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On June 17th, CNBCs Jim Cramer stated on Tuesday that investors are flocking to SpaceX (SPCX.O) because they are betting on Musks ability to create a disruptive company, rather than the companys current profitability. "This stock is called SpaceX, but it could very well be called Elon Musk," Cramer said. Following its successful IPO last Friday, SpaceX quickly became one of the worlds most valuable companies, with its stock price rising nearly 5% on Tuesday, surpassing several tech giants including Amazon and briefly exceeding Microsofts market capitalization. This surge has intensified skepticism about whether SpaceXs approximately $2.5 trillion market capitalization is justified. However, Cramer believes that traditional valuation methods ignore the true value that many investors are buying. "This company may lose money for years, and such a high valuation is unreasonable. Its only valued this way because Musk is running it." Although Musk recently predicted that SpaceX could achieve $1 trillion in annual revenue by 2030, Cramer believes the stocks appeal goes far beyond any single prediction. “Buying SpaceX is essentially buying Elon Musk’s brain,” Cramer said. “I think the cult of Musk is real.”Japans Reuters Tankan Manufacturing Sentiment Index for June was 13, down from 8 in June.Japans Reuters Tankan non-manufacturing business sentiment index for June was 32, down from 29 in the previous month.1. The three major U.S. stock indexes closed mixed. The Dow Jones Industrial Average rose 0.64% to 51,999.67 points, continuing to set new record highs. The S&P 500 fell 0.57% to 7,511.35 points, and the Nasdaq Composite fell 1.15% to 26,376.34 points. JPMorgan Chase rose more than 3%, and Visa rose nearly 3%, leading the gains in the Dow. The Wind U.S. Tech Big Seven Index fell 0.37%, Nvidia fell more than 2%, Tesla fell more than 1%, and SpaceX rose 4.77%, closing with a market capitalization of $2.65 trillion, surpassing Amazon to become the worlds fifth-largest listed company. 2. The three major European stock indexes closed slightly higher. The German DAX rose 0.07% to 24,910.41 points; the French CAC40 rose 0.75% to 8,447.27 points; and the UK FTSE 100 rose 0.61% to 10,494.21 points. 3. International precious metals futures closed mixed. COMEX gold futures rose 0.03% to $4,353.00 per ounce, while COMEX silver futures fell 0.08% to $70.12 per ounce. 4. The most active US crude oil contract closed down 5.11% at $76.62 per barrel; the most active Brent crude oil contract fell 4.61% to $79.34 per barrel.Market news: General Motors has begun discussions with Raytheon Technologies and L3 Harris regarding increasing arms production.

Ahead of preliminary US S&P PMI data, the XAU/USD remains sideways below $2,000, according to our Gold Price Forecast

Alina Haynes

Apr 20, 2023 13:49

 截屏2022-08-04 下午5.25.46_1024x576.png

 

In the early European session, the Gold price (XAU / USD) is exhibiting erratic movements near $1,994.00. The precious metal is in a state of indecision as investors await the release of preliminary S&P PMI data for the United States on Friday.

 

After violent swings influenced by the Federal Reserve's (Fed) Beige Book, the US Dollar Index (DXY) is showing signs of volatility contraction below 102.00. The declining trend of advances to consumer and business loans by U.S. commercial banks has intensified concerns of a recession in the U.S. economy, despite the fact that economic activity in 12 Fed districts remained virtually unchanged. To prevent a decline in asset quality, banks have tightened credit disbursement requirements.

 

In the meantime, S&P futures have recorded sizeable losses during the Asian session, as investors are wary of firms' comments regarding revenue guidance. The market anticipates that constrained credit conditions will impact the working capital management of cash-reliant companies, thereby affecting their output.

 

The market expects preliminary US S&P PMI data to reveal a Manufacturing PMI reading of 49.0, a decrease from the previous reading of 49.9. The Services PMI is anticipated to decrease to 51.5 from 52.6 previously reported.


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