tyb
Market Report
Dow (^DJI): 29,100.50, +454.84 points (+1.59%)-well over the daily average volume here
Volume: 539,512,285 Avg. Volume: 391,666,307
S&P 500 (^GSPC): 3,580.84, +54.19 points (+1.54%)-and well under here
Avg. Volume: 4,800,815,692 Volume: 2,566,222,539
Nasdaq (^IXIC): 12,056.44, +116.78 points (+0.98%)-same here
Avg. Volume: 4,366,779,692 Volume: 3,613,818,221
After beginning a traditionally grim month on strong footing, stocks advanced on Wednesday, with markets encouraged by some constructive U.S. economic data and moderating COVID-19 infections. Both the S&P 500 and Nasdaq sailed to fresh record closing levels. Equities held a firm tone even after a closely watched report on monthly private payroll gains sharply missed expectations Wednesday morning. Tech stocks once again led the charge, with industry bellwethers like Amazon (AMZN) and Google (GOOG) all opening at new record highs — '''but Apple (AAPL) and Tesla (TSLA) pulled back sharply from their post-stock split highs-AAPL was down $170BN today, more than an 'Exxon' with TSLA tanking for the second day in a row after the carmaker became more valuable than 18 other automakers in the U.S., western Europe and Japan combined.
The record surge higher in stocks is occurring as liquidity crashes to record lows-Cap#3 as the FRBNY has basically shot it's load and the market is now relying on darkpool trading to keep it at these levels.
Meanwhile, Macy’s (M) temporarily alleviated fears with an encouraging earnings report, while AMC’s (AMC) news that it would be reopening more theaters this weekend sent the stock on a tear. Hopes of more support directly to individuals and businesses also helped buoy equities further. Treasury Secretary Steven Mnuchin said Tuesday during a congressional hearing of the Select Subcommittee on the Coronavirus Crisis that he believed a bipartisan agreement on further fiscal stimulus “still should be reached.”
Historically, September tends to be a weak month for stocks. In fact, according to LPL Financial, it has been the worst-performing for markets, on average, since 1950. The S&P 500 (^GSPC) has dropped about 1% on average that month since 1950, LPL data shows. U.S. data continues to show resilience, with construction spending nearly flat in July, but with the prior month revised sharply higher. Meanwhile, the manufacturing sector continues to rebound, with the ISM Manufacturing Index hitting its highest levels since August 2018. New orders jumped during the month, but the employment component remained in recession territory — in line with still fragile labor market. However, reports on the labor market have showed a more tepid recovery, with ADP reporting that private payroll gains in August totaled 428,000, or less than half the 1 million jobs expected to have come back during the month. Still, the report has recently consistently undershot the job gains reported by the Department of Labor in its own monthly jobs reports. Investors largely shrugged off ADP’s print in pre-market trading. The dollar gained 92.64 +0.30 0.33% today and this "found" it's way to the Gold and Silver markets- Gold-Cap#4 and Silver dropped -0.64 -2.28%
The S&P 500 jumped the most in almost two months to an all-time high, with some of this year’s least-loved shares helping fuel the rally. The Russell 1000 Value Index rose 1.7%, beating its growth counterpart. Utilities and financial stocks two of the three worst performing sectors in 2020 each rose more than 1.4%. The Stoxx Europe 600 Index added the most in three weeks.
https://www.bloomberg.com/news/articles/2020-09-01/fresh-u-s-stock-record-asia-shares-to-open-mixed-markets-wrap
https://finance.yahoo.com/news/stock-market-news-live-september-2-2020-233620408.html
https://www.zerohedge.com/markets/sp-reaches-critical-resistance-valuation-record-high-liquidity-crashes
https://finance.yahoo.com/quote/%5EDJI?p=^DJI
https://www.kitco.com/charts/livegold.html
Robinhood is reportedly under SEC investigation, could pay $10 million fine
https://www.cnbc.com/2020/09/02/robinhood-is-reportedly-under-sec-investigation-could-pay-10-million-fine.html
Be careful out there anons
>>10507062 United States Reaches Settlement to Recover more than $60 Million Involving Malaysian Sovereign Wealth Fund
notable
Bill.com sold by DCM Ventures: $385.48m-Sept 1
Bill.com Holdings Inc. provides a cloud-based software for back-office financial operations for small and midsize businesses (SMBs). The Company’s artificial-intelligence (AI)-enabled financial software platform enables users to generate and process invoices, streamline approvals, send and receive payments, sync with their accounting system, and manage their cash. Through its platform dashboard, users can view their cash in-flows and outflows as well as bills coming due. Its platform enables document management and bill capture. It also offers various payment services, including automated clearing house (ACH) Payments, card payments, checks and cross-border payments. Its product offers solutions for accounts payable, accounts receivable and international payments.
https://www.marketscreener.com/quote/stock/BILL-COM-HOLDINGS-INC-82519082/company/
DCM (also known as DCM Ventures) is a venture capital firm located in Silicon Valley, Tokyo and Beijing. It has approximately $4.2 billion under management.[1] DCM was the first Silicon Valley firm to invest in the early-stage technology sector in China, beginning in 1999.[1] Since 2019, DCM has had seven initial public offerings, which include Bill.com (NYSE: BILL), BlueCity (NASDAQ: BLCT), Freee (TYO: 4478), Life360 (ASX: 360), Sansan (TYO: 4443), UCloud (SHA: 688158), and VisasQ (TYO: 4490). DCM has over $200 billion in enterprise value
DCM (formerly Doll Capital Management) was co-founded in 1996 as an investment firm targeting early-stage companies by David Chao and Dixon Doll. It now has operations in Silicon Valley, Tokyo and Beijing. The company has mostly invested in start-ups in the U.S., China, Japan and South Koreabut does have additional investments in Europe, the Middle East and Latin America. DCM general partners include David Chao and Jason Krikorian in the U.S.; Hurst Lin and Ramon Zeng in China; and Osuke Honda in Japan. Additional investment partners include Kyle Lui in the U.S. and Ray Zhao in China.
https://en.wikipedia.org/wiki/DCM_Ventures
https://www.finviz.com/insidertrading.ashx?oc=1347096&tc=7
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