NEWS
Nasdaq Breaks Above 20,000

Another day, another milestone in the stock market. Unrelenting strength in mega-cap tech helped drive the Nasdaq Composite to yet another record high. After a crappy few days for crypto, the sector coin-tinued its recent run as Bitcoin broke back above 100k. President-elect Donald Trump will be ringing the NYSE opening bell tomorrow morning, making for what’s likely to be an interesting day. 👀

Today's issue covers Tesla driving Musk’s wealth to $400 billion, November CPI setting the stage for another rate cut, and other noteworthy pops and drops. 📰

Here’s the S&P 500 heatmap. 5 of 11 sectors closed green, with consumer discretionary (+1.76%) leading and healthcare (-1.36%) lagging.

And here are the closing prices: 

STOCKS
Tesla & Musk Take The Cake 😋 

The U.S. stock market continued its tear today, led by the biggest and baddest names in the “Magnificent Seven.” Apple was the only one in the group to close down marginally, breaking its recent win streak, and Tesla was the belle of the ball.

Tesla surged 6%, topping its November 2021 highs and cracking $420. A flurry of positive notes from Wall Street summarized the recent cocktail of factors driving the stock. Goldman Sachs was the latest, raising its price target to $350. Since the election, the perceived positives for Tesla have just kept stacking up. ⚡️ 

Interestingly, many of the recent upgrades resulted in price targets that are still well below current levels. So yes, many analysts are positive on the stock, but their price targets actually imply there’s downside from here…not upside. 🙃 

According to Koyfin data, the average rating among the 48 analysts covering the stock remains a “hold.” More notably, the average price target is $260, and the street’s high-water mark of $421 was surpassed today.

Despite the obvious disconnect between the analyst notes and their price targets, what’s clear is that the chase is on in Tesla. And nobody is better positioned to benefit from this massive surge than Elon Musk, who just became the first person ever to cross the $400 billion net worth mark. In addition to Tesla, SpaceX’s valuation hit $350 billion as Musk’s “big bets” stack in his favor.

The Stocktwits community was bullish coming into the week, but much like analysts, not bullish enough. With prices already above $420, it appears 58% of voters underestimated how far the stock could move this week. 😐️ 

We’ll see how much further the now 8th largest stock in the world runs through year-end. But for now, Musk’s mountain of cash continues to grow. 🤑 

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