#8 Daily Financial News Round Up - Nov 8,2021
Market Snapshot
Dow Jones is up by 0.56%, S&P500 is up by 0.37%, and Nasdaq Composite is up by 0.20%.
How’s crypto-market?
Bitcoin is up by 5.78%. The top three traded cryptocurrencies in the last 24 hours are Shiba Inu, XRP and Dogecoin. Cryptomarkets seems to have rebounded, while the red trend continues for Shiba Inu, Solana, Polkadot and Decentraland.
What news caught my attention?
Tesla stock price fell by 4.8% after the Twitter poll. Usually, when insiders indicate that they want to sell their stock - markets interpret it as a lack of faith in the company. But, we are talking about Elon Musk here. The usual rules don't seem to apply. Does the Twitter poll convey any other information other than taxation purposes?
Further, I discovered that the law stipulates Elon Musk to have his social media activity reviewed by his lawyers before publishing them online. This action resulted from an agreement between the SEC and Elon Musk when the SEC sued him in 2020 due to his social media activity's power to manipulate markets. The question to ask is - was the Twitter poll approved by his lawyers? Or are we in for more drama in the future?
Affluent millennials prefer new FinTech intermediaries to traditional financial intermediaries. This preference goes all the way through managing money. They prefer managing their own money through apps like Robinhood than putting their wealth in someone else's hands.
My Takeaways:
Are millennials trying to reinvent the wheel? Distrust in traditional financial intermediaries is understandable. But, can everybody manage their funds? Is this advisable? Are consumers better off? These are all questions that warrant research.
I am ending today’s posts with more questions than answers. :)