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T3’s Market Wrap: The Grind Continues


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Once again, US stocks shook off China-related trade worries.

On Friday, President Trump said the US could hit China with tariffs on an additional $267 billion worth of imports, which would be on top of the $200 billion previously discussed.

Today, China's foreign ministry vowed to retaliate… and nobody really cared.

The SPX, Nasdaq, and Russell 2000 all posted modest gains, and the VIX fell.

This continues the recent trend of loud headlines and relatively quiet markets.

Tesla (TSLA) shares were in a free fall for weeks following CEO Elon Musk's infamous Tweets about going private at $420/share.

But the stock rallied hard today after the company announced several management changes on the Tesla blog.

Also, analyst Ben Kallor of Baird defended the stock, saying:

“While negative headlines around management turnover and executive leadership could be an overhang, we are labeling TSLA a ‘Fresh Pick’ as we believe strong fundamentals should drive shares higher.”

However, not everyone is bullish on Tesla, according to CNN Money:

“Tesla is in a cash pinch,” Cowen & Co. analyst Jeffrey Osborne said in an interview. “The primary concern — above and beyond doing drugs and whatnot on podcasts — continues to be the ability of the company to generate cash.”

Meanwhile, Alibaba (BABA) fell after founder Jack Ma said he will end his tenure as the company's chairman next year.

Shares of Apple (AAPL) and its suppliers fell after President Trump Tweeted “Apple prices may increase because of the massive Tariffs we may be imposing on China” on Saturday.

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