Wall Street’s Summer

Tale of the Tape

Good evening everyone. Let us here at Stocktwits Virtual HQ be the first to wish you all a joyous 3-day weekend baby 🍻

Stocks gave it their best to erase a second day of mind numbing losses. The Dow even went positive for a bit after trading down over 2%, but alas, the center could not hold and we closed down 0.56%.

Once again, technology took the brunt of the selling with the Nasdaq down 1.27% and the InfoTech Sector down 1.34%. The Naz lost over 4% for the week, the worst of the major indices.

Early in the day, it was looking like a repeat or worse of yesterday’s drubbing but some of the highfliers fought back with a vengeance. Tesla traded off 8% but punched its way out of the corner like Rocky Balboa to close 2.78% higher. Apple traded off another 8% but rallied from lunch on to close flat. See charts below.

Lots of great action but meaningless given this is the Friday into the end of Wall Street’s Summer (HT: Jeff Macke).

Here are your closing prices for the week on the major equity indices:

S&P 500	3,426	-0.81%
Nasdaq	11,313	-1.27%
Russell 2000	1,535	-0.61%
Dow Jones	28,133	-0.56%

Snapback

Stocks snapped back from this morning’s panic. Here are a few intraday charts of the action.

We’ll kick it off with the Nasdaq 100 ETF, $QQQ.

Tesla traded in a 13% range today. ($428 – $372.02)

Peloton closed $8 off its lows.

And here’s Apple. Like we mentioned above, $AAPL was down 8% at one point, it closed flat.

Peloton’s New Ride

Peloton is expected to release two new products as demand for home fitness equipment continues to surge.

A new “low-cost” treadmill and premium stationary bike are expected to be released as early as next week.

The new Tread treadmill will cost a cool $3,000 vs the current $4,295 model.

Peloton is leaning into the workout from home craze and how can you blame them?

$PTON is up 184% this year.

Here’s Bloomberg with more.

Hilton Time Square

The massive 44-story Hilton Times Square is closing.

Hilton Worldwide owns over 6,200 properties so the impact here for the company is diluted. $HLT is down 20% from it’s all-time high set earlier this year but it has recovered some 60% from the COVID low.

This story is more about NYC. Tourism has come to a standstill and a property like this represents that part of economic development.

There will be more large closures as these behemoth hotels run dry and then there will be legal battles and union battles and lost jobs and tax revenue.

What a mess.

Ultimately, some of these monstrosities will reorganize and reopen, which will be a shame because less of the Times Square type of tourism would be good for the city.

If you are planning a visit to NYC for 2021 or whenever and have never been, stay in Soho or the Village at a smaller hotel or AirBNB. It’ll be 1,000 times better.

Sorry. Had to say it.

$HLT was down .2% on the day.

Disney’s Mulan

Disney released its Mulan remake exclusively for Disney+ subscribers for an additional $30. 🙂

Originally set to premiere March 27, pandemic mayhem postponed the in-person release multiple times. Disney finally skipped theaters and unveiled Mulan to its US and Europe based viewers.

The digital release isn’t the only modern twist.

The new Mulan won’t cut her hair, she won’t have a talking pet dragon, and no hot army general boyfriend.

You go, girl. 💪