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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.

As risk aversion grows as measured by the DXY and as attention turns to the US NFP, USD/CHF goes closer to 0.9600

Alina Haynes

Aug 03, 2022 14:51

 截屏2022-08-03 上午9.47.05.png

 

In reaction to the dismal market environment, the US dollar index (DXY) has gained, and the USD/CHF pair is swiftly approaching the key level of 0.9600. After defending Monday's low around 0.9480, the pair had a greater reverse on Tuesday, as the risk-aversion theme strengthened the attraction of the DXY.

 

Following US House Speaker Nancy Pelosi's travel to Taiwan to support Taiwan's local government despite China's wishes, tensions between the US and China have increased. In reaction to the death threats made against Pelosi during her private travel to Taiwan, the US is anticipated to adopt sanctions against China, which encouraged the gloomy market sentiment.

 

In the meanwhile, the DXY has achieved a three-day high of 106.55, although the gain may wane ahead of Friday's US Nonfarm Payrolls (NFP) data. According to market expectations, the U.S. economy added 250,000 jobs to the labor force in July.

 

During a brief period, a number of significant IT companies in the United States abandoned the hiring process, resulting in payroll statistics that multiplied. If the same thing occurs, the Federal Reserve (Fed) will be compelled to speak less about policy rates.

 

On the Swiss franc front, investors anticipate the release of the Consumer Price Index (CPI) numbers. An early estimate of the annual inflation rate places it at 3.5%, little higher than the prior estimate of 3.4%. As a result, the Swiss National Bank (SNB) will be compelled to boost interest rates.


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