Market Summary
| Index | Value | Change | Percentage |
|---|---|---|---|
| Dow | 31,173.84 | -164.31 | -0.52 |
| S&P 500 | 3,854.43 | -44.95 | -1.15 |
| Nasdaq | 11,372.60 | -262.71 | -2.26 |
| Russel 2K | 1,732.01 | -37.36 | -2.11 |
| VIX | 26.17 | 1.53 | 6.21 |
Massive red day - S&P given up almost all the gains from the week prior. It appears, the market takes one step forward two step backward; I don’t see how it may change any time soon. Vix went up more than 6 percent.
Chinese stocks took a beating as Covid concern raises yet again. Shanghai will be conducting mass testing in several districts after Covid cases were detected earlier this week, a statement on the city’s WeChat account said.
At the time of writing this post, Tesla, NIO both took beating down 6.55 and 9.06 respectively. NIO down from its recent highs almost 12 percent. Tesla gave up all the after market gain Friday and some more.
All eyes are on Wednesday’s CPI numbers. There are more signs inflation is peaking with no sign of it being under control.
Strategy
- Look for signs of market bottoming, which may have already happened.
- Watch for inflation flatten up
News
- Greater China stocks fall as Covid concerns resurge; Asia-Pacific markets fall
- Markets Brief: Ahead of the Next CPI Report, More Signs Inflation is Peaking
- Oil tumbles as much as 10%, breaks below $100 as recession fears mount
- Tesla is still the world’s largest electric car producer despite what you are hearing
- Analysts Confident in Tesla’s Strong Growth Outlook Despite Q2 Slowdown