Good Morning Everyone!
Remember, if AMC and GME apes can stay bullish after all this time, you can invest in the stock market every month.
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Prices as of 4 pm EST, 12/5/22; % YTD
MARKET UPDATE
18 trading days left in 2022
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Volumes low ahead of next week’s FOMC meeting
2-10 curve inverted to levels not seen since the 1980s
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Suggests an economic slowdown with most pointing to potential recession in second half of 2023
China
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Covid cases have fallen each of the past 8 days since peaking in late November
Crude
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Massive in oil prices and energy stocks
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Energy best performer of 2023
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Oil prices roughly flat YTD
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Which one is right?
PepsiCo PEP
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Laying off hundreds of workers
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Corporate belt-tightening
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Other bellwethers that have recently downsized: Walmart WMT and Ford F
Earnings
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AutoZone AZO
CRYPTO UPDATE
Crypto lender Nexo saying goodbye to US markets
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Will stop offering products/services in US in coming months
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Earn Interest Product halted immediately in 8 states
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Company hit “dead end” in regulator talks:
“the U.S. refuses to provide a path forward for enabling blockchain businesses and we cannot give our customers confidence that regulators are focused on their best interests” - Nexo
Digital asset investment product flows
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Minor outflows of $7 million last week
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However, most outflows came from short investment products
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Bitcoin BTC/USD inflows $11 million, short-Bitcoin outflows also $11 million
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Ethereum ETH/USD 3rd straight week of minor outflows
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Altcoins mixed/flat
MEME OF THE DAY
— Wall Street Memes (@wallstmemes) December 6, 2022
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