Today, following the stock market’s closure to observe Independence Day, investors will watch EV giant Tesla (TSLA). Shares rocketed from a $180- $185 holding pattern to $246.39 on Wednesday. The Chinese government added Tesla’s Model Y to the purchase list for the first time.
In Jiangsu, China, the provincial government added Tesla to the 56 batches of new energy vehicle procurement list.
Chinese EV stocks may face selling pressure this morning. The European Union will slap tariffs of up to 37.6%. Still, the EU left a four-month window to allow for negotiations. Beijing said last month that it would take “all necessary measures” to protect its interests. Be wary of XPeng (XPEV), Nio (NIO), and BYD (BYDDF).
In the South Korean market, watch Samsung (SSNLF) today. The firm expects profits will rise by more than 15 times. It is benefiting from strong chip demands associated with the artificial intelligence boom. Expect revenue to rise by 23% Y/Y in Q2, to 74 trillion won.
The cryptocurrency sector is now in a two-month slump. Bitcoin is a price not seen since May 1, 2024. A bounce back would lift Coinbase (COIN), Robinhood (HOOD), and Marathon Digital (MARA) stock. MARA stock has a 24.77% short float, compared to 19.94% for Riot Platforms (RIOT).
