Green to Start the Week, Robo-Taxis on the Way | Morning Moovers
Morning mooers! It is Monday, April 8th, the market is open and chugging away, but holding back cautiously awaiting first quarter earnings kicking off at the end of the week, and inflation data from March Wednesday.
I am moomoo news correspondent Kevin Travers, writing today's market story from Mallorca, Spain, were dust from the Sahara Desert is clouding the strong Mediterranean sun, here are the morning moovers today:
MOOVERS
$特斯拉 (TSLA.US)$climbed 3.75% after following CEO Elon Musk's announcement on social media that the company will reveal its Robotaxi in early August, which could boost demand for its services. On Friday, Tesla fell 5% after Reuters fist reported the same story, which Musk denied on X.
$台积电 (TSM.US)$stock gained 1.7% as the U.S. Commerce Department announced it would grant the company's U.S. unit a $6.6 billion subsidy for advanced semiconductor manufacturing in Phoenix, Arizona.
$Coinbase (COIN.US)$ stock jumped 4% as the cryptocurrency exchange saw a positive impact from the recent rise in Bitcoin value to over $70k.$MicroStrategy (MSTR.US)$climbed over 5%.
$Trump Media & Technology (DJT.US)$fell about 8%, on a major pullback trajectory.
$Paramount Global-B (PARA.US)$was the largest decliner on the Nasdaq 100, still fallign after the firm declined a merger deal.
$Uber Technologies (UBER.US)$and$DoorDash (DASH.US)$fell, following news that another large firm might join the taxi and delivery business.
SECTORS
The internet content sector was the largest grower by size and volume tracked by moomoo, up about 1% following a 1% climb in both share classes of$Alphabet-C (GOOG.US)$.
RECAP
Indexes opened higher but cautious after a rough proceeding week.
The$S&P 500 Index traded +0.26% at the time of writing just past 10:34 am EST. The$Dow Jones Industrial Average climbed about 0.2%, and the$Nasdaq Composite Indexclimbed about 0.38%.
MACRO
JPMorgan Chase's Chief Executive Jamie Dimon warned in his annual letter to shareholders and staff that inflation may stay persistantly high, leading to 8% interest rates.
In his 61-page missive Dimon addressed a swath of global issues as well as reflections on his own bank's performance-Dimon said the market appears to be pricing in a 70% to 80-% chance of asoft landingfor the U.S. economy.
"I believe the odds are a lot lower than that," he said.
The market priced in positive labor data on Friday, that showed the economy added 303K new jobs, 100,000 mire than expected in February. Many of the jobs were part time or government work, and high employment can go hand in hand with inflation increases, leading to caution.
This week, investors await PPI and CPI from March, alongside the FOMC meeting minutes from last months meeting.
Mooers, what are you watching today? Comment below and I may feature your comment tomorrow!
Source: Bloomberg, Dow Jones, CNBC, Reuters
Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty regarding its adequacy, completeness, accuracy, or timeliness for any purpose of the above content. See thislinkfor more information.
Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty regarding its adequacy, completeness, accuracy, or timeliness for any purpose of the above content. See thislinkfor more information.
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SpyderCall : I would like to see that letter to shareholders. I wonder if it discussed how immigration affects employment numbers. With the massive spike in migration to the U.S. over the past year or so, I think employment numbers will be skewed for a while.
Kevin Travers OP : Jamie Dimon's Letter to Shareholders, Annual Report 2023 | JPMorgan Chase & Co. check it out here, quite a long winded expert paper![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
@SpyderCall
SpyderCall Kevin Travers OP : Thanks. I appreciate that.
BelleWeather : Wow, I’m disappointed at Paramount! I may exit that position at a loss. I felt it was undervalued, but the only hope now is that it is so undervalued as to be worth more than the merger price. That’s difficult to believe, and management doesn’t seem to align with investors.