the government benefits.
