A Rough Week. $Nasdaq100 Bear 3X ETF(SQQQ)$ Stocks fell for the fourth day in a row as investors failed to shake off this week's Federal Reserve meeting. The Dow Jones Industrial Average dropped 0.3%, or 1.9% on the week. The Dow has fallen in four of the past six weeks. At four days, the Dow is riding its longest losing streak since June 26. The S&P 500 hasn't fared much better. It fell 0.2% on the day and 2.9% on the week. The S&P 500 has dropped for three consecutive weeks. The Nasdaq Composite was down just 0.1% on the day but led the trio of indexes with a decline of 3.6% on the week. It was both the S&P 500 and Nasdaq Composite's worst week since March 10. It was a chaotic and uncertain week
XPENG Motors to expand its footprint in Europe in 2024 $XPeng Inc.(XPEV)$ Chinese smart EV company XPENG Motors (XPEV) will spread its business and strengthen its hold in Europe, including Germany, Britain, and France, in 2024, president Brian Gu told reporters at the IAA Mobility motor show in Munich. This will begin with the introduction of the XPENG P7 sports sedan and the XPENG G9 SUV. The company will distribute its G9 and P7 EVs into Israel starting early next year and will offer the G6 as its first right-handed model. The Chinese automakers are facing a margin squeeze due to ongoing price wars at home, so expanding to new markets could potentially provide some aid. However, EV sales picked up in Southeast Asi
Goldman hikes Brent crude forecast to $100 but most of the rally 'behind us' Goldman Sachs rejoined the $100/bbl oil club Wednesday, nudging its 12-month forecast for Brent crude up from $93, as significantly lower OPEC supply and higher demand more than offset significantly higher U.S. supply, although most of the oil price rally is "behind us." Goldman said it assumed Saudi Arabia gradually will unwind its voluntary 1M bbl/day production cut starting in Q2 2024, but expected the 1.7M bbl/day cut agreed with eight other OPEC+ members to hold throughout next year. "We believe that OPEC will be able to sustain Brent in an $80-$105 range in 2024 by leveraging robust Asia-centric global demand growth," but the cartel is "unlikely to push prices to extreme levels, which would destroy its long-
Interest rates staying 'higher for longer' means at least through 2026 for the Fed $Nasdaq100 Bull 3X ETF(TQQQ)$ A common refrain around the Federal Reserve in recent months has been the notion that interest rates will remain "higher for longer." Meaning that even after the central bank ends its current rate-hiking cycle and begins the process of bringing rates down, interest rates will remain higher than what the Fed thinks would be needed to sustain economic growth with inflation at 2%. What, exactly, "longer" entails is at the heart of investor debates about the Fed's policy future. But on Wednesday, the central bank offered further outlines of its answer — at least three more years. Alongside its policy decision
Instacart boosts IPO range to $28-$30 a share, to raise as much as $660M Instacart (CART) boosted the range for its IPO to $28 to $30 and now may raise as much as $660 million in the offering. The grocery delivery and pickup raised the expected range from $26 to $28. Instacart (CART) will issue 22 million shares in total, plus up to an additional 3.3 million shares in aggregate, according to its latest S-1 filing. At the high end of the range, the IPO will raise $660 million, and the company will be valued at $9.3 billion to $9.9 billion. Instacart (CART) is expect to price the IPO on Monday and begin trading on Tuesday, according to an Axios report, which cited sources. Bloomberg reported the IPO timing last week. Instacart (CART) filed to go public last month and said in its prospectus t
Erdogan calls on Elon Musk to build Tesla factory in Turkey $Tesla Motors(TSLA)$ Turkish President Tayyip Erdogan has called on Tesla (TSLA) CEO Elon Musk to build a new factory in Turkey during a meeting at Turkish House in New York. Musk said many Turkish suppliers are currently working with Tesla (TSLA) and the country will be among the top candidates for a Tesla investment, according to Mehmet Fatih Kacir, Turkey's industry and technology minister who attended the meeting. Erdogan and Musk also discussed Turkey's artificial intelligence strategy, according to a statement from Turkey's communications directorate. The potential cooperation between Musk's spacecraft maker SpaceX and Turkey's space program was also discussed. Musk said Spac
What to know this week Jerome Powell and the Federal Reserve will take center stage in the week ahead when the central bank makes its next policy decision. The Fed is scheduled to meet on Sept. 19 and 20 followed by a press conference with Fed Chair Powell at 2:30 p.m. ET on Wednesday. Investors expect the FOMC will hold interest rates steady in a benchmark range of 5.25% to 5.5% to see if inflation continues to cool. Markets were choppy last week, ending the five-day period mixed after rising energy prices drove surprises in economic data, but didn't significantly change investor bets on interest rates remaining steady. Midway through September, a traditionally tough month for markets, the tech-heavy Nasdaq (^IXIC) slid 2.3%. The benchmark S&P 500 (^GSPC) is down 1.2% while the Dow
Tesla is reportedly in early talks with Saudi Arabia on electric vehicle factory $Tesla Motors(TSLA)$ Tesla (TSLA) is in early talks with the electric vehicle maker to build a manufacturing facility in the Saudi Arabbia. Sources told the Wall Street Journal that Saudi Arabia has been offering Tesla (TSLA) the perk of being able to purchase certain quantities of metals and minerals the company needs. One of the proposals under consideration involves extending financing to commodities trading giant Trafigura to help Tesla (TSLA) secure needed minerals from nations such as Congo. Neither Tesla (TSLA) or Saudi officials had confirmed the reported talks at the time of publication. Looking back a bit, Tesla (TSLA) CEO Elo
Arm Holdings: Complex (Architecture) $ARM Holdings Ltd(ARM)$ Shares of Arm Holdings plc (ARM) have seen a very decent IPO, as the success undoubtedly aids to re-open the IPO window towards the end of the year. Shares of the Softbank-owned ARM jumped, as anticipations ahead of the offering were huge. It is very hard to defend or even share the enthusiasm based on the fundamental performance of the business, yet the strategic nature of the business, its potential and limited float make it a dangerous company to bet against, making it easy to not get involved with the shares here. ARM plays a vital role in today's world of CPU architecture, with over 250 billion ships being shipped based on its design since the company's inception. Standing at t
Tesla set to pop the champagne as UAW strikes against Ford, GM, Stellantis The United Auto Workers’ strike eventually happened. The strike, combined with a few other headwinds, has sent General Motors stock price close to where it was five years ago. It's true that all the big three automakers will be negatively impacted by the strike. GM is in a worse position to absorb the impacts and thus has a lower potential for price rebound. Tesla (TSLA) is the clear winner of the United Auto Workers strike against the big three automakers as the “potential” nightmare situation kicks off, according to Wedbush. “Our worry is this could be a long and nasty strike which would be an absolute debacle for the Detroit Three,” Wedbush analysts led by Dan Ives wrote in a note. “Take this UAW deal on the tabl