😲 FTX guilty pleas, Micron shock, Zelenskyy speech

Good Morning!

It's been a rough week for stocks, with US markets taking a significant hit on Thursday. But hey, at least we have Sam Bankman-Fried and his associates to keep us on our toes - two of his former associates agreed to cooperate against him. Tesla also had a tough day as they started offering discounts on some of their vehicles, causing shares to tank. But don't worry, we'll try to brighten your day by taking a deep dive into the cost of this year's Rockefeller Center Christmas tree. Hang in there, folks!

Markets

Stocks tank as December selling accelerates (5 minute read)On Thursday, US stocks fell significantly as the selling trend in December intensified after a brief rally the previous day. The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all saw significant losses, with the S&P 500 falling 1.4% and the Nasdaq Composite dropping 2.2%. The losses were exacerbated by hedge fund manager David Tepper's statement in a CNBC interview that he is considering "betting against the equity markets" due to concerns about the impact of rising interest rates on stocks. Yikes.

FTX guilty pleas, Micron shock, Zelenskyy speech - what's moving markets (5 minute read)It was a busy day yesterday: On December 22nd, two key associates of Sam Bankman-Fried pleaded guilty and agreed to cooperate with the investigation against him. The presidents of Ukraine and Russia also made strong statements about their plans to continue the war into the following year. Micron reported negatively on the potential for a Santa rally, and China's institutions promoted the stability of the economy despite the spread of COVID-19.

European stocks tick higher as markets wind down for the holidays (5 minute read)European markets, on the other hand, had a had a good start on Friday after ending in the red the previous day - The Stoxx 600 was up 0.4% around 11 a.m. London time, and the FTSE 100, Dax, and Cac 40 all saw some positive movement as well. Most sectors were trading in the green, with only the travel and leisure and utilities sectors showing declines. Trading is expected to be light today, which is the last working day before the Christmas break. The London Stock Exchange in the UK is also closing early today.

Investing

Tesla shares tank after U.S. discounts doubled on key models (5 minute read)Elon had a rough day on Thursday - Shares of Tesla tanked after they started offering $7,500 discounts on Model 3 and Model Y vehicles delivered in the US this month, which has raised concerns about slowing demand. Tesla's shares ended the day down 8.9%, heading for their worst month ever. There are also worries about softening demand for electric cars in general and about Tesla CEO Elon Musk's distraction with Twitter, which he purchased in October.

Better Buy for 2023: Disney vs. Amazon (5 minute read)2022 has taken its toll on the entertainment industry. Disney's media business saw a huge drop in operating income in the latest quarter, but the company is focusing on profits within its streaming business and has several blockbuster releases planned for next year, which could make a big difference. Amazon, on the other hand, saw significant losses in its e-commerce segments this year, but its cloud computing service has been doing well. The Motley Fool does a deep dive on which company to invest your hard-earned cash with in 2023.

China tech stocks winning back investors after awful year (5 minute read)Looks like Chinese tech stocks are finally turning a corner in 2023. After a rough patch that was practically a carbon copy of the dot-com bubble burst in the US, regulatory issues have eased and earnings are starting to look up. The Hang Seng Tech Index has risen 50% since October, and the Nasdaq Golden Dragon China Index has rallied as delisting risks ease. Bilibili and Alibaba Health Information Technology shares have more than doubled in the same period. Better late than never, right?

Money

Short-Term Thinking Destroys Long-Term Wealth: Do A Cost-Benefit Analysis (5 minute read)The ever-knowledgable Financial Samurai explores the benefits of doing your own cost-benefit analysis when making big financial decisions.

Here’s How Much the Rockefeller Center Christmas Tree Costs (2 minute read)This year's Rockefeller Center Christmas tree is an 82-foot Norway Spruce from Queensbury that weighs 14 tons and is around 85-90 years old. The tree itself was donated, but it's estimated that it would cost over $73,000 with all expenses considered. It's decorated with over 50,000 LED lights and a 200-pound Swarovski crystal star worth an estimated $1.5 million at the top - but hey, at least it's reusable every year!

🐥

Best of Twitter

🧠

Wisdom Of The Week

Thanks for reading, if you enjoyed, tell your friends!

P.S: If you're interested in crypto and web3 - check out our new newsletter, The Crypto Journal!