Wall Street Today: Tesla bulls race to options market as shares surge

Moomoo Recap US joined discussion · Jun 24, 2021 00:58

Wall Street Today: Tesla bulls race to options market as shares surge

The Nasdaq sets a record again

The $Nasdaq Composite Index (.IXIC.US)$ ended Thursday by setting a record, the second one in a row. And the $S&P 500 Index (.SPX.US)$ came close.

The Dow fell 71 points, or 0.2%, to 33874.24, while the S&P 500 dropped 0.1% to 4,241.84, just shy of its record high of 4255.15. The Nasdaq Composite advanced 0.1% to an all-time high of 14,271.73.

Bubble expert Jeremy Grantham addresses ‘Epic’ equities euphoria

It’s been just over a year since the last stock market crash, and investors are wondering if another one is on the way. With economic momentum slowing as the effects of fiscal stimulus wear off, it’s no surprise that equities seem to be fading, too.

Bloomberg

The Covid crash is quite distinct from a classic long bull market ending, as they usually do in a bubble and bust...

I will admit, though, that the extent and speed of the new stimulus program was surprising and was guaranteed to help a bubble keep going. Equally surprising was the success of the vaccination program in much of the developed world. Together, they should make the bubble longer-lived and bigger.

-Jeremy Grantham, market historian and co-founder of the Boston investment firm GMO

Tesla bulls race to options market as shares surge

A lurch higher in $Tesla (TSLA.US)$ shares has triggered heavy trading in the options market, with bullish calls outpacing bearish put options.

More than a million call options had changed hands on Wednesday, compared to roughly 710,000 puts, according to Cboe Global Markets data.

On Wednesday, expected volatility in the stock jumped along with the share price, according to Susquehanna Financial Group. That's an unusual dynamic in the options market, but one that has become a feature of the meme stock mania.

moomoo

Yellen says U.S. could breach debt limit deadline in August if Congress doesn’t act

The U.S. could run out of room to keep paying the government’s bills some time during Congress’s August recess unless lawmakers raise or suspend the federal borrowing limit before then, Treasury Secretary Janet Yellen said Wednesday.

Warren Buffett gives away another $4.1 billion, resigns as trustee at Gates Foundation

Warren Buffett said Wednesday he will donate $4.1 billion worth of $Berkshire Hathaway-A (BRK.A.US)$ shares to five foundations, and that he will resign as the trustee at the Bill & Melinda Gates Foundation.

"Today is a milestone for me," Buffett said in a statement. "In 2006, I pledged to distribute all of my Berkshire Hathaway shares — more than 99% of my net worth — to philanthropy. With today’s $4.1 billion distribution, I’m halfway there."

ViacomCBS, Roku shares close up on report that Comcast is considering a deal

$Comcast (CMCSA.US)$ chief Brian Roberts is exploring new options for the company’s push into streaming, raising the idea of a possible tie-up with $ViacomCBS (VIAC.US)$ or acquisition of $Roku Inc (ROKU.US)$, according to reports.

The news sent shares of Comcast down 3.7%. Roku stock closed up 4.5%, while ViacomCBS shares gained nearly 2.7%.

Global stocks drift as investors weigh Fed tone against inflation pressures

US stocks slipped on Wednesday but remained near record highs as investors weighed dovish comments by Federal Reserve officials with business surveys showing companies were struggling with inflation.

"We have to make sure our policies don’t pivot in ways that make it look like we are declaring victory prematurely," Raphael Bostic, Atlanta Fed president, told National Public Radio on Wednesday.

John McAfee found dead in prison after Spanish extradition ruling

John McAfee, the antivirus software pioneer whose scandal-prone life made him a staple of tabloid headlines, was found dead in a Spanish prison cell on Wednesday, the same day the country’s high court ruled he should be extradited to the US on charges of evading millions of dollars in taxes.

Source: Bloomberg, WSJ, CNBC, Financial Times

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