Morning Briefing: Tesla overcomes chip shortage to post record profit

Moomoo Breakfast US wrote a column · Jul 27, 2021 05:55

Morning Briefing: Tesla overcomes chip shortage to post record profit

By Jimmy

Hey, moomooers! Here are things you need to know before the opening bell:
-Stock futures fell in early trading Tuesday ahead of quarterly earnings reports from several mega-cap technology companies.
-Infrastructure negotiators try to overcome late hurdles

Market snapshot

Stock futures fell in early trading Tuesday ahead of quarterly earnings reports from several mega-cap technology companies.

Futures on the Dow Jones Industrial Average declined nearly 180 points. S&P 500 and Nasdaq 100 futures also traded in negative territory.

Source: Bloomberg

Crypto

$Bitcoin(BTC.CC)$traded 1.05% higher at $37,513 at 6:30 AM EDT.The largest cryptocurrency by market cap traded 21.1% higher for the week.

$Ethereum(ETH.CC)$traded almost flat at $2,245 at 6:30 AM EDT. $Dogecoin(DOGE.CC)$was almost flat at $0.034 at 6:30 AM EDT.

CNBC’s “Mad Money” host Jim Cramer recently revealed why he thinks Ethereum (CRYPTO: ETH) is a good buy at current prices.

In an interview with TheStreet, Cramer said that he is still holding his Ethereum position and believes that the second-largest cryptocurrency is “going to run.”

"Musk is out there saying he buys Ethereum, and therefore Ethereum goes higher. It's a Pied Piper security," Cramer said.

Source: moomoo

Top news

China industrial profit rises, though recovery looks uneven

The profitability of China's industrial companies looks relatively strong as more than 70% of those surveyed reported higher profits than before the coronavirus pandemic, according to the statistics bureau.

Bitcoin jumps to a six-week high

Some investors attributed the rally to short positions being liquidated and speculation that Amazon may be venturing into digital currencies.

Infrastructure negotiators try to overcome late hurdles

Aides squabbled over funding for water infrastructure and how to apply a requirement that federal contractors pay their employees a locally prevailing wage, among other issues.

Foreign purchases of U.S. Homes fall to new low

Foreigners bought $54.4 billion in U.S. residential real estate in the year ended in March, down 27% from the prior year, according to a report by the National Association of Realtors.

Investors aren't playing defense, but the military splurge isn't over

Defense stocks are under pressure from lower Department of Defense investment and investors' focus on the pandemic reopening, but Lockheed Martin's cheap valuation may overestimate the extent of the budget cuts.

Credit card spending bill will come due

Card companies are enjoying minuscule losses and big spending, but competitive risks loom

Tesla overcomes chip shortage to post record profit

The Silicon Valley electric-car company posted a record quarterly profit of $1.1 billion as it largely sidestepped the effects of a global chip shortage that has constricted production for many global auto makers.

Key events this week