Return-Path: Delivered-To: info@sterlingcal.com Received: from reseller401.webserversystems.com by reseller401.webserversystems.com with LMTP id bEGMBDUJvGPxPAoAchKAPA (envelope-from ) for ; Mon, 09 Jan 2023 06:31:49 -0600 Return-path: Envelope-to: info@sterlingcal.com Delivery-date: Mon, 09 Jan 2023 06:31:49 -0600 Received: from mail-wr1-f45.google.com ([209.85.221.45]:35652) by reseller401.webserversystems.com with esmtps (TLS1.2) tls TLS_ECDHE_RSA_WITH_AES_128_GCM_SHA256 (Exim 4.94.2) (envelope-from ) id 1pErJc-002oWW-AS for info@sterlingcal.com; Mon, 09 Jan 2023 06:31:48 -0600 Received: by mail-wr1-f45.google.com with SMTP id d17so7998614wrs.2 for ; Mon, 09 Jan 2023 04:31:43 -0800 (PST) X-Google-DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=1e100.net; s=20210112; h=list-unsubscribe:to:subject:message-id:mime-version:from:date :dkim-signature:dkim-signature:delivered-to:x-gm-message-state:from :to:cc:subject:date:message-id:reply-to; bh=w2MVpzPpcDdpStiO5JlmWOJf9Wjf5+aBndX8775LcN4=; b=YZOWVpRsgiOeO6NE+tG2xAjkfrw+vAvlH+hneizrqlrb/9Mtd/5VvA9MfLlYzo1Gzk 6rhBMEVmgT2YK/v2D28jvAQpaf/kQAAjIG+iBWbjav+5WELKmJf0sLwZwjb3V1pcPon5 v17dDhPEj1f7ZLELN+TrFNMZ4o6iacgcshBJ75na59Y1PleQ2u/Ifo4ZuA+6SAkswolF o6L0BJzKJlHBs9+fQx4nmp+q9L3Nu4coj5UYrtEdbPuJ5ToXOK0xjN3l6o5+F6J0AeO7 2BWaHZzyJ5RhpRwgkeUw8e6+sJoyFyaOczQ2DRHvyXzFfyEDaGtsBGHuyhtU5/BMZADR oJcA== X-Gm-Message-State: AFqh2kq50NvzWJnqAXXfb1knYhwqDn8nzI3co9zUQUfZ5wvj8iumxDl6 L3iKr6yR6hUnjzoUgfIbwCktTx2iK/Zex+GQcLGj6QmEgVWliI4KrA== X-Received: by 2002:a5d:4605:0:b0:2bb:e864:7a2a with SMTP id t5-20020a5d4605000000b002bbe8647a2amr155171wrq.218.1673267496217; Mon, 09 Jan 2023 04:31:36 -0800 (PST) X-Forwarded-To: info@sterlingcal.com X-Forwarded-For: sterlingwhg@gmail.com info@sterlingcal.com Delivered-To: sterlingwhg@gmail.com Received: by 2002:a5d:68c7:0:0:0:0:0 with SMTP id p7csp9703659wrw; Mon, 9 Jan 2023 04:31:33 -0800 (PST) X-Google-Smtp-Source: AMrXdXtT/Hy2+ve1ZYBV5kLyaQ+e/8b3N5wjOtR7g3w5HPHIXQEYrOquACcwgimnjPySTDwtcTiS X-Received: by 2002:a5b:ad2:0:b0:7b6:f8d5:82f7 with SMTP id a18-20020a5b0ad2000000b007b6f8d582f7mr12486399ybr.32.1673267493477; Mon, 09 Jan 2023 04:31:33 -0800 (PST) ARC-Seal: i=1; a=rsa-sha256; t=1673267493; cv=none; d=google.com; s=arc-20160816; b=Ny73kPHUuM37OuMqEs6iN1HqN0IFwL4FsO4yePNDr9EINPZrgErWt/7xJbMQ29PioC n8mYh9C4NcndWVwH6hb9LNrQStda0/LUPsOD1RpZbox4FUGAgC8hfwDLr6Ra377QDpoU 7CcRHt9vuKIu39SAwgWbVKLydMOf/GY0nI6oY4CwdzUpUOiX47UwAWc9ygx5N1ze6FIw 74PnchUR09K7KOKwo+pLaBxFJ2kHg78JiLmMddySrE/W1t/7okgtCNp4EXkptcd2H0iV nnChObTUBpjiov6kMiR+frHsxLc6U3pPQayIB3ZTsAEx8GMFFOY0u8kcvSQ1mC8ODj+c mPQA== ARC-Message-Signature: i=1; a=rsa-sha256; c=relaxed/relaxed; d=google.com; s=arc-20160816; h=list-unsubscribe:to:subject:message-id:mime-version:from:date :dkim-signature:dkim-signature; bh=w2MVpzPpcDdpStiO5JlmWOJf9Wjf5+aBndX8775LcN4=; b=p61pQXH4+iMfNnZT1FvM+fAEbNpZiPLaQc/ub5TaCEE0DRbOQW2fJNs5lRH8PD1CRr y0/oCjy4KQzCtB6WBtCONvOAu18cUTsjvJilwR1NnPvmUEZJcrjhkVkqertJiOLVTSOB glXJKTezAgr2w7RI2B1TqdOwyPcErWo24qsOFt4ZIUtQ3wFNMxrNYLgApTWvIFErg4wS nfhBoXoPWhYPZrqBmAe9SE67SR4cDYQmGjaYVp/G30KpV8EChPTiJX0X1xbRNHg77lXU 4iVGvWRvQCSnmy5/fD2hLRN7XzSpKvLM0zZ3B9lYO8uIXZ2s0XHK0Qeb1M9zkOhVcm47 Yo7A== ARC-Authentication-Results: i=1; mx.google.com; dkim=pass header.i=@robinhood.com header.s=s1 header.b=f2f5yR+t; dkim=pass header.i=@sendgrid.info header.s=smtpapi header.b=VzhntCPf; spf=pass (google.com: domain of bounces+6630771-530e-sterlingwhg=gmail.com@sg-email.robinhood.com designates 149.72.41.25 as permitted sender) smtp.mailfrom="bounces+6630771-530e-sterlingwhg=gmail.com@sg-email.robinhood.com"; dmarc=pass (p=QUARANTINE sp=QUARANTINE dis=NONE) header.from=robinhood.com Received: from o19.email.robinhood.com (o19.email.robinhood.com. [149.72.41.25]) by mx.google.com with ESMTPS id 187-20020a2516c4000000b0076917933fbesi8705268ybw.89.2023.01.09.04.31.33 for (version=TLS1_3 cipher=TLS_AES_128_GCM_SHA256 bits=128/128); Mon, 09 Jan 2023 04:31:33 -0800 (PST) Received-SPF: pass (google.com: domain of bounces+6630771-530e-sterlingwhg=gmail.com@sg-email.robinhood.com designates 149.72.41.25 as permitted sender) client-ip=149.72.41.25; Authentication-Results: mx.google.com; dkim=pass header.i=@robinhood.com header.s=s1 header.b=f2f5yR+t; dkim=pass header.i=@sendgrid.info header.s=smtpapi header.b=VzhntCPf; spf=pass (google.com: domain of bounces+6630771-530e-sterlingwhg=gmail.com@sg-email.robinhood.com designates 149.72.41.25 as permitted sender) smtp.mailfrom="bounces+6630771-530e-sterlingwhg=gmail.com@sg-email.robinhood.com"; dmarc=pass (p=QUARANTINE sp=QUARANTINE dis=NONE) header.from=robinhood.com DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=robinhood.com; h=content-type:from:mime-version:subject:x-feedback-id:to: list-unsubscribe:cc:content-type:from:subject:to; s=s1; bh=w2MVpzPpcDdpStiO5JlmWOJf9Wjf5+aBndX8775LcN4=; b=f2f5yR+tjthSPBDWmLYi5UKMRbNen8XUj19IfucNHelnMHWURVk9nq7cLuS38v73MU8v ROrfMXH5ETEJReRD9Vr4anoPi4GPvo/7/+ywoVAS6QfJihO0kV/HjQAOoxvnW4kR5+46Vg rGoVKY70PniC+vDtKENDkjTHQP5VI6QLqOmPyxBnsfoiwBvQ24F31RM+y8xbb47FGFOJuE RZrdrVpfiOTdgAAgtWDu0l87XeXUzQQEJUrHumbs9Oa0gmVAfdpYqWfHSW6/9x17gGmPqJ 7Mnon78Yce0YDy7M5Hpv3CLVYmO8I7gtKTqUHi4tnvFvKDbZ1e9XhcaGXVb2Dmig== DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=sendgrid.info; h=content-type:from:mime-version:subject:x-feedback-id:to: list-unsubscribe:cc:content-type:from:subject:to; s=smtpapi; bh=w2MVpzPpcDdpStiO5JlmWOJf9Wjf5+aBndX8775LcN4=; b=VzhntCPfyubMaMqZow8R4g8dNAFLpuwHzSN1npWHagOFowAb5LAcQ6Y9LP0ve1dXHzBQ 6tnoYPtFVwnqWq7zobo4fjz8G5xYJJ/5P5FgsmZNVpSPftGC2YQr39wwKA6TjaWbtyjerT uDm84EvoCuDmMvuqa/WvVpJMxv18jA5DI= Received: by filterdrecv-7f65fc88bb-rs74m with SMTP id filterdrecv-7f65fc88bb-rs74m-1-63BC0924-12B 2023-01-09 12:31:32.874462795 +0000 UTC m=+4541083.898134209 Received: from NjYzMDc3MQ (unknown) by geopod-ismtpd-1-1 (SG) with HTTP id UoSOsbezQjmPgAGDTelOfA Mon, 09 Jan 2023 12:31:32.821 +0000 (UTC) Content-Type: multipart/alternative; boundary=ac356e82fa2eeae84d758b5e548063a2f39361e40211ab85f547ec952eb5 Date: Mon, 09 Jan 2023 12:31:32 +0000 (UTC) From: Robinhood Snacks Mime-Version: 1.0 Message-ID: Subject: =?UTF-8?B?8J+HuvCfh7ggTGFib3LigJlz?= right wrong turn X-Feedback-ID: 6630771:SG X-SG-EID: =?us-ascii?Q?JD1WbddfoCN9JDT0g4N+Wc0+ThLKrMPOV3sdUVZ4xRe8fjGgw7P91rV+6xnLKL?= =?us-ascii?Q?MzcrxZPvF2Wm0UGkOpMK9GisC8Rn5FMJbWUy3K+?= =?us-ascii?Q?kV=2FQP+AEVTtNwe0Ms1oc3psQn7VNEUrxkJLlEtl?= =?us-ascii?Q?=2F=2FHLcJB8KPYQFOHzE4HxqFpBV3BnxmCvE6zLBOi?= =?us-ascii?Q?GNhgPtZFdfQp5S=2F654AeKkdIb6=2FBrZhdx01o12L?= =?us-ascii?Q?4TFbzTdMcB01FeMT9KNpGF8D+aZ1aXjCeitWD9?= X-SG-ID: =?us-ascii?Q?N2C25iY2uzGMFz6rgvQsb4XhvBklPHxH09O1670yPrOhxLuzVULrEhI5Ink4W6?= =?us-ascii?Q?tFehs6Gu5c=2FT2YH1y7+2cW+xDSs0gRrezWGJmZ=2F?= =?us-ascii?Q?+KWYOcaavj0IdacS6092rsSgwGjM+xx41Z4VjeV?= =?us-ascii?Q?U9H0ZrNzwfr1tmJWS9uh7TZqQuIRy3kXChfa4DO?= =?us-ascii?Q?Qfrx++w72aWK9JGfstT1Y+N1AQS7OmiIu=2FVfInr?= =?us-ascii?Q?gdH=2FqDmVVMYr2X3FsVmtZ5T2=2FHVNAwmmpNQkTGN?= =?us-ascii?Q?dx49Ibif4KLDjHbXIr9WvHyIn0INp4TUNxQBkZ0?= =?us-ascii?Q?YHUz+DRb=2FbLTtX5l5Y08WH4LLua2A9TtX1kPCcy?= =?us-ascii?Q?SiNrN=2FS=2FKvVyVyQeq=2FnYusJIjUilO8DLJeT9xsa?= =?us-ascii?Q?rW3jR=2FGezBoooBu=2F51VfQRtXJXRGDk4SzBT33NM?= =?us-ascii?Q?FSce4X8sHHg36po0cBLIoLKpsuhktjcN+XmATIs?= =?us-ascii?Q?qiM5WmzdbHgJeXKrcQ=3D=3D?= To: sterlingwhg@gmail.com X-Entity-ID: zye8UXqvUGcUF9ZcIbeLwg== List-Unsubscribe: =?us-ascii?Q?=3Cmailto=3Aunsubscribe=40sg-email=2Erobinhood=2Ecom=3Fsubject=3Dhttps=3A=2F=2Fsg=2E?= =?us-ascii?Q?robinhood=2Ecom=2Fwf=2Funsubscribe*q*upn=3DmEXt?= =?us-ascii?Q?VTh2BuIW7T5QWYgW7Yuh84onS7o4oGAxJrsr639?= =?us-ascii?Q?wxGzq5TjP3B1E-2BJAbKQ9khE1gRgJkaG4OhdeL?= =?us-ascii?Q?TjqJLmt-2FwOnpBbzisd9ISPCrvpGqMBF6zTLv8?= =?us-ascii?Q?AsugESfo6FV2Yp7Ol6Nn7X2znmLhGAHOZiFKVu8?= =?us-ascii?Q?cyiJ6LvR64H7erzLw26GZZN6j-2BfmaGGnZXBOh?= =?us-ascii?Q?TqOjhkc-2FUsZxYE3wUgNU-2BQs9QoWn9CwrvQD?= =?us-ascii?Q?cwApawkwkycaNTCLcs35ie0ygddvPzw-2FjUGnK?= =?us-ascii?Q?lxyhKoZg-2BXUFYeEC9QlqcN5R-2FT-2FRoQJS6?= =?us-ascii?Q?cs6EAW57X8AWioOFZ9h2Dna5pIQ1Wf2rvs4LvGJ?= =?us-ascii?Q?evJKFbuDV6ut4FDFPbQu9HCnGFoLX-2FlOA3vOT?= =?us-ascii?Q?wMSYBAf3NQWNQfmGkInFFvfQPbXQUIP0OVG9I5L?= =?us-ascii?Q?tkXgjxGDLDZFnbCbQb42-2BoZb6Vli799omy-2B?= =?us-ascii?Q?LNO7yhwtDJrDuo-2FmptNZJC0a0HCA8RV5eXY4y?= =?us-ascii?Q?QHqkwniwyT0tkuTp2Uno0OWOggSzIjXVu-2F8tP?= =?us-ascii?Q?X5kUCyqQeTRCy1K6XP9ZX-2FXql1tI5VyziMnPI?= =?us-ascii?Q?1PllsL-2FwlhPCUtAUK-2Fk5UIPLdSJGu1niI0b?= =?us-ascii?Q?RKh7uiuu0ZGvA3L0TNodioXOkm5032R13kXbceg?= =?us-ascii?Q?ndpZF9rB2AFFsZmrOwGIrrNGWyGy6dS5ioY8-2B?= =?us-ascii?Q?bz6Dv4sXWYlKg-3D=3E?= --ac356e82fa2eeae84d758b5e548063a2f39361e40211ab85f547ec952eb5 Content-Transfer-Encoding: quoted-printable Content-Type: text/plain; charset=utf-8 Mime-Version: 1.0
=E2=80=A6everyone=E2=80=99s worried= about jobs, and no one=E2=80=99s worried about the job market?
<= td align=3D"left" style=3D"font-size:0px;padding:24px 0 0;word-break:break-= word;">
<= /table>
= Disclosures
=
 

About 125K US workers lost their jobs last year (Johannes Eis= ele/Getty Images)

 
=
<= !--[if mso | IE]>
Last Week=E2=80=99s Market Moves
 
<= tr>=
Dow Jones
33,631 (+1.4= 6%)		S&P 500
3,895 (+1.45%)		Nasdaq
10,56= 9 (+0.98%)		Bitcoin
$16,952 (+2.56%)<= /span>
Nasdaq
10,569 (+0.98%)
Dow Jones33,631 (+1.46%)S&P 500
3,895 (+1.45%)
Bitco= in
$16,952 (+2.56%)
<= /table>

Hey Snackers,

It=E2=80=99s only nine= days into the new year and California=E2=80=99s already abandoned Dry Janu= ary: the Sunny State is having a drenching month with heavy rains and flooding.

In= the first big rally of 2023, the S&P 500 gained 1.5% for the week afte= r news that wage growth cooled last month. About that=E2=80=A6

Btw... Do you want to start getting Snack= s daily? Or prefer to unsubscribe? Manage your subscription preferences he= re.

Wrong
<= /table>

The labor market needs to get more wrong to feel right=E2=80= =A6 The strong job market is the last remnant of the pandemic-stim= ulus era (recall: near-zero interest rates, fat checks). Job data is a lagg= ing indicator, and we=E2=80=99re finally starting to see hawkishness catch = up to it. But Fed officials said they=E2=80=99d need to see sustained cooling before easing up on hikes =E2=80=94 a scenario investors are hu= ngry for. At least the trend is moving in the right (cough, wrong) directio= n.

Investors celebrated cooling wages, but the= layoff-laden labor market=E2=80=99s still too hot for comfort

Oh the weather outside is frightful=E2=80=A6 but the December jobs report is apparently delightful. Stocks rallie= d Friday after fresh labor data showed= a slowdown in wage growth. Normally, that wouldn=E2=80=99t be a great = sign, but in this =E2=80=9Cgood is bad=E2=80=9D economy it serves as more e= vidence that inflation is cooling. Read: the Fed=E2=80=99s rate-hiking crus= ade is working.

  • But also: The job market=E2=80=99= s still red hot. US employers added a stronger-than-expected 223K jobs last= month and the unemployment rate fell to 3.5% (near historic lows).

  • But still:= Investors celebrated cooling wages, which can translate to cooling prices,= which could translate to the Fed being less aggro with rate hikes= .

Everyone=E2=80=99s worried about jobs=E2=80=A6 and no one=E2=80=99s worried about the job market? We=E2=80=99re see= ing this paradox playing out: Americans are on edge over job security, but = in November there were 1.7 openings for every available worker. Still, job = growth is losing steam (employers are adding fewer roles each month) and ma= ss layoffs are only heating up.

  • Tech layoffs are happening at the f= astest rate since the pandemic: last week Amazon announced plans to lay off 18K+ employ= ees and Salesforce said= it=E2=80=99s cutting 8K. Online styling service Stitch Fix said it would let go of 20% of = staff, while struggling crypto lender Genesis slashed 30%.=

  • Not just tech: While tech is a rate-sensitive industry, others like Goldman Sachs, Dodge maker Stellantis, and Redfin have announced big cuts.

    <= /li>
THE TAKEAWAY

<= /tr>
<= div style=3D"font-family: 'Capsule Sans Text', Arial; font-weight: 700; let= ter-spacing: 0.03em; text-transform: uppercase; color: #000000; padding: 6p= x 19px; border-radius: 30px; border: 0; background-color:rgb(195, 245, 60);= display: inline-block;">Events
<= /td>
<= /table>
=
<= div style=3D"font-family:'Nib Pro', Arial;font-size:24px;font-weight:600;li= ne-height:32px;text-align:left;color:#000000;">

Coming up this week...

Securing the vault=E2=80=A6 = Chase, Wells Fargo, Bank of America, and Citi kick off bank earnings this week, and= all eyes are on lending. So far, higher rates have boosted banking profits= , since banks are earning more on deposits and loans (think: mortgages). In= October, Chase reported that quarterly revenue jumped 10% to $33B while pr= ofit surged 34%. Bank of America and Wells Fargo also topped revenue estima= tes. While economic woes could hurt loan demand, delinquencies are still lo= w, and analysts expect more growth when banks report.

Ready f= or takeoff=E2=80=A6 As Southw= est went into a tailspin, Delta soared. Last month the Atlanta-ba= sed airline predicted its earnings would nearly double this year from last,= jetting past expectations. CEO Ed Bastian said the post-Covid travel boom = hasn't petered out, as people prioritize =E2=80=9Cexperiential=E2=80=9D= spending over material goods. Delta seems to believe the good times will k= eep rolling: it agreed to multiyear raises for pilots and is adding custome= r perks like free Wi-Fi. We'll see if the highflying industry optimism = lands in reality when Delta reports.

<= div style=3D"font-family: 'Capsule Sans Text', Arial; font-weight: 700; let= ter-spacing: 0.03em; text-transform: uppercase; color: #000000; padding: 6p= x 19px; border-radius: 30px; border: 0; background-color:rgb(195, 245, 60);= display: inline-block;">Zoom Out
<= /table>
=
<= div style=3D"font-family:'Nib Pro', Arial;font-size:24px;font-weight:600;li= ne-height:32px;text-align:left;color:#000000;">

Stories we=E2=80=99re wat= ching...

Cryptowned=E2=80= =A6 Customers of bankrupt crypto lender Celsius g= ot more bad news: a judge ruled that the $4.2B in= crypto they'd deposited into 600K interest-bearing accounts belong= s to Celsius. Now those customers will be last in line to get repaid. = The biz's terms of service, updated eight times, sealed the deal (lesso= n: read the TOS). The ruling could set the tone for customer compe= nsation in other crypto-related bankruptcies (think: FTX, = BlockFi). Meanwhile, the New York attorney general accused= Celsius' founder of fraud.

From phone screens to flat sc= reens=E2=80=A6 stream-ification is coming for TV. Dongle icon Roku said it=E2=80=99s launching its own = =E2=80=9Cstreaming-first=E2=80=9D TV sets. It=E2=80=99s good timing: in Jul= y streamers got more TV view time than cable networks for the first time as= cord-cutting continued =E2=80=94 and 87% of US households had a streaming = sub last year. While televisions aren=E2=80=99t likely to go the way of cab= le, they could play a key role in a future where consumers toggle = between services like Netflix and Disney+, cha= nging streamers instead of channels.

<= div style=3D"font-family: 'Capsule Sans Text', Arial; font-weight: 700; let= ter-spacing: 0.03em; text-transform: uppercase; color: #000000; padding: 6p= x 19px; border-radius: 30px; border: 0; background-color:rgb(195, 245, 60);= display: inline-block;">ICYMI
= <= /table>

Last week's highlights.= ..

  • Fold: Bed Bath & Beyond shares plunged 47% last week afte= r the embattled retailer said it might file for bankruptcy. OG category-kil= lers are struggling to compete against online options (ahem, Amazon).

  • Elon: Tesla delivered a record 1.3M cars las= t year, but the stock posted its worst drop in over two years after #s fell= shy of targets. Now investors worry Musk is too focused on Twitter =E2=80=94 to Tesla=E2=80= =99s detriment.

  • Run: Silvergate, the bank that= helped fuel the crypto boom, plans to cut 40% of its staff after wary cust= omers pulled out $8.1B. Since Silvergate is a key crypto player, the wider = industry could feel the fallout.

What else we're Snackin'
  • Speed: Ultrafast-delivery apps (think:= lunch in under 10 mins) are booming across India. But drivers say the work= 's dangerous. The country's projected to have 23M+ gig workers by 2= 030, up from 7.7M in 2020.
  • <= a href=3D"https://sg.robinhood.com/ls/click?upn=3D6fntGirSE5selsQKrSSUHkeY0= oiRjc-2BBCrZ7zShVdW9rBg1MNldOwWp4j4448bUTtOaXgZxO4D0cQJb6Qb9C8-2BZ4HfpRbp7n= WaP78PPclXRvhmQUJK2yWs5xmjZy2O-2FI1IFa_y6r4Y-2Fjyz39fUgiIVZvxszI1-2BOksX762= wK6L32M97xgJ-2FnBU-2Fpq1oGUBER66ULtnJKibSalV5rNSgLytln-2BLPzNeHmvgH-2BYUINt= OUymCvTcbp6ZECA9Cz9qpGBW7WmoXVMEuwqMsD8oMeozD-2FnHRVVf9SUOU0RzKXFeZPH8BBJg-= 2F5MChQULtWxVuseUZk-2F7RoIh5zZRW4TiFs4D6fOO0YnoW9w5BRVC8NbYWExX9c-2FKCy8edx= f4-2FKVLgblitdM-2FJziAgiWf8SY3OX4O434IqSyJU5hqFK10CGpSarVzJxJ5d4QUDOa3q5JV8= MX7nS2FwF4N08SPJwmi9wyvVdZNy8o1UcrxcXkNDNx2UNYvA19Xw8Jcw78k6JZuSauoN2AuUY-2= Bp1ZmGbLyO6d-2BmVcFVAe9MZsVyhEDIDg7RhZYzQkoLpVnpCor0wUs1hXIIBQNLtDOuEOQgkKC= -2FQ-2FfgYK7Hx-2BArRjQJDzM24-2Fus1qhSJhFpc86V9-2BlktrqkIaPevHGj1vNPUqQ10ArA= TtzlhZ-2FsAsB3FU0krZ-2BOQPGPacIveWGo4gMYZZ-2B8foEWjJePkVSPjzENVp9Rau6NTmV6c= LEd5UDruU3G7uT9qaykvyF2iPHvb4yERYIzrPGbbo1xccd0BKmm3NshBTXvuaZDYohkttQ-3D-3= D style=3D"color: rgb(0, 200, 5); text-decoration: underline; font-weight: = bold; text-decoration-thickness: 2px; text-underline-offset: 1px;" target= =3D"_blank" rel=3D"noopener">Peep: TV sticker prices have plum= meted over the past decade as "smart" features allow sellers to p= rofit off customers after they've left the store. Picture: tracking you= r viewing habits, then selling that data.
  • Red: Stocks had their worst year since 2008, with tech = standouts like Coinbase= and Meta leading the plu= nge. Energy was the only sector that shined, with some stocks doubling.
=
= <= /table>
Want your Snacks= daily?
The Daily Newsletter
Get fresh takes on financial= news every week day. Try a sample:

=F0=9F=9B=80 Bed Bath & Bankrupt? =E2=80=A2 Jan 6, 2023
=F0=9F=93=BA Roku=E2=80=99s TV revolution =E2=80=A2 Jan 5, 20= 23
=F0=9F=9A=97 Tesla=E2=80=99s mixed delivery =E2=80=A2 J= an 4, 2023

Subscribe to the Daily=
<= /table>
Snack Fa= ct Of the Day
For the = first time since 2014, Google and Meta no longer have the majority of US di= gital ad spend

<= /table>
This Week
  • Monday: Earnings expected from Tilray and WD-40 Co.
  • Tuesday: NFI= B small-business index. Earnings expected from Albertsons<= /li>
  • Wednesday: Earnings= expected from Wipro
  • Friday: Earnings expected from UnitedHealth, JPMorgan= Chase, Bank of America, Wells Fargo, BlackRock, and Delta

Au= thors of this Snacks own: shares of Amazon, Disney, Delta, Roku, and Tesla<= /p>

ID: 2668229

<= !--[if mso | IE]>
 
<= /a>
<= /tbody>
=
<= /div>
Robinhood Snacks newsletters reflect t= he opinions of only the authors who are associated persons of Robinhood Fin= ancial LLC (Member SIPC) and do not reflect the view= s of Robinhood Markets, Inc. or any of its subsidiaries or affiliates. They= are for informational purposes only, and are not a recommendation of an in= vestment strategy or to buy or sell any security, digital asset (cryptocurr= ency, etc) in any account. They are also not research reports and are not i= ntended to serve as the basis for any investment decision. Any third-party = information provided therein does not reflect the views of Robinhood Market= s, Inc., Robinhood Financial LLC, or any of their subsidiaries or affiliate= s. All investments involve risk including the loss of principal and past pe= rformance does not guarantee future results.
To unsubscribe from all comme= rcial emails, click here
--ac356e82fa2eeae84d758b5e548063a2f39361e40211ab85f547ec952eb5 Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset=utf-8 Mime-Version: 1.0
=E2=80=A6everyone=E2=80=99s worried= about jobs, and no one=E2=80=99s worried about the job market?
<= td align=3D"left" style=3D"font-size:0px;padding:24px 0 0;word-break:break-= word;">
Disclosures
 
<= !--[if mso | IE]>

About 1= 25K US workers lost their jobs last year (Johannes Eisele/Getty Images)

=
 
<= div class=3D"mj-column-per-100 mj-outlook-group-fix" style=3D"font-size:0px= ;text-align:left;direction:ltr;display:inline-block;vertical-align:top;widt= h:100%;">
Last Week=E2=80=99s Market Moves
 
Dow Jones
33,631 (+1.46%)= 		S&P 500
3,895 (+1.45%)		Nasdaq
10,569 (+0.98%)		Bitcoin
$16,952 (+2.56%)
=
Dow Jones
33,631 (+1.46= %)		3,895 (+1.45%)
Nasdaq
10,569 (+0.98%)		Bitcoin
$16,952 (= +2.56%)
<= /table>
<= div style=3D"font-family:'Capsule Sans Text', Arial;font-size:15px;font-wei= ght:400;letter-spacing:-0.1px;line-height:24px;text-align:left;color:#00000= 0;">Btw... Do you want to start getting Snacks daily? Or p= refer to unsubscribe? Manage your subscription preferences = here.

= Hey Snackers,

It=E2=80=99s only nine days into the n= ew year and California=E2=80=99s already abandoned Dry January: the Sunny S= tate is having a drenching month with heavy rains and flooding.

In the first bi= g rally of 2023, the S&P 500 gained 1.5% for the week after news that w= age growth cooled last month. About that=E2=80=A6

3D""
Wrong
<= /table>

Inve= stors celebrated cooling wages, but the layoff-laden labor market=E2=80=99s= still too hot for comfort

Oh the = weather outside is frightful=E2=80=A6 but the December jobs report= is apparently delightful. Stocks rallied Friday after fresh labor data showed a slowdown in wag= e growth. Normally, that wouldn=E2=80=99t be a great sign, but in this =E2= =80=9Cgood is bad=E2=80=9D economy it serves as more evidence that inflatio= n is cooling. Read: the Fed=E2=80=99s rate-hiking crusade is working.

  • But also: The job market=E2=80=99s still red hot. US e= mployers added a stronger-than-expected 223K jobs last month and the unempl= oyment rate fell to 3.5% (near historic lows).

  • But still: Investors celebrated= cooling wages, which can translate to cooling prices, which could= translate to the Fed being less aggro with rate hikes.

    • Everyone=E2=80=99s worried about jobs=E2=80=A6 and no one=E2= =80=99s worried about the job market? We=E2=80=99re seeing this paradox pla= ying out: Americans are on edge over job security, but in November there we= re 1.7 openings for every available worker. Still, job growth is losing ste= am (employers are adding fewer roles each month) and mass layoffs are only = heating up.

    • Tech layoffs are happening at the fastest rate= since the pandemic: last week = Amazon announced plans to lay off 18K+ employees and <= a href=3D"https://sg.robinhood.com/ls/click?upn=3D6fntGirSE5selsQKrSSUHk6R8= tCrM-2FUICq73HMQolwWrp-2F-2BOvkVLgqJ1sLwIYXMtkgMn_y6r4Y-2Fjyz39fUgiIVZvxszI= 1-2BOksX762wK6L32M97xgJ-2FnBU-2Fpq1oGUBER66ULtnJKibSalV5rNSgLytln-2BLPzNeHm= vgH-2BYUINtOUymCvTcbp6ZECA9Cz9qpGBW7WmoXVMEuwqMsD8oMeozD-2FnHRVVf9SUOU0RzKX= FeZPH8BBJg-2F5MChQULtWxVuseUZk-2F7RoIh5zZRW4TiFs4D6fOO0YnoW9w5BRVC8NbYWExX9= c-2FKCy8edxf4-2FKVLgblitdM-2FJziAgiWf8SY3OX4O434IqSyJU5hqFK10CGpSarVzJxJ5d4= QUDOa3q5JV8MX7nS2FwF4N08SPJwmi9wyvVdZNy8o1UcrxcXkNDNx2UNYvA19Xw8Jcw78k6JZuS= auoN2AuUb2VaGURemHhGW-2BXyQNEN-2FoRpvuDU93MJjPNfurwFAcat0VWNzsQbPbrQd-2B8jo= W4y5P37AAZ-2Bqo-2FzUzosIm4dF8eCcQwVYrgqWhBHo0Bn7HP-2Fd31fG9pcnec9EErkFkUbnE= yL-2BeKoRFtTq-2B10S-2BEhQCGtutUWtuNDU0vNXgYzpU5ejhKyQo7xKlkf6ND9bn4kiBmS1BE= s6L7Nqe8xD4oyJlAPGg7qVU6sGSgb08P5yUZC3ikT0oX7MMxcuD-2BP7f-2FGI-2FM-2F2p8rCV= iBe4ZfxybKBQ-3D-3D" style=3D"color: rgb(0, 200, 5); text-decoration: underl= ine; font-weight: bold; text-decoration-thickness: 2px; text-underline-offs= et: 1px;" target=3D"_blank" rel=3D"noopener">Salesforce said i= t=E2=80=99s cutting 8K. Online styling service Stitch Fix said it would let go of 20% of staf= f, while struggling crypto lender Genesis slashed 30%.

      =

    • Not just tech: = While tech is a rate-sensitive industry, others like Goldman Sachs, Dodge maker Stellantis, and Redfin have announced big cut= s.

    =
    THE TAKEAWAY

    The labor market needs to get = more wrong to feel right=E2=80=A6 The strong job market is the las= t remnant of the pandemic-stimulus era (recall: near-zero interest rates, f= at checks). Job data is a lagging indicator, and we=E2=80=99re finally star= ting to see hawkishness catch up to it. But Fed officials said they=E2=80= =99d need to see sustained cooling before easing up on hikes =E2= =80=94 a scenario investors are hungry for. At least the trend is moving in= the right (cough, wrong) direction.

    <= /tr>
    <= div style=3D"font-family: 'Capsule Sans Text', Arial; font-weight: 700; let= ter-spacing: 0.03em; text-transform: uppercase; color: #000000; padding: 6p= x 19px; border-radius: 30px; border: 0; background-color:rgb(195, 245, 60);= display: inline-block;">Events
    <= /td>
    <= /table>
    =
    <= div style=3D"font-family:'Nib Pro', Arial;font-size:24px;font-weight:600;li= ne-height:32px;text-align:left;color:#000000;">

    Coming up this week...

    Securing the vault=E2=80=A6 = Chase, Wells Fargo, Bank of America, and Citi kick off bank earnings= this week, and all eyes are on lending. So far, higher rates have boosted = banking profits, since banks are earning more on deposits and loans (think:= mortgages). In October, Chase reported that quarterly revenue jumped 10% t= o $33B while profit surged 34%. Bank of America and Wells Fargo also topped= revenue estimates. While economic woes could hurt loan demand, delinquenci= es are still low, and analysts expect more growth when banks report.

    = Ready for takeoff=E2=80=A6 As Southwest went into a tailspin, Delta soared. Last month the A= tlanta-based airline predicted its earnings would nearly double this year f= rom last, jetting past expectations. CEO Ed Bastian said the post-Covid tra= vel boom hasn't petered out, as people prioritize =E2=80=9Cexperiential= =E2=80=9D spending over material goods. Delta seems to believe the good tim= es will keep rolling: it agreed to multiyear raises for pilots and is addin= g customer perks like free Wi-Fi. We'll see if the highflying industry = optimism lands in reality when Delta reports.

    <= div style=3D"font-family: 'Capsule Sans Text', Arial; font-weight: 700; let= ter-spacing: 0.03em; text-transform: uppercase; color: #000000; padding: 6p= x 19px; border-radius: 30px; border: 0; background-color:rgb(195, 245, 60);= display: inline-block;">Zoom Out
    <= /table>
    =
    <= div style=3D"font-family:'Nib Pro', Arial;font-size:24px;font-weight:600;li= ne-height:32px;text-align:left;color:#000000;">

    Stories we=E2=80=99re wat= ching...

    Cryptowned=E2=80= =A6 Customers of bankrupt crypto lender Celsius g= ot more bad news: a judge ruled that the $4.= 2B in crypto they'd deposited into 600K interest-bearing accounts b= elongs to Celsius. Now those customers will be last in line to get rep= aid. The biz's terms of service, updated eight times, sealed the deal (= lesson: read the TOS). The ruling could set the tone for customer = compensation in other crypto-related bankruptcies (think: FTX, BlockFi). Meanwhile, the New York attorney general ac= cused Celsius' founder of fraud.

    From phone screens to fl= at screens=E2=80=A6 stream-ification is coming for TV. Dongle icon= Roku said it=E2=80=99s = launching its ow= n =E2=80=9Cstreaming-first=E2=80=9D TV sets. It=E2=80=99s good timing: in J= uly streamers got more TV view time than cable networks for the first time = as cord-cutting continued =E2=80=94 and 87% of US households had a streamin= g sub last year. While televisions aren=E2=80=99t likely to go the way of c= able, they could play a key role in a future where consumers toggl= e between services like Net= flix and Disney+, changing streamers instead of channels.

    <= div style=3D"font-family: 'Capsule Sans Text', Arial; font-weight: 700; let= ter-spacing: 0.03em; text-transform: uppercase; color: #000000; padding: 6p= x 19px; border-radius: 30px; border: 0; background-color:rgb(195, 245, 60);= display: inline-block;">ICYMI
    = <= /table>

    Last week's highlights.= ..

    • Fold: Bed Bath & Beyond shares plunged 47% last week after the = embattled retailer said it might file for bankruptcy. OG category-killers a= re struggling to compete against online options (ahem, Amazon).

      • Elon: Tesla delivered a record 1= .3M cars last year, but the stock posted its worst drop in over two years a= fter #s fell shy of targets. Now investors worry Musk is too focused on Twitter =E2=80=94 to Tesl= a=E2=80=99s detriment.

    • Run: Silvergate, the bank= that helped fuel the crypto boom, plans to cut 40% of its staff after wary= customers pulled out $8.1B. Since Silvergate is a key crypto player, the w= ider industry could feel the fallout.

    What else we're Snackin'
    • Speed: Ultrafast-delivery apps (t= hink: lunch in under 10 mins) are booming across India. But drivers say the= work's dangerous. The country's projected to have 23M+ gig workers= by 2030, up from 7.7M in 2020.
    • Peep: TV sticker prices have plum= meted over the past decade as "smart" features allow sellers to p= rofit off customers after they've left the store. Picture: tracking you= r viewing habits, then selling that data.
    • Red:= Stocks had their worst year since 2008, with tech standouts like = Coinbase and Meta leading the plunge. Ener= gy was the only sector that shined, with some stocks doubling.
    =
    Want your Snacks daily= ?
    The Daily Newsletter
    Get fresh takes on financial= news every week day. Try a sample:

    =F0=9F=9B=80 Bed Bath &= amp; Bankrupt? =E2=80=A2 Jan 6, 2023
    =F0=9F=93=BA R= oku=E2=80=99s TV revolution =E2=80=A2 Jan 5, 2023
    =F0=9F=9A=97 Tesla=E2=80=99s mixed delivery =E2=80=A2 Jan 4, 2023

    Subscribe to the Daily
    =
    <= /table>
    =
    Snack Fact Of the Day
    For the first time since 2014, Google= and Meta no longer have the majority of US digital ad spend

    <= /table>
    This Week
    • Monday: Earnings expected from Tilray and WD-40 Co.
    • Tuesday: NFI= B small-business index. Earnings expected from Albertsons<= /li>
    • Wednesday: Earnings= expected from Wipro
    • Friday: Earnings expected from UnitedHealth, JPMorgan= Chase, Bank of America, Wells Fargo, BlackRock, and Delta

    Au= thors of this Snacks own: shares of Amazon, Disney, Delta, Roku, and Tesla<= /p>

    ID: 2668229

    <= !--[if mso | IE]>
     
    =
    <= /table>
    <= /table>
    Robinhood Snacks newsle= tters reflect the opinions of only the authors who are associated persons o= f Robinhood Financial LLC (Member SIPC)= and do not reflect the views of Robinhood Markets, Inc. or any of its subs= idiaries or affiliates. They are for informational purposes only, and are n= ot a recommendation of an investment strategy or to buy or sell any securit= y, digital asset (cryptocurrency, etc) in any account. They are also not re= search reports and are not intended to serve as the basis for any investmen= t decision. Any third-party information provided therein does not reflect t= he views of Robinhood Markets, Inc., Robinhood Financial LLC, or any of the= ir subsidiaries or affiliates. All investments involve risk including the l= oss of principal and past performance does not guarantee future results.
    = To unsubscribe from all commercial emails, click here
    --ac356e82fa2eeae84d758b5e548063a2f39361e40211ab85f547ec952eb5--