What’s up meme-lords and trading degenerates!
Today we’re going to cover Tesla blowing the doors off of Wall Street estimates…
And Cathie Wood jumping ship on Nvidia for another streaming company.
But first, take a look at where today's heatmap landed.
In a spirited session on Wall Street, the S&P 500 and Nasdaq reached historic levels, lifted by Federal Reserve chair Jerome “Brr” Powell's latest take on inflation.
The S&P 500 strutted confidently across the finish line, closing above 5,500 for the first time ever with a solid 0.6% gain, settling at 5,509.
Not to be outdone, the Nasdaq leaped by 0.8%, closing at a dazzling 18,028.
Meanwhile, the Dow Jones Industrial Average played it cool with a 0.4% uptick.
What's got everyone buzzing? Powell's upbeat comments on the "disinflationary path" of recent economic data.
(Source: CNBC)
Job seekers got a surprise treat with a bump in job openings to 8.14 million by May's end.
Over in “Stockland”, Tesla stole the show, revving up with a jaw-dropping 10% surge thanks to stellar second-quarter vehicle deliveries.
Meanwhile, Nvidia's 1.3% decline cast a shadow, sparking concerns about its AI prowess and whether it can maintain its edge in the fiercely competitive tech landscape.
As Tesla raced ahead, Amazon, Apple, and Alphabet (GOOGL, GOOG) also gained more than 1%.
Stock.News Spikers of the Day
Ocean Power Technologies, Inc.: [OPTT] [+85.43%]
Nemaura Medical Inc.: [NMRD] [+33.33%]
Cathie Wood Dumps Nvidia And Gambles on “Underrated” Streaming Company…
Cathie Wood, head of Ark Investment Management and the queen of high-stakes investing, pulled another bold move by selling $4.3 million worth of Nvidia stock.
Nvidia, which took a nosedive at the end of June, bounced back 6.8% to close at $126.09 on the day of the sale. Perfect timing, Cathie!
For those keeping score, Cathie’s reputation is a bit of a mixed bag. Some see her as a tech visionary, while others... well, congratulations to Cathie for losing $14.3 billion over the past decade.
That’s more than any other fund manager. It takes real skill to be the worst. Not just anyone can do it.
First, you make wildly speculative bets. Then, develop a cult following right at the peak. Finally, make mistake after mistake on the way down. And boy, has Cathie nailed it.
Her flagship fund, the Ark Innovation ETF, has managed a measly 1.59% return over the past year and negative returns over the past three and five years. Compare that to the S&P 500’s 84% gain over the same timeframe, and it's clear Mama Cathie’s magic touch might be more like a misstep.
And if you thought that was harsh, Jim Cramer, the infamous host of CNBC's "Mad Money" and a piss-poor stock picker added a few thoughts of his own. According to him, Cathie Wood's strategy of diving deep into a handful of tech companies is fundamentally flawed. “Turns out, it wasn't a strategy at all. It was a tactic, and a very risky tactic at that,” Cramer remarked.
Wood’s Ark Invest had its glory days in 2020, boasting a 150% increase. But then came the plummet: down 23% in 2021 and a whopping 67% in 2022, before finally coming up to see air in 2023. Cramer argues that Wood's lack of diversification led to her dramatic fall from grace. “That’s the danger of running an undiversified portfolio. You have to be right every time, or else your investors get obliterated,” he said.
In addition to offloading Nvidia, Ark Invest also made waves with Roku, purchasing 96,465 shares worth $5.3 million. Roku recently launched Roku Exchange, a new advertising tech platform that’s got investors excited—at least until the next market swing.
Whether she's hailed as a visionary or the queen of financial mistakes, Cathie Wood's market moves are always entertaining. For those daring enough to buy her ETFs, all I can say is you should get some therapy. If even Jim Cramer is shaking his head at your investing style, you know you're in trouble.
Stock.News has positions in Tesla, Amazon, Apple, Alphabet.
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