“No Economy… No Country!”
We got a lot of flak about Wednesday’s father knows best advice as applied to our two presidential candidates this year.
Our first contributor says: “Your equating Biden’s sexual [assault] accusation to Trump’s incredibly misogynistic behavior is very disappointing. Almost Orwellian.
“Biden fought for the Violence Against Women Act, and the sexual assault allegation against him was pretty obviously a frame job.
“Yet you find Biden and Trump equal… At the moment, I feel disgusted.”
Not understanding the Orwell reference, but moving on…
A reader writes: “Regarding the behavior of Joe Biden, I believe he has taken liberties and should have to answer for that.
“However, my primary concern is the economy. I don’t believe the policies of VP Biden and Kamala Harris will yield positive results; in fact, they will deliver a final, crushing blow after these months of COVID closures.
“More taxes? Green New Deal? Wealth distribution? All of these ideas are economy and job killers. No economy… No country!”
Agree with our reader? In other words: “It’s the economy, stupid”?
And speaking of COVID closures, write in if you think the government’s gone too far… or not far enough.
We’ll be back with more of your opinions Wednesday.
Send your opinions to, TheRundownFeedback@SevenFigurePublishing.com.
Your Rundown for Friday, Sept. 4, 2020…
Big Tech Beat Down
The tech-heavy Nasdaq broke it’s ten-day winning streak Thursday, slumping about 5%.
Some notable tech companies that lost yesterday? EV maker Tesla and newcomer Zoom closed down 9% and 10% respectively.
And titan of all tech companies, Apple, saw $150 billion of its market cap dissolve as shares dropped 8%.
But in pre-market trading this morning, the Nasdaq seemed to be perking up… and then not so much. The index is down 3% at the time of writing.
The reason for the tech rout? “We’ve had excessive valuations in the markets lately — particularly in the tech sector — and that needed to be corrected to some degree,” says analyst Scott Knapp of CUNA Mutual Group.
So no need to panic; in other words, a correction was overdue. We expect investors were watching the frothy tech sector and taking some profits.
And a bad day for Big Tech meant good days for some other forgotten companies. “To be sure,” CNBC notes, “more beaten-down parts of the market rebounded Thursday and added to those gains Friday. Cruise operator Carnival advanced 2.6% on Friday. United Airlines rose about 1%.”
“We might finally see some rotations that could lead to new market leadership,” says economist Peter Cardillo of Spartan Capital Securities. “That’s something we’ve been lacking for a long time.”
Market Rundown for Friday, Sept. 4, 2020
S&P 500 futures are down 40 points to 3,404.
Oil’s down 2.5% to $40.35 for a barrel of West Texas Intermediate.
Gold’s price is down $9.40 to $1,928.20 per ounce.
Bitcoin’s rallying $202.71 to $10,343.96.
Send your comments and questions to, TheRundownFeedback@SevenFigurePublishing.com.
Enjoy the last official weekend of summer and Labor Day. We’ll be taking the holiday off, but we’ll catch up Wednesday.
For the Rundown,