Daily Newsletter | September 15, 2023

TLDR

MARKET RECAP → ? Stocks took a hit as investors navigated a tumultuous week, with the Dow dropping nearly 300 points and tech stocks feeling the heat, all eyes turned to the upcoming Federal Reserve’s policy meeting.

UAW’S POWER PLAY→ ? UAW’s Fain stirred Detroit’s labor scene, championing the middle class and drawing both applause and CEO ire.

CEO SHAKEUP? → Planet Fitness’ stock dipped as board surprisingly benched long-serving CEO Chris Rondeau after a strong Q2 report.

Sean Horgan

Head of Investor Relations @ MoneyLion

$shorgan

Share the love, share the newsletter!

View online

Today’s S&P 500 Heatmap

Source: finviz.com

Today’s Top News

UAW’S POWER PLAY

? The United Auto Workers (UAW) strike ignited a blue-collar vs. billionaire showdown in Detroit, orchestrated by UAW President Shawn Fain.

? Fain revitalized UAW’s national presence, aiming to represent the dwindling middle class. He utilized a broader labor movement and public disdain for wealthy corporations to rally support.

? Despite the tension, Fain’s leadership drew attention, even pausing negotiations for a rally with Senator Bernie Sanders. Both CEOs of Ford and GM expressed frustration over the perceived lack of genuine negotiation from the UAW side.

Source: shutterstock

CEO SHAKEUP

? Planet Fitness’ board unexpectedly removed CEO Chris Rondeau, causing the company’s stock to plummet to a 52-week low.

? The sudden decision left many, including close staff, in shock, especially after a robust Q2 earnings report. The specifics behind the move remain unclear.

?️ Rondeau, a 30-year veteran of Planet Fitness, climbed from a front desk role to CEO, overseeing significant growth, including the company’s IPO and tripling its club base.

Source: shutterstock

Keep Reading

McDonald’s franchisee group says new California fast-food bill will cause ‘devastating financial blow’ (CNBC)

Sequoia and Andreessen get hosed on their 2021 Instacart investment, after a 75% plunge in valuation (CNBC)

Costco’s iconic $1.50 hot dog combo is now an official Monopoly game piece (CNBC)

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

MoneyLife

Current Mortgage Rates

Source: Wolfram Alpha. Note: The table above includes rough estimates and the actual monthly payments may vary based on additional factors such as property taxes, homeowner’s insurance, and other fees.