F Jul 2024 14.500 call

EV demand, investing in AI, jobs data: Asking for a Trend

On today's episode of Asking for a Trend, host Josh Lipton breaks down the biggest takeaways from Monday's trading session. Car manufacturers like General Motors (GM) and Ford (F) have scaled back their electric vehicle production plans amid weaker consumer demand. Sila co-founder and CEO Gene Berdichevsky explains, "I think we're seeing a slowdown because EVs are just not meeting all of the mainstream consumer adoption expectations. So what consumers really want to see is longer range, faster recharge time. I think we've been very, very focused on cost as the primary driver." Yahoo Finance Reporter Josh Schafer analyzes his key takeaways from the trading day. First, The Nasdaq Composite (^IXIC) hit a record high in Monday's session despite a higher move in the ten-year Treasury yield. Second, GDP forecasts keep falling, signaling slow growth as the Federal Reserve has its eyes on a soft landing. Finally, meme stocks aren't going anywhere, as "Roaring Kitty" revealed he has a 6.6% stake in the pet care retailer Chewy (CHWY). As the AI race continues to spearhead the tech sector's growth, Tejas Dessai, Global X ETFs assistant vice president and research analyst, describes the AI trade as "a moment of mass destruction," highlighting the technology's influence and impact on the global economy. He draws parallels between AI and the development of the internet, suggesting that markets are currently in the "infrastructure buildout phase," which makes semiconductors the primary investment focus. Six Flags Entertainment (SIX) and Cedar Fair (FUN) have successfully completed their $8 billion merger, marking a significant consolidation in the amusement park industry. The newly formed entity, named Six Flags Entertainment Corporation, is set to make its market debut on Tuesday. To close out the show, Seana Smith breaks down the latest employment reports, exploring what they reveal about the current state of the labor market. This post was written by Melanie Riehl