Artemis Investment Limited – Stock Market Extends Gain; Tesla Bullish

The stock market turned in another solid performance Monday, shrugging off weak economic data from China and a big miss in the Empire State Manufacturing index.
HONG KONG - Aug. 15, 2022 - PRLog -- Chevron lagged in the Dow Jones Industrial Average amid falling prices. But the Dow Jones served up several nice price gainers, including Walt Disney. Disney stock jumped 2.2% in nearly double its average daily volume after Dan Loeb's Third Point fund disclosed a new stake to pursue strategic changes, including a spinoff of Disney's ESPN unit.

The Nasdaq composite ended with a gain of 0.6%. Tesla stock was a nice gainer in the Nasdaq 100, up 3%, after CEO Elon Musk said Tesla has produced 3 million vehicles, including 1 million at its Shanghai plant. Preliminary data showed lower volume on the Nasdaq.

Costco also outperformed in the Nasdaq 100 ahead of busy week of retail earnings reports. Costco is in a good technical setup as it forms a cup-with-handle base with a 552.81 buy point.

Stock Market Today

The Dow Jones industrials ended with a nearly 0.5% gain. The S&P 500 rallied 0.4%. Small caps lagged, with the Russell 2000 up 0.2%. But the Russell also finished above its 200-day moving average for a second straight session.

Top-performing S&P 500 sectors included the Consumer Staples Select Sector SPDR ETF and the Consumer Discretionary Select Sector SPDR ETF, up 1% and 0.7%, respectively.

The stock market was under pressure early after China unexpectedly cut interest rates amid another round of weak economic data. China's July retail sales rose 2.7%, but that was below the 5% consensus. Industrial production increased 3.8%, also below the 4.6% consensus view.

About Artemis Investment Limited:

Originally established to assist expatriates access financial services in SE Asia, Artemis Investment Limited is a leading independent, boutique financial advisory firm which now caters to a global client base.

Based in Hong Kong for the last 60 years, we have adapted our services to account for the financial world in the 21st Century. We are a borderless company whose staff come from a variety of backgrounds but are united by one attribute, customer focus and objectives above all else.

We understand that many clients know where they want to be, but may not have the knowledge on how to get there. This is where our specialist expertise within the financial services sector is essential in providing the correct timing, opportunity and ultimately, the correct result to establish a lengthy and equitable relationship. This is something that our 20,000 + clients have learnt first-hand.

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Cherry Hwuang
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