Monday’s Headlines: Don’t Call It A Comeback

Monday’s Headlines: Don’t Call It A Comeback

Notice: We are currently experiencing technical difficulties with our Daily Market Movers, but they should be back online soon. 

Here are the biggest market stories from the weekend:

1. Stock futures climbed in early morning trading on Monday following a four-week losing streak on Wall Street, but we’ve seen this before. The S&P 500 (VOO) and the 30-stock Dow Jones (DIA) were coming off their fourth straight negative week, shedding 0.6% and 1.8%, respectively, but look set to open in positive territory later today. However, the tech-heavy Nasdaq (QQQ) managed to eke out a 1% gain amidst the bloodshed last week, helped along by the usual FAANG giants, though these titans have had a rocky time so far in September. Get the full picture here.

2. Zillenials rejoice; a federal judge on Sunday postponed a Trump administration order that would have banned the popular video-sharing app TikTok from U.S. smartphone app stores around midnight. The ruling followed an emergency hearing Sunday morning in which lawyers for TikTok argued that the administration’s app-store ban would infringe on First Amendment rights and do irreparable harm to the business. Amid ongoing negotiations with Oracle (ORCL) and Walmart (WMT) over a potential acquisition, TikTok-owner ByteDance is scrambling to win approval for any deal with both the U.S. and Chinese governments as well as keep its app online. Read more here.

3. Just when you REALLY start to think that things can’t get any worse for Nikola Motors (NKLA), yet another claim emerges that sends its stock tanking further. Not content with claims of fraud, an SEC investigation, or a runaway founder, it has now come to light that Nikola potentially never actually designed its own cars, instead purchasing the original design for the company's flagship truck from a Croatia-based designer. Ever since a Hindenburg Report emerged early this month that Nikola had hoodwinked investors, the once-potential Tesla (TSLA) competitor has seen its stock plummet, falling 52% in September alone — though it still remains up 88.5% YTD. That’s 2020 for ya’. Read the full story here.


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