Stock futures gain to start the week, Tesla shares rally: Live updates

On July 20, 2023, traders were carrying out transactions on the trading platform, located at the New York Stock Exchange (NYSE) in New York City.

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The start of the trading week was greeted with an increase in stock futures, as it is anticipated that the Federal Reserve may decide to maintain interest rates without any changes. This is due to the fact that inflation is steadily declining.

On Sunday, it was reported by The Wall Street Journal that the members of the Fed had agreed not to increase the rates during the upcoming meeting of the central bank. As a result, the chances of the Fed keeping things as they are on the 20th of September currently stand at 93%, based on the CME FedWatch tool's predictions.

Contracts that are linked to the Dow Jones Industrial Average showed an increase of 85 points, equivalent to a 0.2% rise. In addition, futures for the S&P 500 rose by 0.4%, while Nasdaq 100 futures experienced an even higher rally of 0.6%.

Tesla's stocks saw a boost of 5% in the premarket trading session as a result of some positive news from Morgan Stanley. The financial services company upgraded the shares and stated its belief in an upcoming surge due to advancements in Tesla's autonomous software.

Last week saw a decline in all three major indexes. The Nasdaq Composite, which is heavily focused on technology, experienced the largest loss, falling by almost 2% due to concerns about increased rates.

The coming week is highly anticipated by investors as they eagerly await vital information about inflation. This follows a series of economic data points from last week that surpassed initial predictions. This has caused renewed concern among investors that the Federal Reserve may increase rates more than they had previously intended.

On Wednesday and Thursday, people will get updated information on the consumer price index and producer price index. Many investors would like the numbers to be low, but it is predicted that there will be an increase due to energy costs being high.

On Thursday, there will be information about the sales happening in shops. On Friday, the University of Michigan will share their survey about what people think about spending money. This will help us understand whether people will keep spending money for the rest of the year.

On Tuesday, Apple is scheduled to host its product event called "Wonderlust." It is expected that the tech giant will reveal its newest device, the iPhone 15.

Last week, Apple didn't do so well and its stock dropped below its 50-day moving average after news came out that China wants to extend its prohibition on iPhones in state-run companies and government agencies. As a result, investors are now worried that the biggest S&P 500 company might be in trouble.

Morgan Stanley's Adam Jonas Upgrades Tesla For Autonomous Driving Progress

According to renowned auto analyst Adam Jonas from Morgan Stanley, the self-driving supercomputer from Tesla will most likely trigger significant growth in the near future.

The analyst has recently improved the status of Tesla’s stock from equal weight to overweight in a note that was issued on a Sunday. He also anticipates that Tesla’s stock value could rise by more than 60%. This considerable increase in value could be attributed to the development and implementation of their supercomputer project called Dojo. The implementation of Dojo could increase the company's overall value by as much as $500 billion as Tesla continues to advance their vertical integration.

The financial institution also chose Tesla as one of their best selections.

The premarket trading indicates that there has been almost a 6% increase in Tesla stock.

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Positive Inflation Rate In China For August

In August, China observed an increase of 0.1% in the consumer price index when compared to the same month of the previous year. This indication represents a significant turnaround in the inflation rate after it reported a negative reading in May.

In August, there was a change in direction from the decrease of 0.3% in July. However, the growth of 0.1% was not as high as the 0.2% that experts predicted based on their surveys conducted by Reuters.

In another development, the index measuring the prices of goods at the producer level dropped by 3% compared to the same time last year. This is not surprising as it was predicted, but it is less of a drop than the 4.4% decrease observed in July.

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Bank Of Japan Aims For Smooth Exit From Monetary Easing: Yomiuri

The Yomiuri newspaper in Japan has stated that the country's central bank has commenced the process of decreasing monetary easing.

The Bank of Japan Governor, Kazuo Ueda, expressed in a newspaper interview that the bank plans to gradually deviate from its extremely lenient monetary policy in a subtle manner.

According to Ueda, it could be a good idea to evaluate the pattern of salary hikes towards the end of this year, as it plays a crucial role in deciding the rise in prices. As per Yomiuri, the mean summer bonuses of noteworthy companies have made a comeback, surpassing 900,000 yen (roughly $6,140) for the first time in three years.

According to the article, if people and businesses in Japan expect prices to keep going up for a long time, they may start spending more money and investing more. This could lead to banks charging higher interest rates.

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Alibaba Stock Falls As Daniel Zhang Quits Cloud Unit Unexpectedly

Alibaba, the Chinese tech behemoth, experienced a decline of 3.5% in its shares on Monday. This was because the company made an unexpected announcement that Daniel Zhang, who will leave soon, will give up his role as the chairperson and CEO of its cloud business.

After several months, Alibaba has confirmed that Zhang will no longer serve as the CEO and chairman of Alibaba Group but will instead prioritize the cloud intelligence unit.

The planned successor of Zhang as CEO and director of Alibaba Group, Eddie Wu, will now serve as the interim Chairman and CEO of the cloud business. This update comes into effect starting September.

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Sunday Night Futures Trading Off To Stagnant Start

At the start of Sunday evening's trading, there was almost no difference in stock futures.

The futures linked to the Dow Jones Industrial Average went up by 16 points, which is equal to 0.05%. The S&P 500 futures increased by 0.04%, while the Nasdaq 100 futures jumped by 0.07%.

The end of the week saw a positive turn for the stock market, despite a week of losses. The Dow closed at 34,576.59 with a 0.22% increase, adding 75.86 points. Meanwhile, the S&P also saw a small increase of 0.14%, ending at 4,457.49. The Nasdaq Composite saw a slight gain of 0.09% and had a closing value of 13,761.53. Nonetheless, all three indexes experienced losses for the week.