BigChampagne's Ultimate Chart (a/o February 3rd):
1. “What Doesn't Kill You (Stronger),” Kelly Clarkson
2. “Turn Me On,” David Guetta
3. “Set Fire to the Rain,” Adele
4. “Rack City,” TYGA
5. “Good Feeling,” Flo Rida
6. “Young, Wild & Free,” Snoop Dogg & Wiz Khalifa
7. “We Found Love,” Rihanna
8. “Sexy and I Know It,” LMFAO
9. “Domino ,” Jessie J
10. “International Love ,” Pitbull
The now-global financial crisis dragged exchanges across Asia, Europe, and the United States on Monday, despite the recent passage of a massive bailout package. During a roller-coaster day, the Dow Jones Industrial Average tanked more than 800 points, a one-day record that dragged the needle below 10,000. The crater then prompted a late-day buying rally, leaving the exchange at a more mild, 370-point drop by the bell.
The US Treasury is now moving forward with an approved rescue package that exceeds $700 billion, though expectations of a successful resolution appeared baked into pre-Monday valuations. Instead of gains, the market collectively expressed doubt that the bailout would reinvigorate markets, and indeed, some time will be required to unfreeze a tightening credit climate.
Music-related stocks were battered by the broader malaise, though the late-stage rally mitigated the declines. Warner Music Group (WMG) slipped to $6.09 before recovering to $6.61, down 4.21 percent. Apple (AAPL) had its ups and downs, dropping to a 52-week low of $87.54 before landing at $98.14, up 1.1 percent. Sirius XM Radio (SIRI) continued to suffer, ending at just 50-cents.
Ahead of US-based trading on Monday, European and Asian indices offered a dreary prelude to the profound intraday drop. Banking bailouts, stepped-up deposit guarantees and aggressive interventions are now part of the European reality, a serious confidence drain for investors. Asian markets also stumbled, and Russia actually closed its markets prematurely.
The broader tale of woe is rippling into the music industry, though the exact fallout remains difficult to predict. Issues related to consumer confidence undoubtedly impact the CD, already a tanking commodity. Music-focused entrepreneurs may also be forced to scrape together funding from sources outside of Sand Hill, including benevolent angels and even credit cards. The new reality could thin the field and slow the entrance of startups, though troubled markets are frequently weathered by profitable, financially-disciplined companies.
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