Is the bull market back? Offbeat indicators like the hemline index (reflecting the length of women’s skirts) or the thickness of former Fed Chair Alan Greenspan’s briefcase have been trotted out as ways to track financial sentiment. We’re adding the necktie indicator to that list. As Morgan Stanley analyst Betsy Graseck observed, bank executives are ditching their ties, which could be a positive signal for the market.
US stocks stumbled on Tuesday after Monday’s more constructive tone on the conflict in the Middle East evaporated by the night, with US President Donald Trump telling Americans to evacuate Tehran last night and calling for Iran’s “UNCONDITIONAL SURRENDER” today. Oil prices headed higher while the S&P 500 ended down 0.8% and the Nasdaq 100 and Russell 2000 gave back 1%.
Consumer discretionary and healthcare stocks fared the worst, with the latter seeing weakness linked to reports that the Trump administration is looking to curb pharma ads. Every S&P 500 sector ETF finished in the red outside of energy, thanks to the aforementioned rally in crude prices. Markets are closed tomorrow for Juneteenth, but we’ll be back in your inbox on Friday. |
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It’s comforting to think of markets as a ruthlessly efficient and highly coherent space, an arena where truth is determined through broad access to millions of minds that — through a form of competitive consensus — methodically value the individual firms that constitute a global market. An ecosystem of global commerce that, through compassionless mercantile interest, can appropriately and of course systematically assign a price that we can all agree on.
Comforting, but wrong. Because sometimes, you get Regencell Bioscience. |
- Regencell Bioscience, a Hong Kong-based herbal medicine company that generates no revenue, has skyrocketed in value amid a rally triggered by a 38-for-1 stock split.
- The company, still in its research and development phase, is developing herbal medicine treatments for ADHD and autism.
- So far it has only bled money, and generated none.
- It’s up about 700% in the past month and more than 56,000% this year, as of Tuesday afternoon.
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While short sellers might be scrambling, Regencell’s CEO, Yat-Gai Au, has amassed a $26 billion fortune, Bloomberg reports.
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The company’s short interest as a percentage of float is 94.81%, suggesting somebody is getting squeezed. When that happens, short sellers often rush to buy back their shares, creating demand, which pushes up the share price. |
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Investment Offering Closing Tomorrow: Stanford StartX Company Raises $14M to Disrupt $8.24B Cardiac Monitor Market |
Fresh off clinical testing in the EU and the US, Future Cardia is building an implantable cardiac monitor designed to transform how we detect and manage heart disease — the US’s #1 killer.
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