Kim Kahn
👤 SpeakerAppearances Over Time
Podcast Appearances
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Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.
Good afternoon.
Today is Tuesday, November 18th, and I'm your host, Kim Kahn.
Our top story so far, a major outage at internet security company Cloudflare has disrupted major apps, including X, ChatGPT, and others.
Cloudflare is aware of and investigating an issue which impacts multiple customers, widespread 500 errors, Cloudflare dashboard and API also failing, the company said in a post on its system status page.
We are working to understand the full impact and mitigate this problem.
Shares of Cloudflare are in the red.
Other apps such as PayPal, Uber, and League of Legends have also been impacted.
It's unclear what the root cause of the issue is, but Cloudflare said it was going to be performing a scheduled maintenance at its Santiago data center today.
The company says it was starting to see some services recover, but customers may continue to observe higher-than-normal error rates as we continue remediation efforts.
A spokesperson told Seeking Alpha the company saw an unusual spike in traffic to one of its services around 1120 UTC, causing elevated errors across parts of its network.
That cause of the spike is still unknown.
Looking to the markets amid the recent risk-off move in stocks, traders are watching a key level on the benchmark index.
On Monday, the S&P 500 ended below its 50-day moving average.
It was the first time the S&P closed below that momentum indicator in 139 sessions, the longest such streak since 2007, and the second longest run of this century.
The S&P is currently trading around 6,600 in the red for the day, with a 50-day moving average at around 6,708.
But Blue Kurdic Market Insights points out that after long streaks above the 50-day, brief breaks tend to resolve quickly.
On average, it takes just eight days to reclaim the level, with an average max drawdown of just 1%.
Among active stocks, no singing in the rain for Home Depot.