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Wall Street tycoon, "smashed" by its own chairman

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On Friday local time, the inflation indicators that the Federal Reserve is concerned about are released. Data shows that the year-on-year growth rate of the core PCE price index in the United States in September fell from 3.9% in August to 3.7%, setting a new low since May 2021. However, at the same time, the month on month growth rate was the highest in four months.
Under the mixed inflation data, the three major US stock indices ended mixed. Among them, the Dow fell 366.71 points, or 1.12%, to 32417.59 points; The S&P 500 index fell 19.86 points, or 0.48%, to 4117.37 points; The Nasdaq rose 47.41 points, or 0.38%, to 12643.01.
In terms of individual stocks, the sale of company stocks by the chairman and CEO of the company ignited the market of JPMorgan Chase. On the 27th, the company's stock price opened lower, and as of the close, JPMorgan Chase fell 3.60% to $135.69 per share, with the company's total market value falling below $400 billion.
In addition, on the one-year anniversary of the acquisition of Twitter, Musk announced that X will launch financial services by the end of next year, when people no longer need bank accounts. However, while Musk is drawing a grand blueprint, the X platform is facing difficulties such as user loss, sharp decline in advertising revenue, and significant layoffs.
The Dow fell by more than 1%

On Friday local time, the core PCE price index for September in the United States was released. Data shows that the year-on-year growth rate of the price index has dropped from 3.9% in August to 3.7%, setting a new low since May 2021. The core PCE price index in the United States rose 0.3% month on month in September, with an expected 0.30% increase, compared to the previous 0.10%, marking the largest month on month increase in four months.
Under the mixed inflation data, the three major US stock indices fluctuated and adjusted. As of the close, the Dow fell 366.71 points, or 1.12%, to 32417.59 points; The S&P 500 index fell 19.86 points, or 0.48%, to 4117.37 points; The Nasdaq rose 47.41 points, or 0.38%, to 12643.01.
Most large technology stocks rose, with Intel's stock price rising more than 9%. The company's third quarter revenue and performance guidance exceeded expectations; Amazon rose by over 6%, and the company's revenue and earnings in the third quarter exceeded analysts' expectations.
Gold stocks and computer hardware were among the top performers, with US gold companies up over 7%, Seagate Technology up over 3%, and Dell Technology up over 2%.
The solar, natural gas, and renewable energy sectors fell, with Chevron falling more than 6%, First Solar and Sunrun falling more than 5%, and First Energy and New Era Energy falling more than 2%.
Popular Chinese concept stocks have fluctuated, with the Nasdaq China Golden Dragon Index rising 0.08% and a cumulative increase of 3.23% this week. Man Bang rose by over 5%, iQiyi rose by over 2%, NetEase and Ideal Automobile rose by over 1%, while Xiaopeng Automobile, Weibo, Bilibili, and Alibaba slightly rose. NIO fell by over 2%, Baidu and JD.com fell by over 1%, while Futu Holdings and Vipshop saw a slight decline.
Hedge fund magnate Steve Cohen said that the US economy may enter a brief recession this year and then rebound in the first quarter of next year. He expects the economy to grow significantly next year, with the stock market rising by 3% to 5%, prompting interest rates to rise "higher than people imagine".
Chairman and CEO selling stocks

JPMorgan Chase fell more than 3%

A rare news spread on Wall Street. On Friday local time, Jamie Dimon, the "Big Brother on Wall Street" and Chairman and CEO of JPMorgan Chase, announced the sale of his company's shares.
The announcement shows that Damon and his family plan to sell some JPMorgan Chase shares, with the current intention of selling 1 million shares starting from 2024. Based on the closing price of $135.69 per share on the 27th, the value of JPMorgan Chase's shares sold by Dimon this time is $136 million.
It is reported that Damon has been in charge of JPMorgan Chase since 2005 and has never sold his own company stock for a full 18 years. Affected by the above news, JPMorgan Chase's stock price fell all the way to the beginning of trading on the 27th. As of the close, JPMorgan Chase fell 3.60% to $135.69 per share, and the company's total market value fell below $400 billion.
X will launch financial services next year

The platform is facing many difficulties

From "Twitter" to "X", on the occasion of the one-year anniversary of the acquisition of Twitter, Musk made another "surprise move" by announcing that X will launch financial services by the end of next year.
On October 27th local time, Musk told employees at a meeting that he hoped X would become the center of their financial world and handle everything related to money in their lives. When I say payment, I actually mean someone's entire financial life. If (something or something) is related to money, it will appear on our platform, whether it's money, securities, or anything else. What I need to say is that you don't need a bank account
However, in stark contrast to Musk's ambition, the X platform is facing difficulties such as user loss, sharp decline in advertising revenue, and significant layoffs.
According to the Wall Street Journal, X platform announced in September that its daily active users were 245 million, a decrease from Musk's 259.4 million in November 2022, but higher than Twitter's 237.8 million users in the second quarter of 2022. However, analysis by research firm Sensor Tower shows that compared to the month Musk acquired in October 2022, the number of daily active mobile users on the X platform decreased by 16% in September 2023.
In addition, Musk himself publicly stated in September that since his acquisition of the company, X platform's advertising revenue in the United States has decreased by 60%. In terms of personnel, after completing the acquisition a year ago, Musk immediately started firing several executives, and since then, he has significantly reduced multiple job positions in the company.
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