2022 got off to a bumpy start, with markets reacting to a potpourri of unsettling news. Depending on your outlook, we’re either at the beginning of a wild and ultimately profitable roller coaster ride or a long slide down. It’s hard to tell at this moment.
“Who needs parody cryptocurrency when car stocks are this exciting? Ford Motor , General Motors , Tesla , and Rivian Automotive each had price swings of more than 10% during the first trading week of the year. This, after some heady gains for the group last year,” writes Jack Hough of Barron’s. “Predicting performance from here won’t be easy. I recently spoke with one analyst who says Tesla stock is headed to $1,400, and another who says $67. You know what they say: Sometimes you have to agree to disagree by a factor of 20.”
Tech stocks took it on the chin last week, with the NASDAQ suffering a steep three-day loss. “Some of the most popular tech names have been among the casualties: Tesla has tumbled more than 9% since the start of 2022, while Apple has fallen 3.9%. Alphabet is down 5% and Nvidia has slumped 8.4%,” writes Jack Denton of Barron’s. “The picture was somewhat less gloomy Thursday. Stocks broadly were mostly rebounding, though the Nasdaq-100 —tracking the largest constituents in the index—was still on track to open down 0.4%.”
Both of these Barron’s articles are worth reading. As usual, there’s more to the narrative than markets simply having a bad week.
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