Markets stumbled yesterday and dropped quite a bit. Dow Jones was down 1.29%, S&P 500 down 1.37%, and Nasdaq down 1.87%. Bitcoin is holding $27k.
Futures are looking green as ADP private payroll data came in at 89,000, far below expectation. New job growth fell sharply from 180,000 new jobs created n August. The Federal reserve is looking at that data to make rate decisions. A "slow" economy is what the Fed is looking for to pause/lower rates. Its often described as "Bad news are good news".
30 year fixed rate mortgages are close to reaching 8% and demand for mortgages is at its lowest since 1996. When will this pick up again? When the fed starts lowering rates.
75,000 Kaiser Permanente employees are on strike. President Biden went to the picket lines with the UAW workers, showing his unwavering support for the unions. This emboldens US Unions to strike and extort some money from their employers. Expect more strikes.
Meta (META) is looking at adding an ad-free premium subscription for Instagram and Facebook for Europe. This is because EU privacy laws requires customers approval to advertise to them. This could be a great idea.
Punkrock Capitalist
Comments