Tesla's Full Self Driving To Pinch Pockets, Raoul Paul Shrugs Off Crypto Selloff, Rivian CEO's 10-Figure Paycheck: 5 Key Stories You May Have Missed From The Weekend

Zinger Key Points
  • Market chatter dominated the weekend's news flow following Friday's sell-off on Wall Street.
  • Foxconn is diversifying out of China to escape the heat of the China-Taiwan tensions.
Tesla's Full Self Driving To Pinch Pockets, Raoul Paul Shrugs Off Crypto Selloff, Rivian CEO's 10-Figure Paycheck: 5 Key Stories You May Have Missed From The Weekend

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. 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 ETH/USD 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.

3. Rivian CEO Second Highest-Paid In 2021: While Musk stayed on top as the highest-paid public company executive in 2021, his compatriot and Rivian Automotive, Inc. RIVN CEO R.J. Scaringe was second-ranked. The data, based on the Bloomberg’ Pay Index, comes as a surprise, given Rivian is merely a startup and is yet to prove itself. He earned $2.28 billion, thanks primarily to option awards.

See also: US Futures Begin Monday In Deep-Red: Analyst Sees Profit-Taking Bringing 'Buying Opportunity' While Traders Eye Fed's Jackson Hole Event

4. Foxconn Responds to Sino-Taiwan Tensions: Apple, Inc. AAPL supplier Hon Hai Precision Manufacturing Co. Ltd. HNHPF said it has signed a $300-million memorandum of understanding to expand its manufacturing facility in Vietnam. The move comes against the backdrop of intensifying tensions between China and Taiwan. Hon Hai, aka Foxconn, is based out of Taiwan and has many of its manufacturing facilities in China.

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.

What Else? Apple’s decision to move up the launch of its newest iPhones this year reflects a few things, according to Bloomberg columnist Mark Gurman. While giving a revenue lift in the fiscal year fourth quarter, an early launch sends a positive signal that all’s well with Apple’s supply chain, he said.

Twitter, Inc. 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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