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Tesla falls 10% driving US Stocks lower amid disappointing tech earnings

🤖 #30: TSLA, TSMC, NFLX, NDX, SPX, J&J, AA GBPUSD, EURUSD, Oil prices

Disclaimer: this is not investment advice. Some of the content in this email is generated with the help of artificial intelligence. For the love of all things robotic, please do your own due diligence.

—

GM. I don’t read many newsletters, and most of the ones I do are about finance, with one exception: The Strawman. Daily climate insights you can get through in five minutes or less. If you care about the environment and/or hate paper straws, check it out.

— Reuben

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💸 In Today’s Newsletter

1. Market Movers

Highlighting the key events that are moving markets.

Tech stocks (Tesla, Netflix, TSMC) fell on weak earnings, driving the Nasdaq 100 and S&P 500 lower. USD index and Oil rally. US jobless claims drop, boosting payroll expectations and the chance of additional Fed rate hikes.

2. Data Display

A Chart of the Day, sometimes original, mosttimes copied.

Prime housing prices are lower for the first time since 2008.

3. Bitcoin Bot (Beta)

Using ChatGPT to decide whether to buy or sell bitcoin every day.

Today’s trade: Sell

Previous trades (win ✔️ or loss ❌): ❌ ✔️ ✔️

Historic win rate: 66%

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📰 Market Movers

  • Tesla fell 9.7% and Netflix fell 8.4% yesterday after reporting disappointing earnings after the close on Wednesday. Taiwanese chipmaker TSMC also fell 3.3% after reporting a 10% drop in sales.

  • Overall, the Nasdaq 100 lost 2% yesterday after rallying 45% year-to-date (YTD). The S&P 500 was down 0.7%, driven by the tech stock losses, and is now up 19% YTD.

  • Shares in Asia are mostly lower in early trading this morning, with the Nikkei 225, Nifty 50 and CSI 300 reporting losses; however, Hong Kong’s Hang Seng index is at a slight 0.17% gain.

  • J&J beat expectations and was up 6% while American Airlines fell 6% on earnings. American Express reports earnings before the open today.

  • US jobless claims fell unexpectedly by 9,000 to 228,000 for the week ending July 15, reaching a two-month low. This raised expectations for a strong US payroll report and nudged expectations for a second rate hike from the Fed to 33%.

  • USD index rose back above 100 as a result with GBPUSD slipping below 1.29 and EURUSD at 1.11.

  • Oil prices are up about 1% with Brent Oil trading at around $80

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📊 Data Display

Housing prices have fallen in the 46 leading prime real estate markets for the first time since the 2008 global financial crisis.

Prime Housing Prices

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📈 Bitcoin Bot (Beta)

Today’s suggested trade: Sell Bitcoin at $29,809.13

For the potential short (sell) position:

  • The stop loss would be set at $30,051.11, which is approximately 0.81% above the current price.

  • The take profit would be set at $29,567.15, which is approximately 0.81% below the current price.

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di

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