Market Update December 6, 2021
Patrick Traverse CFP? EA CEPA?
Owner Founder at Breakaway Financial Group LLC
Stocks rise as investors mull Omicron impact
What is it??
“Stocks rose on Thursday to reverse course after dropping a day earlier, with investors assessing the latest headlines on the Omicron variant and mulling lingering concerns around inflation.”*
“The S&P 500, Dow and Nasdaq advanced shortly after market open. The three major indexes had slid on Wednesday, after the Centers for Disease Control and Protection announced that the first confirmed case of the Omicron variant had been identified in the U.S.”
Why does it matter?
During October, we deemed many of our holdings as overbought. Around that time, we lowered our equity positions. Now, as stocks settle from their recent drop, we will be looking to add to equities as they begin to gain more positive momentum.?
Jack Dorsey chases crypto, fintech dream post Twitter
What is it?
“At a packed Miami conference in June, Jack Dorsey, mused in front of thousands of attendees about where his real passion lay: ‘If I weren't at Square or Twitter, I'd be working on bitcoin.’”**?
“Underlying Dorsey's broader vision is the principle of "decentralization," or the idea that technology and finance should not be concentrated among a handful of gatekeepers, as it is now, but should, instead, be steered by the hands of the many, either people or entities.”**
“The concept has played out at Square, which has built a division devoted to working on projects and awarding grants with the aim of growing bitcoin's popularity globally.”**
“Dorsey has been a longtime proponent of bitcoin, and the appeal is that the cryptocurrency will allow for private and secure transactions with the value of bitcoin unrelated to any government.”**
“The idea has also underpinned new projects at Twitter, where Dorsey tapped a top lieutenant - and now the company's new CEO Parag Agrawal - to oversee a team that is attempting to construct a decentralized social media protocol, which will allow different social platforms to connect with one another, similar to the way email providers operate.”**
“The project called Bluesky will aim to allow users control over the types of content they see online, removing the "burden" on companies like Twitter to enforce a global policy to fight abuse or misleading information, Dorsey said in 2019 when he announced Bluesky.”**
Why does it matter?
“Twitter allows users to tip their favorite content creators with bitcoin and has been testing integrations with non-fungible tokens (NFTs), a type of digital asset that allows people to collect unique digital art.”**
Jack Dorsey is working on the next chapter of social media and payments.?
“But these ambitions will not pay off until years from now, analysts cautioned.”**
While evolutions of economies and the internet may seem far off, they tend to come about faster than people anticipated. We will keep an eye on the trends of investments related to the topics mentioned above.?
Other articles I found interesting this week:
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Our last portfolio reallocation: 10/11/2021.?
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The weekly market update provides a window into the process we use in our investment management process. At MoneyCoach, we believe markets are always changing and require a nimble yet data-oriented approach.?
Our process attempts to identify trends and momentum in the financial markets. With that information, we align our clients’ portfolio accordingly in the hope to help our clients accomplish their life goals while attempting to lower the risk of a large drop in their portfolio.
Sources:
*Emily McCormick. “Stocks rise as investors mull Omicron impact”. 12/022021. Yahoo Finance. https://finance.yahoo.com/news/stock-market-news-live-updates-december-2-2021-234242984.html
**Krystal Hu and Sheila Dang. “Jack Dorsey chases crypto, fintech dream post Twitter”. 11/30/2021. Yahoo Finance. https://news.yahoo.com/jack-dorsey-chases-crypto-fintech-214842552.html
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