📈 iPhone Sales are SURGING

Plus: Tesla's still suffering

October 21, 2024

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Good Morning!

Apple stock climbed 1.23%, hitting $235.00, as iPhone 16 sales surged in China, boosting hopes for the region's economy. Meanwhile, the S&P 500 hit a fresh all-time high, with Netflix’s earnings fueling its sixth straight week of gains. As we head into another key earnings week, all eyes are on Tesla, set to report quarterly results on Wednesday. Investors are eager to see if the electric car maker can meet expectations after recent doubts sparked by its flashy robotaxi event. Will Tesla rebound or fall short? Stay tuned for those numbers.

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Markets

📈 S&P 500 Logs Fresh All-Time High in Sixth Week of Gains. Tesla Earnings Loom
The S&P 500 hit a fresh record close on Friday, fueled by strong earnings from companies like Netflix, marking its sixth straight winning week. Apple’s iPhone 16 sales also boosted market optimism. Next up, Tesla reports earnings on Wednesday, with expectations of $25.4 billion in revenue and 48 cents per share in earnings.

🚀 Bitcoin Eyes $70,000 After 10% Weekly Pump. How Are US Elections Driving Prices?
Bitcoin surged 10% last week, nearing $70,000 as the US presidential election adds volatility to crypto markets. Both Trump and Harris have embraced Bitcoin-friendly policies, fueling optimism among traders. Ethereum also saw gains, rising 9% with strong ETF performance.

⚡ Tesla Reports Quarterly Earnings This Week. What’s Top of Mind for Investors?
Tesla is set to report earnings this Wednesday, with revenue expected to rise to $25.4 billion, while profits may shrink slightly. After the disappointing robotaxi event, investors are cautious, eyeing earnings per share of 48 cents, down from 53 cents last year. Tesla's stock remains volatile, currently sitting around $220.70.

🌏 Asia stocks muted; China shares positive after rate cut
Asian markets were mixed on Monday, with most stocks trading in a tight range as investors focused on upcoming earnings and interest rates. Chinese stocks rose 0.7% after the People's Bank of China cut rates, while Hong Kong’s Hang Seng dipped 0.2%. Meanwhile, optimism around Chinese stimulus measures boosted Australia’s ASX 200, up 0.6%.

👀 1 No-Brainer Electric Vehicle (EV) Stock to Buy Right Now (Hint: It's Not Tesla)
Rivian Automotive is being dubbed the next Tesla, with potential for massive growth as it rolls out new mass-market EV models by 2026. While Tesla’s sales surged nearly 2,900% over the past decade, Rivian’s stock offers a similar high-risk, high-reward opportunity, trading at a significant discount to Tesla.

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