A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY.
Here's a full recap:
1. $TSLA Tesla continues to get upgrades on Wall Street. Morgan Stanley analyst Adam Jonas has increased his $TSLA price target to $400 (up from $310) while maintaining a BUY rating. Cantor Fitzgerald analyst Andres Sheppard has raised his $TSLA price target to $365 (previously $255), citing growing optimism about Robotaxis. Additionally, Tesla has resumed its search for showroom spaces in India, exploring locations with DLF for experience centers and service operations, as the country considers lowering EV import taxes to attract automakers, according to Reuters.
2. General Motors $GM has halted funding of its Robotaxi development by Cruise and is now ending their pursuit of the Robotaxi business. GM CEO Mary Barra said today: "Cruise was well on its way to a Robotaxi business, but when you look at the fact that you're deploying a fleet, you're maintaining a fleet, there's a whole operations piece of doing that; The cost of that, it's not our core business."
3. The NASDAQ-100 $QQQ rebalancing, set for Friday, December 13, is expected to include these changes per Bloomberg Intelligence: Additions: Palantir $PLTR, MicroStrategy $MSTR, Equinix $EQIX, and Axon Enterprise $AXON. Removals: Super Micro Computer $SMCI, ARM Holdings $ARM, Moderna $MRNA, and Illumina $ILMN.
4. The Consumer Price Index will release tomorrow at 8:30AM EST. Major banks project November U.S. CPI YoY estimates to range between 2.6% and 2.8%, with most forecasts projecting 2.7%. Current odds for a December rate cut are 85%. Last CPI report the categories of shelter, used cars and trucks, airline fares, medical care, and recreation were all higher.
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