ReportWire

Tag: Motor Vehicles

  • GM’s Cruise slashed fleet of robotaxis by 50% in San Francisco after collisions | CNN Business

    GM’s Cruise slashed fleet of robotaxis by 50% in San Francisco after collisions | CNN Business

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    CNN
     — 

    California authorities have asked General Motors to “immediately” take some of its Cruse robotaxis off the road after autonomous vehicles were involved in two collisions – including one with an active fire truck – last week in San Francisco.

    California’s Department of Motor Vehicles confirmed to CNN that it is investigating “recent concerning incidents involving Cruise vehicles in San Francisco.”

    “The DMV is in contact with Cruise and law enforcement officials to determine the facts and requested Cruise to immediately reduce its active fleet of operating vehicles by 50% until the investigation is complete and Cruise takes appropriate corrective actions to improve road safety,” the department said in a statement.

    That means Cruise, which is the self-driving subsidiary of General Motors, can have no more than 50 driverless cars in operation during the day, and 150 in operation at night, according to the department.

    The California DMV said that Cruise has agreed to the request, and a spokesperson from Cruise told CNN that the company is investigating the firetruck crash as well.

    The accidents come less than two weeks after California regulators officially gave the green light for Cruise and competitor Waymo to charge money for robotaxi trips around San Francisco at any time of day. Prior to the approval, Cruise was only authorized to offer fared passenger service from driverless cars overnight from 10 pm to 6 am, when there are fewer pedestrians or traffic that could confuse the autonomous vehicle’s software.

    The collisions, which both occurred on Thursday, reveal potential risks of driverless technology.

    In a blog post, Cruise’s general manager for San Francisco said the firetruck crash occurred when an emergency vehicle that appeared to be en route to an emergency scene moved into an oncoming lane of traffic to bypass a red light. Cruise’s driverless car identified the risk, the blog post said, but it “was ultimately unable to avoid the collision.”

    That crash resulted in one passenger being taken to the hospital via ambulance for seemingly minor injuries, according to the company.

    Cruise told CNN the other crash on Thursday took place when another car ran a red light “at a high rate of speed.”

    “The AV detected the vehicle and braked but the other vehicle made contact with our AV. There were no passengers in our AV and the driver of the other vehicle was treated and released at the scene,” Hannah Lindow, a Cruise spokesperson, told CNN.

    It is unclear whether the two accidents would have been avoided had there been a human driver rather than an autonomous vehicle (AV) involved – but the crashes were not the only two incidents involving Cruise’s driverless cars in San Francisco last week.

    On Tuesday, Cruise confirmed on X, formerly known as Twitter, that one of its driverless taxis drove into a construction area and stopped in wet concrete.

    “This vehicle has already been recovered and we’re in communication with the city about this,” the company said.

    The recent events underscore the challenges of creating safe, fully driverless passenger vehicles.

    General Motors acquired Cruise Automation in 2016 for $1 billion, solidifying its place in the autonomous vehicles race, but many companies have since scaled back, or abandoned their driverless car ambitions. The endeavor has proven costly, and mastering all situations that humans might face behind the wheel is difficult and time-consuming.

    Ridesharing giants Uber and Lyft have both sold autonomous vehicle units in recent years. Even Tesla CEO Elon Musk, who has been optimistic about autonomous vehicle technology, has yet to fully deliver on his promise.

    Tesla vehicles now come with the option to add a “full self-driving” feature in beta-testing for $15,000, but drivers must agree to “stay alert, keep your hands on the steering wheel at all times and maintain control of your car.”

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  • Stellantis to put second battery plant in town where EVs threaten current jobs | CNN Business

    Stellantis to put second battery plant in town where EVs threaten current jobs | CNN Business

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    New York
    CNN
     — 

    Stellantis and Samsung plan to build a second EV battery plant in Kokomo, Indiana, a town where many current Stellantis workers see such plants as a threat to their current jobs.

    EV battery plants are a critical part of the plans of traditional automakers to transition from gasoline-powered cars to electric vehicles in coming decades. But they could be a threat to existing jobs building engines and transmissions, which are not needed in an EV. Stellantis has four plants in Kokomo alone building engines and transmissions, employing more than 5,000 hourly workers between them.

    Stellantis, which builds cars under the Jeep, Ram, Dodge and Chrysler brands, along with unionized rivals General Motors and Ford, are now in the fourth week of a strike by the United Auto Workers union, and the future of jobs building EVs are a central issue in the strike.

    While the four Kokomo plants are not on strike, the union is on strike at Stellantis’ assembly complex in Toledo, Ohio, as well as at 20 parts and distribution centers spread across 14 states.

    All the automakers are in the process of building EV battery plants, and all of them are using joint ventures with battery manufacturers such as Samsung to build and run the plants. They have all insisted that will make the employees of the plants employees of the joint ventures, not the automakers themselves. And the pay at US EV battery plants that have opened so far is a fraction of what UAW members get when working for the automakers.

    UAW President Shawn Fain announced Friday that GM had agreed to a key union demand that employees at its EV battery plants will be part of the company’s national master labor agreement with the UAW. GM has not confirmed that agreement, and details of how much those workers would be paid and if they’ll be considered GM employees or covered in the agreement as employees of separate companies is not yet known.

    But Fain hailed that agreement as a major win for the union and said it would now press Ford and Stellantis to agree to similar terms if they want to end the strike.

    Samsung and Stellantis announced plans for its latest battery plant in the wake of that announcement.

    The two companies announced Wednesday that they are investing more than $3.2 billion to build the new plant, which will open in early 2027 and have an annual capacity of 34 gigawatt hours. Its opening will bring about 1,400 new jobs to Kokomo, located an hour north of Indianapolis.

    StarPlus Energy, the joint venture formed by Samsung and Stellantis, previously chose Kokomo for its first gigafactory that’s currently under construction and scheduled to open in 2025.

    In total, the two factories will produce 67 gigawatt hours annually. “Indiana’s economy is on a roll,” said Indiana Governor Eric Holcomb in a press release, adding that the second plant means the companies are doubling their capital investment and the amount of new jobs being created.

    The factories will help Stellantis meet its goal for battery electric passenger cars to make up 100% of its sales in Europe, and 50% of its sales in the US, by 2030. Stellantis announced in 2021 an “aggressive” investment of $35 billion for electric vehicle production and needs 400 gigawatt hours annually to meet its 2030 goal.

    Stellantis was created in 2021 through the merger of Fiat Chrysler and PSA Group, maker of Peugeot, Citroën, Opel and Vauxhall cars in Europe. Shares rose nearly 2% in premarket trading.

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  • Manufacturing stalled in the first half. But now the stage is set for a recovery, says JPMorgan.

    Manufacturing stalled in the first half. But now the stage is set for a recovery, says JPMorgan.

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    The Institute for Supply Management’s manufacturing index is due for release Tuesday, which outside of inflationary periods (i.e., now), tends to be one of the more important economic indicators for financial markets, given its record as a bellwether.

    ISM manufacturing data during the current rate-hike cycle (in red) has lagged other periods.

    Even compared to other rate-hike cycles, the ISM manufacturing series has been one of the worst in history, points out Jason Daw, head of North America rates strategy at RBC Dominion Securities. Daw makes the case that the U.S. economy overall is not very strong for this period of the cycle, and the manufacturing data, not just ISM but also industrial production, has been particularly feeble.

    But the call of the day comes from JPMorgan’s economic team. They note that while global manufacturing stalled in the first half, the non-manufacturing components rose at a 3.2% annualized rate, allowing the global economy to grow at an above trend 2.7% rate.

    The team led by Bruce Kasman say that the typical channels through which weak manufacturing would bring down the broader economy haven’t materialized. “A major channel by which weakness in goods sectors broadens out is through depressing corporate income and pricing power. While our start-of-year outlook anticipated elevated wage gains to pressure corporate profits, the surprising strength in [first-half] global GDP was accompanied by upside surprises to inflation,” they say. In turn, there have been solid gains in both labor income and profits, and while margins have come off their peaks, they are well above pre-pandemic levels.

    Business hiring, they add, is the ultimate signal of confidence, and employment growth has continued even though expectations have soured.

    Now, say the JPMorgan team, the stage is set for a goods sector recovery. Labor income, when adjusted for inflation, is rising, while finished goods inflation is falling sharply.

    Also, business capital spending continues to expand, particularly in emerging economies outside of China. And importantly, inventories are swinging from a drag to a lift. In the first half, the step down in the pace of stock building depressed global industrial production by 3.4 percentage points.

    “Even if the pace of stockbuilding was only to level off, the impulse to global industry would be material. Add to that a potential desire to align the pace to firming demand growth and the boost could generate a jump in factory output in the coming months,” they say.

    Finally, they note, the tech spending decline after the 2020 to 2021 surge looks to be ending, and global motor vehicle production is picking up as supply-chain bottlenecks ease.

    The markets

    After an okay finish for the S&P 500
    SPX,
    -0.29%

    to a strong July, U.S. stock futures
    ES00,
    -0.36%

    NQ00,
    -0.42%

    were a bit lower as the seasonally weak month of August commenced. Gold futures
    GC00,
    -1.28%

    were trading below $2,000 an ounce. The dollar
    DXY,
    +0.42%

    rose.

    For more market updates plus actionable trade ideas for stocks, options and crypto, subscribe to MarketDiem by Investor’s Business Daily.

    The buzz

    The ISM report is due out at 10 a.m. Eastern, when the job openings and construction spending reports also come out. Monthly auto sales also will be released throughout the day.

    Pfizer
    PFE,
    -0.03%
    ,
    Caterpillar
    CAT,
    +4.05%
    ,
    Uber Technologies
    UBER,
    -3.96%

    and after the close, Starbucks
    SBUX,
    -0.35%

    and Electronic Arts
    EA,
    -0.61%

    highlight the day’s earnings reports. Pfizer lowered its sales guidance while Caterpillar beat Wall Street earnings estimates and Uber reported a surprise profit.

    JetBlue Airlines stock
    JBLU,
    -8.56%

    slumped as the airline says it no longer expects to report a profit in the third quarter, owing to what it called a challenging environment in the northeast, as well as a preference by consumers for long-haul international flights.

    CVS Health
    CVS,
    +0.48%

    is going to cut 5,000 corporate jobs, according to The Wall Street Journal.

    Best of the web

    BlackRock
    BLK,
    -0.56%

    and MSCI
    MSCI,
    -0.42%

    are targets of a Congressional probe into facilitating U.S. investment in China.

    The first new U.S. nuclear reactor in nearly seven years starts operations.

    Modern-day Oppenheimers see the future of nuclear energy — and it’s mobile.

    Top tickers

    Here were the most active stock-market tickers as of 6 a.m. Eastern.

    Ticker

    Security name

    TSLA,
    -1.13%
    Tesla

    TUP,
    +14.28%
    Tupperware Brands

    NIO,
    -4.97%
    Nio

    AMC,
    -0.27%
    AMC Entertainment

    PLTR,
    -2.60%
    Palantir Technologies

    GME,
    -1.80%
    GameStop

    NVDA,
    -0.74%
    Nvidia

    AAPL,
    -0.15%
    Apple

    NKLA,
    +14.79%
    Nikola

    AMSC,
    +54.02%
    American Superconductor

    The chart

    The inflation-adjusted equity premium is looking pretty bleak. That’s calculated by taking the expected return to the S&P 500 and subtracting 10-year TIPS yields. “While admittedly this graphic is skewed by the few megacaps trading at huge multiples, it’s sobering nonetheless,” says Michael Ashton, better known as the Inflation Guy.

    Random reads

    Granted, Philadelphia’s a big sports town, but there were actual tailgates to get the Eagles’ throwback Kelly green jerseys that went on sale.

    A Chinese zoo has denied that a bear is human after video of the creature standing on two feet.

    Need to Know starts early and is updated until the opening bell, but sign up here to get it delivered once to your email box. The emailed version will be sent out at about 7:30 a.m. Eastern.

    Listen to the Best New Ideas in Money podcast with MarketWatch financial columnist James Rogers and economist Stephanie Kelton.

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  • Ford revenue jumps 12%, but stock dips as Wall Street spooked by shifting EV production goal

    Ford revenue jumps 12%, but stock dips as Wall Street spooked by shifting EV production goal

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    Ford Motor Co. late Thursday reported quarterly profit that was about three times higher than last year’s and a 12% increase in its revenue, moving it to raise its outlook for 2023, but the beat-and-raise was overshadowed by a delay in EV production goals.

    Ford stock
    F,
    +0.44%

    initially rose about 3% after the positive results, with Chief Executive Jim Farley telling investors that the company’s goal is to match an “exciting, long-term vision” of itself with “boringly predictable execution quarter after quarter, year after year.”

    Share gains started to fade, however, as investors zeroed in on the shifted production goal, and ended the extended session down 1.2%. Ford said it expects to reach a production rate of 600,000 EVs in 2024; when it reported first-quarter earnings in May it said it would reach that milestone by the end of this year.

    The company’s EV production growth has been “disappointing,” CFRA analyst Garrett Nelson said Thursday.

    Nelson said he was “cautious” on Ford in light of the stock’s run so far this year and the possibility that “higher-for-longer” interest rates would weigh on sales after a strong first half of the year. Looming labor negotiations with the United Auto Workers are another reason for caution, he said.

    Ford earned $1.9 billion, or 47 cents a share, in the second quarter, nearly three times higher than in the year-ago period and a 4% margin, the company said. Adjusted for one-time items, the automaker earned 72 cents a share.

    Revenue rose 12% to $45 billion, Ford said, and its cash and liquidity are “persistently strong.” The revenue increase included a 39% rise for Ford’s EV business.

    Analysts polled by FactSet expected Ford to report adjusted earnings of 54 cents a share on sales of $43.17 billion.

    Supply-chain “disruptions” have persisted but are now easing, and Ford has “more work to do” to streamline its systems, reduce costs and improve quality, Farley said in the call.

    EV adoption is still in the upswing, Farley said, but the number of companies entering the market is growing even at the higher end of the market. With its varied offers, though, Ford is building EV “loyalists” to its brand, Farley said.

    Ford lifted its EBIT guidance range for the full year to between $11 billion and $12 billion. It also adjusted upward its expectations for 2023 adjusted free cash flow to between $6.5 billion and $7 billion. Capital expenditures would be between $8 billion and $9 billion, the automaker said.

    The guidance presumes “headwinds” including “global economic uncertainty and inflationary pressures, higher industrywide customer incentives and continued EV pricing pressure,” Ford said, as well as increased warranty costs and costs associated with union contract negotiations.

    On the positive side, “tailwinds” accounted for in the guidance included “improved” supply chain, higher industry volumes, upside from the its all-new Ford Super Duty truck and lower commodity costs, Ford said.

    Ford earlier this month surprised Wall Street by cutting the price of its sought-after electric pickup truck, the F-150 Lightning.

    Ford earnings close the cycle for major U.S. automakers, as Tesla Inc.
    TSLA,
    -3.27%

    reported second-quarter earnings last week and General Motors Co.
    GM,
    +1.78%

    earlier this week.

    Shares of Ford have gained 19% so far this year, matching the advance for the S&P 500 index
    SPX,
    -0.64%
    .
    The stock holds an outperformance, however, in the past three months, up 19% to the S&P’s 11%.

    See also: GM, Hyundai and other car manufacturers to build 30,000 fast EV chargers in challenge to Tesla

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  • AMC, Chevron, Tesla, Domino’s, Microsoft, and More Stock Market Movers

    AMC, Chevron, Tesla, Domino’s, Microsoft, and More Stock Market Movers

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  • AMC revises stock-conversion settlement plan after Friday’s surprise court setback

    AMC revises stock-conversion settlement plan after Friday’s surprise court setback

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    AMC Entertainment Holdings Inc. has submitted a revised proposal for its stock-conversion plan, after a judge rejected a settlement Friday that would have given a green light to the deal.

    In a letter to investors that was posted Sunday on Twitter, AMC Chief Executive Adam Aron said that a modified proposal was filed Saturday with the Delaware Chancery Court intended to address the court’s concerns. If the court agrees, Aron said he hopes to implement the plan “as soon as possible.”

    Movie-theater chain AMC
    AMC,
    +1.62%

     has wanted to turn its its so-called APE
    APE,
    -2.17%

    — or AMC Preferred Equity — preferred units into common stock as part of its battle to eliminate debt. But Delaware Chancery Court Vice Chancellor Morgan Zurn on Friday rejected a settlement with opposing shareholders that would have allowed that conversion to move forward. That sent AMC shares rocketing more than 60% higher in after-hours trading Friday.

    “AMC must be in a position to raise equity capital,” Aron stressed in his letter Sunday, saying that if the company is unable to do so, the risk of running out of cash in 2024 or 2025 rises.

    “The risk of financial collapse is not whimsical,” Aron said, noting the bankruptcies of rival theater chain Cineworld/Regal and retailer Bey Bath & Beyond.

    AMC shares are up 8% year to date, but have sunk 54% over the past 12 months.

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  • AMC stock surges 60% after Delaware judge puts brakes on APE-to-stock conversion plan

    AMC stock surges 60% after Delaware judge puts brakes on APE-to-stock conversion plan

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    Shares of AMC Entertainment Holdings Inc. rocketed more than 60% higher on Friday after a judge in Delaware shot down a settlement that would have allowed the movie-theater chain to move ahead with a plan, maligned by some investors, to dump more shares onto the market, according to reports.

    AMC
    AMC,
    +1.62%

    has wanted to turn its its so-called APE — or AMC Preferred Equity — preferred units into common stock. But Delaware Chancery Court Vice Chancellor Morgan Zurn rejected an earlier settlement that would have allowed that conversion to move forward.

    The theater chain has been looking to find ways to boost its share count and sell more shares — a tack that helped it through the COVID-19 pandemic — as it tries to shore up its finances and rein in its debt, the Wall Street Journal noted.

    But not every investor was on board with the plan, amid worries about share dilution.

    “At this juncture, the Court’s only task is to approve or reject the proposed
    settlement,” wrote in the ruling, obtained by Bloomberg Law. “The focus of the settlement is on the claims presented in this case. The Court cannot address issues that do not pertain to the fairness of the settlement.”

    “Such issues raised by AMC stockholders include theories about synthetic shares, Wall Street corruption, dark pool trading, insider trading and RICO violations, and a request for a share count,” the ruling continued. “The Court’s role is limited to considering settlement-specific issues, like the strength of the plaintiffs’ claims, the consideration the class would receive, and the scope of the release the class would give in exchange for that consideration.”

    “To cut to the chase, the settlement cannot be approved as submitted,” the ruling added later.

    AMC did not immediately respond to a request for comment.

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  • Here’s why Wall Street has fallen out of love with Tesla — for now

    Here’s why Wall Street has fallen out of love with Tesla — for now

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    Late on Wednesday, Tesla Inc.
    TSLA,
    -1.10%

    reported that quarterly sales were up 47% from a year earlier. But the stock tumbled 10% on Thursday.

    Tesla’s shares are still up 113% this year. The company is among a group of 13 in the S&P 500 that stand out with high growth expectations for sales, earnings and free cash flow through 2025.

    But less than half of analysts polled by FactSet rate Tesla a buy. Emily Bary explains what they are worried about.

    Traders have placed large short bets against Tesla and two of its rival EV makers — Rivian Automotive Inc.
    RIVN,
    -2.09%

    and Nio Inc.
    NIO,
    +2.52%
    .
    Claudia Assis looks into how well those trades have been working out.

    Cody Willard explains why he remains confident that Tesla and Rivian will dominate the EV market over the long term.

    Related coverage:

    Here’s what may propel U.S. stocks for years.

    Chipotle Mexican Grill is among 14 stocks named by Michael Brush for consideration by investors looking to ride along with long-term improvement of U.S. labor productivity.


    AP

    The S&P 500
    SPX,
    +0.03%

    has returned 19% this year, following its 18% decline in 2022. On the same basis, with dividends reinvested, the benchmark index is still down 2% since the end of 2021.

    What is going on? Michael Brush believes that a high level of corporate investment in new technology and equipment is setting the stage for a long phase of earnings growth for U.S. companies. He shares four developments behind the coming productivity boom and 14 stocks expected to benefit from it.

    A signal for the stock-market’s health


    Getty Images

    The Dow Jones Industrial Average
    DJIA,
    +0.01%

    is up 6% this year. The venerable index has trailed the S&P 500, but its closing level of 35,255.18 on Thursday was only 4% shy of its record close a 36,799.65 on Jan. 4, 2022. Joseph Adinolfi explains Dow Theory, which according to technical analysts is sending a strong bullish signal for the stock market.

    Other opinions about market sentiment:

    Even if you have resisted the idea of a Roth IRA, you may soon be forced to have one

    This year if you are age 50 or older and are already maxing-out your contribution to a 401(K), 403(B) or other qualified employer-sponsored tax-deferred retirement plan at $22,500, you can make an additional “catch up” tax deductible contribution of $7,500 for a total of $30,000. But starting in 2024, the catch up contribution will no longer be tax deductible if you earn at least $145,000 a year. You can still make the contribution with after-tax money into a Roth 401(K) account that your plan administrator may already have set up for you.

    Alessandra Malito provides more details and news about employers’ efforts to delay the rule’s implementation.

    Beth Pinker writes the Fix My Portfolio column. This week she digs into Roth IRA conversions, through which you can simplify your taxes down the line.

    A hot vote in Spain

    The center of Madrid on July 15, 2023. A brutal heat wave could affect turnout for the country’s general election on July 23.


    Uncredited

    Barbara Kollmeyer reports from Spain about a highly contested election on Sunday, with controversy over the government’s policies during the pandemic, parties’ social policies and the possibility of a coalition government that might rattle financial markets.

    Meta vs. Alphabet

    Shares of Meta Platforms Inc. and Alphabet Inc. trade only slightly higher than the S&P 500 on a forward price-to-earnings bases, while Nvidia Corp., Microsoft Corp. and Apple Inc. trade much higher.


    FactSet

    Leslie Albrecht looks at Meta Platforms Inc.
    META,
    -2.73%
    ,
    which is Facebook’s holding company and has a hit on its hands with the new Threads social-media platform, and Google holding company Alphabet Inc.
    GOOGL,
    +0.69%
    ,
    to consider which stock is a better buy.

    Brett Arends: ‘I used to work at Nvidia. The stock I got is now half my portfolio. Should I sell?’

    The Ratings Game

    In The Ratings Game column, MarketWatch reporters track analysts’ thoughts about various stocks. Here’s a sampling of this week’s coverage:

    You don’t know every bad factor causing air travel to be nothing but harassment

    Getting there is half the fun.


    Getty Images

    The U.S. flying scene — from shortages of equipment and labor (and runways) to ill-staffed air-traffic control towers — is a well-known nightmare for U.S. travelers. But there is more to the story. Jeremy Binckes looks into other factors that may surprise you and cause great inconvenience this summer.

    The Federal Reserve is expected to raise interest rates again next week

    The Federal Open Market Committee will meet next Tuesday and Wednesday, to be immediately followed by a policy announcement. Economists expect the central to raise the federal-funds rate by another quarter point. The question is whether or not this will end the Fed’s inflation-fighting rate cycle.

    More coverage of the Fed:

    How much would you pay for 100% downside protection in the stock market?


    MarketWatch illustration/iStockphoto

    Over the past 30 years, the SPDR S&P 500 ETF Trust
    SPY,

    has returned 1,650%, for an average annual return of 10%, with dividends reinvested, according to FactSet. But it hasn’t been a smooth ride. The ETF, which tracks the benchmark S&P 500, fell 18% last year and 37% during 2008, for example. And there have been even larger declines if the analysis isn’t confined to calendar years.

    But can you ride through market declines? Many studies have shown that most investors who try to time the market sell after a decline has started and buy back in well after a recovery is under way, which means their long-term performance can suffer significantly.

    In this week’s ETF Wrap column (and emailed newsletter), Isabel Wang describes a new buffered fund that can give you 100% downside protection over a two-year period, in return for a cap on your potential gains in the stock market. Here’s the price you would pay for the protection.

    The World Cup games have started

    Hannah Wilkinson scored the home team’s first goal against Norway during the first World Cup game in Auckland, New Zealand, on July 20.


    Getty Images

    The Women’s World Cup began Thursday with an upset victory by New Zealand over Norway.

    James Rogers reports on what is expected to be a much easier environment for FIFA and corporate sponsors than that of last year’s Men’s World Cup in Qatar.

    U.S. Soccer Federation President Cindy Parlow Cone participated in MarketWatch’s Best New Ideas in Money podcast and spoke about the long-term effort to achieve equal treatment for women soccer players.

    More coverage of the World Cup:

    Want more from MarketWatch? Sign up for this and other newsletters to get the latest news and advice on personal finance and investing.

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  • Tesla Beat Earnings Estimates. That Isn’t The Biggest Surprise.

    Tesla Beat Earnings Estimates. That Isn’t The Biggest Surprise.

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    Tesla Beat Earnings Estimates. That Isn’t The Biggest Surprise.

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  • Tesla reports 47% rise in sales for its second quarter, but profitability shrinks

    Tesla reports 47% rise in sales for its second quarter, but profitability shrinks

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    Tesla Inc. late Wednesday reported second-quarter earnings and sales that topped Wall Street’s expectations and kept intact its 2023 goal of making about 1.8 million vehicles this year, but the stock headed lower as results didn’t quite match expectations of a blowout quarter.

    Losses for the shares accelerated after Chief Executive Elon Musk warned investors to expect “slightly” lower production in the current quarter due to factories that need to undergo upgrades. At last check, Tesla shares were down 4.3% in after-hours trading.

    Tesla
    TSLA,
    -0.71%

    earned $2.7 billion, or 78 cents a share, in the quarter, compared with $2.3 billion, or 65 cents a share, in the year-ago period. Adjusted for one-time items, the EV maker earned 91 cents a share.

    Revenue rose 47% to $24.9 billion.

    Analysts polled by FactSet expected Tesla to report adjusted earnings of 80 cents a share on sales of $24.2 billion.

    In a call with analysts after the results, Musk said demand for the Cybertruck, Tesla’s electric pickup expected to be available later this year, “is so off the hook you can’t even see the hook.”

    Musk used the word “turbulent” to describe the global economic background, but said that he has “high confidence in the long-term value of Tesla.”

    Tesla’s bottom-line beat was “fairly sizeable,” CFRA analyst Garrett Nelson said in an interview with MarketWatch. But “this was sort of an uneventful release with no change to prior 2023 volume guidance,” he said.

    “The truth is that the bar had been set pretty high heading into this release given Tesla’s meteoric run-up so far in 2023,” Nelson said. Tesla shares have more than doubled thus far in the year.

    Tesla’s gross margins, another perennial preoccupation for Tesla investors in the face of several price cuts this year, were worse than expected at 18.2%, compared with consensus around 18.8%, and 25% in the second quarter of 2022, he added.

    During the call with analysts, Tesla Chief Financial Officer Zach Kirkhorn called the margin drop “modest.”

    The factory upgrades will carry “some amount of factory idle cost,” but Tesla is working to minimize these costs as much as possible, Kirkhorn said.

    Don’t miss: Cathie Wood’s ARK funds shed more Tesla and Coinbase shares, continue Twilio buying spree

    Tesla delivered a “Goldilocks” second quarter, Wedbush analyst Dan Ives said in a note late Wednesday. Margins were better than feared despite the “aggressive” price cuts, he said.

    Operating margins and revenue dropped to 9.6%, from operating margins of 11% in the first quarter.

    Tesla called them “healthy” even with the price cuts the auto maker went for earlier in the year, and said the margins reflected “ongoing cost reduction efforts”; the production ramp in the Berlin, Germany, and Texas factories; and the “strong performance” of its energy and services businesses.

    Tesla is focusing on “cost reduction, new product development that will enable future growth, investments in R&D, better vehicle financing options, continuous product improvement and generation of free cash flow,” executives said in a letter to shareholders accompanying results.

    “The challenges of these uncertain times are not over, but we believe we have the right ingredients for the long-term success of the business through a variety of high-potential projects,” the letter said.

    Tesla earlier this month reported second-quarter deliveries, its proxy for sales, well above Wall Street expectations, sparking another rally for the stock. Tesla has gained 137% so far this year, compared with gains of around 19% for the S&P 500 index
    SPX,
    +0.24%
    .

    Related: Tesla, Rivian are the most shorted stocks in autos, but the trade is far from profitable

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  • Cathie Wood’s ARK funds dump $26 million more in Coinbase stock, shed $13 million more of Tesla shares

    Cathie Wood’s ARK funds dump $26 million more in Coinbase stock, shed $13 million more of Tesla shares

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    Funds associated with Cathie Wood’s ARK Investment continued to cull shares of Coinbase Global Inc. and Tesla Inc. on Monday, according to recent trade disclosures.

    The ARK Fintech Innovation ETF
    ARKF,
    +1.58%

    dumped 76,788 Coinbase shares
    COIN,
    +0.23%

    on the day, while the ARK Innovation ETF
    ARKK,
    +2.29%

    sold 127,266 and the ARK Next Generation Internet ETF
    ARKW,
    +2.23%

    sold 44,784 shares.

    Those were worth $26.3 million based on Coinbase’s Monday closing price of $105.55, and the sales follow ARK’s move to dump about $50 million in Coinbase’s stock Friday.

    Coinbase represents 0.78% of the Fintech Innovation ETF, along with 0.15% of the Innovation ETF and 0.30% of the Next Generation Internet ETF. ARK disclosed the transactions and weightings in the daily trade notifications it posts to its website.

    Read: Coinbase’s spectacular stock surge after Ripple ruling sparks fierce debate

    Meanwhile, the ARK Innovation ETF shed 38,329 Tesla shares
    TSLA,
    +3.20%

    on Monday, while the ARK Next Generation Internet ETF sold 6,855. Those shares were worth $13.1 million based on Tesla’s Monday closing level of $290.38. Tesla represents about 0.12% of both funds as they continue to unload shares.

    Don’t miss: Tesla is looking at its best sales quarter ever

    ARK scooped up 455 shares of Meta Platforms Inc.
    META,
    +0.57%

    within its Next Generation Internet ETF and bought up 3,729 shares within the ARK Innovation ETF. That amounted to $1.3 million worth of stock based on Meta’s $310.62 Monday close.

    Two ARK funds bought a combined $790 million in Robinhood Markets Inc.’s stock
    HOOD,
    +0.89%
    ,
    with the fintech fund scooping up 25,641 shares and the Next Generation Internet ETF buying 37,630 shares. ARK added 4,608 shares of SoFi Technologies Inc.
    SOFI,
    +4.41%

    to the fintech fund, worth $43,683 based on Monday’s close.

    See also: SoFi’s stock catches another downgrade as analyst says it ‘needs to be valued more like a bank’

    ARK was also active in shares of Twilio Inc.
    TWLO,
    -0.63%
    ,
    buying 15,702 within the Fintech Innovation ETF, 133,499 within the Innovation ETF and 22,748 within the Next Generation Internet ETF. That amounted to $11.4 million in Twilio’s stock based on Monday’s $66.47 closing price.

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  • Rivian stock falls with Tesla’s Cybertruck seen as ‘fundamental and headline risk’

    Rivian stock falls with Tesla’s Cybertruck seen as ‘fundamental and headline risk’

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    Shares of Rivian Automotive Inc. were being driven toward a third-straight loss Monday, after Tesla Inc.’s first Cybertruck was rolled off the assembly line over the weekend.

    “We see competitive pricing and specs for the Cybertruck as a fundamental and headline risk to [Rivian],” wrote Baird analyst Ben Kallo in a note to clients.

    Rivian’s stock
    RIVN,
    -3.25%

    dropped 2.5% in premarket trading. It has shed 4.2% over the past two sessions, after closing July 12 at a seven-month high.

    Tesla shares
    TSLA,
    +3.38%

    gained 2.0%, putting them on track to open at a 10-month high.

    Rivian’s R1T electric truck has a starting price of $73,000 and the R1S sport-utility vehicle (SUV) starts at $78,000, while reports have the Cybertruck starting at around $40,000.

    Tesla Chief Executive Elon Musk said in early 2023 that volume production of the Cybertruck would start in 2024. The Cybertruck was first unveiled in 2019, but faced a number of production delays since then.

    Meanwhile, Baird’s Kallo also said despite Rivian’s (RIVN) strong second-quarter deliveries report, he was “cautious” about Rivian’s stock ahead of second-quarter results, which are due out Aug. 8, given concerns over the costs of the development of the electric vehicle maker’s Georgia facility.

    “As both a positive and a negative, RIVN will need to raise capital in the near to medium term in order to fund the project and note that the recent stock appreciation may create an attractive opportunity for RIVN to execute an equity raise,” Baird wrote.

    Rivian’s stock has run up 80.8% over the past three months through Friday, while Tesla’s stock has run up 50.4% and the S&P 500 index
    SPX,
    +0.07%

    has gained 7.1%.

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  • The nation’s biggest banks are gearing up for more consumer struggles ahead

    The nation’s biggest banks are gearing up for more consumer struggles ahead

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    JPMorgan Chase & Co. Chief Executive Jamie Dimon on Friday said the U.S. economy was basically doing OK, even if customers were spending “a little more slowly.”

    But with rivals like Bank of America Corp., Goldman Sachs Group Inc. and American Express Co. set to report quarterly results this week, recession agita still prevails.

    For evidence, look no further than JPMorgan’s
    JPM,
    +0.60%

    own quarterly results. The bank’s second-quarter profit blew past expectations, but it set aside $2.9 billion during the second quarter to cover potentially bad loans, amid concerns that more consumers could run into more difficulty paying their bills on time as higher prices manage to stick at stores.

    That figure was well up from $1.1 billion in the same quarter last year, although still far below the billions it stowed away when the pandemic first hit. Similarly, Wells Fargo & Co.
    WFC,
    -0.34%

    on Friday set aside $1.7 billion for loan losses in this year’s second quarter, nearly triple what it was a year ago.

    The figures underscore the anxiety over the second half of this year, when many economists expect the economy to tilt into a recession. However, for the 500 companies in the S&P 500 index, Wall Street analysts still expect profit growth.

    Any downturn could be exacerbated by the pressure investors have put on companies, potentially via more layoffs and money-saving technology, to keep prices high and cut costs to replicate the abnormally large profit-margin gains they put up in 2021 and 2022. Businesses have indeed kept prices high, at least for many basic necessities, in an effort to cover their own higher costs and to pad profits.

    When Bank of America
    BAC,
    -1.89%

    reports this week, the results will narrow the lens on lending and spending in the U.S. Results from Morgan Stanley
    MS,
    -0.50%

    and Goldman Sachs
    GS,
    -0.76%

    will fill in the gaps on trading and deal-making. American Express
    AXP,
    -0.49%

    will give a more detailed breakdown of what consumers are still spending their money on, after Delta Air Lines Inc.
    DAL,
    -2.35%

    — which has a partnership with AmEx — said that travel demand remained “robust.”

    Banks shoveled more money into their reserve stockpiles in 2020 to bulk up against the pandemic’s shutdown of the economy. A year later, they started releasing those funds as the economy reopened and recovered. FactSet expects the broader banking sector to plump up its cash cushion during this year’s second quarter to account for more late loan payments or potential defaults.

    In a report on Friday, FactSet said the 15 banking-industry companies in the S&P 500 Index tracked by the firm were on pace to set aside $9.9 billion to cover losses from souring loans in the second quarter. That’s more than double the amount set aside a year ago. And if that $9.9 billion figure, based on actual and projected financial figures, ends up as the actual figure at the end of the quarter, it would mark the highest since the beginning of the pandemic and the third highest in five years, according to FactSet data.

    “The U.S. economy continues to be resilient,” Dimon said in a statement on Friday. “Consumer balance sheets remain healthy, and consumers are spending, albeit a little more slowly. Labor markets have softened somewhat, but job growth remains strong.”

    However, he noted difficulties in JPMorgan’s investment banking segment. And he said consumer savings were slowly eroding as inflation endures.

    As the nation’s biggest bank, JPMorgan has flexed its financial muscle this year, swallowing up First Republic after that bank got into trouble. But as it consolidates power and influence, building thicker armor against shocks to the economy, its financial results might not always reflect the struggles of its smaller rivals, where difficulties are likely felt more acutely. Analysts at Raymond James said that while JPMorgan remained a “best in breed” bank, its outlook pointed to “heightened challenges for smaller banks.”

    See also: Jamie Dimon says U.S. consumers are in ‘good shape.’ This evidence may prove otherwise.

    This week in earnings

    For the week ahead, 60 S&P 500 companies, including five from the Dow, will report quarterly results, according to FactSet. Two big oil companies, Halliburton Co.
    HAL,
    -2.28%

    and Baker Hughes Co.,
    BKR,
    -0.95%

    will report, as oil prices fall from levels seen last year. Results from two transportation giants — trucking company J.B. Hunt Transport Services
    JBHT,
    -0.42%

    and railroad operator CSX Corp.
    CSX,
    -0.27%

    — will also be a proxy for how much people are buying things and having them shipped. United Airlines Holdings Inc.
    UAL,
    -3.42%

    and American Airlines Group
    AAL,
    -1.68%

    will also report.

    The call to put on your calendar

    Netflix results: Hollywood shutdown, ‘slow-growth’ expectations. Hollywood’s writers — and now its actors — have gone on strike, and Netflix Inc.
    NFLX,
    -1.88%

    reports second-quarter results on Wednesday. The streaming platform will likely face questions over how much content it has left in the tank, as the strike upends studio-production schedules and leaves viewers with vast expanses of reruns. Still, Macquarie analyst Tim Nollen said that the production standstill “may ironically drive even more viewers to streaming services.”

    The writers and actors argue that the studio industry — increasingly consolidated, increasingly publicly traded, increasingly oriented around a handful of film franchises — has profited immensely while skimping on things benefits and streaming residuals. But after a decade-long rise, and a recent shift in investor focus from subscriber growth to profit growth, Netflix has emerged as one of the biggest production powerhouses in the business. And after years of flooding customers with new films and shows, it’s trying to squeeze out sales via more boring ways: things like a password-sharing crackdown and ads.

    Daniel Morgan, senior portfolio at Synovus Trust Co., said Netflix still faced a plenty of streaming competition amid “muted” subscriber growth. But Wedbush analyst Michael Pachter said investors should look at Netflix as a profitable, albeit more mature company.

    “We think Netflix is well-positioned in this murky environment as streamers are shifting strategy, and should be valued as an immensely profitable, slow-growth company,” Pachter said in a research note on Friday.

    “Even while the ad-supported tier is not yet directly accretive (we think it will be accretive over time), the ad-tier should continue to reduce churn and draw new subscribers to the service,” he continued.

    The number to watch

    Tesla sales. Electric-vehicle maker Tesla Inc. also reports second-quarter results on Wednesday. And like streaming, some analysts say the fervor for EVs has faded.

    However, they also said that Tesla
    TSLA,
    +1.25%

    had so far been immune from the malaise. And even though Elon Musk remains preoccupied with Twitter — which now faces competition from Meta Platforms Inc.’s
    META,
    -1.45%

    Threads — Tesla’s second-quarter deliveries were far above expectations. Sales are expected to be big. And one analyst said that price cuts, which Tesla has used to capture more of the auto market in China, were likely “fairly minimal” during the second quarter. But some analysts wondered what the blowout delivery figures would mean for margins. And the industry, broadly, has increasingly tested the patience of profit-minded investors.

    “We’ve now seen a market where demand is constrained, capital has been tighter, and there is less tolerance for EV related losses,” Barclays analysts said in a note last week, adding that there was a “step back from EV euphoria.”

    Claudia Assis contributed reporting.

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  • After years of delays, Tesla builds its first Cybertruck

    After years of delays, Tesla builds its first Cybertruck

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    After years of delays, Tesla Inc.’s first Cybertruck rolled off the assembly line Saturday in Austin, Texas.

    “First Cybertruck built at Giga Texas!” the electric-vehicle maker tweeted Saturday. “Congrats Tesla Team!,” Chief Executive Elon Musk replied on Twitter.

    A prototype of the angular, futuristic-looking pickup was unveiled by Musk in 2019, but production was repeatedly delayed due to what Tesla said were supply-chain issues.

    Earlier this year, Musk said the first Cybertrucks would be made this year, with volume production starting in 2024.

    The Cybertruck will be Tesla’s biggest new-vehicle launch since the Model Y in 2020, and analysts have high expectations that it will help to significantly boost sales.

    Wall Street expects fewer than 10,000 Cybertruck deliveries this year, according to Barron’s, but closer to 100,000 in 2024.

    Read more: With the Cybertruck, Tesla faces its Edsel moment

    Tesla shares
    TSLA,
    +1.25%

    have surged 128% year to date, compared to the S&P 500’s
    SPX,
    -0.10%

    17% gain.

    Updated with the Model Y being the previous major launch.

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  • EV sales stall as, aside from Tesla and BYD, there’s a ‘step back from euphoria’

    EV sales stall as, aside from Tesla and BYD, there’s a ‘step back from euphoria’

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    For the first time in recent years, sales of electric vehicles didn’t grow as fast as market observers expected, creating what Barclays analysts characterized Wednesday as a “step back from EV euphoria” for companies that are not Tesla Inc. or BYD Co.

    The analysts, led by Dan Levy, said that in 2020 and 2021, Wall Street was “willing to look past EV losses,” betting that demand was “unlimited.”

    “We’ve now seen a market where demand is constrained, capital has been tighter, and there is less tolerance for EV related losses,” the analysts said in a note.

    “Moreover, going a layer deeper, we find that while [Tesla
    TSLA,
    +0.82%

    ] and [China’s BYD
    002594,
    -1.38%

    BYDDY,
    +0.50%

    ] have continued to grow, … growth for the rest of the industry has been less robust in Europe and China,” they wrote.

    Don’t miss: Tesla is looking at its best sales quarter ever

    Global EV penetration volumes have tracked below expectations so far this year, at 13.5% through May, up 50 basis points, or 0.5%, from 2022 and “well below” estimates from BNEF of just under 18%. It is “likely marking the first time in recent years that EV penetration has disappointed,” the Barclays analysts said.

    In comparison, penetration topped 16% for several months in the second half of 2022. While the second half of this year is likely to bring some improvement, it is possible that it will still fall short of expectations.

    Aside from Tesla and BYD, growth has been modest, the analysts said. For Ford Motor Co.
    F,
    -0.07%

    and General Motors Co.
    GM,
    +1.09%
    ,
    there are “shades of softness in EV sales,” the Barclays analysts said.

    There are concerns about weak U.S. EV sales and also reports of “sharply rising EV inventory,” the analysts said.

    Citing data from Wards, Barclays pointed at EV inventory of 95,000 vehicles by the end of June, the highest ever, with the highest amount of stock for Ford’s electric Mustang Mach-E SUV, at about 16,000 vehicles in inventory, and Volkswagen’s ID.4, also an SUV, at 14,000 vehicles in inventory.

    GM is not off the hook, either: Despite the company’s increase in EV sales and “robust” market-share gain, much of that came from its Chevy Bolt models, which are nearing the end of production, the analysts said.

    GM announced in April it was phasing out the Bolt and the bigger Bolt EUV, underscoring the challenges in making a profit on EVs despite soaring new-vehicle prices and as several automakers throw all their weight toward a full transition to EVs.

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  • How to Turn Tesla Into a Dividend-Paying Stock

    How to Turn Tesla Into a Dividend-Paying Stock

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    Being an income investor usually means forgoing exciting stocks like


    Tesla


    and


    Nvidia


    for a regular payout. But that doesn’t have to be the case, thanks to an options play known as a “covered call.”

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  • 1 dead, more than 20 hurt after SUV driving the wrong way rams into a Chicago city bus | CNN

    1 dead, more than 20 hurt after SUV driving the wrong way rams into a Chicago city bus | CNN

    [ad_1]



    CNN
     — 

    One woman is dead and more than 20 others were injured in a fiery collision between a Chicago city bus and an SUV driving the wrong way down the road Sunday morning, police said.

    The woman was a passenger in a Dodge Journey SUV traveling the wrong way on South DuSable Lake Shore Drive, according to Chicago police. Two others were in the vehicle, authorities said.

    The SUV, which was driving south, hit the bus as it was heading north just before 6 a.m., according to the Chicago Transit Authority.

    When first responders got to the scene, they found a vehicle on fire and more than 20 people injured, officials said.

    The woman was taken to a hospital where she was pronounced dead, police said. A man driving the vehicle was hospitalized and is in critical condition. The third passenger, a woman, is also in critical condition at a local hospital.

    The wreckage of an SUV that crashed into the bus.

    More than 20 people were triaged at the scene of the crash, the Chicago Fire Department wrote on Twitter. The bus driver and 12 passengers were taken to a local hospital with unspecified injuries, officials said.

    CNN has reached out to the fire department and Chicago Transit Authority for more information.

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  • Rivian’s Winning Streak Marches On. The EV Maker Is Finally on the Right Track.

    Rivian’s Winning Streak Marches On. The EV Maker Is Finally on the Right Track.

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    • Order Reprints

    • Print Article



    Rivian Automotive


    gained again on Friday after an analyst raised the electric-vehicle maker‘s price target, saying the company was “making a major turn
    towards executing on its longer-term business model.”


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  • How to enjoy retirement without busting your budget

    How to enjoy retirement without busting your budget

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    The goal of many (or most) savers and long-term investors is to achieve financial independence. The combination of building up a nest egg, paying down debt and eventually receiving Social Security payments or another source of retirement income might put you in a comfortable position, but even people who have worked together to achieve financial independence may disagree on what to do after their careers end.

    Quentin Fottrell — the Moneyist — heard from one couple who are facing a quandary. They have been financially responsible, but as they near retirement, the wife wishes to be very careful with their combined investment portfolio, while the husband wants to begin spending a significant portion of it. They both make reasonable arguments. Here’s what they should do.

    From the Help Me Retire column: My 57-year-old husband works three shifts and is burned out. Can he retire?

    You have to get there first

    A behavioral study finds a correlation between having one specific type of conversation and taking action to build wealth.


    Getty Images

    Doing this even once might help encourage you or someone you know to begin saving and investing for the long term.

    The ‘Magnificent Seven’ stocks may not remain at the top

    Salesforce is among the companies passing a Goldman Sachs screen for growth of sales and earnings.


    Getty Images

    Even an index that includes hundreds of stocks can be heavily concentrated. Large technology-oriented companies have led this year’s 16% rebound for the S&P 500
    SPX,
    -0.29%
    ,
    following last year’s 18% decline (both with dividends reinvested). But the index is weighted by market capitalization, which means the “Magnificent Seven” — Apple Inc.
    AAPL,
    -0.59%
    ,
    Microsoft Corp.
    MSFT,
    -1.19%
    ,
    two common share classes of Alphabet Inc.
    GOOGL,
    -0.52%

    GOOG,
    -0.65%
    ,
    Amazon.com Inc.
    AMZN,
    +1.11%
    ,
    Nvidia Corp.
    NVDA,
    +0.95%
    ,
    Tesla Inc.
    TSLA,
    -0.76%

    and Meta Platforms Inc.
    META,
    -0.50%

    — make up 27.9% of the SPDR S&P 500 ETF Trust
    SPY,
    -0.25%
    .

    In the Need to Know column, Barbara Kollmeyer lists companies that might turn out to be among the next Magnificent Seven, based on a Goldman Sachs screen.

    Getting back to the current Magnificent Seven, you may be surprised to see which of the stocks is cheapest — by far — per one commonly used valuation metric.

    Related: Top investment newsletters aren’t bullish on tech, Tesla or Meta Platforms. Here’s what they do like.

    A thrill ride for EV makers

    An electric Rivian R1S.


    Rivian

    There has been a lot of news in the electric-vehicle space this week. Here are lists of coverage organized by topic.

    Rising unit sales among EV makers:

    Legacy automakers report sales increases, including a tremendous increase in EV unit sales for Ford
    F,

    :

    Reaction from analysts and investors:

    In other news, Mullen Automotive Inc.
    MULN,
    -12.97%

    has started to deliver electric vehicles. Further developments for the company this week included the announcement of a stock-buyback plan and possible action against naked short sellers.

    A changing job market

    The employment numbers for June from the U.S. Bureau of Labor Statistics showed the lowest level of job creation since late 2020. Then again, the demand for labor in the U.S. remains high, despite the Federal Reserve’s efforts to slow economic growth.

    If you are looking to make a career change, what does all this mean to you? Andrew Keshner points to a development in the employment market that may have you thinking twice about jumping ship.

    Threads and Twitter

    Meta’s Threads app has signed up as many as 50 million users in its first two days of operation, some reports say.


    AFP via Getty Images

    Meta rolled out its new Threads service on Wednesday to compete directly with Twitter and has already signed up 50 million users, according to some reports.

    Twitter CEO Linda Yaccarino was quick to respond.

    More reaction:

    Consumer spending may spike

    U.S. shoppers have been taking it slow during a period of high inflation, but the overall economy has been stronger than expected even as the Federal Reserve continues tightening its monetary policy.

    The coming flurry of July sales events at Amazon, Walmart Inc.
    WMT,
    -2.30%

    and Target Corp.
    TGT,
    -0.60%

    could signal a turnaround for consumers, as James Rogers reports.

    Financial crime

    Lukas I. Alpert writes the Financial Crime column. Have you ever wondered how you might steal a lot of cash from a company that is likely to have rather tight accounting controls in place? This week Alpert explains how the manager of an Amazon warehouse managed to scale the heights of criminal achievement to collect $10 million — and a 16-year jail sentence.

    Also read: Silver dealer ordered to pay $146 million in case of 500,000 missing coins

    Want more from MarketWatch? Sign up for this and other newsletters to get the latest news and advice on personal finance and investing.

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  • China Controls Minerals That Run the World—and It Just Fired a Warning Shot at U.S.

    China Controls Minerals That Run the World—and It Just Fired a Warning Shot at U.S.

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    China Controls Minerals That Run the World—and It Just Fired a Warning Shot at U.S.

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