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Today in the Market (1/22/2024)

Good Morning! On Monday, U.S. equities were up slightly, with the S&P 500 and Dow reaching a new record high close. This was due to investors gaining a more positive outlook on the state of the economy and anticipating strong corporate results that might indicate a surge in artificial intelligence for technology companies. The S&P 500 increased by 0.22%, while the Dow Jones rose by 0.36%, and the NASDAQ gained 0.32%.


Rumble Inc.’s (RUMBW) shares saw a massive surge due to a collaboration with Dave Portnoy’s Barstool Sports. How big of a surge? This is the largest intraday fluctuation (up 46%) in the company’s share price since it became available for trading in September 2022.

But why? The collaboration was announced to provide Rumble users with complete access to Barstool’s sports and entertainment content on the platform, along with an advertising deal. What is Rumble? The company expresses itself as a competitor to Google’s YouTube and aims to challenge social media heavyweights like X and Facebook, declaring its dedication to creating resilient technologies to cancel culture on its website.

Why Barstool Sports? Barstool has achieved an impressive 194% increase in its viewership over the last three years, with a notable 1.6 billion podcast downloads, as emphasized in the press announcement. On top of that, Barstool will now be granted access to Rumble’s cloud services as per the terms of the new deal.



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The Securities and Exchange Commission (SEC) said on Monday that an incident of “SIM swap,” (involves the unlawful transfer of a person’s phone number to another device) was the cause of an unauthorized social media post. This post led to market turmoil and resulted in the loss of billions of dollars in market value.

Back story time! The post on X on January 9th falsely claimed that the SEC had authorized money managers to launch spot bitcoin exchange-traded funds, even though this approval had not been granted. The final authorization for the ETFs was granted around 24 hours later.

But how is this even possible? Hackers must be aware of the authentication procedure that mobile carriers use to confirm a customer’s identity to carry out such an attack successfully. On top of that, they need to get a certain amount of information pertaining to their intended targets; however, most times this just needs to be a telephone number and address.

So what is being done now that they know what happened? The authorities are now investigating the methods used by the unauthorized party to persuade the carrier to alter the SIM card for the account, as well as their means of obtaining knowledge about the phone number linked to the account. The FBI & Department of Justice are collaborating with the SEC in conducting the investigation.


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