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Where Do Pricy Tesla Shares Go from Here?
As Tesla shares trade does the S&P500 follow? Our Chief Equity Strategist and Economist, John Blank, seems to think so. He’s here with us now.
1. You say Tesla (TSLA - Free Report) the company and Tesla’s inflated share price are interwoven. How so?
2. So then to the market Tesla is more than just an automaker and a leader in the EV market?
3. With its large market cap how much of the S&P 500 does it account for?
4. You’ve written that Tesla is the ‘canary in the coal mine’ for the S&P500 index price.What does that mean for stock investors?
5. Has it become a bellwether for the market and the economy?
6. Do investors need to keep a close eye then on Tesla news and its share price in order to gauge where the stock market or economy is headed going forward?
7. There’s been a lot of tech selling in the market. What does that tell you?
8. In addition to what we’ve discussed here, you say central banks globally are also a major market driver. Which are most important?
9. Shifting away from this a bit…Energy is clearly the top sector and stays firmly at Very Attractive in June. In that group you’re looking at Canadian Natural Resources, Ltd. (CNQ - Free Report) . Materials and healthcare remain attractive. On your radar there are Albemarle (ALB - Free Report) and AMN Healthcare Services (AMN - Free Report) respectively.
Our Chief Equity Strategist and Economist, John Blank, on Tesla and the market. With John, I’m Terry Ruffolo.