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đź’µ Fake-Out or Break-Out?
Are we gonna see a dead-cat bounce today, or is it the start of a new breakout? Plus, it's Earth Day!
Charla Hojnacki
April 22, 2024
Happy Monday Zingernation! And Happy Earth Day 🌍! Some quick fun facts about today’s holiday: Earth Day actually predates the Environmental Protection Agency with the first Earth Day celebrated in April 1970. Hundreds of thousands of trees are planted every year during the holiday, with more than 18 million total trees planted on April 22.
Solar stocks seem to be in the celebratory mood, with the Invesco Solar ETF trading up more than 1% in pre-market trading. But, not all clean-energy stocks are doing well. Tesla was trading down another $5, down to around the $140 level.
Plus, trying to play the recent rally in gold? Check out the mining company that’s taking advantage of golden opportunities in emerging markets.
And, crypto is so back. Billions of dollars are flowing into the new Bitcoin ETFs, driving prices to near all-time highs. Join thousands of engaged readers of Future Finance - our FREE digital assets newsletter.
MARKET SNAPSHOT
Last Week: There was not as much dip-buying activity, will all major indices closing red on the week, with the S&P 500 closing down almost 4% in its worst week of the year. Tech got absolutely crushed, with NVIDIA closing down nearly 10% on Friday.
On Our Radar: It’s earnings season! Verizon will report this morning ahead of the open, and then later this week we will hear from Tesla, Boeing, Meta and more. Let’s get this bread.
TOP STORY
Briefly: Wall Street appears to be shrugging off rate worries as major stock index futures were moderately higher in early pre-market trading on Monday in the hopes of getting some respite from Big Tech earnings.
Basically: Oversold conditions could be attracting bargain hunters who anticipate continued upside surprises from the “Magnificent Seven” tech companies reporting earnings this week.
The Details: These reports feature some of the biggest names in technology: Tesla, Inc. (NASDAQ:TSLA) kicks off the mega-cap earning this week on Tuesday followed by Meta Platforms, Inc. (NASDAQ:META) on Wednesday, Microsoft Corp. (NASDAQ:MSFT) and Alphabet, Inc. (NASDAQ:GOOGL) (GOOG) on Thursday.
Buy The Dip? Global markets also reflect this earnings optimism. Asian markets, excluding China, closed significantly higher, and European stocks opened on a firmer note.
Click here for the full scoop.
PRESENTED BY PASOFINO GOLD
In early March, the price of gold reached a new all-time high, settling at $2,141.90 per troy ounce. This is the latest news in a series of gold-positive milestones in the past few years. Pasofino Gold (CVE: VEIN) is hoping to bring Liberia into the gold mining conversation and considers Liberia as West Africa's last untapped gold exploration frontier.
Pasofino Gold recently announced significant progress in their Dugbe gold project. The Dugbe project is located in the Birimian region, one of the most prospective gold-bearing terrains worldwide, with over 20 new mines established in the past two decades. Despite the rich gold deposits and a long history of production in the area, Pasofino Gold believes that the potential and geological characteristics of Bukon Jedeh have not been fully understood; the company is hoping to change this.
FIVE ZINGERS
If It Ain’t Broke: Gold has been working as an inflation hedge the past few months. Here’s why Ray Dalio is still bullish on the precious metal.
China-Sized Problem: Apple has a pretty big problem with its falling iPhone demand in China. Here’s why one tech founder is worried.
I Got Your Back: Microsoft has been a big backer of OpenAI. Here’s why Satya Nadella said OpenAI wouldn’t exist without Microsoft’s support.
Twist Amd Shout: An analyst with an 85%-accuracy rate sees more than a 30% opportunity in $AMD. Here’s how to play it.
$ARM And A Leg: Is what it’s costing you if you’ve held $ARM in your portfolio recently. Here’s what’s going on with the British chipmaker.
ONE FOR THE ROAD
What Happened: Tesla appears to be back to its price-cutting tactics, and the competition is taking notice. Following Tesla’s weekend price reductions in China, domestic electric vehicle manufacturer Li Auto, Inc announced immediate price cuts on its entire EV lineup, excluding the new Li L6.
Li Auto Responds: Li Auto’s price cuts range from 2.8% to 5.7%, according to CnEVPost, with the L-series extended-range models experiencing a 20,000 yuan ($2,761) reduction and the Pro models seeing a slightly smaller 18,000 yuan decrease. The company is also extending the new pricing to existing orders that haven’t been delivered yet.
The Prices: These adjustments bring the starting price of the Li L7 down to 301,800 yuan, while the base trims of Li L8 and Li L9 start at 321,800 yuan and 409,800 yuan respectively.
Raising Competition: Li Auto’s first battery electric model, the Li Mega, received the biggest cut of 30,000 yuan ($4,141), bringing its starting price to 529,800 yuan. Additionally, customers who recently purchased these models will be offered cash refunds to reflect the price difference.
Click here to read more.
PRESENTED BY PASOFINO GOLD
In early March, the price of gold reached a new all-time high, settling at $2,141.90 per troy ounce. This is the latest news in a series of gold-positive milestones in the past few years. Pasofino Gold (CVE: VEIN) is hoping to bring Liberia into the gold mining conversation and considers Liberia as West Africa's last untapped gold exploration frontier.
Pasofino Gold recently announced significant progress in their Dugbe gold project. The Dugbe project is located in the Birimian region, one of the most prospective gold-bearing terrains worldwide, with over 20 new mines established in the past two decades. Despite the rich gold deposits and a long history of production in the area, Pasofino Gold believes that the potential and geological characteristics of Bukon Jedeh have not been fully understood; the company is hoping to change this.