Market may be overbought ahead of CPI
The recent market rally could put stocks at risk of a pullback from Wednesday’s CPI reading, according to BTIG technical strategist Jonathan Krinsky.
The strategist said in a note to clients on Tuesday evening that stocks have made some counterintuitive moves after CPI reports this year, with positioning ahead of the report seeming to be a key factor in how the market reacts.
“At the end of the day nobody knows what the number will be or how the market will react to that number, but from our perspective things are coming in pretty overbought which leaves room for the market to move lower post the number,” Krinsky wrote.
— Jesse Pound
Elon Musk sells Tesla shares
Musk’s plan to buy Twitter has worried policymakers around the world.
Joe Skipper | Reuters
Elon Musk sold shares of Tesla worth roughly $6.88 billion — despite earlier this year saying he has “no further TSLA sales planned.”
The Tesla CEO sold 7.92 million shares of the electric vehicle company, according to a succession of financial filings on Tuesday night. The SEC filings showed that the transactions occurred between Aug. 5 and 9. Tesla had its annual shareholder meeting on Aug. 4.
Earlier this year, Musk took to social media to say that he does not plan to sell Tesla shares after April 28. The billionaire investor is currently embroiled in a legal battle with Twitter, which he had agreed to buy for about $44 billion.
Shares of Tesla are up 2% in Wednesday premarket trading;…
