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Major US stock market indexes uniformly corrected lower yesterday, yet the upward momentum seems to remain for the time being. In today’s report we intend to focus on Tesla (TSLA) and NVIDIA (NVDA) but also discuss the recent earnings releases of major US banks and conclude the fundamentals with the expected earnings report releases in the coming week. The report is to be concluded with a technical analysis of Nasdaq’s daily chart.    Tesla’s bearish tendencies Tesla’s share price tumbled on Friday and opened with a negative gap on Monday stabilising at lower grounds. Market worries  rotate around the possibility that the drop may be only the start of a wider drop for the share’s price. Fundamentals tended to weigh on Tesla’s share price for a while now, with a number of analysts highlighting how the share price may be overpriced. The popularity, size and instability of the company highlighted how both the stakes and uncertainty are high, making the company possibly, a prime target. It’s characteristic that analysts are quoted stating that the company value would be around $200 Billion, a far cry from the company’s current market cap of around $680B, even after the today’s drop. The accident fire in France claiming four lives and mostly Tesla’s disappointing robotaxi event on Friday caused the share price to tumble on a fundamental level. Also some worries emerged from Telsa moving Bitcoins worth $760 million, practically emptying its public crypto wallet. On the other hand, an encouraging element for the company, could be that Tesla managed to reach a production level of 3 million cars in Shanghai, yet that falls short to cover for the market worries surrounding the company. Looking ahead, we note the expected release of Tesla’s earnings report next Wednesday. Forecasts for the revenue figure are set…

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Filed under: News - @ October 16, 2024 4:19 pm