Tale of the Tape
Good evening everyone and welcome to the weekend! It’s been a long week so pour yourself a cold one and have a good read.
The S&P 500 closed 10% higher this week but today we gave up the majority of yesterday’s big gains. The market was especially weak late in the day, giving up 3% in the final 30 minutes. This is just more volatility in a volatile environment.
Is it still a new bull market after today’s selling? Sure felt like a bear market rally this week. Place your bets…
The $2T stimulus package got done today and there was a modest sell the news vibe.
Energy was the weakest sector down almost 7% on the day but it still gained 22% on the week. lol!
The Stimulus Deal.
President Trump signed the $2T stimulus deal after the closing bell. This is the largest economic stimulus in U.S. history.
Here’s the NY Times with live updates.
Also… President Trump got pissed at General Motors today. He ordered $GM to make ventilators and might initiate the Defense Production Act.
Here’s the WSJ with more.
Chart Summit by All Star Charts takes place this Saturday! It’s free, it’s online (quarantine friendly) and it features a ridiculous list of the best minds in markets including Stocktwits’ own Howard Lindzon and Phil Pearlman.
Cruise liner stocks have hit an iceberg. Today, Carnival, Norwegian, and Royal Caribbean were all down double digits. Not usually the way you want to end a week.
Here’s the group’s YTD performance.
These companies have been put under severe pressure due to the coronavirus outbreak. To add insult to injury, it was reported that these companies won’t qualify for U.S. aid.
President Trump said the following when asked about assisting the cruise line industry…
I do like the concept of perhaps coming in and registering here … It’s very tough to make a loan to a company when they are based in a different country.
Here’s USA Today with more.
Well Done, Apple 👏
Here’s a super sweet website that embraces the vintage look. Great assortment of music and videos. Check it out. So freaking cool.
Links That Don’t Suck
The Creation and the Myth of Kanye West
Why The Stock Market Rallies on Bad News