Pretty tough week for Tesla after it missed Q1'24 delivery estimates coming in 8.5% below YoY.
Tesla quarterly deliveries decline for the first time in nearly four years (More at Reuters: Here)
Now, Elon is trying to redirect attention to the Robotaxi strategy by tweeting that more details will be announced on Aug 8:
Not holding my breath for this one. "Fool me once..."
Tesla Robotaxi unveil on 8/8
— Elon Musk (@elonmusk) April 5, 2024
Not much in worldwide economic news this week except for the Baltimore bridge collapse which is partly slowing down global trade. S&P500 and Nasdaq are effectively flat from last week changing +0.4% and -0.3%, respectively.
Big mover this week was BTC -- up 11% WoW and 38% since purchase in late Feb 2024. Nice bounce which I attribute to news about the halving and investors leaning into a riskier trade (i.e., more greedy).
Let's see what next week brings! Have a great Easter weekend. Stock market is closed today (Good Friday).
Edit:
Given this is the quarter end, I wanted to share some highlights from NYT for posterity.
Even with the Fed contemplating cutting interest rates as many as three times this year, by as much as three-quarters of a percentage point in total, the returns on offer to investors remain well above those found elsewhere around the globe, helping keep money flowing into the United States.
What a week. The portfolio is down 1% while both the S&P500 and Nasdaq are up 2.3% and 2.9%, respectively. The biggest drop came from BTC, which I think lost some momentum given the ATH that was reached a couple weeks ago.
I'm still optimistic that the halving will bring BTC back above $70k.
Apologies for the delay this week. I passed out after work and completely slept in this morning. Dead tired after a long day and rough night. I slightly tweaked the output so now there's a week-over-week column to better capture the volatility.
Tough week in the stock market. Inflation edges slightly higher than anticipated, likely putting pressure to delay the rate cuts. My guess is Powell won't cut rates in June. Bitcoin seems to hold its gains despite some profit taking this week. I think the upcoming halving is attracting net inflows to the Bitcoin ETFs.
Tesla down this week probably because of the strong Rivian R2 and R3 reception (read more). FBTC up because of interest in Bitcoin ETF, not so much for direct crypto trading based on lack of crypto apps downloaded (more here). exciting times the world of Bitcoin with the upcoming halving next month (count down here).