BitMart Lists the UTXO Based Blockchain – DigiByte (DGB)

BitMart Exchange, a premier global digital asset trading platform, recently announced the listing of DigiByte (DGB). DGB/BTC trading pair will be available starting at 8:00 AM (EDT) on October 15th and withdraw feature will be available on October 16th. 

DigiByte is a UTXO PoW based blockchain with a focus on cybersecurity, digital payments and decentralized applications. Released in 2014, with an open-source protocol, DigiByte now has tens of thousands of active nodes world-wide and 5 parallel cryptographic hashing algorithms, becoming one of the world’s fastest and longest UTXO blockchain. As of today, DigiByte development has included DigiShield, MultiAlgo, MultiShield, SegWit, and Odocrypt. 

DGB is the cryptocurrency within the ecosystem that is dedicated to be mined over 21 years, with a maximum supply of 21billion in 2035. DigiAssets is a secure, scalable secondary layer on top of the global DigiByte blockchain that allows for the decentralized issuance of assets, tokens, smart contracts, digital identity and much more. With its fast speed, low fees, and highly secure mobile wallets in over 55 languages, DGB is becoming a very reliable currency   to more grassroots all over the word. 

“We are very excited about the listing of DigiByte on BitMart, one of the top global exchanges,” said Rudy Bouwman, CMO and Co-Founder of DigiByte Awareness Team. It will make buying and trading of DGB available to a larger group of individuals and institutions and therefore improve liquidity and trading volume for DGB.”

“It has always been our mission to provide financial freedom worldwide,” said Sheldon Xia, founder and CEO of BitMart. “DigiByte aims to make blockchain powered payment solution accessible to everyone and we applaud it moving the industry forward.” 

About BitMart

BitMart Exchange is a premier global digital asset trading platform in the cryptocurrency market with over 850,000 users worldwide and ranks among the top 8 crypto exchanges on CoinMarketCap. BitMart currently offers 257 trading pairs with relatively low trading fee in the market. To learn more about BitMart, visit their Website, Twitter or join their Telegram.

This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release.

Last modified (UTC): October 16, 2019 2:13 AM

BitMart was Invited to Attend the IFIC 2019 Seoul Conference

October 14, 2019 Seoul —– International Fintech Innovation Conference (IFIC) “Unlocking the New Economy” was held in Grand Hilton Hotel Seoul, Korea. Peter King, CBO of BitMart Exchange,delivered a speech regarding “How to Establish A Premiere Exchange in Asia – Pacific Region”.  

Hosted by FINWEX, BLUCON and TREELION, the conference gathered top enterprises, experts and investment institutions in the fields of fintech, blockchain and internet technology to share the inevitable future of Blockchain economy. The event agenda was packed with insights from Riconi You, Chairman of FINWEX, Kim HyungJoo, Chairman of KBIPA, Park Soo Yong, Chairman of the Korea Blockchain Association, etc. 

“The concept of blockchain technology was first appeared in the United States, but so far, Korea has been an industry leader in the application of blockchain technology. I hope to see more cooperation between enterprises in Korea and China at this conference,” said Kim Kyung Jin, Independent Congressman,SCIENCE, ICT, BROADCASTING, AND COMMUNICATIONS COMMITTEE.

BitMart CBO Peter King is delivering speech 

Peter King previously worked at Tencent Headquarters and Huawei Innovation Center as a Senior Strategic Development Manager. He pursued a PhD degree from Seoul National University in South Korea. At present, he holds the position of chief brand officer (CBO) of BitMart.  

He gave a detailed introduction to the development of BitMart at the conference. Officially operated on March 15, 2018, BitMart Exchange achieved a rapid growth regarding their trading volume and user base, with a highest ranking among the top 1 crypto exchanges on CoinMarketCap (CMC). As the fifth crypto exchange to open fiat channel after Coinbase, BitMart believes that compliance and regulation are the opportunities for blockchain technology to get into incremental market and BitMart will continue to work on those parts. 

Blucon CEO Sabrina Kim and BitMart CBO Peter King attended the strategic cooperation signing ceremony

At the conference, BitMart announced their strategic partnership with Blucon, a Korea based payment company. Both parties indicated that they will be continually exploring cooperation opportunities in terms of enhancing brand awareness and expanding community influence.   

About BitMart

BitMart is a premier global digital asset trading platform, ranking among the top 3 crypto exchanges on CoinMarketCap (CMC). Officially operated on March 15, 2018, BitMart currently has over 900,000 registered users. Headquartered in the Cayman Islands with branch offices in New York, China, South Korea, Hong Kong and Nigeria, is now available in eight languages including English, Chinese (simplified), Chinese (traditional), Japanese, Korean, Vietnamese, Russian and Turkish with its own fiat channel – Quick Exchange. 

About IFIC 

International Fintech Innovation Conference (IFIC) is one in the series of FINWISE SUMMIT which brings together top industry projects, investors, media, political representatives, experts and scholars to create a reliable collaboration platform with local regulators. The summit aims to discuss and explore the application prospects of blockchain technology in local market, share the forefront fintech information, and make a contribution to enhance the sustainable development of the fintech and blockchain industry.

This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release.

Last modified (UTC): October 16, 2019 2:10 AM

Is Doomed Netflix the New BlackBerry?

Netflix (NASDAQ:NFLX) has become a huge part of pop-culture; everyone seems to have it— it even has its own idiom, “Netflix and chill.” And yet, it appears the online streaming service is slowly losing its edge to a rising number of competitors boasting larger content libraries and cheaper subscription fees.

Sound familiar? It should, that’s exactly what happened to Blackberry. Remember the utilitarian phones with mini-keyboards that every business person, and eventually ever celebrity, was carrying back in the early days of smartphones? BlackBerry essentially invented the smartphone and for a while, that was enough. The design and secure messaging service were unparalleled.

Enter Apple (NASDAQ:AAPL) and Alphabet (NASDAQ:GOOGL). The rest is history.

Disney to Disrupt Netflix

This week Disney (NYSE:DIS) released more details about the launch of its streaming service, and the buzz it received was scary for Netflix stock. The sheer volume of content that Disney+ has to offer is staggering. Not to mention the potential for new series based on popular franchises. It seems inevitable that Disney+ is going to give Netflix a run for its money. Even Netflix CEO Reed Hastings thinks so.

As of April 2019, Netflix was serving 30% of the global streaming market, putting it firmly at the top of the pack. But as BlackBerry proved a decade ago, the boost you get from being first only lasts so long.

One of the biggest mistakes BlackBerry made back then was resisting change. The security of being the favorite kept the smartphone maker from upgrading to a larger screen, and that reliance on past success ultimately took the firm down. With that in mind, Netflix needs to innovate to keep its seat at the table.

Crowded Environment

AMC Theaters recently announced its own movie streaming service that will allow AMC Stubs members to rent or buy content from a library of around 2,000 films. That’s likely not the last streaming service to rear its head either; everyone with skin in the TV and movie game wants to roll out a streaming package. Independent players like Netflix are losing out on content because the networks themselves (Disney, AT&T’s WarnerMedia) want to keep their own content exclusive.

Netflix invented streaming subscriptions, but the industry it created is starting to shut it out. Netflix is still holding on to its ability to create impressive original content— but even that is a struggle as the costs to produce quality TV are high and there’s always a chance a show won’t catch on.

The bottom line for Netflix is that while it isn’t BlackBerry right now, their stories are starting to look eerily similar. NFLX will have to be ready for the next big move in streaming and willing to make that shift. With the firm’s Q3 results coming up on Wednesday after the bell, investors should be looking for signs that Netflix is prepared for the changing streaming landscape. As competitors’ services have been making headlines just 24 hours before NFLX’s earnings call, you can expect management to comment on how the firm plans to deal with the onslaught of new offerings.

As of this writing, Laura Hoy was long DIS and NFLX

Disclaimer: The above should not be considered trading advice from CCN.

This article was edited by Gerelyn Terzo.

Kevin Durant Reveals How He Really Feels About NBA Analytics

The NBA’s obsession with analytics isn’t ending anytime soon. But despite teams across the league leaning harder than ever into advanced statistics, many players are wary of the impact they’re making on the game.

Kevin Durant is among the countless players who have expressed distaste with the league’s increasing reliance on analytics. The Brooklyn Nets superstar provided fans with an unfiltered view of his issues with basketball’s ongoing statistical revolution, engaging in a lengthy tweetstorm with Matt Moore, NBA writer for The Action Network. The Twitter thread both explains the pitfalls of Durant’s thinking and makes it much easier to understand where he and other players are coming from.

“Shoot em Zach”

The conversation was sparked by recent comments from Chicago Bulls star Zach LaVine in which he lamented his team prioritizing three-point attempts and shots at the rim ahead of two-point jumpers. LaVine, echoing a tired trope, called the mid-range game a “lost art,” insisting that a team putting the ball in the hands of its best player and letting him create “the shot he needs” is sometimes an offense’s best means of attack. Durant responded with “Shoot em Zach,” an endorsement of LaVine’s proclivity for off-dribble twos, the most inefficient shot in basketball.

During his subsequent discussion with Moore, Durant made the point a lot of scorers do when pressed for their thoughts on analytics: long twos aren’t inefficient by nature but because players no longer practice them.

That’s an assumption usually made by those who doubt what others believe are the positive, all-encompassing effects of the analytics movement. But accuracy on mid-range shots has stayed mostly static dating back 20 years, when those attempts were taken more than twice as frequently as they are today.

Durant is an outlier in every sense of the word. At nearly seven-feet tall with a deft handle, he’s one of the best shooters in the world wherever he is on the court. He connected on 55.1 percent of his mid-range jumpers last season, leading the NBA by a wide margin. It’s almost impossible for Durant to take a “bad” shot – he’s just that good.

Not every player is a four-time scoring champion and two-time Finals MVP, though. Defending his skepticism about fully embracing analytics, Durant suggested shooters who are below league average from beyond the arc should swap threes for long twos.

The problem with Durant’s logic? Even a subpar 33 percent three-point shooter yields more expected points per attempt (.99 points) than a solid 40 percent shooter from mid-range (.80 points).

Just like players aren’t created equal, neither are the quality of field goal attempts.

“I don’t view the game as math”

The most common critique of advanced statistics is that they fail to account for “feel.” Focusing too much on expected shot value could easily lead to diminishing returns, sapping the best players in the world of real-time creative freedom.

That’s why Durant doesn’t “view the game as math.” Doing so wouldn’t just subtract from the joy and flair that propelled him to NBA superstardom but more importantly make him easier to defend.

It’s different for role players, though.

Stars at or approaching Durant’s place on the individual hierarchy can get away with largely ignoring the numbers. But for ancillary offensive pieces, concentrating on spot-up three-point shooting and cuts to the rim are their surest means of both producing points and affording star teammates necessary space to operate all over the floor.

There’s room in the middle of the advanced statistics debate, and it’s where most smart basketball minds settle even if they get there from opposite ends of the spectrum. Implementing analytics into team strategy is a prerequisite for success in the modern NBA, but doing so at the expense of open shots – especially in the playoffs when high-value attempts are much harder to generate – sets an offense up to fail.

Durant, somewhat reluctantly, ultimately seemed to acknowledged as much, too.

This article was edited by Gerelyn Terzo.

Brexit Deal by Morning?

The United Kingdom’s arduous exit from the European Union (EU) could be finalized as soon as Wednesday morning, The Wall Street Journal reported Tuesday.

Brexit Deal Coming?

Citing people familiar with the matter, WSJ reported that negotiators from the UK and EU are finalizing a draft Brexit bill that could pave the way for Britain’s eventual withdrawal from the bloc. The text needs to be submitted by midnight for Michel Barnier, the EU’s chief negotiator, to recommend sign off the following morning.

Leaders from the EU are scheduled to meet later this week and their approval is required for Britain to proceed to the next step.

At the time of writing, there was no deal in place and sources told WSJ there could be political or technical setbacks at the last minute. Meanwhile, British Prime Minister Boris Johnson is said to be meeting Conservative Brexiteers in London.

Before WSJ reported on the breakthrough, evidence was emerging that both sides were inching closer to an agreement. Even Leo Varadkar, Ireland’s Prime Minister, told reporters that “the negotiations are moving in the right direction.”

Negotiations gathered pace over the weekend after British government made new proposals in relation to several contentious issues, including the status of Ireland’s border post-Brexit.

Johnson’s Tory government has given a hard deadline of Oct. 31 to exit the EU. The U.K. plans to leave with or without an agreement.

British Pound Surges

Optimism surrounding a final Brexit agreement sent the British pound soaring on Tuesday. The pound-dollar exchange rate, better known as cable in the foreign exchange world, surged to a high near 1.2800. The currency pair was last up 1.1% at 1.2766.

Pound sterling rallies on Brexit progress. | Chart: Yahoo Finance

The pound has suffered irreversible damage since June 2016 when the United Kingdom voted to leave the European Union in a referendum outcome that shocked the world. Sterling immediately fell to 31-year lows post-referendum and would go on to test new multi-decade lows through 2019.

Brexit uncertainty has pushed the British economy closer to recession, as evidenced by the latest round of GDP figures. Gross domestic product (GDP) slumped 0.2% in the second quarter, making Britain one of Europe’s worst-performing economies.

This article was edited by Josiah Wilmoth.

Last modified (UTC): October 15, 2019 22:41

Strasburg’s Game 3 Win Memorable with Fall Classic Spot in Play

Stephen Strasburg brought the Nationals to the cusp of the World Series with another dominant performance in Game 3 of the NLCS

This is what all the hype was about. The attention he got when still in college. The minor league games broadcast on national TV. It was all building up to this moment.

Stephen Strasburg lived up to the hype on Monday night in the most important game in Nationals franchise history. The right-hander went seven innings against the Cardinals in Game 3 of the NLCS, striking out 12 without a walk and allowing only an unearned run to lead Washington to an 8-1 win. The Nationals now lead the best-of-seven series 3-0 and are a win away from their first trip to the World Series.

Record-setting performance

The Nationals have been waiting the better part of a decade for Strasburg to have a start as he did on Monday at Nationals Park. He became the first pitcher in postseason history to go at least seven shutout innings while striking out 12 without giving up a walk. Cardinals batters were so baffled by his curveball that they watched it go past them for a strike 15 times. They swung and missed at his changeup 12 times and didn’t manage a hit off of it. His fastball sat consistently in the mid-90s, reaching as high as 96 m.p.h.

Strasburg isn’t usually an emotional player, so it’s no surprise that he didn’t seem too impressed with his outing after the game.

“I mean, you take it one game at a time,” he said. “You know, you’re at this point in the season where you just leave it all out there on the field, take whatever happens. You just try to take it one pitch at a time, you know, go as long as you can. So really it comes down to making pitches.”

Strasburg is quickly building a resume to rival any postseason pitcher in history. His ERA in seven career games, six of them starts, is 1.10. Among pitchers with at least 40 innings, he’s behind only three Hall of Famers: Mariano Rivera, Sandy Koufax, and Christy Mathewson. His strikeout rate of 35.6 percent is the highest by any starting pitcher. Half of his outs this postseason (33 of 66) have come via the strikeout. He’s striking out 32 batters for every walk, which would be the highest mark in postseason history by a wide margin (Cliff Lee is second at 23.5).

Cardinals bats have gone cold

For as great as the Nationals have been this series, they’re getting help from the Cardinals anemic offense. St. Louis has scored only twice through the first three games and is batting just .121 as a team. Nationals starters have yet to give up an earned run.

The Cardinals will have to contend with Patrick Corbin in Game 4. The left-hander was brilliant in his first start this postseason, holding the Dodgers to one run over six innings in Game 1 of the NLDS. He’s also retired all five batters he’s faced in his last two appearances out of the bullpen.

Anibal Sanchez, Max Scherzer, and Strasburg have completely shut down the Cardinals in this series, and Corbin has the potential to do the same thing. In 16 starts at home this season, Corbin went 8-2 with a 2.40 ERA, holding opponents to a .199 average. Left-handers are batting just .190 off him in 2019. The Cardinals already don’t have a hit yet in this series from a left-hander, but they must solve Corbin if they hope to stave off elimination on Tuesday.

The Nationals can advance to the Fall Classic with a win in Game 4 on Tuesday. For Strasburg, it would be the next step in a career journey that began with so much promise a decade ago. Monday’s performance was one that tends to live on when legacies are discussed well after a player retires. But, after all, he was built for this moment.

This article was edited by Gerelyn Terzo.

Five Reasons Why the Colorado Avalanche’s Unbeaten Record Is No Fluke

Believe it or not, but the Colorado Avalanche are the only team in the National Hockey League (NHL) at the moment to no have not lost a game in regulation or extra time. At five wins and zero losses, the Avalanche are definitely improving on a regular basis after completely tanking during the 2016-17 campaign. Here are five reasons why the Avalanche are the best team in the NHL at the moment.

5) Avalanche are continuing their momentum from 2018-19

At the end of the 2018-19 regular season, the Avalanche were one of the hottest teams in the NHL. According to NHL Reference, the Avalanche had a record of 8-1-2 in their last 11 games and then went into the 2019 Stanley Cup Playoffs and beat the Calgary Flames (who were the top seed in the Western Conference) in the first round four games to one. Colorado then took the San Jose Sharks to seven games. The confidence the Avalanche got from the end of 2018-19 has continued into this season.

4) Cale Makar is a legitimate Calder Trophy candidate

The Avalanche enjoy the luxury of having one of the NHL’s best rookies in their lineup. Cale Makar is a mobile defenseman with an incredible amount of skill and finesse. The Avalanche’s first round pick of the 2017 NHL Entry Draft already has six assists in five games.

3) Colorado’s new acquisitions are producing

Generally, it takes time for new players to fit into the lineup. However Nazem Kadri (who Colorado acquired via trade with the Toronto Maple Leafs) and Andre Burakovsky, who the Avalanche acquired as a free agent from the Washington Capitals, have fit in very nicely. They have combined for four goals and five assists in their first five games.

2) No drop in Mikko Rantanen’s play

There might have been some genuine concern about Mikko Rantanen’s production to start the season. He missed the first two weeks of training camp and the preseason due to a contract dispute and did not sign with the Avalanche until Sept. 28, when he agreed to a six year deal worth $55.5 million. However, Rantanen reportedly trained extremely hard in his native Finland according to Mike Chambers of the Denver Post, and has simply been great to start the season. He leads the Avalanche with nine points (four goals and five assists).

1) The Avalanche are scoring goals with regularity

In their first five games in 2019-20, the Avalanche have scored 22 goals. That is an average of 4.4 goals per game. The Avalanche’s top line of Rantanen, Nathan MacKinnon and Gabriel Landeskog are producing at a high level as they have combined for 23 points in five games. The Avalanche showed off their offensive excellence with regularity on Monday as they trounced the Washington Capitals 6-3.  It was a tough game for Capitals goaltender Braden Holtby, who gave up three goals on Colorado’s first three shots. The fact that the Avalanche were able to beat one of the NHL’s top goaltenders with relative ease should give them an immense amount of confidence as the season progresses.

The Avalanche’s next game will not be any easier. On Wednesday, they face the Pittsburgh Penguins, who are no strangers to filling up the net this season. Pittsburgh has 25 goals in six games and have one of the NHL’s very best players in Sidney Crosby.

This article was edited by Sam Bourgi.

Last modified (UTC): October 15, 2019 17:55

Carlos Correa Single-Handedly Saved the Astros from ALCS Disaster

The Houston Astros couldn’t afford to lose Game 2 of the ALCS to the New York Yankees on Sunday. Carlos Correa made sure they didn’t.

Correa’s walk-off home run in the bottom of the 11th inning won the game 3-2 for Houston and tied the best-of-seven series at one game apiece as it moves to Yankee Stadium for Game 3 on Tuesday afternoon.

Correa & Springer pull Astros back from the brink

The Yankees won Game 1 with a convincing 7-0 shutout against Astros starter Zack Greinke. They almost beat Justin Verlander on Sunday, with Aaron Judge’s two-run home run to the opposite field in the fourth inning putting the Yankees up 2-1.

The Astros were suddenly faced with a dilemma. If they don’t get back in this game, they risk going down two games in the series heading to New York with the Yankees having already beaten two of their three best pitchers.

George Springer solved it for them, hitting a long home run to left-center field off Adam Ottavino, the third of nine pitchers the Yankees would use in the game to tie a postseason record.

ALCS Game 2 becomes a marathon

The bullpens for both teams shut down the offense from there; the Yankees held the Astros hitless for six innings, Astros pitchers for four. Finally, on the 180th pitch from a Yankees hurler in the game, Correa took the first one he saw from J.A. Happ, a slider, to the opposite field to send the 43,359 fans at Minute Maid Park home happy as the clock approached midnight in Houston.

Astros have the advantage with Game 3 starters

With one swing of the bat, the Astros went from a big hole in the series to retaking their place as the team to beat. That role is helped by who will take the mound at Yankee Stadium in Game 3.

Gerrit Cole is coming off two starts against the Tampa Bay Rays in the ALDS that were as dominant as any pitcher has ever been in the postseason. He struck out 25 hitters in 15.2 innings, the second-most strikeouts through two games in postseason history, and gave up one run. During the regular season, the Astros right-hander led the American League in ERA, set an Astros franchise record with 326 strikeouts, the most by a right-hander in more than forty years, and had the most strikeouts per nine innings of any starting pitcher in history.

The Yankees enter Game 3 with more questions than answers. | Source: AP Photo/Frank Franklin II

The Yankees are suddenly the team with questions going into Game 3. Luis Severino will start, but the right-hander has only played in four games all season long. He’s yet to go past the fifth inning in any start. The Yankees trotted out nine pitchers on Sunday, so if Severino can’t last deep into the game, fatigue will start to become an issue in their bullpen.

They also don’t have a definite starter ready for Game 4, making it likely they will employ an opener. That will put even more pressure on a bullpen that was worked to the limit on Sunday.

A win on Sunday could’ve made these issues easier for manager Aaron Boone. Correa, who beat the Yankees with a walk-off double in Game 2 of the ALCS back in 2017, took care of that by doing it again. The Astros are not only back in the series – they’re back to being favorites.

This article was edited by Josiah Wilmoth.

This Tesla Rival Is Destroying Elon Musk’s Lofty Self-Driving Car Ambitions

Elon Musk believes that autonomous cars will be the Holy Grail for Tesla, but it is losing out to a deep-pocketed rival that has been making tangible, real-world progress in this space. Alphabet’s (NASDAQ: GOOGL) self-driving car subsidiary – Waymo – has just announced that it will be trialing an autonomous airport transfer service in the French capital of Paris.

Waymo takes another step toward the autonomous future

Waymo and Renault are working with Paris authorities to deploy a self-driving transportation route between the La Défense neighborhood outside Paris and the Charles de Gaulle airport. The authorities are hoping for the service to be ready in time for the 2024 Paris Olympic Games, and they have outlined an investment of €100 million to develop the required infrastructure.

The latest Waymo partnership in France comes close on the heels of the Alphabet subsidiary’s recent success with robotaxis in California. Waymo recently reported that its self-driving taxis ferried over 6,000 passengers during the first month of a pilot program in the state, clocking 4,678 trips during the month of July.

This means that Waymo’s robotaxis were averaging over 150 trips daily in California that month, an impressive stat considering that the program isn’t open to the general public yet. Only Alphabet/Waymo employees and their guests were allowed to take the robotaxis, which were required to have a safety driver behind the wheel.

Still, Waymo’s recent progress in the autonomous car space is noteworthy, as its performance proves that the technology is strong enough to be deployed in the real world. What’s more, Waymo has promised that it will soon have completely driverless cars on the roads – sans a safety driver.

Tesla, on the other hand, has been stumbling from one disaster to the other as Musk’s big mouth hasn’t translated into real-world progress.

Elon Musk fails to walk the talk

The South African billionaire has made a slew of tall claims about how the electric vehicle maker is on track to transform the nascent autonomous car industry in a short span of time, leapfrogging rivals in the process and helping Tesla customers make $30,000 a year.

But Musk’s habit of making outrageous statements fails to translate into real-world performance. Take the much-hyped “Smart Summon” feature for example, which doesn’t seem to be performing as it should be.

If Tesla can’t get a simple summon feature that’s supposed to help the car navigate inside a parking lot, then Elon Musk’s estimate of having a million robotaxis on the road by next year is nothing but pure fantasy.

Waymo, on the other hand, is talking less and doing more to bring real self-driving cars that could operate on public roads seamlessly thanks to its technological advantage and massive experience. In fact, Waymo’s cars have covered over 10 billion autonomous miles in simulation and over 10 million miles on public roads.

It won’t be surprising to see Waymo crack the robotaxi market in the future and beat Tesla, as the latter needs to fine-tune its technology substantially. But unfortunately, all that Musk is doing is trying to sell something that is half-baked and could end up costing lives in a real-world scenario.

This article was edited by Gerelyn Terzo.

Last modified (UTC): October 15, 2019 19:39

Dow Booms as Superb Earnings Mute IMF’s Deafening Economic Alarm

The Dow Jones enjoyed a rare day of conventional trading on Tuesday, as corporate earnings for several core Dow stocks pushed the index higher.

Trump’s trade war was mostly out of the headlines as JPMorgan Chase, Johnson & Johnson, and UnitedHealth Group sent the stock market soaring, defying a gloomy growth outlook report from the IMF.

Dow Roars Amid Strong Earnings

There was no denying the excellent mood on Wall Street, and all the major US stock market indices rose by around 1% or more. Minutes before the closing bell, the Dow Jones Industrial Average had recorded a 260.14 point or 0.97% rally to trade at 27,047.50.

Earnings season kicked off with a bang, sending the Dow soaring as United Healthcare, Johnson & Johnson, and JPMorgan Chase beat estimates. | Source: Yahoo Finance

The Nasdaq was the top performer, leading the Dow Jones and S&P 500 with a 1.27% climb to 8,150.84.

Despite the positive risk environment, oil prices were subdued, while the price of gold dropped sharply amid the rally in the Dow.

The British pound exploded higher on hopes for a last-minute trade deal between the UK and EU. A Brexit deal would be good news for US stocks, as the grim outlook for European growth has been a concern for some time across the Atlantic.

IMF Growth Outlook Forecasts Rocky Road for Dow

As earnings season kicks off in a profoundly positive way for a couple of the Dow’s most significant stocks, a concerning forecast from the IMF has largely been ignored.

Economists expect global growth to slow to the worst level (3.0%) since the financial crisis in 2008, primarily due to rising geopolitical tensions.

Getting ahead of this report, Donald Trump and China appear to be pushing for a de-escalation in the trade war to help support stock market sentiment.

ABN AMRO: Trump Rushed China Deal to Pump Stock Market

Arguing the thesis that Donald Trump’s primary goal in declaring the phase one deal was to get markets moving higher again, senior economist Bill Diviney at ABN AMRO warned that it is premature to forecast an end to the trade war, as he wrote:

“Trump already labeling [the agreement]a deal suggests in our view an attempt to support market sentiment. Indeed, nothing has actually yet been agreed in writing. The escalation of trade/tech tensions between the US and China since early 2018 has been a key headwind for global growth… We have seen over the past month some goodwill gestures by both sides suggesting a potential shift in political calculus in both Washington and Beijing. This latest development follows that trend – with hostilities seemingly on hold rather than definitively ending.”

With plenty of positive trade war news priced into the Dow, the potential for gains to unwind remains high if the confrontation with China escalates further. Obstacles lurk ahead of the signing ceremony, as China still wants more tariffs removed before they will sign the deal.

Dow Stocks: UnitedHealth & JPMorgan Chase Lead After Earnings

It was a day of big winners in the Dow 30, as impressive earnings from UnitedHealth sent the stock soaring a stunning 8.3%.

Risks do remain for this stock, as Tuesday’s Democratic primary debate will feature Elizabeth Warren as a frontrunner for the party’s presidential nomination. Any sign of Joe Biden performing poorly raises the probability of Warren winning the presidential election and pushing her bold plans for healthcare reform.

Johnson & Johnson shrugged off opioid woes to rally 1.76% after its own impressive numbers.

JPMorgan Chase ignored low bond yields to post impressive revenue and hit record highs. Meanwhile, rival Goldman Sachs underwhelmed with its own earnings report.

Apple stock was notably subdued, with no news to spark any volatility, while Caterpillar appears to be reveling in the more positive relationship between China and the US with a 2.1% rally.

Lagging the index, Procter & Gamble lost 2.4%, while Nike slipped 0.05% as LeBron James’ China comments controversy embroiled the company’s top athlete.

Click here for a live Dow Jones Industrial Average chart

This article was edited by Josiah Wilmoth.