China on Friday announced a five-year package totaling 10 trillion yuan ($1.4 trillion) to tackle local government debt problems, while signaling more economic support would come next year.
The debt swap program, however, fell short of many investors’ expectations for more direct fiscal support. Source: Bloomberg
BlackRock had its LARGEST inflow in history with 14,588
Only 450 $BTC were mined...
Another day, another record: The top 10 companies in the S&P 500 now account for a record 37% of the index.
This percentage officially exceeds peak levels seen during the 2000 Dot-Com bubble by 10 percentage points. Over the last decade, the market concentration has more than DOUBLED. Furthermore, the top 10 stocks alone now have a market cap of ~$18.7 TRILLION. This means that the top 10 stocks in the US now have a combined market cap that is $1 trillion higher than the entire European stock market. Source: The Kobeissi Letter
JUST IN: Over $200 billion added to the cryptocurrency market today.
Source: Coingecko
$IBIT iShares Bitcoin ETF just had its biggest volume day ever with $4.1b traded..
For context that's more volume than stocks like Berkshire, Netflix or Visa saw today. It was also up 10%, its second best day since launching. Source: Eric Balchunas, Bloomberg
Are you wondering why US smallcaps are surging?
As highlighted by GS: GOP House control could enable corporate tax reform, potentially reducing the tax rate from 21% to 15% and increasing EPS estimates by 4%. Source: Mike Zaccardi, CFA, CMT, MBA, GD
Fun fact: This was only the 5th time since 1960 that $SPX returned more than 2.5% while simultaneously breaking into an all-time high.
The last time this happened was March 21st, 2000. Source: Tier1 Alpha
JUST IN: MicroStrategy breaks $50 BILLION market cap and is now worth more than Ford Motor Company.
Ford has lost ~60% of its market cap since 2022 and holds $26 BILLION in cash, about 65% of its total market cap! The "melting ice cube" of cash holdings, eroded by inflation year after year. This is what Michael Saylor feared for his company when he decided to buy Bitcoin in 2020. MicroStrategy's market cap is UP ~45x since then. Source:
