In his Daily Market Notes report to investors, while commenting on Twitter, Louis Navellier wrote:
The market dusts off Friday’s loss and tries again for another positive week.
Stocks closed down Friday resulting in the 8th down week in 9, but the VIX closed below 25 for the first time since mid-April, giving hopes that we are near a bottom.
China Reopening Boost
Stocks opened strongly in the green despite interest rates and energy prices grinding higher. Positive news out of China regarding further easing of Covid restrictions along with a relaxation of scrutiny of tech companies is helpful.
Amazon.com, Inc. (NASDAQ:AMZN) stock is up nicely on its 20-for-1 stock split, making the stock and more so the options affordable for more investors. Google is catching a bid in hopes they may follow with their own split. Apple Inc (NASDAQ:AAPL)'s annual developers conference began today and it will be interesting to see if new products or services will be revealed.
Elon Musk Calls Out Twitter
Elon Musk keeps things interesting by calling out Twitter Inc (NYSE:TWTR) on its "fake" user accounting methodology which may lead his acquisition plans into court, and he clarified that Tesla Inc (NASDAQ:TSLA) will be adding overall headcount even though restricting white-collar hiring.
Crypto is bouncing strongly today after one of the longer down trends on record. Markets are seeking signs of a bottom in the face of Fed tightening and soaring energy costs and may find further comfort if more indications of peak inflation is seen in this Friday's CPI numbers.
Off To A Good Start
The consumers' strong cash balances, full employment, and pent-up post-covid demand may be able to propel growth despite higher interest rates and overall inflation trends and subdue earnings estimate cuts than market bears are expecting.
A positive week is overdue and we're off to a good start this morning.
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