MARKET RECAP → Stocks closed mix on Black Friday as all three major averages reach their fourth consecutive week of gains. It is the busiest day of the year for retailers as holiday spending comes into focus… So why is it called Black Friday? While the day is associated with frantic shopping, it symbolizes the moment that retailers, who might be unprofitable (“in the red”) for the year, turn profitable (“in the black”) due to the surge in post-Thanksgiving sales.
NFL STREAMS INTO THE FUTURE → ? The NFL’s first Black Friday game, exclusively on Amazon Prime (AMZN), signals a major shift in sports broadcasting, with streaming platforms like Amazon and YouTube TV (GOOG) gaining ground over traditional TV, and ESPN’s plan to go fully digital by 2025 hinting at the inevitable decline of cable TV.
BITCOIN SOARS → ? Bitcoin (BTC) hit a 2023 high of $38,311.68, leading a crypto rally with Ether (ETH) crossing $2,000. The market’s uplift followed Binance CEO Zhao’s exit and a stable Federal Reserve stance, boosting investor confidence and spurring gains in crypto stocks like Coinbase (COIN) and Microstrategy (MSTR).
|
|
| | Sean Horgan Head of Investor Relations @ MoneyLion
$shorgan |
|
|
NFL STREAMS INTO THE FUTURE |
? The Miami Dolphins and New York Jets will play in the NFL’s first-ever Black Friday game, exclusively on Amazon (AMZN) Prime Video. This marks a significant shift from traditional broadcast or cable TV, highlighting the ongoing challenges faced by linear TV, including declining ad revenue and the trend of cord-cutting.
? Amazon’s exclusive streaming of the Black Friday game, part of its “Thursday Night Football” deal with the NFL, represents a broader trend of live sports moving to streaming platforms. This shift is evidenced by other services like YouTube TV’s “NFL Sunday Ticket” (GOOG) and Warner Bros. Discovery’s (WBD) Bleacher Report Sports Add-On for HBO Max, indicating a potential future where streaming dominates sports broadcasting.
? ESPN, a long-time leader in sports programming on traditional TV, plans to bring all its content to streaming by 2025, posing a significant threat to linear TV. While sports programming currently helps sustain traditional TV, the move to streaming by major players like ESPN could accelerate the decline of cable TV and reshape the sports broadcasting landscape. |
| |
|
? Bitcoin (BTC) soared to a new high for 2023, exceeding $38,000 on Friday, marking its highest level since May 2022. This surge represents a significant recovery from earlier dips, with Bitcoin on track to end the week up by almost 5%.
? Other cryptocurrencies also saw gains, with Ether (ETH) surpassing the $2,000 mark, trading over 2.5% higher at $2,122.98. Despite Bitcoin’s impressive 130% rise this year, Solana (SOL), up more than 476%, slightly lagged behind the major tokens this week, remaining roughly flat.
? The crypto market’s rebound coincides with the end of Changpeng “CZ” Zhao’s leadership at Binance following his guilty plea to U.S. federal charges. This resolution, along with the Federal Reserve’s recent meeting minutes indicating no imminent interest rate cuts, has fueled optimism in the market. Notably, Coinbase (COIN) hit a 2023 high, and Bitcoin proxy Microstrategy (MSTR), along with miners like Iris Energy (IREN) and CleanSpark (CLSK), also experienced significant gains.
|
| |
| Binance’s Settlement With U.S. Authorities Is Positive for Crypto as Well as the Exchange: JPMorgan (CoinDesk)
American Dream mall in N.J. briefly evacuated on Black Friday over bomb threat (CNBC)
Nvidia shares close down on report it delays China AI chip designed to comply with U.S. export rules (CNBC)
Rare earth discoveries mean coal mines could have a key role to play in the energy transition (CNBC)
Billionaire Foxconn founder drops out of Taiwan’s presidential race (CNN) Nissan leads $2.5 billion investment to build two more EVs in UK (CNN) Chinese shadow bank says it has ‘huge’ debt and can’t pay its bills (CNN)
The Marvels’ box office flop marks the end of an era for the studio’s winning formula (Fortune)
Nvidia sued after senior employee accidentally showed off confidential files taken from previous employer during a video meeting (Fortune) |
And if you want more, be sure to check out the MoneyLion blog for tips, hacks and all things money. (MoneyLife) |
|
|
Our Favorite Tools & Resources |
|
|
Was this email forwarded to you? Sign up for free!
Interested in sponsoring this newsletter? Let us know! |
|
|
|
