Skip to content Skip to footer

Inflation Expectations Grow in the U.S, Elon Musk Testifies in Court & Virgin Stock Crashes

U.S. indices rise as inflation expectations grow

Several Indices in the United States rallied to record highs to start the trading week, as inflation expectation data was revealed. 

The study, which was conducted by the New York Federal Reserve, showed that median inflation expectations rose for the 8th consecutive month to 4.8% in June.

Today’s rise was up from the reading of 4.0% the month before and cements a new high in expectations since the inception of the survey in 2013.

 Overall, the report showed that consumers were bullish for a post-pandemic recovery, led by an expectation for strong labor recovery.

Monday’s report helped both the S&P 500 and NASDAQ record new all-time highs of 4,384.63 and 14,733.24 respectively while the Dow crossed 35,000 before closing at 34.996.

Tesla shares climbs despite Musk testimony

Tesla CEO Elon Musk was summoned today to testify in court, regarding the company’s 2016 acquisition of SolarCity.

A group of Shareholders in Tesla alleged that Musk had pushed through the takeover of Solar City, due to his own involvement in the company, and not in the best interest of Tesla.

These allegations were followed by a suit, which sued both Musk and his fellow board members of breaching fiduciary obligations

Board members had already settled late last year for a sum of $60 million, however, Elon Musk on the other hand chose to contest the case.

Despite today’s testimony, shares in Tesla were trading higher, rising by $28.75 (4.38%) on the day.

Virgin stock crashes as Branson lifts off

Shares in Virgin Galactic were down by as much as 20% on Monday, despite founder Richard Branson beating his billionaire rival Jeff Bezos to successfully launching into space.

Over the weekend, Branson was a part of a group of 6 Virgin Galactic employees who were on board the test flight, for the company which aims to be a leading operator of space tourism.

Speaking on re-entry, Branson stated that, “We’re here to make space more accessible to all, welcome to the dawn of a new space age“.

Despite this milestone shares in the company were trading lower on Monday and were down 17% at the close.  This move-in isolation seems counter-intuitive, but Virgin used the backdrop of the successful flight to announce the sale of up to $500m of new stock in a secondary offering. 

Many now wait to see how Bezos and Amazon do, when their test flight launches later this week.

Quote of the day – “Losses are necessary, as long as they are associated with a technique to help you learn from them”

– David Sichuan

Tradeview Ltd. is not a portfolio manager or an investment advisor. This Market Report is for informational purposes only. Any statements made or opinions voiced in this Market Report do not constitute investment advice. The Tradeview Ltd. Market Report does not constitute a solicitation to buy or sell in the financial markets. Although the information contained in the Market Report comes from trusted sources, Tradeview Ltd. is not responsible for guaranteeing the accuracy, timeliness, completeness, or fitness of such sources. Tradeview Ltd. shall not be responsible for and disclaims all liability for any losses which may be suffered from access and use of the contents of the Tradeview Ltd. Market Report. Trading any financial instrument on margin, using leverage or otherwise involves considerable risk. Therefore, before deciding to participate in any style of trading, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consulting with your investment counselor, attorney, accountant or other professional upon whom you rely for guidance as to the appropriateness of an investment in any style of trading is recommended.

Tradeview Ltd.

Is licensed to carry on securities investment business and is regulated by the Cayman Islands Monetary Authority (CIMA) as a full securities broker-dealer. Tradeview conducts business pursuant to the Cayman Islands Securities Investment Business Law (SIBL) and its activities fall under the direct supervision of the Investments and Securities Division of CIMA.
Headquarters: 5th Floor Anderson Square, 64 Shedden Road, Georgetown, Grand Cayman, Cayman Islands KY1-1002, BWI.

Tradeview Asia Ltd.

Is licensed and regulated by the Labuan Financial Services Authority (FSA) as a Money Broker, registration number LL15870 licensed to facilitate transactions in foreign exchange pursuant to Labuan Financial Services and Securities Act 2010, the Labuan Companies Act 1990 and the Labuan Business Activity Tax Act 1990.
Headquarters: International Business Financial Centre at Office 5, Jamie Business Center I, Unit F10, First Floor, Paragon Labuan, Jalan Mustapha, 87000 Labuan F.T.

Tradeview Europe Ltd.

Is licensed as a Category 2 Investment Service Company and is regulated by the Malta Financial Services Authority (MFSA). The Malta Financial Services Authority (MFSA) is the single regulator for financial services in Malta. MFSA is a fully autonomous public institution and reports to Parliament on an annual basis. The MFSA is a member of the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the International Organization of Securities Commissions (IOSCO) and is a signatory of the Multilateral Memorandum of Understanding with other European regulatory Institutions. Tradeview is authorized to provide financial services across multiple asset classes and is passported in the EU/EEA under MiFID II (EU Markets in Financial Instruments Directive).
Headquarters: 157 Archbishops Street, Valletta VLT Malta 1440.

Tradeview Financial Markets S.A.C Global

Is authorized to conduct business pursuant to and in compliance with the General Law of Companies (LGS) promulgated by the government of Peru. Tradeview Financial Markets S.A.C is registered with the National Superintendence of Public Registries (SUNARP), company number 13089531. Tradeview Financial Markets S.A.C provides financial services in selected OTC derivative markets in compliance with all applicable government regulations.
Headquarters: Los Mirtos 239 Urb. San Eugenio, Lince, Lima, Perú.