Skip to main content

Opening Bell 11.21.18

Welcome to the new Opening Bell from The Water Coolest. We think you're gonna like it here ...


(For those of you wondering WTF The Water Coolest is, and what it's intentions are with the Opening Bell ... don't worry we've made you a new friend.)

Debbie Downer [The Water Coolest]

*Cue the band from Titanic playing as anarchy ensues all around them*

All major US indices were down more than 1.5% yesterday, with the S&P 500 and Dow Jones Industrial Average completely wiping out their 2018 gainz. The S&P and Nasdaq were 10% and 14% below their record highs set in September and August respectively. But, hey, it could be worse, it could be November of 1929!

So what gives? Per usual ... it's complicated. Old and new trade tensions are weighing on markets as is a doom and gloom outlook on holiday retail sales. And then there's Apple. Shares of AAPL fell nearly 5% yesterday on news of supplier disruption and yet another downgrade by Goldman Sachs.

But that's not all. You know what they say: when it rains ... worldwide financial and commodity markets meltdown. WTI crude hit its lowest mark since October 2017 and bitcoin fell to below $4,300 today. For those keeping score at home, this price marks the point where Jamie Dimon called bitcoin a 'fraud' during its meteoric ascent.

Tech Weakness, Plunging Oil Combine to Sink Stocks: Markets Wrap [Bloomberg]

Partner in crime [The Water Coolest]

The good news? Deutsche Bank handled at least $150B in transactions. The bad news? The money flowed through Danske Bank, which has been embroiled in a massive Russian money-laundering scandal.

Deutsche Bank Handled $150 Billion of Potentially Suspicious Flows Tied to Danske [WSJ]

The fun police strike again [The Water Coolest]

Either Elon's gone soft or Tesla chairman/Musk handler, Robyn Denholm has been side-hustling at SpaceX. Yesterday Musk announced that he will rename the BFR (more colloquially known as the Big F*cking Rocket) to Starship. We miss the old Elon.

Elon Musk just renamed SpaceX’s Big F****** Rocket [TechCrunch]