Daily Newsletter | August 18, 2023

TLDR

MARKET RECAP → The Nasdaq (QQQ) composite falls for a fourth day in a row on a quiet Friday in August in what seems to be a continuation of a broader market correction as the “risk-free rate” flirts with multi-year highs (e.g., the US 10Y Treasury yielding 4.25%), providing an attractive alternative to “riskier” stocks… Bitcoin (BTC) took plunged -11% in its worst week since FTX’s collapse in the absence of a decision in the Grayscale vs. SEC lawsuit.

DISNEY VS. DESANTIS → Florida’s theme park titan Disney (DIS) fights back, slapping counterclaims on DeSantis-appointed board over Disney World’s special tax domain. ? ?

EVERGRANDE → Chapter 15 Saga Begins. China’s real estate behemoth files for bankruptcy protection in the US, rattling markets and amplifying global debt jitters. ?

Sean Horgan

Head of Investor Relations @ MoneyLion

$shorgan

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Today’s S&P 500 Heatmap

Source: finviz.com

Bull vs. Bear Weekly Recap with JeffC ?

Today’s Top News

DISNEY COUNTS COINS, FIRES BACK

Florida’s theme park titan Disney (DIS) fights back: slaps counterclaims on DeSantis-appointed board over Disney World’s special tax domain.

Disney seeks both financial reparations and legal orders for the board to stick to the development agreements fueling the feud.

Despite DeSantis’ “moving on” claim, Disney’s legal saga keeps the spotlight on. Mickey’s not ready for curtain call. ??

Source: shutterstock

EVERGRANDE’S BOLD BANKRUPTCY MOVE

China’s property titan, Evergrande, triggers global tremors by filing Chapter 15 bankruptcy in the U.S.

In a formal submission to the Manhattan bankruptcy court, the company requested acknowledgment of the ongoing restructuring discussions taking place in Hong Kong, the Cayman Islands, and the British Virgin Islands.

Massive default and intricate debt maneuvers create seismic shifts reverberating through the markets. Hold on tight. ??

Source: shutterstock

Keep Reading

Elon Musk says users on X, formerly Twitter, will lose ability to block unwanted followers, eliminating key safety feature (CNBC)

Paramount shutters plan to sell BET after talks with financial advisers, says source (Fortune)

No, Elon Musk’s SpaceX Isn’t the Cause of This Multi-Billion-Dollar Bitcoin Bloodbath (CoinDesk)

The fandomization of news (The Verge)

UPS (UPS) drivers can earn as much as $172,000 without a degree (CNBC)

Ukraine to receive F-16 jets from Denmark and Netherlands; Russia reports Moscow drone attack (CNBC)

‘Blind Side’ family’s conservatorship of Michael Oher full of ‘shocking and maybe never before seen things’, says legal expert (Fortune)

And if you want more, be sure to check out the MoneyLion blog for tips, hacks and all things money. ?

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Written by Sean Horgan Sean Horgan is the Head of Investor Relations at MoneyLion, where he leads communications with investors and stakeholders. Before joining MoneyLion, Sean was an Equity Research Analyst at Rosenblatt Securities and Emerald Asset Management. Sean holds multiple FINRA licenses, including Series 7, 63, 86, and 87, and CFA Level I. Sean also writes MoneyLion's Markets Daily newsletter, delivering the daily TL;DR on market news.