$RIDE Takes a Plunge

Tale of the Tape

Good evening, ladies and gentlemen, and welcome back to the worldโ€™s greatest casino!! ๐ŸŽฐ

The Nasdaq and S&P 500 kicked off the week at all-time highs. The Dow and Russell 2K fell less than 0.50%.

Bitcoin blasted 10% higher on Sunday, then followed up today +1.5%. $BTC.X sits at $39,800. 

Tech held the top spot for sector performance. $XLK climbed 1%. ๐Ÿค–

EV truck maker Lordstown Motors slipped 19% after the CEO and CFO both resigned. Read more below.

$AAPL ascended 2.5%, $CRSR soared 11.25%, and $AMC jumped 15%. ๐Ÿฟ ๐Ÿ“ˆ

Here are the closing prints: 

S&P 5004,255+0.18%
Russell 20002,326-0.41%
Dow Jones34,393-0.25%

The Index Shuffle ๐Ÿ’ƒ

Youโ€™ve done the Electric Slide, but have you heard of the Index Shuffle??

One of Americaโ€™s biggest indexers, the Russell FTSE, is about to rearrange its core American indexes. This means over $10B in assets are about to start moving. 

Russell FTSE has already published a list of additions and deletions for the Russell 3000 and Microcap indexes. The update brings Russell into the future.ย 

Notable additions to the Russell 3000 index include Asana, AppHarvest, Blink Charging, DigitalOcean, DraftKings, FuboTV, Palantir Technologies, Riot Blockchain, QuantumScape, and dozens more. ๐Ÿ‘

Russell should communicate additions to the Russell 1000 and 2000 next Thursday. Since Memestocks and other trendy stocks see soaring market caps, some busier names might make the exclusive Russell 1000โ€™s and 2000โ€™s shortlist.

Bitcoin Bounces Back

After weeks of hustle and bustle, finally Bitcoin is back. The crypto hopped over $40K today. โœ…

Billionaire hedge fund manager Paul Tudor Jones called Bitcoin โ€˜โ€˜a portfolio diversifier.โ€™โ€™ His comment fueled the market. ๐Ÿš€

But the cherry on top was Elon Muskโ€™s tweet. ๐ŸŽ‚ The infamous CEO promised Tesla would accept Bitcoin transactions again in the future. Musk also said this would only happen when Bitcoin is mined more efficiently.

Not bad, BTC.X. Hope to see some surge this week. โšก

$RIDE Dives ๐Ÿ’€

Lordstown Motors CEO Steve Burns and CFO Julio Rodriguez resigned today. ๐Ÿคญ

The news comes just days after the EV manufacturer expressed โ€œsubstantial doubtโ€ about its operational capacity for the coming year.

$RIDE, which went public via SPAC, dove 19% today. ๐Ÿ’€

Angela Strand, Lordstownโ€™s lead independent director, was just appointed Executive Chairwoman until Lordstown finds its new CEO. Becky Roof was named interim CFO.

Angela Strand shared:

We remain committed to delivering on our production and commercialization objectives, holding ourselves to the highest standards of operation and performance and creating value for shareholders. Along with the management team, I will continue to work closely with them and the Board to execute on Lordstownโ€™s vision for the future of electrified transportation.

Crypto HODLs Its Investors ๐Ÿค ๐Ÿ’•

If investors HODL the coins, then who HODLs them?? Apparently, the crypto market does. 

Even though cryptocurrencies have been a rollercoaster this month, investors seem to be here for it. ๐ŸŽข  ๐Ÿ’˜ At least, thatโ€™s what Voyager Digital’s (the cryptocurrency-asset broker) survey says. 

Voyager Digital claims the recent selloff encouraged buyers to invest more in digital currencies. Huh. 

The selloff wiped out more than 20% of the crypto market’s valuation, but investors arenโ€™t discouraged. Instead, they’re planning to increase crypto holdings over the next quarter. 

According to the survey, about 7/10 investors hold bullish sentiment regarding Bitcoin prices for the coming months. 

Crypto is certainly HODLing its lovers! ๐Ÿ’•

Links That Donโ€™t Suck

๐Ÿ’ญ What Is r/WallStreetBets Talking About?

๐Ÿ“‰ Visual Capitalist Puts the 2021 Crypto Selloff into Perspective

โšพ Who Will Make the MLB Playoffs? FiveThirtyEight Has Run the Numbers

๐ŸŒŠ Sea of Thieves Announces Pirates of the Caribbean-Themed Cross Over at E3

๐Ÿ’‰ Vaccines Offer Significant Protection Against Covid-19 Delta Variant, U.K. Analysis Shows

๐Ÿ’ฐ How the U.S. Taxes Estates and Heirs, and What May Change

๐Ÿฆ The Nubank EC-1