Yesterday the market was up and down until Trump announced that he won't accept any stimulus package until after the election which resulted in a sell off; more than 1% in major indexes and around 2% in big tech companies. Today, Dow futures and Dollar are up. Gold is under pressure. Oil and Crypto are a bit lower.
“I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business,” Trump said Tuesday in a tweet.
Although the president is being very self centered and only focusing on winning the election, without considering the middle-class and those who have lost their jobs, the fact is that the economy recovery according to Jerome Powell needs this stimulus ASAP. Since democrats are also pushing for it, we the investors, can be rest assured that it's coming no matter which one of these clowns win the election.
Democrats are recommending the congress to consider legislation that would prevent companies (the gate keepers of digital economy) from owning different lines of business or impose certain structural reorg to address issues in the economy and democracy. This is targeting Amazon, FB, Apple and Google for now.
Sixteen companies, considered major assemblers for Apple's iPhone, won manufacturing approval to produce mobile phones in India which attracts more than $143 billion worth of investment in the next 5 years. Among these companies are Foxconn, Wistron, Pegatron and Samsung.
Apple will announce its first 5G phone, iPhone 12, on Oct 13th.
Let me know what you think.
Keep smiling and stay charitable.
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