2020-11-26 • Updated
Don’t you think that number 5 has become magical for Tesla? Firstly, it will be included in the S&P 500 stock index next month. Secondly, Tesla’s market value hit $500 billion for the first time on record. Thirdly, the company has surged by nearly 550% this year. All that made Elon Musk the second-richest person in the world!
As for inclusion in the S&P 500, Goldman Sachs claimed that this move will trigger the increase of the demand for Tesla by 8 billion dollars from US large-cap mutual funds. S&P should also decide how to make the adding process smoother as 504 companies will lose their influence on the stock index after Tesla will join it.
Someone can say Tesla is overbought, and he would be right, but Tesla is a miracle as it grows no matter what. Actually, Elon Musk predicted that his company will reach these highs 18 months ago. Some analysts on Wall Street believe that it’s just the start of the long rally up. Wedbush Securities announced its “bull case” of $1 000! One of the reasons is that electric vehicle demand is rapidly rising in China. Tesla being a frontrunner will gain a lot from that. But who needs reasons, when it’s Tesla?!
Tesla is approaching the key psychological mark of $600. The move above will drive the price to the next round number of $650. In the opposite scenario, if it drops below the support of $500, it will open the way to the low of November 17 at $440.
By the way, do you know that you don’t need to have $500 to buy Tesla? With FBS you can use CFDs – contracts for difference. You basically trade on price changes like with currency pairs.
Trading stocks with FBS is easy. Follow the simple steps described below.
China has issued new oil product export quotas to allow oil companies to send surplus barrels overseas, particularly Sinopec, which has the highest volume among quota holders. While the exact quota volume remains undisclosed, oil companies are forecasted to export approximately 3.5 million metric tons of clean oil products in September, a 10% increase from August.
Thanks to the incredible advancements in horizontal drilling and fracking technology, the United States has experienced a mind-blowing shale revolution. They've become the heavyweight champion of crude oil production, leaving Saudi Arabia and Russia in the dust. They even turned the tables and became net exporters of refined petroleum products in 2011.
Oil prices rebounded slightly on Friday but are still expected to show losses for the week due to concerns about slowing growth in the US and China. US crude futures rose 2.7% to $70.41 per barrel, while the Brent contract increased by 2.5% to $74.33 per barrel.
The past several weeks have been a real triumph for the bulls in the oil market. The Brent spot price grew by 8.5% during the last month.
Gold prices are rising for three consecutive days ahead of the Federal Reserve (Fed) interest rate decision, which is expected to remain unchanged due to declining inflation and a positive economic outlook. Investors are keen on the Fed's interest rate guidance, fearing a hawkish stance that could trigger market risk aversion.
Amid concerns of a Chinese economic slowdown, reports of declining investment often overlook China's efficient investment strategy in emerging sectors for long-term growth. China has taken measures to stabilize foreign and private sector investments, like reducing the reserve requirement ratio to boost investor confidence.
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