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NEWS
Powell: Slow Down, You Crazy Child

The market fell for the second day, waking up negative after overnight posts from Nvidia and AMD that they would face high costs trying to export their lower-end chips to China. The White House said that, with old tariffs considered, some Chinese goods would see tariffs as high as 245%.

The market doubled its fall after Fed Chair Jerome Powell said the Fed was waiting to see what will happen next, just like the rest of us. 👀

Today's issue covers Hertz shorts hit hard, Powell preaching ‘slowdown and wait,’ and semiconductor shutdown. 📰

Here’s the S&P 500 heatmap. 1 of 11 sectors closed green, with energy (+0.65%) leading and technology (-6.98%) lagging.

And here are the closing prices: 

COMPANY NEWS
Shorts Feeling the Hertz 🍩 

Car rental company Hertz $HTZ flew Wednesday afternoon after the firm disclosed Bill Ackman’s Pershing Square bought nearly 4% of shares for $46.5 million.

The stock was up 56%, to a new market cap of $1.76 billion.

According to MarketBeat, nearly 40% of HTZ shares available to trade were shorted, and Bloomberg’s Romaine Bostick remarked that the flying stock could be a sign that shorts are buying to cover their positions. 🤯 

The Stocktwits community seems to be betting on a short squeeze as sentiment enters into ‘extremely bullish’ territory and prices hit 11-month highs. Time will tell! 📈 

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