The Stock market fell on worries about a China trade deal, despite decent economic indicators showing the economy is still relatively strong. Meanwhile, Twitter is forced to apologize for using phone numbers people supplied for security reasons to serve them targeted ads. FInally, Credit Karma (personal finance) and Robinhood (Investing) both introduced savings accounts — but a report says that the savings habits of Millenials could actually be causing an economic slowdown.

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Today's Articles

1)  Dow Dives 314 Points As China News Takes Stock Market Down

2)  Cannabis For … Everything? 23 Industries Seizing The $32B Market Opportunity

3)  Twitter used phone numbers provided for security to target ads

4)  Millennials are actually really good at saving — but it might be slowing down the US economy

5)  Credit Karma expands personal finance hub with high-yield savings accounts

 
Article

All three major indexes fell well below their 50-day moving average lines at the open, failing a key test of support.

But the market headed sharply lower after the U.S. imposed visa bans on Chinese officials for human rights violations against Muslims in Xinjiang.

Chip stocks selling off more than 3% apiece included Marvell Technology ( MRVL ), Monolithic Power Systems ( MPWR ) and Nvidia ( NVDA ).

Among IBD 50 winners, SolarEdge Technologies ( SEDG ) rose 2% and Kirkland Lake Gold ( KL ) gained 2.9%.

 

As legal cannabis goes mainstream, it's creeping into everything from CBD-oil infused beauty products, to houses made of hemp, to banking for marijuana retailers.

Global consumer spending on cannabis will reach $32B by 2022, according to BDS and Arcview Market Research, around 3x the current level.

Once a niche market, cannabis is now going mainstream. More traditional industries, including banking, agriculture, construction, and others, have either begun or will begin incorporating cannabis into their products and R&D.

This articles takes a look at 23 industries likely to be impacted first.

On Tuesday, Twitter announced that it “unintentionally ” used phone numbers and email addresses for advertising purposes even though the information was provided by users for two-factor authentication.

According to Twitter, no personal data was shared with the company’s third-party partners, and the “issue that allowed this to occur” has been addressed.

Just last month, Twitter CEO Jack Dorsey ’s account was compromised after hackers were able to tweet racial slurs via text message.

In May 2018, Twitter advised its users, all 330 million of them, to change their passwords after a bug was discovered that exposed them in plain text.

That millennials are saving more than their parents did is creating an "economic imbalance," reported Pippa Stevens for CNBC .

Stevens cited a note that Raymond James analyst Tavis McCourt sent to clients: The higher savings rate, he said, has driven slow growth and low inflation — the decrease in spending affects businesses, and ultimately, the economy.

This has made younger millennials more aware of the risks of a bad economy and more practical when it comes to money, from saving for emergencies to contributing to a retirement account.

When given an extra $1,000 in cash, the majority of respondents in the survey said they would pay off debt or save the windfall — only 6% said they would put it toward travel or shopping.

Article

Credit Karma has joined the high-yield savings race.

The 12-year-old personal finance company, which is now worth $4 billion, will roll out a savings account product for U.S. customers on Oct. 28.

“Our model is win-win, which means if we recommended something to you that you found useful and you apply for it, we make money on our side and the partner is happy because they got a validated customer,” Chawla said.

Based on the data it’s already accumulated on its customers, Credit Karma is able to facilitate a quick sign-on to a new product with a minimal number of clicks, he noted.

According to Alyson Clarke, principal analyst at Forrester Research, Credit Karma’s foray into savings accounts aligns with its focus on financial health.

Extrememly popular with both Babay Boomers and Millenials, Credit Karma offers a free weekly credit check and credit monitoring.

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