Tale of the Tape
Good evening fine people.
The Nasdaq and S&P 500 closed at new all time highs.
The Dow Jones Industrial Average got a modern revival but the Index still closed lower. See more below.
Facebook finished up 3.5% closing at new all time highs off the announcement of Facebook Shop.
Starbucks brought the Pumpkin Spice Latte back to the menu so naturally $SBUX rallied 5%.
Energy was the weakest sector. $XLE was down 2%, however, the Solar ETF, $TAN was up another 3% today bringing its YTD performance to 79%.
Here are the closing prints:
| S&P 500 | 3,443 | +0.36% |
| Nasdaq | 11,466 | +0.76% |
| Russell 2000 | 1,571 | +0.17% |
| Dow Jones | 28,248 | -0.21% |
Want to Work in Finance? Wall Street Bound Talent Exchange Is In Effect
If you are a talented black or brown student or recent graduate interested in a career in finance, Wall Street Bound might be able to assist.
Wall Street Bound is a non-profit organization focused on helping the deserving but underrepresented develop careers by networking with employers.
Wall Street Bound is currently helping to hire:
1. Paid Internship at Shaping Wealth
2. Summer 2021 paid Private Equity Analyst position at Tiff Investment Management.
If you are interested in either position, email a brief statement of interest, your LinkedIn profile, and/or resume to info@wallstreetbound.org.
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Out With The Old In With The New
Some big changes are coming to the Dow Jones Industrial Average.
3 new companies will be added to the 30-stock benchmark before the market opens on August 31st. Salesforce.com will replace Exxon Mobil, Honeywell International will swap with Raytheon Technologies, and Amgen will switch with Pfizer.
Senior index analyst at S&P Dow Jones Indices had this to say:
Basically Apple — by itself — took the technology [weighting] within the Dow down from 27.6% to 20.3%. It’s a significant decline. By adding Salesforce, you can come back to 23.1% of the Dow being in technology. This is a massive amount, especially when you add in Apple, which re-weights it significantly. So we expect to see a lot of action on it, a lot of buying and selling,
2013 was the last time three simultaneous changes happened. $GS, $NKE, and $V replaced $AA, $BAC, and $HPE.
American Airlines Cuts A Lot Of Jobs
American Airlines is expected to cut 28% of its workforce once the additional federal aid expires in October.
40,000 jobs could get slashed.
Here’s a quote from a memo to American Airlines employees regarding the stimulus,
It was assumed that by Sept. 30, the virus would be under control and demand for air travel would have returned. That is obviously not the case.
$AAL fell 2.2% on the day.
Here’s The Wall Street Journal with more.
Tiffany’s New House
Tiffany and Co unveiled a new design for its flagship store in New York City.
Here’s what Reed Krakoff, Chief Artistic Officer at Tiffany & Co. had to say,
The Tiffany & Co. Fifth Avenue flagship is arguably one of the most beloved and well known luxury retail spaces in the world. It’s a place where so many have memories of important moments in their lives, filled with emotion and anticipation of the extraordinary. Tiffany’s newly transformed flagship will reflect the future of our brand, while honoring our 183-year legacy.
Here it is. Or is this an Apple Store…? 🤔🤣
Here’s Tiffany with more.
Top 100 Websites in the World
This is such a cool graphic from Visual Capitalist, we just had to share. This is the 100 largest websites in the world as of June 2019. Click on it for Super High Resolution:
Earnings Tomorrow
Be sure to know when your stocks report earnings. Here’s the full earnings calendar.
Links That Don’t Suck
🌌 Stocktwits After-Hours: Major Shake-Up in the Dow-30!
Spotify | Apple
⚽ Lionel Messi Tells Barcelona He Wants to Leave Club Amid Manchester City Rumors
🌲 An Ode to the Risk-Takers and Dreamers | Outside Online
🚙 Mercedes Metris Getaway Review | Best Camper Vans 2020
🚫 Here are the value traps that Bank of America says investors should avoid
🛬 The Colorado startup dreaming up a return to supersonic flight
🎙 RNC 2020: Schedule and speaker lineup for Night 2
🛹 JP Souza’s “I’ll be Around” Part
