Stocks ripped last week led by the Nasdaq and Russell 2000. Earnings season is still in full swing, with over 500 companies set to report.
Disneyland Shanghai will reopen at 30% capacity on Monday. The world should be able to learn a lot from how this goes.
Elon Musk got involved in more drama over the weekend. See more below.
The S&P 500 is only down 8.6% YTD and the Nasdaq is up 1.6%. Crazy.
Here’s the weekly chart.
Is Tesla Leaving California???
In a company update titled, Getting Back to Work, Tesla shelled out its plan to safely return. Here’s the 38-page playbook.
However, Alameda County, CA thinks otherwise and said if the company opened it would be out of compliance with the order.
Now, Tesla is suing Alameda County for not letting the company reopen. This is crazy – here’s the official complaint Tesla filed. But wait…
Elon tweeted and threatened to move Tesla from the state of California.
Things got heated. California assemblywomen, Lorena Gonzalez, tweeted the following:
This is hilarious and insane and it’s playing out for the entire world to see. Will Tesla leave California, or is Elon just being Elon? Place your bets…
The Bitcoin Halving
Tomorrow is the bitcoin halving, which is a big deal.
Every four years, the rate at which bitcoins are created gets cut in half. Tomorrow is the halving day and so instead of there being 12.5 new bitcoins created every 10 minutes, there will only be 6.25.
Ahead of tomorrow’s halving, bitcoin has been even more volatile than usual. Last week, it rallied from $8000 to $9900 and today it fell $1000 back down to $8700. Maybe this is a sell the news, who knows…
Here’s a great post from Bloomberg about the whole thing and killer chart showing price performance after previous halvings.
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The Week Ahead
And now a brief and well-organized look ahead at the trading week beginning Monday, May 11, 2020:
5/12 April Consumer Price Index (8:30 AM ET)
5/13 April Producer Price Index (8:30 AM ET)
5/15 April Retail Sales (8:30 AM ET)
5/15 May University of Michigan Consumer Sentiment (10:00 AM ET)
Here’s the full Economic Calendar provided by Briefing.
Here’s Earnings Whispers’ great visual.
Be sure to know when your stocks are reporting. Here’s the full earnings calendar.