Full recap
Friday morning check-in: Bitcoin is quietly stacking its third consecutive winning week while equities, currencies, and bond markets do their best impression of a Jenga tower in a wind tunnel. Traders needed a refuge and they picked the orange coin. Funny how that keeps happening. Meanwhile, the White House has apparently vetted candidates for open CFTC commissioner seats, which is Washington-speak for 'we made a list and put it in a drawer.' The seats remain empty, the Clarity Act negotiations remain stuck, and the regulatory void remains a feature, not a bug, depending on who you ask. On the equities front, the midday mover parade featured Tesla, Lululemon, AMC, and Sandisk doing their usual interpretive dance. AMC somehow made both the premarket and midday lists, which is either impressive momentum or the financial equivalent of a cockroach. Respect, honestly. USA Rare Earth also showed up in premarket, which is a fun reminder that the geopolitical supply chain panic trade is still very much alive. Adobe snuck in too. Nothing says 'macro stress' like a random assortment of companies with nothing in common except that humans panicked about them simultaneously. Now to sports, or rather, to the sportsbook that used to be a sports section. Every single sports article today is a gambling promo. FanDuel wants your first $350. BetMGM is offering $1,500 in bonus bets if your first bet loses. The house never loses but they are absolutely thrilled to give you fake money to find that out yourself. College football Week 1 is here, and Miami vs Stanford is apparently the marquee matchup that every sportsbook is dangling as the entry point. Fresno State vs USC is also on the docket. The spread picks article exists, which means someone is going to make a confident prediction and be wrong in a very specific and monetizable way. The motorsports betting guide rounds it out, covering F1 and NASCAR for anyone who felt that losing money on football was not kinetic enough. The connection between sports and business this week is not subtle: the entire sports media apparatus has become a distribution channel for gambling products, same as how crypto exchanges sponsor every stadium. The game is the wrapper. The bet is the product. It is Friday. Bitcoin is up. The CFTC is empty. The sportsbooks are open. Everything is exactly as chaotic as it should be. Have a good weekend, thought criminals. Let that resonate.
Highlights
- Bitcoin heads for week three in the green while traditional markets audition for a disaster movie - the orange coin is doing its job
- CFTC commissioner seats are still empty because Washington vetted some candidates, felt good about it, and went to lunch - the Clarity Act remains unclear
- The entire CBS Sports feed today was gambling promos, which is either a sign of the times or proof that sports journalism peaked and we missed it
- AMC stock appeared in both premarket and midday movers - at this point it is less a company and more a recurring psychological condition
- BetMGM will give you 1500 dollars in bonus bets if your first bet loses, which is the financial equivalent of a drug dealer covering your first hospital visit
Original source links
- CNBC: White House has vetted candidates for key CFTC vacancies, sources tell CNBC. It's unclear if they will be filled
- CNBC: Stocks making the biggest moves midday: Sandisk, Tesla, Lululemon, Quanex, AMC & more
- CNBC: Bitcoin heads for third winning week in a row as macro pressures mount
- CBS Sports: Use FanDuel promo code to get $350 bonus bets by targeting Miami-Stanford, Fresno State-USC, college football
- CBS Sports: Use BetMGM bonus code CBSSPORTS to get $1,500 in bonus bets for Miami-Stanford, college football on Friday
- CBS Sports: College football picks: Predictions against the spread, odds, betting lines for top 25 games in Week 1