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  • Daily Scoop 22-11-8

Daily Scoop 22-11-8

👋 Your Tuesday Scoops - Tyson's drunken arrest & Lyft's failed autonomous

Today's Scoop:Floating

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Big Picture

  1. There was a massive shakeup in the crypto world today.

  2. Small businesses are still struggling to find workers.

  3. Consumers have lost confidence in the housing market.

The Market: 

⬆️

+0.6%

S&P 500: 3,828.11

1Mo:

 

+6%

 

| 1Yr:

-18%

 

| 5Yr:

+48%

The market drifted higher today ahead of the US midterm election results.

There was a massive shakeup in the crypto world today,

as the world's largest exchange (Binance) bought the third-largest (FTX) amidst fears of FTX's financial instability. FTX is roughly the same size as Coinbase and became famous for buying naming rights to the Miami Heat arena and its Larry David Super Bowl commercial. This week,

rumors of insolvency sent shockwaves through crypto prices,

and Binance announced it would purchase the company outright. It's a significant consolidation of global crypto control.

Small businesses are still struggling to find workers and manage rising costs.

The National Federation of Independent Business reported the 10th straight month of declining small business optimism.

Consumers have lost confidence in the housing market.

Fannie Mae's Home Purchase Sentiment Index fell for the 8th straight month to the lowest level in over a decade amidst soaring mortgage costs and high home prices.

Company Scoops ❤🌎💰

(Click to dig in & vote your reaction, see how others feel)

Tyson Foods

-

Lyft

-

T-Mobile

-

Take-Two

-

Nvidia

(These links only work for 24 hours while the story is live)

🤓 Inside Scoop...

Government policy

changes can move markets, particularly spending, regulation, or tax policy. However, most significant policy changes have an extended lead time with multiple revisions, and most proposed policies may never come to fruition, so markets rarely react to general political discourse.

Uncertainty

has the most considerable influence on markets. Investors hate too much variability in their projections. So

election years

typically have above-average volatility in the first three quarters but a positive average return in the fourth quarter, regardless of the outcome, simply because there's more clarity on potential policy.

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