Nobel Laureate on Musk, new home sales fall short: Wealth!
Tesla's (TSLA) stock is sliding after posting mixed second-quarter results and CEO Elon Musk touted affordable EV models were on their way for 2025 in the earnings call on Tuesday. US new home sales fell short of economist expectations for June, revealing a 0.6% decline instead of the anticipated 3.4% increase. This downturn highlights the ongoing challenges in the housing market, where potential homebuyers continue to grapple with high mortgage rates, affordability issues, and limited inventory. Small caps outperformed Big Tech in the last month as the Russell 2000 (^RUT) rose over 10%. Portfolio Wealth Advisors president and CIO Lee Munson joined the show to break down the movements and the disappointment in Big Tech earnings. Google (GOOG, GOOGL) has backtracked on its pledge to eliminate third-party cookies on its Chrome browser after receiving pushback from advertisers. Microsoft (MSFT) released a new Surface laptop powered by Qualcomm's (QCOM) new AI chip. The laptop allows users to interface with new AI features that can help with a myriad of needs. Yahoo Finance tech editor Dan Howley joined Wealth! to give insights into Microsoft's fresh line of AI laptops and what it has to offer. Spot ether ETFs, based on ethereum (ETH-USD), launched Tuesday, attracting over $1 billion in inflows on their debut day. ETF Expert Dave Nadig joined Wealth! to discuss the key differences between the ETF and the actual cryptocurrency. Tesla CEO Elon Musk has voiced his support for former President Donald Trump, who on the campaign trail has made comments about rolling back tax credit incentives and policies for electric vehicles. New York Times Opinion Columnist and Nobel Laureate Paul Krugman joined Wealth! to give insight into Musk, his leadership, his support of Trump, the current political landscape. For more expert insight and the latest market action, click here. This post was written by Nicholas Jacobino
