Roughly a third of the S&P 500 SPX, +1.09% index will report first quarter earnings this week, with Tesla TSLA, +1.35% and Big Tech companies likely to attract the most interest from investors.
In our call of the day, Mott Capital’s Michael Kramer said he wouldn’t be surprised to see Tesla post a “monster earnings beat.” As for bitcoin BTCUSD, +11.49%, Kramer warned of a ‘bear flag’ forming and said the current period of consolidation was likely to end with “another sharp drop.” The cryptocurrency suffered its biggest weekly loss since March 2020 last week, briefly falling below $50,000. Bitcoin rose 11% early on Monday to trade at $53,406, according to CoinDesk. Kramer said the next support level was likely to be between $42,000 and $43,000.
The buzz The European Union is set to open its borders to American travelers who have been fully vaccinated against COVID-19 this summer, the New York Times reported on Sunday.
What he's saying about Bitcoin profits is not true. From the 10-K: 'The cost basis of the digital assets will not be adjusted upward for any subsequent increases in their quoted prices on the active exchanges. Gains (if any) will not be recorded until realized upon sale.'
horrible