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Wall Street almost flat Tue on Apple and Kim Kardashian' FaceBook woes

calendar 16/09/2020 - 17:54 UTC

The U.S. stock market (Dow Jones Industrial Average) closed around 27995 Monday, ticked up almost +0.01% as it stumbled in late hours trading from the session high after Apple’s disappointing product launch and the influential celebrity Kim Kardashian’ FB woes. Dow slips almost -200 points from the session high after Kim Kardashian (KK) tweeted she is freezing her FaceBook (FB), Instagram (IG) accounts in protest of alleging support of hate speech, misinformation and political/election propaganda by the social media, asked millions of followers to join her. As a result, FB tumbled and coupled with Apple, dragged the overall market.

As KK’s account is the 7th most-followed account on Instagram with 188M followers and with 30M followers on Facebook, her tweet caused a plunged in FB as it would invariably affect ad revenue, if KK and her fans are dead serious!!

KK tweeted late Tuesday:

Link in bio for more info on how to preserve truth --- only to take steps after people are killed. Misinformation shared on social media has a serious impact on our elections and undermines our democracy. Please join me tomorrow when I will be “freezing” my Instagram and FB account to tell Facebook to Stop Hate for Profit.

I love that I can connect directly with you through Instagram and Facebook, but I can’t sit by and stay silent while these platforms continue to allow the spreading of hate, propaganda, and misinformation - created by groups to sow division and split America apart.

But eventually, Dow again faded off the session low as KK tweeted again asking her fan to be in dark dresses for the launch of the new maternity collection on Thursday in the IG and FB platform. So, this may be a pure business campaign rather than any serious attempt to trash FB and IG platforms, which are also helping the brand-‘Kim Kardashian’.

KK tweeted again:

In support of the stop hate for profit movement, Skims will be going dark on our brand Instagram and Facebook accounts tomorrow. We will also be pushing the launch of our new Maternity collection by a day to Thursday, September 17 at 9 am.

Although it may be pure coincidence, on Tuesday, Apple also tumbled in late hours trading on a disappointing product launch (only iWatch & iPod, no new iPhone models) as-well-as no announcement for any buyback (expected $100B ?).

Earlier Tues Dow continued the TikTok dance, surged almost +200 points. Dow was also supported by renewed hopes of corona stimulus 4.0 as the U.S. House Speaker Pelosi announced that the House will remain in session until the parties have an agreement on another round of emergency coronavirus relief. In a conference call with the House Democratic Caucus — the first since the chamber returned from a long summer recess — Pelosi indicated she isn't willing to accept a ‘skinny’ legislative package and told her troops the chamber's calendar will be extended until an agreement is sealed. As per the report, there are efforts to keep the latest stimulus bill around $2.5T, the middle path between Trump and Pelosi’s relief plan.

Technical Outlook: SPX-500, DJ-30, and NQ-100 (Futs): Updated 09/09/20



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