Diamonds and Dogs
Chines stocks are higher after the U.S. and China agreed to a 90-day ceasefire in the trade war that has weighed heavily on global stock markets for most of 2018. The Amazon of China, Alibaba (BABA) is up 2.9% to a two month high while Chinese conglomerate, Tencent Holdings (TCEHY) is up 4% to a two month high. Speaking of Amazon (AMZN), the stock is up 4.5% briefly surpassing Apple and Microsoft as the top US market cap firm.
Video game stocks are under pressure. Last week is was GameStop (GME) that took a hit. Today Take Two Interactive (TTWO) is down 7% not far from a 52 week low and Activision Blizzard (ATVI) is down 4% to a new 52 week on concerns of slowing demand. Both released long-awaited games recently. Red Dead Redemption II, from Take-Two Interactive came out in late October and Activision's Call of Duty franchise was updated in early October with the release of Black Ops 4. Both initially performed well, but competition from free online gamers like Fortnight has stalled sales.