The year-end is typically a period of light news flow and less chatter. Given the current year's unusual circumstances, many discussions are going on about when the market downturn will end, likelihood of the U.S. economy going into a recession in 2023 and how corporations will cope.
Here's a recap of a few major headlines that hit the wire over the weekend:
1. Study Warns Of Deepening Equity Sell-Off: As against expectations that attractive valuations could trigger bargain hunting, a study showed that institutional investors are looking to go on a selling spree by the year-end. Prominent money managers, including the Norwegian Oil Fund, could offload up to $100 billion in stocks by the end of 2022, according to a recent study by JPMorgan and StoneX Group.
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2. #TwitterFiles6 Drops: Serial disclosures about the inside events at Twitter under its previous regime continued with Twitter Files No. 6 dropping last week. The revelations made by independent journalist Matt Taibbi showed that Twitter acted as a subsidiary of the Federal Bureau of Investigation. The contact between the two was “constant and pervasive,” with both sharing a “happy one-big-happy family vibe, the revelations show.
3. Trump NFT Collection Crashes: The non-fungible token collection by former President Donald Trump fell over 50% to as low as 0.33 ETH by early Sunday morning. This is a far cry from Saturday’s peak floor price of 0.84 ETH. The collection, made up of 45,000 individual collectibles, was sold out for $4.45 million within a day of launching.
4. Musk Easing Out Of Chief Twit Role? Amid mounting criticism over Elon Musk’s Twitter preoccupation hurting Tesla Inc. TSLA stock, the billionaire ran a poll, soliciting people’s opinion on whether he should relinquish his CEO role at the social media platform. The verdict was in, with a majority asking him to step down.
5. Buy Signal For Battered Cryptos: Leading crypto analytics firm Santiment said the crypto market is signaling a bullish turn. Headwinds that included fears concerning liquidity at Binance, the Fed rate hikes and the ongoing headlines on Sam Bankman-Fried’s trial led to capitulation in the crypto market in the past week. “Historically this uncertainty is a bottom signal,” Santiment said.
What Else: Apple Inc. AAPL has reportedly withdrawn from talks with the National Football League over the Sunday Ticket deal following disagreements between the company and NFL over offering it as a bundle for its Apple TV+ subscribers at no extra cost.
Alphabet Inc.’s GOOGL GOOG Google seemed to have benefited big from the FIFA World Cup 2022 final held on Sunday. CEO Sundar Picahi tweeted that Google Search recorded its highest-ever traffic in 25 years during the final.
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