🚀 NYSE wants 22hr per day trading

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Drive Black Friday Performance

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. The New York Stock Exchange (NYSE) is seeking approval to extend trading hours on its Arca platform to 22 hours per day, citing rising global demand for U.S. equities from both retail and institutional investors. While there’s some demand from international markets and U.S. retail traders, critics are concerned about thin volumes, increased volatility, and potential risks to retail investors. The change requires regulatory approval and may lead to shifts in market dynamics if adopted.

2. Volkswagen is considering significant layoffs, plant closures, and pay cuts of around 10% across its German operations due to economic pressures. The company’s works council, led by Daniela Cavallo, warned that tens of thousands of jobs are at risk and that all German VW plants could be impacted. Volkswagen cited rising energy, material, and labor costs, coupled with low revenue from car sales, as reasons for the restructuring. The carmaker is also planning to outsource some departments, facing pushback from unions like IG Metall.

3. Robinhood has entered the political prediction market, allowing users to trade contracts on the 2024 U.S. presidential election, including Kamala Harris and Donald Trump contracts. The platform joins a growing field after Kalshi won a court ruling against the CFTC, which tried to block election outcome trading. Robinhood's new feature is part of its Robinhood Derivatives unit, with trades facilitated by Interactive Brokers' ForecastEx. However, there are concerns about the potential for market manipulation due to low trading volumes.

4. Headlines

   1. President Biden claimed at a rally over the weekend that Elon Musk worked illegally in the US at the start of his career when he was developing Zip2.

   2. Philadelphia’s District Attorney is suing Elon Musk over his $1M per day lottery for voters in Pennsylvania who sign his petition.

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Onwards and Upwards,

Liam Gill