Tale of the Tape
Good evening, y’all!! Stocks turned lower on Tuesday. Every major index settled in negative territory.
Consumer discretionary and real estate both rallied 0.3%. Energy dropped 2%. Financials and utilities fell more than 1%. 💔
Crypto had a quiet day. Bitcoin bopped between 35 and 40K while Ethereum hangs around 2550. Where will the crazy cryptos crack next? 🤪 Place your bets…
The US Dollar dipped to its lowest level since January 7. How low will it go?? Nobody knows… 🤷♂️
Here’s the $DXY daily chart:
Intuit dropped earnings after the close. Read the round-up below. 🤠
The MemeStocks had a moment. 🍿 🎮 $AMC advanced 20% and $GME gained 16%, but both stocks are still below their January all-time highs. ($AMC -17.5%, $GME -40%)
Here are the closing prints:
Amazon vs. DC ⚖️
Talk about David and Goliath— Amazon is being sued by DC’s attorney general for anticompetitive practices.
Attorney General Karl Racine just filed Amazon’s case. He hasn’t consulted other states or the FTC yet, but Racine claims Amazon’s third-party seller policies are anticompetitive. Specifically, he says third-party sellers are no longer able to offer goods at lower prices.
Amazon is increasing its dominant stronghold on the market and illegally reducing the ability of other platforms to compete for market share.
The DC Attorney General has it exactly backwards— sellers set their own prices for the products they offer in our store. Amazon takes pride in the fact that we offer low prices across the broadest selection, and like any store we reserve the right not to highlight offers to customers that are not priced competitively.
Guess we’ll have to wait and see how this one plays out. 🤷
The Super Flower Blood Moon
The super flower blood moon sounds like a Mario Kart map, but it’s actually what scientists are calling tonight’s lunar eclipse. 😅 🌗
2021’s only lunar eclipse happens tonight, so don’t miss it!! The glowing, reddish-colored moon will appear 14% bigger and 30% brighter than normal.
A “blood moon” occurs when light penetrating Earth’s atmosphere turns our satellite a rusty red color. “Flower moons” are full moons during springtime.
According to NASA, the super flower blood moon will eclipse at 4:47 AM EDT, and (weather permitting) it can be seen across western North and South America. You can expect something like this:
Shop with DubaiCoin 🛍
China announced the launch of its digital currency. The US is considering the same. Dubai can’t be left behind!!
On Tuesday, the ‘City of Gold’ debuted its new digital currency— DubaiCoin. DubaiCoin is valued at $0.17 per coin, and the currency can be used as payment for all goods and services— both online and in person. 👏
But there’s a catch. Unlike Bitcoin and Ethereum, DubaiCoin is not decentralized. The currency’s circulation will be controlled by the city and authorized brokers.
So what’s the use if it’s not free? DubaiCoin intends to replace paper currency, embracing emerging technologies like blockchain.
Operation #Green_Bitcoin 🌱
Crypto mining’s energy exhaustion is a huge problem for Bitcoin miners. To address growing environmental concerns, Elon Musk and MicroStrategy CEO Michael Saylor just founded the Bitcoin Mining Council. 💚
This is a huge W for BTC.X! The council clarified it won’t alter crypto’s main software. Instead, the group will promote sustainable energy practices and transparency in the cryptocurrency industry.
Cheers to Bitcoin’s greener future! 🥂 ♻️
Intuit Inc reported Q3 earnings today after the close. The software company beat earnings and revenue estimates and raised full-year guidance.
Here are the stats:
Earnings: $6.07 vs $5.40 est.
Revenue: $4.2B, +40% YoY
Sasan Goodarzi, Intuit’s CEO, said:
We had a strong quarter across the company, and as a result we are raising our full year guidance. We had a great tax season growing our share of total tax returns and executing our strategy of expanding our lead in the DIY category and transforming the assisted category. Small Business and Self-Employed Group delivered strong double-digit revenue growth and Credit Karma revenue reached an all-time high in the quarter.
$INTU increased 0.5% after hours.
Earnings This Week
Be sure to know when your stocks report earnings. Here’s the earnings calendar.
Links That Don’t Suck
🚀 SpaceChain to Deploy Commercial Blockchain Tech with SpaceX Launches in June
💰 TechCrunch Founder’s Apartment to Be Sold as NFT
📱 Germany’s 2038 Pavilion at Venice Architecture Biennale Puts QR Codes on Walls of Empty Building
💭 We Owe It to Our Kids to Put an Age Limit on Social Media
🥊 Exxon vs. Activists: Battle Over Future of Oil and Gas Reaches Showdown
🐴 The Quest to Rescue the Dude Ranch, One City Slicker at a Time
🍎 NYC Will Eliminate Remote Learning for Next School Year
💡Of Dollars and Data: No, Millennials Aren’t Poorer Than Previous Generations