Tale of the Tape
Good evening, everyone. The market got hit on hump day.
Every major index closed lower. The Nasdaq and Russell 2000 both tumbled more than 2%.
Energy charged up 2.5% as $XLE closed just above yesterday’s high. Basic materials and industrials both gained 0.7%, but finished ~1.5% off intraday highs.
Bitcoin barely budged while Ethereum continues to leak lower.
The FAANG gang flopped. The NYSE FANG+ Index fell 3.3% and closed at its lowest price since March 8th. Here’s the daily chart:
Viacom tumbled 23% following yesterday’s stock offering. Discovery also dropped 13%.
Chinese tech crumbled as its government looks to oversee a data-collection joint venture. See more below.
The MemeStocks got murdered. GameStop dropped 34% while AMC fell 15%.
The cargo ship in the Suez Canal is still stuck. O Captain! My Captain! Somebody help that Captain!!
Legislators in New York might finally agree on a bill to legalize recreational marijuana. Read more about the reefer madness below.
Here are the closing prints:
S&P 500 3,889 -0.55%
Nasdaq 12,961 -2.01%
Russell 2000 2,134 -2.35%
Dow Jones 32,420 -0.01%
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The Great Firewall
China Commandeers Tech
Earlier today, the Chinese government officially proposed a joint venture with all technology companies based in China to “oversee” their collected data.
The plan, led by the People’s Bank of China, marks yet another move by the country to increase regulatory power and strengthen the “The Great Firewall.” The department has yet to officially comment.
Earlier this month, Chinese President Xi Jinping said the government has a duty to reign in “platform” companies which collect data from millions of citizens.
Chinese tech got crushed on the news, squashing stocks like $TME and $IQ (check out the charts below).
Will the sector get squished like Ant Group last year? Place your bets...
$IQ collapsed 19%:
$TME tumlbed 27%:
$BILI broke down 10%:
