What We’re Reading This Week is iBillionaire’s weekly run-down of important finance news.
First, here’s a brief stock market snapshot: The S&P 500 had a positive week after last week’s drop, with the SPY ETF up +0.77%. The NASDAQ Composite was also up, with the ONEQ ETF, up +1.18%.
stocks & Company news
- Even though Nike stock dropped 3% on the day the company announced the Nike-Colin Kaepernick partnership, things are looking up. The stock returned 1.79% this week
- Apple released its new product lineup (our favorite is how the Apple Watch is becoming a health tech device)
- Netflix & Alfonso Cuarón won the Venice Film Festival for his new movie “Roma”
- Facebook’s Zuckerberg wrote a lengthy post about how the company is better prepared to prevent election interference
- Facebook is going to start fact-checking posts and photos
- The Pentagon’s increased defense spending looks likely to boost Boeing’s Defense, Space & Security unit
- Sounds like the President ordered his staff to proceed with new Trump tariffs on $200B of China imports
- There was a huge discovery of gold in Australia
- Meituan, a Chinese start-up similar to GrubHub/Yelp/Groupon will IPO on September 20. It’s backed by Tencent.
- Hurricane Florence & lower domestic supply caused oil prices to jump: $70 U.S. & $80 worldwide
- Trump proposed a rollback of methane restrictions, a climate-change agenda measure from Obama
- Hedge fund manager David Tepper said he reduced his stock exposure by 30%
More interesting news
- The Wall Street power lunch (martinis included) is back (sign of a top?)
- Janet Yellen wants to tax carbon emissions & send you a rebate check every month (!) She’s one of the people proposing “taxing fossil fuel companies on their carbon emissions and rebating all the money directly to all Americans through a monthly check.”