Yesterday, US markets had another good day as traders rotated to growth stocks. The Nasdaq closed at a new record high with companies like Amazon (NASDAQ:
), Facebook (NASDAQ:
), Netflix (NASDAQ:
), Spotify and Twitter (NYSE:
) leading the charge, while the S&P500 is only one good day away from its all-time highs.
In his testimony before the House, Fed Chair Jerome Powell reiterated that the recent increase in inflation is temporary and the central bank will wait for actual inflation to take root before raising interest rates. Traders took this message as a sign to pounce.
In company news, GameStop (NYSE: GME ) management took advantage of the recent surge in its share price and raised over $1 billion via an accelerated bookbuild. Elsewhere, Microsoft (NASDAQ: MSFT ) crossed the $2 trillion market capitalisation mark, making it the second US-listed company after Apple (NASDAQ: AAPL ) to breach that value.
Yesterday, the JSE All-share closed down 0.02%, the S&P 500 closed up 0.51%, and the Nasdaq closed up 0.79%.
One Thing, From Paul
There is a consumer finance company that is about to list in New York via a SPAC, and its name is Dave. That's it, a company with just a man's name, Dave. Not David, just Dave.
Their claim to fame is that they are nice to small clients, and they help them to avoid bank-overdraft fees. Dave is expected to have an equity value on a pro forma basis of about $4 billion. The SPAC has the code VPCC.
The CEO's name is not Dave, it's Jason. He is also the co-founder. They are backed by billionaire investor Mark Cuban. As Bloomberg's Matt Levine said a few days back, "Dave just seems a little laid-back for someone whom you're trusting to hold your wallet".
Levine suggested that the name should be good for some jokes on their call centre, if they have one? They'd answer the phone and say "Dave, this is Matt", or "Dave, this is Linda". Or even, "You reached Dave, this is Dave".
Tim Cook once said that Apple's greatest contribution to mankind will be in healthcare. It is a bold and exciting statement. If the company is to live up to that promise, the Apple watch will be a key component.
As Discovery (JO: DSBPp ) has been showing us for the last three decades, taking preventative measures are much more effective than having a reactive cure. The only way to do that is through having data about which preventative measures work and having early warning signs that something could go wrong. Having huge amounts of data will go a long way towards improving healthcare.
Apple is currently working on creating sensors for the Apple watch to read body temperature and monitor blood glucose levels. Taking body temperature is relatively easy and will probably be in the 2022 watch, getting a read on glucose levels without taking a blood sample is much more difficult and is still a few years away.
I'm excited about the knowledge that we will gain from having long term accurate health data on people. At the moment, when scientists want to know cause and effect they send out a survey asking people how often they exercise, how much sleep they get and what they eat. People tend to have a rosy picture in their head when asked these surveys. We can lie to surveys, but Strava and your smartwatch never lie.
They say music is a universal language and it's true. After all, who doesn't enjoy a great tune? If aliens really exist, I'm sure they're jamming to the yanos as I write this. The world celebrated Music Day on the 21st of June and what better way to celebrate it than by diving into the history of the portable music device. Right?
Sony (NYSE: SONY ) introduced the first version of the Walkman in 1979, enabling music lovers to listen to their favourite tunes using cassettes from anywhere, as long as they had their clunky stereos. Remember those? That was 42 years ago!
Since then, the portable music player has evolved from cassette stereos to discplayers to MP3 players and the Apple iPod. Apple also innovated by introducing the ability to buy singles instead of being forced to buy the whole album. Steve Jobs was a true pioneer!
Today you can stream music from any device of your choice wherever you are, as long as you have your login details and decent internet connectivity. The infographic below shows some of the biggest milestones in portable music devices.
Asian markets are in the green this morning with Japanese markets edging back a little and Hong Kong outperforming. US futures are up again today after a strong rally yesterday. The
is trading at R14.28 to the Dollar.
Today, the US will release its new home sales data and an update on its current account balance.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.