Good Evening! On Monday, the stock market experienced a modest increase. It is important to note that this trading session was cut short in anticipation of the upcoming July 4th holiday.
All three indexes saw small gains with the Nasdaq Composite finishing up 0.21%, the S&P 500 rising by 0.12%, and the Dow Jones increasing by 0.03%.
PRICE REDUCTIONS ARE HELPING!
Tesla (TSLA) disclosed its production and delivery figures for the second quarter, surpassing expectations due to the positive impact of the company’s price reductions and the availability of federal electric vehicle (EV) tax credits, which have contributed to increased sales.
Let’s see those numbers! Tesla disclosed a total global production figure of 479,700 units, accompanied by a delivery count of 466,140. The number of deliveries significantly exceeded the predictions of Wall Street, which had estimated 448,599 units, and the previous quarter’s total of 422,875. Tesla achieved unprecedented production and delivery figures during the second quarter, setting new records in both areas.
The big question… The outperformance of Tesla’s deliveries in the second quarter suggests that the company’s ongoing price reductions effectively drive sales growth in domestic and international markets. However, lingering concerns exist regarding the potential impact of these price cuts on the company’s profitability.
BITCOIN ETF
According to a publicly disclosed filing on Monday, Nasdaq has resubmitted an application to the U.S. securities regulator in order to list an exchange-traded fund (ETF) offered by BlackRock Inc. This ETF aims to mirror the price movements of Bitcoin and seeks to provide supplementary information.
Why did it fail? In each instance, it was stated that the filings failed to adhere to the guidelines established to prevent fraudulent and manipulative activities, as well as safeguard the welfare of investors and the general public.
They aren’t the only ones though… In recent years, the Securities and Exchange Commission (SEC) has declined numerous applications for spot bitcoin ETFs, with one such application from Fidelity being rejected in January 2022.
If at first you don’t succeed, try, try again. The recently updated submission outlines that Coinbase Global Inc will offer market surveillance services to facilitate the proposed ETF by the largest asset management firm globally.