The market outlook continues to be cloudy amid a lack of clarity on the economic picture. Despite the steep sell-off of the first half, analysts aren't confident enough to call a bottom yet. The upcoming second-quarter reporting season is expected to bring in more questions than answers regarding how the evolving macro and geopolitical scenario will impact the performance of corporations.
As action returns after a long weekend, here's a recap of a few major headlines that hit the wire over the weekend.
Musk's Return to Twitter: After a 10-day break, Tesla, Inc. TSLA chief executive officer Elon Musk reappeared on Twitter in the past weekend. His absence from the platform set in motion several speculations that included progress with the deal to buy Twitter, Inc. TWTR.
His comeback tweets didn't delve into any hard-hitting topics. Musk shared a picture of his audience with Pope Francis, offered a tribute to the deceased YouTuber Technoblade and tweeted throwback pictures of his 40th birthday celebration.
Later, Musk wished his followers a "Happy July 4th" and shared a meme on how Twitter would have looked during the 1775 Revolutionary War.
Tesla Q2 Deliveries Dip: Tesla announced second-quarter deliveries of 254,695 units, which slightly trailed the consensus estimate. Sales were down about 18% from the first quarter, as China COVID lockdowns disrupted production. The company calmed the nerves of investors by stating production was at a record in June.
Related Link: Rumors Of iPhone 14 Production Cuts Surface: Why Prominent Apple Analyst Isn't Concerned
Apple's iPhone 14 Won't Have Upgraded Chips: Apple, Inc. AAPL unveiled a slew of in-house processors for its desktops/laptops in the past year and a half. Resources diverted to these chips came at the expense of processors that go into the rest of its hardware products, Bloomberg columnist Mark Gurman said. For the first time since Apple began designing in-house chips, a new iPhone model will not come with an upgraded chip this year, he added.
Biden's Sliding Popularity: President Joe Biden's approval ratings have been going downhill, with the latest data from FiveThirtyEight suggesting that only 39.2% of Americans approved of his performance in office. A separate poll showed that 71% of the people don't want him to run for reelection in 2024.
Berkshire Bulks Up On Occidental Petroleum: Warren Buffett's Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B) bought 9.9 million shares in Occidental Petroleum Corporation OXY, taking its total stake to 163.4 million. The investment company also holds warrants to purchase another 83.9 million Occidental shares.
What Else? Comcast Corporation-CMCSA ruled the roost in the three-day holiday weekend box office. "Minions: The Rise of Gru," produced by the company's Universal Pictures and Illumination animation studio, raked in $109.5 million in domestic ticket sales.
FAANG stocks lost an average of 30% in the first half of 2022 and also underperformed the broader market.
Photo: Courtesy of Haddad Media on Flickr
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