Equities and Bonds Retreat as "BANG" Stocks Squirm

Real Vision: Finance & Investing

Real Vision

Business, Investing, News, Business News

4.1 • 1.1K Ratings

🗓️ 4 June 2021

⏱️ 50 minutes

🔗️ Recording | iTunes | RSS

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Summary

DB-Jun3,2021: Real Vision’s Jack Farley and Weston Nakamura guide viewers through a topsy-turvy day of price action where U.S. stocks and bonds sell off together as the “BANG” meme stocks (Blackberry, AMC, Nokia, and GameStop) pare some of yesterday’s gains. They also roll a pre-recorded segment of Real Vision managing editor Ed Harrison and crypto editor Ash Bennington, who reports from Miami’s 2021 Bitcoin conference. Farley and Nakamura close by reviewing the Fed’s decision to sell its holdings of corporate bonds and analyzing what the potential knock-on effects would be if the Turkish Lira were to continue to deteriorate. To read more of Weston's thoughts on the relationship of Bitcoin, gold, and the Turkish Lira, click here: https://rvtv.io/BTCLiraGoldEXCH Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Welcome to the Daily Briefing. It is Wednesday, June 3rd. No end to the drama in the
0:17.2	mean stock mania. There's so much more that we have to talk to about bonds, equity credit.
0:22.4	Plus, we are going to have a special dispatch from Ed Harrison and Ash Bennington. They are
0:28.8	both at the Bitcoin conference in Miami. But for all this and more, I am joined by RealVisions,
0:34.8	Weston Nakamura. Weston, how are you doing? Long time no see, Jack. How are you? I'm doing well.
0:40.1	Weston, what time is it in Tokyo right now? Five, sixteen a.m. Friday. And you even up this
0:47.4	whole time. You trade the New York U.S. market, so you're on Eastern time, right? Yeah, sure.
0:55.4	Go with that. Pretty much. So, Weston, what were you looking at today? A lot of oddities today,
1:01.2	AMC plummeted in early market hours because of a share offering. But the market soaked it back up,
1:08.7	and it ended well up on the, not on the day, but relative to that low level. Then we have
1:16.3	new entrants into the, I don't want to keep on saying meme stocks, but a new entrant into the
1:22.4	hyper-technical moves in stocks and workhorse, which is a darling of electric vehicle investors.
1:30.5	It's a, what's known as a spec, a little bit more speculative than your company, like Tesla
1:35.8	or Ford Volkswagen. That was up 28% today. That's the close. It was actually up much, much more
1:43.4	earlier. It's faltered a little bit. And by the way, the whole stock market was somewhat dragged
1:48.8	down by this action. I don't actually don't have the closing numbers in front of me, but the Nasdaq was
1:54.2	down. I think about. Yeah, basically a 1%, 36 basis points down on S&P and Dow's down. Who
2:03.1	looks at Dow? Who cares? The Dow is a fake index. The largest stock in the Dow is United Health
2:10.2	Company, because it's price weighted, not market weighted. So I don't consider the Dow a real index,
2:14.8	do you not illegitimate as far as I'm concerned. But, Weston, I'm super long-winded. What did you
2:19.2	make of today's action? Yeah, so obviously AMC was a front and center. I don't know if the stock,
2:28.0	what we got the stock certainly was, the options certainly were. So we have about just under 600
	...

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