We are finally at the end of the week, and Wall Street could use a break. After a crypto crash and inflationary fears rocked the market, investors likely are dreaming of fruity cocktails and bright-blue water. But before you log off and wade into the weekend, make sure you are all caught up. So what did the stock market do today?
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- The S&P 500 closed down by 0.08%
- The Dow Jones Industrial Average closed down by 0.36%
- The Nasdaq Composite closed down by 0.48%
So what else did the stock market do today? Here are some of the top stories.
What Did the Stock Market Do Today? Buy Tesla?
Tesla (NASDAQ:TSLA) has had a rough start to the year. Shares are down 25% over the last three months, with much of that pain coming in the last four weeks. The electric vehicle leader may be pushing through a chip shortage and setting new delivery records, but investors are losing confidence.
That much was highlighted this week, when new reports highlighted that Michael Burry of Big Short fame had a sizeable short position against Tesla. Through his Scion Asset Management, he is wagering a $530 million bet against the EV leader. Is it time to follow Burry and give up on Eon Musk?
According to InvestorPlace Markets Analyst Joanna Makris, investors should stop panicking. In fact, they should buy Tesla stock on the dip now.
Makris understands where the bear case is coming from. Musk has a big personality, and his social media accounts could use a few (dozen) more proofreaders. In recent days he has sent the crypto market into an absolute whirlwind, and previously, his messages about the Tesla stock price have chaos for his own company. Plus, his stance on crypto in general may be troubling to EV fans. Add in a debate around zero-emission credit sales, and it is clear why some investors are bearish.
But instead of giving into the noise, Makris says investors should get back to the basics. When they do, she thinks they will see Tesla is a disruptive tech company with years of growth ahead of it. Factor in an eco-friendly White House, and Tesla is a buy here.
You can read more here.
China Continues to Crack Down
Today, Chinese officials created further panic in the cryptocurrency market.
Earlier this week, Reuters reported that a trio of industry groups announced that China was reaffirming its anti-crypto stance. In doing so, the government would block financial institutions from participating in any crypto-related transactions. Official statements highlighted that this is a result of recent price volatility, and comes as China tries to protect its consumers.
Then, Vice Premier Liu He took things a step further. He shared today that he believes even more restrictions are needed to protect Chinese financial systems. Specifically, he is taking aim at any Bitcoin trading and crypto mining that happens in the country. Although he did not elaborate, the promise of restriction sparked panic. Especially important is the fact that so much…
Read more:What Did the Stock Market Do Today? 3 Big Stories to Catch Up On.
