Daily Newsletter | August 9, 2023

TLDR

? MARKET RECAP → All three major indexes closed in the red on Wednesday led by “big tech” stocks… traders await Thursday’s key inflation data with some skepticism and continue to fade the recent “risk-on” trade.

?? DRAFTKINGS STUMBLES → ESPN rolled the dice on a 10-year deal with Penn, shaking up the online betting board!

? A YEAR POST CHIPS ACT→ U.S. semiconductor firms are still scanning the horizon for that promised funding boost! ??

Sean Horgan

Head of Investor Relations @ MoneyLion

$shorgan

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Today’s S&P 500 Heatmap

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Source: finviz.com

T&Cs apply.

Today’s Top News

DRAFTKINGS TAKES A HIT AS ESPN BETS BIG WITH PENN!

? DraftKings’ stock dropped 10% after Penn Entertainment revealed a 10-year deal with ESPN, leading Penn to rename its sportsbook to “ESPN Bet”.

? ESPN’s move into online betting resulted in a $2 billion cash and stock deal from Penn, lifting Penn’s shares by 9% on Wednesday.

? With ESPN’s partnership, the future of its non-exclusive marketing deal with DraftKings is uncertain, and Disney might reconsider its stake in DraftKings.

Source: shutterstock

CHIPS ACT: ONE YEAR LATER, WHERE’S THE CASH?

? A year after Biden’s CHIPS Act, U.S. semiconductor firms are still awaiting promised funds.

? The $52.7 billion was meant to boost U.S. semiconductor manufacturing, but no company has received a cent yet.

?️ Companies like Integra and SkyWater have big expansion plans, but they hinge on getting this federal support.

Source: shutterstock

Keep Reading

Insurers face long road, high cost to cover obesity drugs after promising Wegovy heart-health data (CNBC)

Senator Dianne Feinstein hospitalized after falling in her home (The Guardian)

How Hollywood writers are making ends meet 100 days into the strike (CNBC)

Lyft is killing surge pricing to siphon off Uber customers (Mashable)

And if you want more, be sure to check out the MoneyLion blog for tips, hacks and all things money (Moneylife)

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Written by Sean Horgan Sean Horgan is the Head of Investor Relations at MoneyLion, where he leads communications with investors and stakeholders. Before joining MoneyLion, Sean was an Equity Research Analyst at Rosenblatt Securities and Emerald Asset Management. Sean holds multiple FINRA licenses, including Series 7, 63, 86, and 87, and CFA Level I. Sean also writes MoneyLion's Markets Daily newsletter, delivering the daily TL;DR on market news.