Tale of the Tape
Good evening, folks.
What a day on Wall Street.
The S&P 500 whipped around and fell 0.5%. The Nasdaq lagged while the Russell 2000 led. We see you small caps. 👀
Energy was the strongest sector by a mile, $XLE gained 4%. Tech was the biggest loser.
❄️ Snowflake IPO’d. The price action was incredible, it got halted. More on this below.
The Federal Reserve left interest rates low and said it’ll be there for a while.
Facebook fell 3.25% as Leo freezes Facebook with Kim K. Your move, Lord Zuck.
Here are the closing prints:
🌌 Stocktwits After Hours
Today on After Hours:
– ❄️ $SNOW Melts Retail Traders
– The Fed Meeting
– Update on TikTok USA
The highly anticipated software company, Snowflake made its public debut. $SNOW opened on the NYSE at $245/share. The stock was priced at $120 only a day ago and $75-85 last week.
It got halted in the first 2 minutes due to volatility. lol
$SNOW ticked a high of $319 before closing at $253.93.
As of the close, Snowflake is worth ~$70B, more than 5X its February valuation of $12.4B. 💸
Snowflake CEO Frank Slootman had this great quote:
A stock is worth exactly what somebody wants to pay for it. It’s like talking about the weather, it is what it is. Tomorrow’s another day, we’ll see what it brings.
$SNOW wasn’t the only IPO today.
JFrog, an Israeli software company, also went public.
$FROG opened at $71.27, traded as low as $64.03, and closed at $64.79.
The company says it’s on a “Liquid Software” mission to enable the follow of software seamlessly and securely from developer’s keystrokes all the way to the product.
Best of luck, JFrogger. 🐸
The Federal Reserve concluded its final meeting before the 2020 Presidential election.
The Fed maintained rates near zero and said it will likely stay there for years.
Rates will remain highly accommodative until the economy is far along in this recovery. -Fed Chair Jerome Powell
Here’s the Wall Street Journal with more.
Big Ten football is BACK.
The Big Ten Council announced a unanimous vote to bring back its fall season today. The conference’s 14 teams will kick off October 24.
Here’s Northwestern president Morton Schapiro:
From the onset of the pandemic, our highest priority has been the health and the safety of our students. The new medical protocols and standards put into place by the Big Ten Return To Competition Task Force were pivotal in the decision to move forward with sports in the conference.
Each team will play an 8 game season, concluding on December 10 with the Big Ten Championship. Official schedules have not yet been released.
Both the ACC and Big12 started last week. The SEC is scheduled to start September 26. The Pac-12, however, still has not announced a season.
The Kings Crown 👑
Yesterday, Notorious B.I.G.’s crown sold for $594,750 at auction.
The piece became an American icon after Biggie’s famous photo, King of New York.
The crown is covered in gems and was signed by both Biggie and Barron Claiborne, the photographer of the photo.
Sotheby’s senior specialist, Cassandra Hatton said this on the piece:
I think that crown is one of the most recognizable symbols of hip hop, 20th-century culture. Everybody around the world recognizes this crown. You see it on T-shirts. You see it on coffee cups and prayer candles. It’s huge.
Here’s Sotheby’s with more.
And if you’re in the mood for some Biggie, check out Spotify’s This is The Notorious B.I.G. playlist. 🎶
Wall Street Bombing
100 years ago today a bomb exploded on Wall Street taking the lives of 38 individuals.
No one knows exactly who organized the deadly attack but many believe it was a group of Italian anarchists.
Wreckage from the blast can still be seen today.
Here’s Eddy Elfenbein with more.
Links That Don’t Suck
🏀 Moore: The Denver Nuggets Took the Hard Road. Now They’re in the Western Conference Finals.
🎧 Invest Like the Best Rory Sutherland – Moonshots and Marketing
🏝 How Bjarke Ingels Group Will Redesign Malaysian Islands for an Eco-Friendly Future
🏈 Advanced Analytics Say That Mitch Trubisky Had The Greatest 4th Quarter Of All-Time
🍔🌵 McDonald’s Travis Scott promotion is so popular, it’s causing shortages
🔥 How Breathing in Wildfire Smoke Affects the Body
🧩 He Invented the Rubik’s Cube. He’s Still Learning From It.