As earnings wind down and investors look ahead to a catalyst-starved near term, with volatility likely to be the order of the day in the market. Market momentum has stalled following the run-up seen since mid-June. Here's a recap of a few major headlines that hit the wire over the weekend, which could provide trading cues:
1. Elon Musk’s Weekend Shocker: Tesla, Inc. (NASDAQ:TSLA) CEO Elon Musk announced over the weekend a 25% increase in the pricing of the automaker's full-self driving software. The move, which would take effect Sept. 5, comes on the heels of the release of the 10.69 beta version to Tesla owners. In a tweet on Monday, the billionaire said the key goals for the remainder of the year are the wider FSD launch and the orbital launch of the Starship.
2. Crypto Sell-Off Doesn’t Bother Pal: As cryptocurrencies extended their sell-off into the weekend, at least one expert wasn’t perturbed. Macroeconomy specialist Raoul Pal attributed the weakness to the pre-merge crypto shakeout. He does not expect new lows but most likely a “gut-check quick drop.”
The other voices from the Street were mixed. BitMEX founder Arthur Hayes said the deep dive seen in Ethereum (CRYPTO: ETH) would be transitory as the crypto stands to benefit from the Merge. Pseudonymous crypto analyst crypto, however, warned that new lows are just around the corner.
Dollar Spikes In Asian Trading: With the signal from Fed officials markedly hawkish, the U.S. dollar firmed up in Asian trading. The dollar index reached its highest level since mid-July, hitting 108.22 and has built further on this gain.
Twitter, Inc. (NASDAQ:TWTR) employees may have their annual bonuses cut by half due to the social media platform’s not-so-encouraging financial performance, Bloomberg reported, citing an internal memo.
Photo courtesy of Tesla.
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