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💥 Not The Fireworks You Want
The crypto market tanks, Tesla rally continues, jobs data comes in mixed and more
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Happy Friday Zingernation! Hope everyone had a good and safe Fourth of July holiday. Speaking of the Fourth of July, we’re seeing some fireworks in the crypto world, and not the good kind.
—Aaron Bry & Nic Chahine
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MARKET SNAPSHOT
On Wednesday: The overall market closed higher with tech and Nasdaq leading the way. Tesla continued its torrid run, closing up more than 6.5%.
On Our Radar: Labor day! Jobs data is out at 8:30 am ET, which should give investors more insights into the health of the economy. Will good news be good news?
TOP STORY
Briefly: The official June labor market report for the United States indicates mixed conditions, showing robust employment growth but a slowdown in wage increases, which may support expectations for upcoming interest rate cuts.
So: In June, the U.S. economy added 206,000 new jobs, a reduction from the downwardly revised 218,000 in May, according to data released Friday.
Basically: Nonfarm payrolls increased by 206,000 last month, slowing down by 12,000 from May, but above economist expectations of 189,000, with predictions ranging from 150,000 to 237,000. Here’s what the numbers mean for the Fed’s inflation target and potential rate cuts.
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FIVE ZINGERS
Insider Trades: Jeff Bezos is selling more Amazon shares. But here are other stocks with insider selling within the last couple of weeks.
Deal Or No Deal: Macy’s shares rose Friday morning as Arkhouse and Brigade raised their bid for the retail giant to nearly $10 billion.
Back At It: ‘Rich Dad Poor Dad’ author Robert Kiyosaki is back at it with another call for a market crash. Here’s why.
The China Trade: Alibaba, JD and other Chinese names are trading lower this morning. Here’s what’s going on.
Cramer’s Call: Despite a one-year return that outpaces Nvidia and Super Micro Computer, Cramer is bearish on this energy stock.
ONE FOR THE ROAD
Briefly: Shares of electric-vehicle maker Tesla, Inc. TSLA rose in premarket trading on Friday, signaling that they could extend their winning streak to an eighth straight session.
So: The premarket gains reflect the continuation of the momentum the stock has picked up since late-June. The stock broke out of a trading range around the time, in anticipation of the company’s second-quarter deliveries beating the lowered bar. With the number surprising to the upside, investors largely ignored the fact that sales fell for the second straight quarter.
Basically: Bullish analysts have stepped up their rhetoric that the company has turned the corner and is positioning for outperformance in the second-half of the year. Here’s where the experts see the stock heading to next.
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