The Weekend Rip: Back to Business

/ jwickman16

Good evening, everyone. We hope y’all had a great weekend. It’s time to get back to business. 

Tesla’s Battery Day is scheduled for Tuesday. It should be a hoot. The vibe around the event feels like those Apple keynotes under Steve Jobs. 

We’ll get earnings from Nike on Tuesday, Cintas on Wednesday, and Costco on Thursday. See the earnings calendar below.

The S&P 500 closed below its 10-week moving average for the first time since early April. Is this a change of trend? Time will tell. 

Here’s the weekly S&P 500 chart with the 10-week moving average in orange.

S&P 5003,319-0.64%
Nasdaq10,793-0.56%
Russell 20001,536+2.48%
Dow Jones27,657-0.03%
Weekly Percent Changes

Water Futures

CME Group and Nasdaq announced Veles California Water Index futures coming later this year.

The product is designed to help market participants manage risk associated with the scarcity of water.

Here’s Tim McCourt, CME Group Global Head of Equity Index and Alternative Investment Products:

With nearly two-thirds of the world’s population expected to face water shortages by 2025, water scarcity presents a growing risk for businesses and communities around the world, and particularly for the $1.1 billion California water market. Developing risk management tools that address growing environmental concerns is increasingly important to CME Group. 

This innovative, new water contract builds on our strong partnership with Nasdaq, as well as our proven 175-year track record of helping end-users and other market participants manage risk in essential commodity markets including agriculture, energy, and metals.

See Traders Magazine with more.

Tik Tok Is Here To Stay?

It appears the TikTok saga is over.

President Trump “supports a deal in principle” allowing TikTok to stay in the US.

Bytedance will still be the majority shareholder of TikTok but Oracle and Walmart can purchase up to a 20% stake in the company. 

Vanessa Pappas, Interim Head of TikTok shared this on Saturday:

We are committed to protecting our users globally and providing the highest levels of security. Both Oracle and Walmart will take part in a TikTok Global pre-IPO financing round in which they can take up to a 20% cumulative stake in the company. We will also maintain and expand the US as TikTok Global’s headquarters while bringing 25,000 jobs across the country.

TikTok has won the hearts of hundreds of millions of people around the world, including 100 million Americans, because it’s a home for entertainment, connection, and expression. 

Here’s TikTok’s press release. 

Sunday Links:

👩‍⚖️ Ruth Bader Ginsburg, 1933–2020

💥 The Same Old Boom

⚡️ Tesla Battery Day: Everything Elon Musk could share 

🧹 Secret documents show how North Korea Launders Money through U.S. Banks

🚋 NYC Subway Station Sign Altered in Ruth Bader Ginsburg Tribute

🌎 A New White Paper Explores How to Build Hotels More Sustainably

🛑 Judge Halts Trump Administration Order to Remove WeChat from App Stores

The Week Ahead 

And now a brief and well-organized look ahead at the trading week beginning Monday, September 21st, 2020:

Economic Calendar:

  • 9/22 August Existing Home Sales (10:00 AM ET)
  • 9/24 August New Home Sales (10:00 AM ET)

Here’s the full Economic Calendar provided by Briefing. 

Earnings Calendar:

Be sure to know when your stocks are reporting. Here’s the earnings calendar.