📈 Sep 19 — Daily Stock Market Headlines 🚀 (Crypto, Opendoor, Ford)

from Finviz.com

Macro

🔸 S&P 500 +0.69% Nasdaq +0.76% ➡️ Stock moved higher to the support level after a volatile trading session as investors were waiting for the Fed interest-rate decision this week.

🔸 Treasury Yields ➡️ The benchmark 10-year Treasury yield gained 6 basis points to 3.518%, hitting its highest level since April 2011 as mortgage rates keep increasing.

🔸 Fed Rate ➡️ Fed’s two-day meeting will begin on Tuesday, with the market expecting another 75 basis point hike.

Industry

🔸 Self Driving ➡️ Cruise robo-taxi service is expanding to Austin, Phoenix in 2022.

🔸 Healthcare, COVID ➡️ CVOID-19 vaccine stocks fell as President Biden said the pandemic is over.

  • President Joe Biden said “We still have a problem with COVID. We are still doing a lot of work on it. But the pandemic is over.
  • Both Moderna and Novavax dropped ~8%

🔸 Fintech, Buy Now Pay Later ➡️ The U.S. Consumer Financial Protection Bureau (CFPB) plans to start regulating “buy-now, pay-later” (BNPL) companies like Affirm due to worries that consumers are not protected enough.

🔸 Crypto ➡️ Ethereum sank near 25% last week after the Merge was completed.

  • After the Merge, over 40% of the blocks were added by two addresses: Coinbase and Lido
  • 50% of the nodes are hosted on Amazon Web Services
  • The result raised concerns about decentralization as these centralized institutions control most of the network.

Stock

🔸 Opendoor (OPEN) ➡️ Opendoor stock slides after a report saying it is losing money on 42% of all transactions in August

  • This data exposed the risks of the iBuying business, which could be hugely affected by the macro environment
  • Last year, Zillow pulled out of iBuying business after concluding that home prices were too unpredictable

🔸 Ford (F) ➡️ Ford expected inflation-related supplier costs to be $1B during Q3, which is higher than previously estimated

🔸 Palo Alto Networks (PANW) ➡️ Palo Alto Networks is in the process of acquiring cybersecurity startup Apiiro for $600M.

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