Markets closed higher last week with all indexes up over 3% and even Bitcoin (BTC) up 4% to $28k. Futures are mixed.
ByteDance, the maker of TikTok is taking a box out of the Zuckerberg playbook and released an Instagram-type app called Lemon8 that uses the highly effective TikTok algorithm and already has 5 million monthly users. US lawmakers dropped the ball when they embarrassed the American people by asking TikTok CEO the most clueless questions ever to be aired on TV. The hearing on capitol hill actually resulted in strong public support for the app. NY Democrat representatives AOC and Republican Sen. Rand Paul from Kentucky both came out against a ban, both agree it is counter to free speech. There still is a national security component because TikTok's financial ties with China are kept private.
Disney (DIS) is dissolving its Metaverse ambitions by laying off a 50-person Metaverse team following the lead of Microsoft (MSFT) and Chinese company Tencent, which both have pulled back from the Metaverse. Meta (META) needs to scrap the Metaverse.
Earlier as suspected, OPEC+ is slashing oil production by 1.6 mil barrels a day. This will keep the price elevated and likely drive it even higher in the near future. Oil is currently at $80 Dollars a barrel. Energy stocks are still a go-to in this environment, especially Natural Gas.
Tesla (TSLA) misses quarterly deliveries by a few thousand, which is not a big deal in the big picture, but will spook some shareholders. There is still no other company on earth that can produce more EVs than Tesla. It will take years for someone to catch up. But we have to keep in mind that this growth is limited because fossil fuels are not going anywhere, any time soon.
Happy Investing!
The Punrock Capitalist
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