Tale of the Tape
Good evening, y’all. Today was wild.
Stocks opened on a green note and chugged higher for most of the day.
Small-caps were leading the way, then Trump tweeted and gains were quickly erased. More on this below.
Here’s the 30-min chart of the S&P 500 ETF, $SPY:
Utilities was the only positive sector. Communication services lost 2%.
General Electric received a Wells Notice. $GE dropped 3.74%.
Not every stock finished lower, there were pockets of strength.
$SE sailed. $FSLY flew. What can you do? They’ve been strong all year. 🤷♂️
Here are the closing prints:
🌌 Stocktwits After Hours
Today on After Hours:
Trump Tweets, Stocks Fall
Will the Big 4 Break-Up?
Listen: Spotify | Apple Podcast | Google
This morning, Chairman Jerome Powell of the Federal Reserve warned about the risks of withholding economic support from small businesses and families during the pandemic.
At this early stage, I would argue that the risks of policy intervention are still asymmetric. Too little support would lead to a weak recovery, creating unnecessary hardship
Powell also said that the risks of withholding relief outweigh the risks of disbursing too much of it.
Twitter Fingers 📲
Following Powell’s remarks, President Trump tweeted that he rejected Nancy Pelosi’s $2.4T stimulus plan and wants to stop negotiations until after the election.
Stocks dropped on the tweets.
Here’s the intraday chart of the S&P 500 ETF, $SPY:
And here’s the President’s thread:
Nancy Pelosi is asking for $2.4 Trillion Dollars to bailout poorly run, high crime, Democrat States, money that is in no way related to COVID-19. We made a very generous offer of $1.6 Trillion Dollars and, as usual, she is not negotiating in good faith. I am rejecting their request, and looking to the future of our Country. I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business.
GE Wells Notice
General Electric received a Wells Notice from the SEC. The company was investigated for its accounting practices over the last 2 years.
SEC staff recommend civil action against GE for potentially violating securities laws.
$GE fell 4% on the news.
Here’s the intraday chart:
And the daily chart:
Alteryx Guides Higher
Alteryx, a data analytics platform, jumped 28% after the company raised its Q3 revenue guidance and announced a new CEO.
$AYX estimates Q3 revenue from $126 – $128 million, higher than the previous revenue guidance of $111 – $115 million.
The company announced that Mark Anderson will succeed Co-founder, Chairman, and CEO Dean Stoecker immediately.
Here’s the official press release.
Be sure to know when your stocks report earnings. Here’s the earnings calendar.
Links That Don’t Suck
🍏 Apple Event: October 13, 2020
🍂 The October Symphony
🎸 Eddie Van Halen, Rock Guitar God, Dies at 65
⚫️ Nobel Prize in Physics Is Awarded to Three Scientists for Discoveries about Black Holes
🔏 Gazepass Passwordless Authentication API for the Web
👛 NBA x Louis Vuitton Keepall Duffle Bags Surface
📈 How Garmin Survived the iPhone and Started Growing Again