Fitbit For Skulls
By Tue, Sep 1, 2020
Hey Scoopers,
The market had a slow start of the week as higher consumer spending got balanced off with the Feds’ warnings about the state of the economy. — More on that in the “Overall Market” section.
Beyond the overall market, people cannot get enough of one stock, while based on a few stock performances, it seems that we are done with online furniture shopping. — More on that in the “What’s Up?” and “What’s Down?” sections.
Oh, by the way, there is now a Fitbit for your skull. — More on that in the “Water Cooler” section.
But, first, here is a recap of what happened in the market yesterday:
Market Recap
- U.S. markets: Stock market indices didn’t agree on the direction on Monday. Scroll down to the “Overall Market” section to read more.
- Cryptocurrency: Bitcoin’s price hovered slightly higher than the $11,500 mark.
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Excited Consumers VS. Worried Feds
Except for the Nasdaq, the other indices finished the first day of the week in the red. There was good news from the consumer spending front, which rose by 1.7% in July, marking the 3rd consecutive month of consumer spending growth. However, there were quite a few commentaries by the Fed’s authorities about expected slow recovery in the economy and employment. It seems consumers are ready to spend, but the Feds are worried enough to balance off the excitement.
Can’t Get Enough Of This Stock
So, what happened?
Shares of Tesla (Ticker: TSLA) were up more than 15% on Monday. The company implemented its highly-anticipated 5 to 1 stock split, and despite the math that says when you split something into five parts, there is no reason that sum of all to be higher than the whole; Tesla’s stock jumped by more than 15% post-split. Investors can’t get enough of Tesla, and a lower share price convinced more investors to buy shares and send the company’s market cap to the seven’s largest stock in the stock market.
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Done With Online Furniture Shopping
So, what happened?
Shares of Overstock.com (Ticker: OSTK) were down by more than 12% on Monday. Like its competitor, Wayfair (Ticker: W), the company has benefited heavily from the recent online furniture shopping and remodeling craze. However, both stocks have seen quite a decline in their stock prices after investors locked their gains and reacted to a few possible COVID-19 vaccines after the FDA’s emergency authorization for a few vaccine candidates and test kits. It seems investors believe that collectively we are done with online furniture shopping, at least for now.
Fitbit For Your Skull
So what happened?
Elon Musk can’t stay off the news for too long. The founder and CEO of Tesla (Ticker: TSLA) swept people’s imagination by demoing a Fitbit-like device for your brain. Neurolink, an Elon-funded company that focuses on developing neural interfaces, just demonstrated a tool that can be attached to your skull and can address neurological problems such as memory loss, anxiety, and brain damage. Elon took the stage to show off the devices and established himself as the century’s undisputed visionary, once more.
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Disclosure: Authors of this Scoop own shares of Tesla (Ticker: TSLA).
About the Author
The authors of this Scoop are the editorial team at Stock Card, led by Hoda Mehr. Hoda Mehr is CEO and Co-founder of Stock Card and the host of Renegade Investors podcast. She runs a community of 40,000 stock market investors and manages Stock Card's successful flagship portfolio, Roll with Our CEO, on Stock Card Portfolio Store. Hoda is an Economist with an MBA from Concordia, John Molson School of Business. She applies behavioral economics, data journalism, and storytelling to all aspects of her work. Before starting Stock Card, Hoda worked as a strategy and insights lead at technology companies including Symantec, Aimia and Sony. Create a free account to do your stock market research easily and mistake-free: Stock Card Stock Card
