This week all the major indices lost ground and the financial-heavy Russell 2000 fared the worst, sliding down over 4%. Inflation data from the consumer price index is running hot, the Fed says inflation is fleeting and the market doesn't like mixed messages or uncertainty. The Delta variant of Covid-19 is also fueling the selloff and travel stocks are getting the jitters with #BA down to $217 and 1-month lows. It was a slow trading week but here's a few notable pieces of news: 😀 Moderna is joining the S&P 500 as it continues to impress with earnings growth. #MRNA is set to join the large cap U.S. index on July 19 and the news gave the stock a shot in the arm to new highs. The breakout above the $240 resistance level is a power move! 😯 China is cracking down on big technology companies that gather sensitive data. The Chinese ride sharing app #DIDI went public last week and 2 days later was raided by Chinese authorities for apparently breaking national privacy rules. We'll stay away from Chinese stocks for now. 😵 Netflix announced earning this week and although shows like the Queen's Gambit were strong drivers of new subscribers, growth is slowing. The slowing growth numbers prompted the company to announce it's getting into video games! The only trouble is...gaming is a super hard industry to be successful in and there's already power players like #EA, #ATVI and many many others. #NFLX had a moment as it tried breaking higher out of a symmetrical triangle but alas it wasn't meant to be. It wouldn't be surprising to see the stock go back below $500. 🙂 Continuing unemployment claims dropped to a new low of 3.24 million for the week ended July 3. The four-week moving average for initial claims dropped to 382,500, another pandemic low, the Labor Department said. The total number of people collecting unemployment benefits dropped to 14.2 million through June 19, down 57% from 33.2 million a year ago. Yay the economy is working again! And finally, Square is planning to create a new banking platform based on Bitcoin and cryptocurrency. Analysts at Mizuho call Square "the bank of the future" as it goes all in on financial services. Innovations like these can be a game changer for a smaller, nimble company like Square. They already own the ultra-popular "Cash App" and music service Tidal. We'll keep a close eye on this company as it tries to become a market leader. In terms of market action, we've entered the Summer Doldrums, a time in the market between July and Labor Day when traders, investors and large firm trading desks tend to take some time off. This creates low liquidity and higher volatility and that's what we got this week.