Here's a recap of a few major headlines that hit the wire over the weekend.
Bear Market May Be Ending, Wood Says: Ark Invest’s Cathie Wood may have given the best tidings the market may have been hoping for. In an interview with CNBC, Wood said the fund’s Ark Innovation ETF (NYSE:ARKK) bottomed on an intraday basis on May 12. This may be a signal that the market may be turning the corner, she added.
She also noted that growth stocks typically outperform as a bear market approaches its end.
Meta’s Metaverse Efforts May Backfire, Buterin Says: Ethereum co-founder Vitalik Buterin said over the weekend it’s too early to define metaverse and that it’s too early to know what people want from it.
“So anything Facebook creates now will misfire,” he said.
Will Or Won’t Question Pops Up As Pelosi’s Asia Visit Begins: U.S. House Speaker Nancy Pelosi has kept China on tenterhooks ever since her office announced her Asia visit. The speaker is on a visit to four Asian countries, including Singapore, Malaysia, South Korea, and Japan. Unconfirmed rumors suggest that she may stopover in Taiwan, which claims to be a sovereign state, even as China continues to consider it as its territory.
Amid the developments, the NT$ fell below a key psychological level of '30' against the dollar for the first time since May 2020.
Mac Weakness A Blip: Bloomberg’s Mark Gurman said in his weekly Power On newsletter that he isn’t too bothered by weak June quarter Mac sales. Tougher comparisons and the delay in the availability of the latest Mac iterations may have been the primary reasons for the softness, he added. Gurman, however, sees the issues with iPad production and features, and weaker wearables and accessories sales, as sore points.
Musk Countersues Twitter: In another twist in the Musk-Twitter, Inc. (NYSE:TWTR) saga, the Tesla, Inc. (NASDAQ:TSLA) CEO has filed a countersuit under seal, and the contents of it weren’t made public. Twitter filed a lawsuit against Musk in the Delaware Court of Chancery to enforce the deal that Musk walked away from. The counter lawsuit was filed shortly after a judge ordered a five-day trial, beginning Oct. 17.
What Else: Read Benzinga’s preview on August PDUFA catalysts to stay ahead of stock moves on these events.
As the reporting season is at its halfway mark, earnings growth continues to trend around the lowest level since the fourth quarter of 2020.
Microsoft Corporation (NASDAQ:MSFT) co-founder Bill Gates’ bonhomie with Berkshire Hathaway, Inc’s (NYSE:BRKA) (NYSE:BRKB) Warren Buffett was flaunted by the former on social media.
Photo via Shutterstock.
