Tuesday marked the end of a remarkable run of eight straight advances for the S&P 500 SPX, -0.35%, and to be honest, apart from Tesla TSLA, -11.99%, things weren’t actually that bad — 249 components rose versus 247 that fell.
Studying data from 2004 to June, he finds a pronounced FOMO effect starting in 2010. And there’s a big sector split, with the top five sectors being entertainment, recreation, electronic equipment, steel works, and printing and publishing. The only sector not influenced by FOMO is gold/precious metals.
Answering questions from MarketWatch, Bonaparte says investors can use the information to figure out what’s fundamental and what’s not. In October, the FOMO index surged 5.2%, after a 2.7% pullback in September, he says. The S&P 500 jumped 6.9% in October after dropping 4.8% in September. DoorDash DASH, -0.59% struck a deal to buy Finnish food delivery company Wolt for €7 billion in stock. Investor Cat Rock Capital Management published a presentation on its call to break off Grubhub from its new owner, Just Eat Takeaway.com GRUB, +3.12%.
Unity Software U, +5.23% struck a $1.6 billion deal to buy visual-effects company Weta Digital, which is chaired and co-founded by “The Lord of the Rings” director Peter Jackson.Listen to the Best New Ideas In Money podcastThe yield on the 10-year Treasury TMUBMUSD10Y, 1.481% was 1.48%.
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