Happy Friday. Sandy Kaul gives us an investing pick, the stock market had its biggest drop in 18 months, the crypto market also stumbled, and private job growth beat expectations. Let’s dive in!
🎤 Listen: To the latest episode of Smart Humans, where Slava Rubin talks to Franklin Templeton's Head of Innovation Sandy Kaul about the future of tokenization.
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📈 DAILY MARKETS
✅ PICK OF THE WEEK
Robinhood (NASDAQ: HOOD)
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Their strategy is dead-on and they have created intense consumer loyalty
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👨🏫 TODAY'S EXPERT
Sandy Kaul is the Head of Innovation at Franklin Templeton. Her team focuses on how disruptive technologies and innovation are reshaping the trajectory of asset and wealth management. Efforts span the enhancement of existing products and services, the creation of new offerings, and the deployment of emerging technologies such as artificial intelligence and digital assets. She is the co-chair of the Commodities Futures Trading Commission's Digital Asset Subcommittee and is on the World Economic Forum Digital Assets Advisory Board and the DTCC's Digital Asset Advisory Board.
🎤 PODCAST
"There's going to be a growing interest in having a crypto allocation in everyone's portfolios." - Sandy Kaul
In the newest episode of Smart Humans, Slava Rubin talks with Franklin Templeton's Head of Innovation Sandy Kaul about innovations in digital assets and the future of tokenization.
📰 NOTABLE NEWS
📉 Stock market reversal: Only a day after an unexpected surge in the wake of Tuesday’s midterm elections, the stock market tumbled yesterday, with the Dow falling 3.4%, the S&P 500 dropping 4.3% and the Nasdaq 100 plummeting 6.3%. Tech and AI-focused stocks took the brunt of the losses, as investors are wary of potential future regulation.
🪙 Crypto also falls: The crypto market also gave back its Wednesday gains and more, falling 5% overall, with Bitcoin touching $75,000. Crypto-based stocks also struggled as traders are clearly worried about what will happen with fewer crypto-friendly legislators in office.
📊 ADP employment report: Private job growth hit 86,000 in October, in line with September’s numbers and slightly above expectations. Today’s U.S. jobs report will help show the full picture of the current state of the labor market.
🏡 New listings declining: New U.S. home listings hit their lowest level this year and are down 4.6% year-over-year, while pending home sales are down 16.4% to the lowest level in Redfin’s records.
🚀 Northwood Space fundraise: The space infrastructure startup co-founded by former child actress Bridgit Mendler raised $375 million at a valuation of $2 billion, more than quadruple its valuation from last December.
🦇 The BatBike is for sale: A motorcycle used by Batman in Christopher Nolan’s “The Dark Knight” is being auctioned next month and carries a seven-figure high estimate. The PropStore auction also will feature a Batsuit worn by Christian Bale, and Indiana Jones’ hat from “Temple of Doom.”
📝 IN CASE YOU MISSED IT
Monday: 🪙 Binance hack, 📊 PCE inflation index
Tuesday: ✅ Election Day, 🤖 Cohere fundraise
Wednesday: 🏢 Industrial market update, 🚘 Record-setting Ferrari
Thursday: 🌊 Blue wave effects, 🤖 Data center regulations
Have a great weekend!
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