A celebrity, with money to burn, might buy an NFT to use as an avatar. But it seems “really, really weird” that NFT trading reached billions of dollars at the peak of the mania. One wonders what will happen when reality starts to return to the valuations of the 10 FAANMG+ stocks currently boosting the S&P 500.
Chemicals and the Economy
Markets will see plenty of rallies, but history suggests the real bottom will be at least 2 years away
The history of the 1929 and 2000 downturns suggests the real pain is yet to come. Housing markets look terribly over-valued around the world, as I noted last month. And US consumer sentiment is at all-time lows. So most company earnings seem set to fall, with more than 60% of US CEOs now expecting to see a recession.
Smartphone sales set to tumble as China’s lockdowns continue
The market downturn couldn’t have come at a worse time for Apple. It was already facing major supply chain chaos in Q2. And now it has to face a major decline in the smartphone market itself. Inevitably this will lead to a brutal battle for market share as companies struggle to survive.
The Fed’s NASDAQ bubble starts to burst as Netflix, Facebook plunge 30%
The central banks are now abandoning the ‘Bernanke Doctrine’ set out in November 2010 – that what was good for markets, was good for the economy.
High-flying “story stocks” hit air pockets as credit finally tightens
“Nobody could ever have seen this coming” is the normal comment after sudden share price falls. And its been earning its money over the past week as “suddenly” share prices of some of the major “story stocks” on the US market have hit air pockets, as the chart shows: Facebook was the biggest “surprise”, falling […]
Trump’s trade war hits Wall Street as tech downturn begins
President Trump no longer tweets regularly about new record highs for US financial markets. The tweets were a core activity in the first year of his Presidency, when he was still feeling his way into the job. But now, as last week’s sackings of his Secretary of State and National Security Advisor confirm, his focus has returned […]