Today in the Market (10/4/2022)

Good Evening. Tuesday, U.S. stocks surged sharply higher as Wall Street built on the momentum of a broad market rally that began the month and quarter earlier in the week.

According to data from Bespoke Investment Group, the S&P 500 increased by 3.06%, its largest two-day gain since April 2020, with the strongest daily breadth reading since late 2018. The Dow Jones increased by 2.80%. The technology-focused Nasdaq Composite increased by 3.34%.

IS IT FINALLY HAPPENING?

Elon Musk, the CEO of Tesla (TSLA), has agreed to proceed with his $44 billion proposal to acquire Twitter (TWTR), according to an amended regulatory filing issued by Twitter. The news triggered a 22% increase in Twitter stock price for the day.

So, what’s next? Musk has stated that he wants the site to be less aggressive with monitoring and to reinstate banned users’ accounts. He has proposed abandoning the advertising business and going private in order to combat bots.

But reducing Twitter’s moderation efforts could have severe effects. If the service is flooded with objectionable content, users may no longer utilize it. Advertisers may refrain from purchasing advertising on the site out of concern that their products may appear alongside disinformation or false information.

MORE CRYPTO RISK...?

 

Kim Kardashian will pay $1.26 million to settle an SEC investigation into her allegedly fraudulent advertising of the cryptocurrency asset EthereumMax (EMAX).

So, what did she do? According to the SEC, Kardashian failed to disclose a $250,000 payment she received for a June 2021 Instagram story advertising the crypto asset. This in turn violates a US rule requiring anyone advocating securities to report if they are compensated for doing so. 

Even after all that… the value of then-one-month-old EMAX plummeted quickly after Kardashian’s post, despite all of its reach. An investment made in EMAX at the time of the post would be worth around 95% less today.

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