Markets closed lower yesterday with all major indexes down over 1% and Bitcoin (BTC) down over 3%, sitting at $27k. Fed Chair Jerome Powell raised the interest rate 25 basis points, as expected, but said only one more rate hike would be needed this year.
Futures point towards a modestly higher open.
Jack Dorseys Block (SQ) the parent company of CashApp is plunging after short sellers Hindenburg uncovered in an internal investigation that Cashapp facilitates criminal activity. Honestly, how is this not common knowledge? Cashapp was not made for established bank customers, it was made to democratize payment services. It was thought to help underserved communities and that seems to be the problem.
TikTok CEO is testifying before congress today trying to save his company from a US ban. The Chinese communist party said that it will not agree for the assets to be sold. That means it has to be banned.
Stocks to Watch
Nvidia (NVDA) PT was raised from $270-$300.
Ulta (ULTA) target raised to overweight, $610-$615.
Happy Investing!
The Punkrock Capitalist
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