Benzinga examined the prospects for many investors' favorite stocks over the last week — here's a look at some of our top stories.
It was a down week for the major stock indexes, as the Nasdaq and S&P fell by roughly 2.9% and 2.3% respectively, while the Dow declined by 1.1%. These losses constituted the worst performance for the three indexes since March. Adding to the economic uncertainties, Fitch Ratings lowered the U.S. government's credit rating from AAA to AA+, citing concerns such as an anticipated fiscal decline in the next few years, an escalating government debt burden and governance erosion.
Despite these financial setbacks, the job market remained robust in the face of this year's inflation crisis. July saw a significant growth of new employees in the private sector, as detailed by the Labor Department, and the unemployment rate dropped to 3.5%. This positive trend in employment offers a glimmer of hope amid the prevailing economic challenges.
Benzinga provides daily reports on the stocks most popular with investors. Here are a few of this past week's most bullish and bearish posts that are worth another look.
The Bulls
"Should Tesla Buy This Ride-Sharing Giant To Supercharge Robotaxi Dreams? Analyst Explores," by Shanthi Rexaline, discusses Future Fund's Gary Black's suggestion that Tesla, Inc. TSLA should buy Uber Technologies, Inc. UBER to capitalize on autonomous ride-hailing and access data from Uber's 137 million consumers.
"A Triple Triumph: 3 Market Leaders Break Into Profitability, Here's Who Defied The Odds," by Piero Cingari, highlights the unexpected profitability of Robinhood Markets, Inc. HOOD, Uber Technologies, Inc. and Wayfair Inc. W for the first time in Q2, with Wayfair's stock soaring over 20%.
"X, Formerly Twitter, Reportedly Considers Adding Bitcoin, Dogecoin Trading; Elon Musk Reacts," by Mehab Qureshi, discusses the report that X, formerly known as Twitter and now under Elon Musk, is exploring the possibility of building a trading hub within the app for cryptocurrencies like Bitcoin BTC/USD and Dogecoin DOGE/USD.
For additional bullish calls of the past week, check out the following:
The Bears
"Ford's $4.5 Billion EV Loss Overshadowed By Q2 Revenue Surge, Morgan Stanley Sees Potential Shift In EV," by Anusuya Lahiri, reports on Ford Motor Co's F Q2 revenue surge of $45 billion, a 12% increase year-over-year, overshadowing a $4.5 billion loss in EV, with a Morgan Stanley analyst suggesting significant changes to Ford's EV strategy may be needed.
"Massive Flows Of American Capital Into China Put BlackRock, MSCI In Congressional Crosshairs," by AJ Fabino, details a U.S. Congressional committee's scrutiny of BlackRock Inc BLK and MSCI Inc MSCI for allegedly channeling investments into Chinese companies accused of human rights violations.
"JPMorgan CEO Jamie Dimon Says Economic Storm Clouds Remain Because Of These Two Things, But That Doesn't Mean To Worry," by Adam Eckert, reports on JPMorgan Chase & Co JPM CEO Jamie Dimon's view that, despite looming economic storm clouds, America's resilience and strong consumer position should not cause worry, though he expressed heightened concern over fiscal spending, quantitative tightening and the Ukraine crisis.
For more bearish takes, be sure to see these posts:
Fitch Slashes US Credit Rating: 5 Top Economists Weigh In On Economic Fallout
Rivian Analyst Drops Bullish Stance Ahead Of Earnings: Find Out Why And What EV Stocks He Prefers
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