Newsletter Jul 21, 2021

Whether Monday's market moves are considered a major correction or a mini-crash, Tuesday's trading brought renewed confidence in the recovery.

3 things you must know
  • Stock markets bounce back from worst trading day of the year

    Billionaire Jeff Bezos wasn't the only one to take a wild up-and-down ride this week. So did the stock markets, which saw the worst day of trading of 2021 on Monday, followed by an inexplicable comeback on Tuesday that brought the markets and investors back to Earth.

    After Monday's massive selloff due to concerns about the rapidly spreading Delta variant, Tuesday's sessions showed renewed confidence in the economic recovery. It's as if the markets have a mind of their own. As one analyst put it: "I can't explain why we're freaked out about Delta one day and don't care the next." 

    SEE HOW THE DOW REGAINED OVER 500 POINTS TUESDAY

  • Cryptocurrencies take $90 billion loss in 24-hour freefall

    Among the inherent risks of investing in cryptocurrency are some recent "crypto-crashes" that underscore the volatility of the market. Bitcoin and other popular cryptocurrencies got a bitter taste of that trend Tuesday when nearly $90 billion in value was lost in one day.

    Analysts point to Monday's massive losses across global stock markets for the nosedive cryptocurrencies suffered over a 24-hour period. Bitcoin fell below the $30,000 mark for the second time in a month, highlighting how even the top crypto is vulnerable to market conditions. Other cryptos took even bigger hits across the board.

    FIND OUT IF CRYPTO WILL RECOVER LIKE THE MARKETS

  • DOJ appointment a big warning sign for Big Tech companies

    In a looming showdown between Big Tech companies and the federal government, Tuesday's appointment of one of the industry's biggest critics to head the Justice Department's antitrust division served as an alarm bell for upcoming actions to limit their power.

    Jonathan Kanter, a lawyer who has represented firms challenging Big Tech platforms in the past, will lead the DOJ's division that will handle several key upcoming cases concerning privacy issues and alleged monopoly abuses. Companies like Apple, Google and Facebook face growing sentiment on Capitol Hill to take action.

    FIND OUT HOW KANTER'S VIEWS CLASH WITH BIG TECH

Markets
DJIA 34,511.99 1.62%
S&P 500 4,323.06 1.52%
Nasdaq Composite 14,498.88 1.57%
Japan: Nikkei 225 27,548.00 0.58%
UK: FTSE 100 6,991.61 1.61%
Crude Oil Futures 68.41 1.80%
Gold Futures 1,798.40 -0.72%
Yen 110.28 0.39%
Euro 1.18 -0.10%
* As of market close

Bezos, crew blast off aboard Blue Origin

How does a multi-billionaire who can literally buy anything get his thrills? How about an astronaut's-eye view of everything from the edge of space? That's what Amazon founder Jeff Bezos did Tuesday during his Blue Origin flight to the Karman Line with three crew members by his side. 

In a round-trip flight that spanned only 10 minutes, Bezos briefly left the planet that made him the world's wealthiest earthling -- and the moment was worth every dollar. His Blue Origin's New Shepard capsule reached a peak altitude of 66.5 miles and allowed the crew members to experience weightlessness and take in a spectacular view of Earth. The flight also clears the way for a new segment of space tourism in the years to come.

SEE HOW THE FOUR PASSENGERS REACTED TO THE FLIGHT


Biden backsliding on goals at 6-month mark

Six months into President Joe Biden's administration, it seems some of his biggest early successes have become his most recent downfalls. From stalled pandemic recovery and vaccination efforts to a still-in-limbo bipartisan infrastructure bill that was once proclaimed a done deal, Biden appears to be hitting road blocks on the cornerstones of his campaign.

Nowhere is that more telling than COVID-19, which the US seemed to be putting in the past just weeks ago. Now the surging delta variant threatens to reverse early gains and vaccinations have dipped below his 1 million-a-day goal. Adding to his frustration is the back-and-forth infrastructure bill that is seeing him feel the pressure from both sides of the political aisle.

SEE THE DEMOCRAT'S PLAN TO PASS AN INFRASTRUCTURE BILL


Let the Games begin? Olympics still in doubt

Only two days before the Tokyo Olympics' Opening Ceremony and there are still international calls to cancel the Summer Games as COVID-19 continues to plague Japan and gathering athletes from around the world.

With Japan declaring a state of emergency that runs one month past the scheduled end of the Olympics, health officials are concerned about the risks of holding the events. None are more opposed than the host nation, where 3 in 4 Japanese citizens don't want the Summer Games to go on, especially with no fans allowed and COVID cases rising among athletes.

FIND OUT THE CHANCES OF THE OLYMPICS BEING CANCELED 


Game over

In the century-plus history of the modern Olympics, only three Games have been canceled. Name the years and reasons they were scrapped.

Tuesday's answer: Jeff Bezos originally planned to name his upstart company "Cadabra" before being talked into going with "Amazon" instead.

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