📈 Tesla's $500B Comeback Story

Good Morning!

U.S markets had a great day yesterday, lead by the tech-heavy cool kid of the stock market, the Nasdaq - increasing by 1.8%, helped by a surge in Tesla stocks. Despite all the doom and gloom about the economy in the news, the U.S ended 2022 on a high note, with GDP increasing by 2.9% in Q4, beating analysts' estimates.

In other news, Tesla is on a roll, with the EV maker's stock soaring 11.7% and reaching a market valuation of $500 billion on Thursday after a strong earnings report. Looks like Elon Musk is laughing all the way to the bank, unlike Indian billionaire Gautam Adani, who lost his spot as the world's 3rd richest man. He took a hit to the wallet with shares of Adani Enterprises plummeting 20% after a U.S. short seller's report.

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Markets

Stocks rally after strong GDP report, more earnings (5 minute read)On Thursday - the S&P 500 went up by 1.1%, the Dow Jones Industrial Average increased by 0.6%. The tech-heavy Nasdaq also had a great day, increasing by 1.8%, thanks to a more than 10% jump from EV giant Tesla. U.S GDP growth reports showed a higher growth than expected in Q4, which also helped the rally.

GDP rose 2.9% in the fourth quarter, more than expected (6 minute read)The U.S economy ended 2022 on a high note, despite some doubts about the future and looming recession fears. GDP was up 2.9% in Q4, beating the estimated 2.6%, and even though consumer spending slowed down a bit from 2.3% to 2.1%, it's still positive. On top of that, inflation looks to have lowered after hitting 41-year highs in the summer, but it's still higher than the Federal Reserve's 2% target.

European stocks tick higher as investors await US inflation data (4 minute read)Looks like European stocks had a small boost on Friday, with the Stoxx Europe 600, Dax, and FTSE 100 all seeing slight increases. Meanwhile, in Asia, Hong Kong, Japan, and South Korea all had a good day too, with the Hang Seng, Nikkei 225, and Kospi all rising ahead of the Core Personal Consumption Index report. China's markets are closed for the lunar new year holiday.

Investing

Tesla surges 11%, above $500 billion market (3 minute read) Tesla is on a roll, the EV maker's stock soared 11.7% after it's earning report to reach a market valuation of $500 billion on Thursday. It's like the stock market version of a comeback story, after a rough year of losses in 2022, the stock is climbing back up with a 17% increase this year alone.  The company had a record fourth-quarter profit of about $3.7 billion and some positive outlooks.

India's Adani slammed by $48 billion stock rout (6 minute read)Indian billionaire Gautam Adani took a hit to the wallet, with shares of Adani Enterprises plummeting 20% after a U.S. short seller's report sent the conglomerate's stocks spiralling. Seven of Adani's companies lost a total of $48 billion in market cap, and even Adani's bonds in the U.S. took a hit. Forbes now lists him as the 7th richest man in the world, down from 3rd. Adani Group is calling the report 'baseless' and is considering suing NY-based Hindenburg Research.

3 of the Fastest-Growing Stocks on the Planet in 2023 (5 minute read)2022 may have been a rough ride for investors, but 2023 is looking like a roller coaster of growth for these three companies. The Motley Fool explores 3 companies with the potential for a 207-1,075% increase in revenue - electric-vehicle manufacturer Rivian Automotive (RIVN), small-cap biotech stock Ocugen (OCGN) and EV maker Lucid Group (LCID).

Money

White House Under Pressure to Develop a 'Plan B' on Student Debt (7 minute read)The Biden team is feeling the heat from Congress and student loan warriors to have a backup plan in case the Supreme Court nixes their initial student debt cancellation scheme. They're considering a Plan B, which involves finding a new legal rationale for cancelling the debt. Meanwhile, Biden announced a massive student debt relief plan in August, using a 2003 law called the Heroes Act as a legal reason to forgive 40 million debt cases, citing Covid-19 financial struggles.

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