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“I’ve always said Thomas Edison invented the movie camera to show people killing and kissing.” – Quentin Tarantino

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In 2017, Netflix CEO Reed Hastings was asked what the company’s biggest competitor was.  Analysts were expecting him to say something like TikTok, YouTube, or maybe even cable TV, but he famously answered that the company’s most formidable competitor was sleep.  His exact comment was, “You get a show or a movie you’re really dying to watch, and you end up staying up late at night, so we actually compete with sleep…And we’re winning.”

Love them or hate them, consumers are faced with a never-ending stream of video content from the countless number of streaming options to traditional movies, and even TV.  None of them would have been possible, though, without Thomas Edison and his invention of the Kinetograph (the first known movie camera) 126 years ago today.  We can safely assume that as big and important as Edison may have thought his invention would be, he would have never been able to ‘picture’ how important video would become in today’s culture.  Today’s big invention is AI, and while hopes are high for how it will impact the world in the coming years, it’s ultimate impact will probably look nothing like what people today expect.

This morning futures are higher with the Dow leading the way following strong results from Salesforce.com (CRM).  The stock is trading up over 5% and contributing more than 80 points to the Dow. A ton of economic indicators were just released and there was little in the way of surprises.  Initial jobless claims were lower than expected while continuing claims were slightly higher.  Likewise, Personal Income was slightly weaker while Personal Spending was slightly stronger.  With respect to the PCE data, though, they were all in line with forecasts.  So, while they’re still on the high side, at least there weren’t any big surprises. There wasn’t a big reaction in equity futures, but there was some slight improvement.

It’s been a nice rally since last Friday as the S&P 500 is looking to make it five straight gains in a row. With the rebound, you would expect individual investor sentiment to rebound as sentiment typically tracks stock prices closely, but at this point, investors aren’t buying it.  According to the weekly survey from the American Association of Individual Investors (AAII), bullish sentiment did improve this week, but it increased by less than a percentage point, increasing from 32.3% to just 33.1%.

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