#40 Daily Financial News Round Up - Dec 10,2021
Market Snapshot
Dow Jones is neither up nor down and is staying at 35754.69, S&P500 is down by 0.72%, and Nasdaq Composite is down by 1.71%.
How’s crypto-market?
Bitcoin is up by 0.86% in the last 24 hours to the price $49,772. XRP, Polygon and Terra continue to be the top three traded cryptocurrencies in the last 24 hours. The top 3 gainers are Bitcoin Gold, Kusama and Loopring. The top 3 losers are Texos, Ten and Aragon.
What news caught my attention?
AMC’s CEO and CFO sold most of their stock shares. The stock price slid as the market reacted negatively to the insider share sale. AMC came to prominence in recent times as a meme stock as retail investors rallied together to buy AMC stock and jack up the share price. Retail investors are known to make open statements indicating they don’t care about fundamentals and go by sentiment when making such trades.
Democrats’ appointee Mr Chopra, Consumer Finance Protection Bureau (CFPB)’s director, is not playing by rules and is looking to impose his will on bank merger activity which does not fall under his jurisdiction. Mr Chopra is notoriously known for flouting rules to exercise more control over institutional procedures. On his last day as Federal Trade Commissioner (FTC), he cast as many as 20 zombie votes by email, allowing him to dictate the FTC agenda even after his departure.
GM budgeted more than $3 billion for electric vehicles in Detroit.
My Takeaways:
Democrats and Republicans are two sides of the same coin.
Retail investors voice out that sentiment matters more to them than company fundamentals. Academics conjecture this about retail investors and provide complementary evidence. Yet, getting verbal confirmation seems to have sealed the deal.
Moving away from gas to electric in the auto industry is a good direction. Next, we need to think about the sources of electricity!