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By Staff Reporters
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Rvian Automotive (NASDAQ:RIVN) turned slightly lower in late trading on Tuesday after a report indicated that several key executives left the Illinois-based company. It closed at $16.45. Sources told The Wall Street Journal that the vice president overseeing body engineering and the automaker’s head of supply chain both left Rivian (RIVN) over the last few months. The executives were some of Rivian’s (RIVN) longer-tenured employees.
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Trouble may be brewing in the second half of this year, but there’s a window for a stock-market rally during the first six months of 2023, in the view of Stifel chief equity strategist Barry Bannister. The potential for a rally in equities is based on his expectations for inflation to fall sharply, for the Federal Reserve to pause interest-rate hikes in the second quarter, and for no official recession, as declared by the National Bureau of Economic Research, before midyear, according to a Jan. 9th note from Bannister. So, Ark Invest went shopping on Monday, adding to some of Wood’s hardest-hit stocks. Adobe (NASDAQ: ADBE), Tesla (NASDAQ: TSLA), and Global-e Online (NASDAQ: GLBE) are three of the existing positions that she added yesterday. All of that should add up to a lower real yield on the 10-year U.S. Treasury note and to the S&P 500 rising to 4,300 by the end of June, according to the note.
CITE: https://www.r2library.com/Resource/Title/082610254
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U.S. equities finished higher in a choppy trading session. Concerns over higher interest rates in the future received added attention as investors look to inflation data to be released later this week, courtesy of Thursday’s CPI report. The economic docket was relatively quiet, but a read on small business optimism showed a decline versus the prior month, while wholesale inventories rose in line with estimates.
Equity news was light ahead of Friday’s start to Q4 earnings season, as Bed Bath and Beyond reported a worse-than-expected loss, while Coinbase announced that it would layoff around 20% of its workforce.
Treasury yields rose, and the U.S. dollar was higher, while crude oil and gold prices saw modest increases.
Asian stocks were mixed, and markets in Europe were mostly lower, as focus remained on China’s reopening, and as investors await the CPI report out of the U.S. later this week.
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Filed under: Alerts Sign-Up, Alternative Investments, Investing | Tagged: DAILY UPDATE: Rivian Automotive Executives, DJIA, NASDAQ, RIVIAN, S&P 500, Stock Gains, Stock Gains and a 2023 Stock Rally?, stock rally | Leave a comment »
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