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Benzinga examined the prospects for many investors’ favorite stocks over the last week — here’s a look at some of our top stories.
It was a down week for the major stock indexes, as the Nasdaq and S&P fell by roughly 2.9% and 2.3% respectively, while the Dow declined by 1.1%. These losses constituted the worst performance for the three indexes since March. Adding to the economic uncertainties, Fitch Ratings lowered the U.S. government’s credit rating from AAA to AA+, citing concerns such as an anticipated fiscal decline in the next few years, an escalating government debt burden and governance erosion.
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Despite these financial setbacks, the job market remained robust in the face of this year’s inflation crisis. July saw a significant growth of new employees in the private sector, as detailed by the Labor Department, and the unemployment rate dropped to 3.5%. This positive trend in employment offers a glimmer of hope amid the prevailing economic challenges.
Benzinga provides daily reports on the stocks most popular with investors. Here are a few of this past week’s most bullish and bearish posts that are worth another look.
The Bulls
“Should Tesla Buy This Ride-Sharing Giant To Supercharge Robotaxi Dreams? Analyst Explores,” by Shanthi Rexaline, discusses Future Fund’s Gary Black‘s suggestion that Tesla, Inc. (NASDAQ:TSLA) should buy Uber Technologies, Inc. (NYSE:UBER) to capitalize on autonomous ride-hailing and access data from Uber’s 137 million consumers.
“A Triple Triumph: 3 Market Leaders Break Into Profitability, Here’s Who Defied The Odds,” by Piero Cingari, highlights the unexpected profitability of Robinhood Markets, Inc. (NASDAQ:HOOD), Uber Technologies, Inc. and Wayfair Inc. (NYSE:W) for the first time in Q2, with Wayfair’s stock soaring over 20%.
“X, Formerly Twitter, Reportedly Considers Adding Bitcoin, Dogecoin Trading; Elon Musk Reacts,” by Mehab Qureshi, discusses the report that X, formerly known as Twitter and now under Elon Musk, is exploring the possibility of building a trading hub within the app for cryptocurrencies like Bitcoin (CRYPTO: BTC) and Dogecoin (CRYPTO: DOGE).
For additional bullish calls of the past week, check out the following:
Meta’s New AI Tool Transforms Text Into Music: ‘We Can’t Wait To See What People Create With Audiocraft’
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Bank Of America Withdraws Recession Forecast Amid Strong Job Market, Expresses Concerns Over New Capital Rules
Bitcoin Is A ‘Beautiful House In A Scary Neighborhood’ — MicroStrategy Is A ‘Beautiful House With 10,000 Acres Of Ranch Land Behind It’
The Bears
“Ford’s $4.5 Billion EV Loss Overshadowed By Q2 Revenue Surge, Morgan Stanley Sees Potential Shift In EV,” by Anusuya Lahiri, reports on Ford Motor Co’s (NYSE:F) Q2 revenue surge of $45 billion, a 12% increase year-over-year, overshadowing a $4.5 billion loss in EV, with a Morgan Stanley analyst suggesting significant changes to Ford’s EV strategy may be needed.
“Massive Flows Of American Capital Into China Put BlackRock, MSCI In Congressional Crosshairs,” by AJ Fabino, details a U.S. Congressional committee’s scrutiny of BlackRock Inc (NYSE:BLK) and MSCI Inc (NYSE:MSCI) for allegedly channeling investments into Chinese companies accused of human rights violations.
“JPMorgan CEO Jamie Dimon Says Economic Storm Clouds Remain Because Of These Two Things, But That Doesn’t Mean To Worry,” by Adam Eckert, reports on JPMorgan Chase & Co (NYSE:JPM) CEO Jamie Dimon‘s view that, despite looming economic storm clouds, America’s resilience and strong consumer position should not cause worry, though he expressed heightened concern over fiscal spending, quantitative tightening and the Ukraine crisis.
For more bearish takes, be sure to see these posts:
Fitch Slashes US Credit Rating: 5 Top Economists Weigh In On Economic Fallout
Jim Cramer Warns ‘Look Out!’ After Meme Traders Take Over In July: Why He Says Broader Market Is Spoiled, Tupperware Headed For Bankruptcy
Rivian Analyst Drops Bullish Stance Ahead Of Earnings: Find Out Why And What EV Stocks He Prefers
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“The Best Report Benzinga Has Ever Produced”
Massive returns are possible within this market! For a limited time, get access to the Benzinga Insider Report, usually $47/month, for just $0.99! Discover extremely undervalued stock picks before they skyrocket! Time is running out! Act fast and secure your future wealth at this unbelievable discount! Claim Your $0.99 Offer NOW!
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