💡 Earnings Highlights - Key Takeaways & Reports for July 16th

The Dow and the S&P 500 were ticking higher Wednesday morning as investors looked at rebounds across the market. Yesterday, the Nasdaq clawed back its nearly 4% drop early in the trading session.

Calling the Bottom on Tesla? Dear No, The Dow and the S&P 500 were ticking higher Wednesday morning as investors looked at rebounds across the market. Yesterday, the Nasdaq clawed back its nearly 4% drop early in the trading session. This morning, the Food and Drug Administration's staff endorsed the COVID-19 vaccine developed by Johnson & Johnson (JNJ). The agency will meet on Friday to consider the company's request for emergency use authorization. Let's dig into the stories for Wednesday. Mornings with Jerome Powell On Wednesday, Federal Reserve Chair Jerome Powell will return to Capitol Hill to testify on the state of the U.S. economy. Powell said Tuesday that inflation remains "soft" and that employment remains well below the central bank's existing goals. Despite a sharp uptick in bond yields over the last few months. "The economy is a long way from our employment and inflation goals, and it is likely to take some time for substantial further progress to be achieved," Powell said in yesterday's testimony. The central bank will likely continue to use a number of policy tools to prevent deflationary traps. Later today, Dr. Bauer will discuss the Fed's incredible efforts over the last year. This has included the expansion of the M2 supply by a staggering amount – more than $4 trillion – over the last 12 months. Tesla Bottoms Out Yesterday, I noted that Tesla stock was in a negative momentum pattern. It appears that the stock hit its support level just under $700. This morning, shares are heading higher after Ark Invest purchased $120 million in TSLA shares for its flagship Ark Innovation ETF. Tesla is still trading at an incredible 32 times book value. It is trading as if Tesla is going to take over the world in terms of vehicle manufacturing and energy systems. However, it's clear that nations with their own strategic interest in the automobile industry would just allow Tesla to take over everything. Shares could easily go back to $900. But the longer-term fundamentals are concerning, and this is a very expensive stock. I'll be back tomorrow with additional insight into Tesla and other leading stocks on the S&P 500. If there are any questions or concerns, please send me a note and I'll be sure to address them in future issues of the Haven Investment Letter. Cheers, Garrett Baldwin Market Conditions with Dr. Bauer The 5-13 EMA is a simple momentum gauge that I like to check each morning. When the blue line below is above the red line, it is a good indicator of capital inflows and strong short-term purchasing across markets. However, after yesterday's early selloff, there were concerns that momentum was slowing. When that line falls, it can be a good time to hedge your positions or consider moving to cash. Today will be a critical day for the markets. Look for more commentary from me later today. Enjoy your Wednesday, Dr. Gregor Bauer © 2021 Godesburg Financial Publishing, Inc. DISCLAIMER: COMMUNICATIONS FROM HAVEN INVESTMENT RESEARCH (HIR) ARE FOR EDUCATIONAL AND INFORMATIONAL PURPOSES ONLY – NOT INVESTMENT ADVICE: HIR and all the services it offers are for educational and informational purposes only and should NOT be understood to be securities-related offers or solicitations. None of HIR's communications should be considered or used as personalized investment advice. HIR recommends that you speak with a licensed professional before making any investment decision. 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