Recap August 30: Elon Musk Next Richest Man – Stocks At Record Highs (Recap Ep086)

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In the recap of this week, we found that U.S. stocks end higher, Dow wipes out its 2020 losses at open temporarily. U.S. stock index the S&P 500 futures rose for a 7th consecutive day on Friday, with the prospect of exceptionally low-interest rates for a prolonged period of time, thus spurring investors with their focus shifting to monthly personal consumption data, for signs of an economic rebound. The U.S. Fed is moving towards policy in support of inflation to better help restore the economy to full employment.

Trading was again disrupted on New Zealand’s financial markets for a 4th consecutive day on Friday, as the country’s stock exchange struggled to repel a cyber-attack that is coming from overseas. The motive for the attack on New Zealand’s stock market remains unclear.

Co-founded by Elon Musk in 2016, neuroscience startup Neuralink is expected to detail its latest innovations for implanting minuscule computer chips in human brains, to permit an interface that includes 1000’s of electrodes, to help cure neurological conditions like Alzheimer’s, dementia & spinal cord injuries. It will ultimately fuse humanity with artificial intelligence.

It has been announced that Walmart with shares up near +6% on the news, will be partnering with Microsoft up +3% in a deal worth $20 to $30 billion in pursuit of Tik Tok. ByteDance, the parent company of Tik Tok, is nearing an agreement to sell its U.S., Canadian, Australian & New Zealand operations.

Hurricane Laura poses the biggest threat to U.S. oil in 15 years, as it moves through the Gulf of Mexico north, to strike the energy industry along the coast. Will reach sustained winds of 115 mph (landfall by Thursday). 1.5M BPD of crude oil output, 82% of Gulf of Mexico’s offshore production already shut Monday, as refiners halted facilities that process at least 1.8M BPD of oil, 10% of the U.S. total capacity.

Japan’s Prime Minister Shinzo Abe resigns due to health problems; Belarusian leader threatens to cut transit routes; Peru to test two coronavirus vaccines in September; Best day in over 3 years for Netflix stocks; US dollar stores report big quarterly earnings; Salesforce, Amgen and Honeywell will be added to the Dow; Musk is now worth some $96B, making him the 4th-richest man globally & may become far wealthier.

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