More Washington drama as markets digest the PLT
Surprise, Stockchasers! 🙀
Welcome to our new Daily Top Picks newsletter. 🥳
It was long overdue. We hope you like it. We welcome any feedback–comments, complaints, suggestions–so just hit “reply.” Premium members will automatically receive it by midnight after each market close, while free users will find it at 9:30 am the next morning. Also, premium users will receive the new Premium Newsletter, featuring experts ratings and past top picks comments.
We’re also introducing Allan’s Daily Market Updates. After each trading session, we present a snapshot of the markets, summarizing the day’s highs and lows and the drivers behind them to help you plan for the next session.
To kick things off, here is Allan’s first Daily Market Update.
American markets continued their see-saw pattern by falling today after rising Wednesday and falling Tuesday. Again, politics was the factor. On Thursday, the House Intelligence Committee in Washington released the whistleblower complaint it received that triggered the Democrats to formally launch an impeachment investigation against Donald Trump for trying to get Ukraine to dig up dirt on his Democratic opponent, Joe Biden.
On Thursday, the Dow fell nearly 80 points or 0.3% to 26,891 while the Nasdaq settled 0.58% lower to 8,030. The TSX closed a shade higher, up six points to 16,790. Meanwhile, Beyond Meat shares soared after the announcement that McDonald’s will offer the PLT (plant, lettuce, tomoto sandwich) at 28 locations around London, Ontario, for 12 weeks starting Sept.30,). BYND-Q jumped nearly 12% to $154.34, though Mickey D’s stayed flat, slipping three cents to $212.60.
Tesla also had a good session, climbing 6% to $242.56, after CEO Elon Musk told employees (in a leaked e-mail) that the company “has a shot” to reach 100,000 deliveries by the end of this quarter. If Tesla accomplishes this, it will be a new company record.
Meanwhile, Peloton launched today, getting off to a rough start down 11.17% from $27.00 to close at $25.76, below its IPO price.