Hello Scoopers,

The Fed’s Chairman gave the Congress a visit, and the stock market stayed flat for one more day.

Beyond the overall market, ten million people tuned in to binge-watch Star Wars and The Simpsons, while the unrest in Hong Kong started to creep into some investors’ portfolios in the U.S.

Oh, and by the way, did you ever wanted a checking account at the bank of Google? Wanting it or not, you will have a chance to do so in less than a year. More on that in the “Water Cooler” section.

Also, don’t forget to scroll down to the “Overall Market,” “What’s Up?” and “What’s Down?” sections to read more.

MARKETS

  • U.S. markets: The Nasdaq and the S&P indices barely moved, and the Dow inched up higher, but only slightly. Scroll to the “Overall Market” section to learn more.
  • Cryptocurrency: Bitcoin’s price is in the high $8,000 range, as of the time of writing this Scoop. It’s very atypical of cryptocurrencies to stay in the same range for a few days. For now, traders can’t decide where things are going, and there it goes gyrating within the $8,000 to $9,000 range.

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OVERALL MARKET

Chairman Powell visited the Congress.

What happened in the stock market?

The stock market stayed flat for one more day. The day started on a high note, but by the end of it, all three indices lost most of the gain and ended Wednesday as if nothing has happened during the day.

Now what?

Federal Reserve Chairman Jerome Powell was at Congress, speaking at the Joint Economic Committee. The lawmakers wanted to know how the country’s economy is chugging along. Chairman Powell discussed the state of the economy. He reiterated that the Fed has no plans for any additional interest rate cut unless the inflation and unemployment outlook changes significantly. There is no news from the state of the trade war, either. Thus, the stock market is just staying flat for a few more days.

WHAT’S UP

10 Million customers in one day.

So, what happened?

Shares of The Walt Disney Company (Ticker: DIS) were up more than 8% on Wednesday. The stock market happiness about Disney can be summarized in two words: 10 Million.

Disney’s Netflix-killer went live on Tuesday. According to the company’s press release, more than 10 million tuned in to watch their favorite shows, including Star Wars and The Simpsons, among many other Disney classics. The streaming service launch didn’t go uneventful, and there were outage reports from across America. However, the outages were not enough to scare millions of people to take advantage of the 7-day free trial offer.

WHAT’S DOWN

Hong Kong unrest is creeping into investors’ portfolios in the U.S

So, what happened?

Shares of Canada Goose (Ticker: GOOS) were down more than 10% on Wednesday. The company blamed the unrest in Hong Kong for an expected revenue decline in its 3rd quarter performance. As always, unrest and uncertainty are two of the terrifying words in the stock market, and they didn’t make any exemption for the luxury coat-maker from Canada.

Initially, the stock was up, thanks to strong quarterly earnings. But, when investors got on the call and heard about the potential revenue decline in the company’s two stores in Hong Kong, the sentiment reversed for the worst.

WATER COOLER

The bank of Google is coming.

So, what happened?

So, what happened?

Big techs are getting bigger at an alarming rate. It’s not only their size that is multiplying every few years, but it’s their ambitions that are skyrocketing. As we all know, Facebook (Ticker: FB) wants to run the world’s currency through the introduction of Libra. Apple (Ticker: AAPL) wants to be in charge of people’s health through its wearable devices. And, now it’s time for Alphabet (Ticker: GOOG / GOOGL) to be your bank and get to know you intimately not only through what you search but also through what you buy. That’s why, in just a few months, you can open a new checking account at the bank of Google.

It’s good news if you are an Alphabet shareholder. But, it’s getting a bit strange to see these technology companies are creeping into every aspect of our lives. Tell us something. Are you going to open a checking account with Google?

Hoda Mehr

Hoda Mehr

Brought to you by Hoda Mehr, Editor at Trade Stocks, CEO and Co-founder of Stock Card and the host of Renegade Investors podcast. She runs a community of 8,000 stock market investors and manages Stock Card's successful flagship portfolio, Roll with Our CEO, on Stock Card Portfolio Store. Hoda is an Economist with an MBA from Concordia, John Molson School of Business. She applies behavioral economics, data journalism and storytelling to all aspects of her work. Subscribe for free here: Stockcard.io