Wall Street Breakfast August 23: Is Meme Mania Taking Hold in the Broader Market with Longs and Shorts?
Wall Street Breakfast
Seeking Alpha
3.8 • 950 Ratings
🗓️ 23 August 2022
⏱️ 8 minutes
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street breakfast, your daily source of market news and analysis. |
| 0:06.8 | Subscribe to this podcast on Apple Podcast, Spotify or Stitcher. |
| 0:11.2 | Good morning. Today is Tuesday, August 23rd, and I'm your host Julie Morgan. |
| 0:16.4 | Our top stories, Mem-Mania, Oil Futures and Twitter, and later Russia, Ford, Apple, Movie Pass, and Carvana. |
| 0:26.0 | All three major market averages concluded Monday session deep into the red as investors showed fear over concerns of rate hikes. |
| 0:34.3 | The NASDAQ was the worst performer. |
| 0:36.3 | Markets were weighed down by all 11 sectors as each segment ended in negative territory |
| 0:41.6 | on Monday. |
| 0:42.5 | Struggling the most was the consumer discretionary sector, |
| 0:45.6 | followed by Infotech and Communications. |
| 0:48.4 | In the tug of war between expectations for a fed hike of 50 or 75 basis points next month. |
| 0:54.0 | Odds have swung back to 75 with Fed Funds futures pricing in a 55% chance. |
| 1:00.0 | Meanwhile, rates rose a bit. |
| 1:02.0 | The 10-year Treasury yield climbed four basis points to 3.03 percent, |
| 1:06.6 | and the two-year yield moved up five basis points to 3.31 percent. In the earnings spotlight today, Intuit, Medtronic, J.D.com, J.M. Smucker, and Urban Outfitters. |
| 1:21.8 | In our day watch, Intel shares hit their lowest levels in more than five years on |
| 1:26.2 | Monday while the broader semiconductor industry sold off sharply. Intel fell more than 4% |
| 1:32.0 | to close at $33.84. |
| 1:34.8 | Since the start of the year, Intel has lost more than 36% of its value |
| 1:39.2 | and has declined a similar amount over the past 12 months. |
| 1:42.3 | Several of Intel's competitors, including NVIDIA, |
| 1:45.4 | Advanced Micro Devices, and Marvell |
... |
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