Seems like the dollar is actually weaker today, but the selloff in tech and some momentum names really dragging this market down AMD pretty impressive, still up for the day when other momentum names are selling off
Bernie Sanders introduces ‘Stop BEZOS Act’ in the Senate https://www.washingtonpost.com/business/2018/09/05/bernie-sanders-introduces-stop-bezos-act-senate Sen. Bernie Sanders (I-Vt.) on Wednesday introduced a Senate bill — the "Stop BEZOS Act" — that would require large employers such as Amazon.com and Walmart to pay the government for food stamps, public housing, Medicaid and other federal assistance received by their workers. The bill's name is a dig at Amazon chief executive Jeffrey P. Bezos and stands for “Stop Bad Employers by Zeroing Out Subsidies Act.” It would establish a 100 percent tax on government benefits received by workers at companies with at least 500 employees, the former presidential candidate said on Wednesday. Oh, so now he's an independent. Smart guy I guess, realizing that America is a 2 party system, and the only way to make it to President is to sneak in through the primary election. Wonder if Amazon will just decide to get into the government business...they can approve bills overnight for free, whereas the stodgy old government took weeks to do it and had to be supported by political bribes.
running a little late this morning but here is the pre-market thread nevertheless for those wanting to get a quick read before today's open- <-- click there to open! hope everyone has a great trading day ahead!
new multi-decade lows in weekly claims...any week now we should be seeing a sub-200k print weekly claims haven't been sub-250k for this long since the late 1960s
Yeah impressive indeed and sub-200K definitely would be some kind of milestone The ADP was a little disappointing, let’s see how the NFP does tomorrow morning
Tech underperforming for second day in a row Our market especially our tech stocks have outperformed rest of the world by a pretty big margin this year, so maybe we are catching up a little bit here
FNKO (the cutesy dolls, supposed to be collectible) is one of the best stocks right now (+300% ytd). GME is reporting this afternoon, and some point to FNKO's success as a positive for GME, as Gamestop is also selling those kinds of collectibles. It's been nearly 3 years since GME has gone above the 50-week ma.
S&P 500 Sector Switcheroo Set for September 28 Mark your calendars, because S&P GICS sectors are scheduled to undergo one of their most significant makeovers in history. Effective September 28, S&P Dow Jones Indices will make significant changes to its Global Industrial Classification Standard—referred to as GICS. Index provider MSCI will follow with its own updated indices in early December. Reclassifying companies into different sectors may not sound like a big deal for the S&P 500 Index, but as shown in LPL’s Chart of the Day, this one will be quite meaningful. The telecommunication services sector will be expanded and renamed “communication services.” The stocks that will be added to the expanded sector are mostly media and internet companies within the consumer discretionary and technology sectors, with a focus on digital advertising and social media. “The revamped and rebranded telecom sector will look much different than its predecessor, with superior growth prospects, higher valuations, and likely higher volatility,” according to John Lynch, LPL’s Chief Investment Strategist. “At the same time, the consumer discretionary sector will have less emphasis on traditional media, while the technology sector will lose some of its internet high-fliers.” The S&P 500 weighting for the telecom services sector—rebranded as communication services—will increase from 2.0% to 10.1%. After the changes, three of the original four “FANG” stocks (Facebook, Netflix, and Google/Alphabet) will be part of the new communication services sector. In total, about 8% of the S&P 500 is being reclassified in the biggest change to the sector landscape in the history of the GICS. The information technology sector will be trimmed to about 21% weight (from 26% currently) in the S&P 500. Consumer discretionary will be reduced to 10.1% weight (from 12.8%). We believe these changes are important for investors to consider, especially those who use telecom, consumer discretionary, or technology sector strategies including exchange-traded funds.
holy cow!... This changes my whole portfolio... And this is the first ive heard of it..... Man, thanks for the heads up CY Wonder how that's gonna work with ETF share prices??... I got a lot of questions to find answers for now
Yeah that change is really a big one, I guess in terms of semantics. Companies purely on computers/the internet (FB, GOOGL, pretty much NFLX) being removed from the technology sector (?!). But then, everything uses technology nowadays if you use a 20-year old definition of "technology". So it's kinda like we should ask what is Nowadays Technology?
