Tale of the Tape
Good evening folks. After a hairy morning with downside follow through on the heels of two full days of fervent selling, stocks turned that frown upside down, rallied like Astros stealing signals, and went out at the highs of the darn day.
The S&P 500 closed up 1.15%, 3% above the morning lows while the Dow Jones Industrial Average bounded 1.62% on the strength of UnitedHealth and American Express.
Financials, which looked like they were all going banko at 10AM, ripped from the edge of the abyss and proceeded to lead all sectors higher, closing up 2.5%.
Was this a mini-capitulation of the 48 hour shnide? We have no idea but it felt fantastic. 😉
Mall of America is set to open June 1. How this goes has huge implications for retail nationwide and the second half of 2020. We’re rooting for its great success and have nothing even remotely snarky to add here.
Here are today’s closing prices for the major equity indices:
The New York Stock Exchange Set to Reopen
The venerable New York Stock Exchange at the corner of Wall and Broad is set to reopen its doors on May 26. Godspeed brothers and sisters! ❤️
Wix reported earnings this morning and the stock jumped 13.97% to new all-time highs. It’s like everybody working from home suddenly needs a website.
EPS: -$0.01 vs -$0.02 est.
Revenue: $216M +23.9% YoY
Here’s the highlights from the press release:
Apple Is Buying VR
Today, we learned that Apple bought NextVR, a virtual-reality startup out of Newport Beach, CA.
NextVR specializes in broadcasting and producing live and recorded virtual reality content but as of today here’s the company’s homepage:
Who knows what Apple has in store. Hopefully something out of this world.
$TSMC Coming to the USA?
Taiwan Semiconductor says it plans to build an advanced semiconductor factory in Arizona. We’ll believe this when we see it.
Top 500 Restaurants Chains
Restaurant Business released its Top 500 highest-grossing restaurant chains for 2019. Mcdonald’s topped the list but it’s hard to ignore Chick-fil-A at number 3 despite being Closed on Sunday.
Here’s the top 10:
The Ugliest Day in Economic Data Ever…
Tomorrow, the US will likely report the ugliest day of economic data in the history of economic data.
Bespoke published this clean, simple table and it is devastating.
Today on Stocktwits…
Steve Spencer shared a chart highlighting the price level where Elon tweeted about Tesla being overvalued and how it has acted as support over the last few weeks. Hilarious.
Chart via Steven Spencer
Be sure to know when your stocks report earnings. Here’s the full earnings calendar.
Links That Don’t Suck
The Epic Games Store goes down as everyone tries to get GTA V for free
Mexico’s Cartels Distribute Coronavirus Aid to Win Popular Support
In This Age of Self-Isolation, Architects See Their Homes From a Different Angle
Investor Confidence and Stock Market Performance Have Decoupled