Wall Street Today: Musk says Tesla may resume accepting Bitcoin for purchase

Moomoo Recap US joined discussion · Jul 22, 2021 08:51

Wall Street Today: Musk says Tesla may resume accepting Bitcoin for purchase

Asia stocks to rise after earnings-led U.S. climb: markets wrap

Asian stocks look set to climb Thursday after solid company earnings boosted Wall Street, easing concerns about peak economic growth and coronavirus flareups. The dollar and Treasuries declined.

More than 85% of the S&P 500 firms reporting so far have beaten analysts predictions, according to data compiled by Bloomberg. U.S. earnings calls have also underlined the pick up in inflation, with many executives highlighting greater pricing power.

Musk says SpaceX owns Bitcoin, Tesla mayresume accepting Bitcoin for purchase

Speaking at “The B Word” conference hosted by the Crypto Council for Innovation, Elon Muskdiscussed the outlook for Bitcoin with fellow backers Cathie Wood, head of Ark Investment Management, and Jack Dorsey, chief executive officer of Twitter Inc. and Square Inc.

Musk said that he personally owns $Bitcoin (BTC.CC)$, $Ethereum (ETH.CC)$and $Dogecoin (DOGE.CC)$, while $Tesla (TSLA.US)$and SpaceX both exclusively own Bitcoin. The cryptocurrency climbed as high as $32,820 during the panel Wednesday before falling to about $31,683 at 3:49 p.m. New York time.

“I would like to see Bitcoin succeed,” Musk said. “If the price of Bitcoin goes down, I lose money. I might pump but don’t dump.”

Musk said that Tesla would most likely resume accepting Bitcoin for purchases once mining becomes less environmentally taxing.

Fed Chief Powell enjoys support for reappointment, but he’s not a lock

Chairman Jerome Powell, whose term expires in February, is viewed by some inside and many outside the administration as the front-runner for the job.

But if Mr. Biden decides he would prefer his own pick, rather than the Republican chosen by President Trump, Fed governor Lael Brainard is the most likely candidate to succeed him.

U.S. government could run out of cash this fall unless debt ceiling is lifted, CBO says

The federal government will most likely run out of cash to pay its bills in October or November unless Congress increases or suspends the federal borrowing limit, the Congressional Budget Office said Wednesday.

Congress voted in 2019 to suspend the debt ceiling until July 31 of this year.

If lawmakers can’t reach another agreement before the end of the month, the borrowing limit would automatically be reinstated at that level, and the Treasury wouldn’t be able to raise additional cash from the sale of government securities.

Netflix’s foray into video games is ‘ill-advised,’ Wedbush analyst says

$Netflix (NFLX.US)$subscriber growth has stalled in recent quarters as new streaming services have entered the fray. In an effort to lure in new members and reduce churn, the company is expanding into the world of video games.

“As it burns cash, the company has chosen to expand its content offering to include podcasts (we think this is smart) and games (we think this is not smart),” Wedbush analyst Michael Pachter wrote Wednesday.

BlackRock upgrades Japan stocks, says they’re attractive despite Olympics Covid risks

$Blackrock (BLK.US)$upgraded Japanese stocks this week, saying that earnings growth will be lifted in the second half of this year, even as its “virus dynamics” improve.

For one, valuations are “a little bit more appealing in a place like Japan,” and the country’s central bank will continue to be accommodative, Thomas Taw, an investment strategist at BlackRock, told CNBC on Wednesday. He is also positive on earnings growth for companies there.

Senate Republicans block Biden’s $1tn infrastructure plan in first vote

Republicans in the US Senate blocked Joe Biden’s $1tn bipartisan infrastructure package as it faced its first vote in the upper chamber of Congress, in a setback for the president and his fellow Democrats.

The defeat of the plan in a procedural vote to advance the legislation on Wednesday does not mean that its chances are doomed because centrist lawmakers from both parties have vowed to keep negotiating over the coming days.

Saudi Aramco confirms data leak after $50m cyber ransom demand

Saudi Aramco, the world’s largest oil producer, confirmed on Wednesday that some of its company files had been leaked via a contractor, after a cyber extortionist claimed to have seized troves of its data last month and demanded a $50m ransom from the company.

“We confirm that the release of data was not due to a breach of our systems, has no impact on our operations, and the company continues to maintain a robust cyber security posture,” Aramco added.

$S&P 500 Index (.SPX.US)$ $Dow Jones Industrial Average (.DJI.US)$ $Nasdaq Composite Index (.IXIC.US)$

Source: Bloomberg, WSJ, CNBC, Financial Times

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