Nasdaq: +18.96… S&P: -3.45…
Today they sold shares of banks and industrial companies, stalling a rally in the Dow. Many of the sectors that were early winners after Donald Trump’s victory pared gains midweek, including shares of banks, health-care companies, and materials and industrial firms. Financials led declines in the S&P, falling 1.4%.
The US Dollar has been ferocious and is now trading back over 100. Those that have been looking for parity in the euro may not have that long to wait as you can see below.
In other news, Snapchat filed a 25 billion IPO. When I have time later I’ll decide where I will be allocating all my angel investor proceeds. Why didn’t I think of that? My God, its just an app.
I’ve spent a lot of time with the folks from WeWork over the last six months. WeWork will be on the IPO runway soon and has raised billions in pre IPO loot form Goldman, Morgan, Wellington Capital and their ilk.
WeWorks’s founder, Adam Neumann, failed at every business he ever started until he caught lightening in a bottle with this gem, and he’s still just a pup. His WeWork stake is now worth 2.5 billion. His co founder Miguel McKelvey is worth the same. At one point they were so broke they couldn’t pay attention. ………..Great country America.
I’ll be the guy crying when he rings the bell on the NYSE six months down the road. Fascinating guy, you can see some of his interviews on YouTube.
No new names tonight, but I’m glad the market is trying to catch its breath a bit so better setups can emerge.
See you in the morning.