Well, This Ain’t Good.

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:

S&P 5003,360-1.40%
Russell 20001,577-0.30%
Dow Jones27,772-1.34%

🌌 Stocktwits After Hours

Today on After Hours:

Trump Tweets, Stocks Fall
Will the Big 4 Break-Up?

Listen: Spotify | Apple Podcast | Google

Risky Business 

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. 

Powell said: 

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.

Earnings Ahead

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