JPMorgan Chase wants to disrupt the rent check with its payments platform for landlords and tenants (3 min read)
JPMorgan Chase is piloting a software platform, called Story, created for property owners and managers that automates the invoicing and receipt of online rent payments. Although digital payments have risen in popularity, most monthly rents are still using checks and money orders. Property owners also typically use software to keep track of the rents collected. Story aims to be the one-stop solution that manages all of it. This is a larger step towards the fintech space as JPMorgan tries to create a new and substantial revenue opportunity for their business.
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Why Is Getty Images (GETY) Stock Up 33% Today? (1 min read)
Shares of Getty Images rallied 34.39% on Monday but there was no news released related to the company. It was highly speculated that meme stock traders were behind the rise of the stock as more than 7 million shares have traded without any news. Meme stock traders have been interested in stocks that went public through SPAC mergers recently and Getty Images fit that description. However, even with the surge on Monday, shares of Getty Images are still down more than 26% since its debut in July this year.
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Eurozone inflation hits record high of 10.7% as growth slows sharply (3 min read)
Recent data shows that the eurozone inflation rose above 10% in the month of October which is the highest monthly reading since the eurozone’s formation. Some euro nations even reported inflation at more than 20%. Most of the rising prices were driven by energy costs and followed by food, alcohol, and tobacco. GDP growth rate dropped in the third quarter and several economists expect it to continue to deteriorate in the current quarter. With prices remaining well above the central bank’s target, it is very likely to see another rate hike of 0.75% in December.
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Dow closes lower on Monday, but still posts best month since 1976 (2 min read)
The US market slid on Monday but the Dow still managed to have the best month since 1976. Major indexes made a huge comeback in October and snapped a two-month losing streak. The Dow soared 13.95% for the month as investors are betting more on traditional companies. The S&P 500 and Nasdaq were also up 8% and 3.9% for the month. Nasdaq’s performance was dragged down by the disappointing third quarter earnings from large tech companies like Meta and Amazon. All eyes on the Fed’s rate hike decision this week which is widely expected to be 0.75%.
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The DIY FAANG 2.0 Portfolio (4 min read)
Strive Asset Management filed to launch a FAANG 2.0 ETF. Unlike the original FAANG where you invest in Facebook, Apple, Amazon, Netflix, and Google, the 2.0 version will invest in fuels, aerospace, agriculture, nuclear and gold. With big tech selling-off this year, Bank of America started promoting FAANG 2.0 based on industries expected to see strong growth rather than individual companies. The new FAANG 2.0 ETF might not be launched until next year but investors can build their own using existing ETFs. This article provides an ETF choice for each industry and the sample portfolio would have outperformed the S&P 500 significantly so far this year.
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Weekly ETF Flows Post $42B Gain (1 min read)
The ETF market pulled in more than three times the assets last week than the week prior. The industry had $41.9 billion of weekly inflows. Majority of the assets continued to be in equity ETFs and specifically in S&P 500 funds like the SPDR S&P 500 ETF Trust (SPY) or the iShares Core S&P 500 ETF (IVV). Inflows into fixed income ETFs also remained strong but there was a shift towards corporate bonds instead of short-duration US treasuries. More on the full list of top inflows, outflows, and performers by ETFs and asset classes are available in the article.
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That's it for today! You can reply to this email if you have any comments or feedback.
Thanks,
Thomas
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