Daily Newsletter | August 9, 2023

TLDR

? MARKET RECAP → All three major indexes closed in the red on Wednesday led by “big tech” stocks… traders await Thursday’s key inflation data with some skepticism and continue to fade the recent “risk-on” trade.

?? DRAFTKINGS STUMBLES → ESPN rolled the dice on a 10-year deal with Penn, shaking up the online betting board!

? A YEAR POST CHIPS ACT→ U.S. semiconductor firms are still scanning the horizon for that promised funding boost! ??

Sean Horgan

Head of Investor Relations @ MoneyLion

$shorgan

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Today’s S&P 500 Heatmap

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Source: finviz.com

T&Cs apply.

Today’s Top News

DRAFTKINGS TAKES A HIT AS ESPN BETS BIG WITH PENN!

? DraftKings’ stock dropped 10% after Penn Entertainment revealed a 10-year deal with ESPN, leading Penn to rename its sportsbook to “ESPN Bet”.

? ESPN’s move into online betting resulted in a $2 billion cash and stock deal from Penn, lifting Penn’s shares by 9% on Wednesday.

? With ESPN’s partnership, the future of its non-exclusive marketing deal with DraftKings is uncertain, and Disney might reconsider its stake in DraftKings.