On Thursday, Tesla’s (TSLA) sharp reversal is a likely turning point. Shares lost 8.44% to close at $240.03, after reports the company would delay its robotaxi event until October.
In China, Baidu (BIDU) outshined Tesla. Not only did it confirm its sixth generation of self-driving taxis in May, but it is facing strong demand for self-driving taxis.
TSLA stock is at a high risk of falling back to its moving average at around $190 – $210.
In the REIT segment, SBA Communications (SBAC) spiked by 7.52% to close at $209.86. Vici Properties (VICI) also rose. REITs require falling interest rates to attract investors. Markets are confident that it will get a rate cut.
In the semiconductor sector, Arm Holdings (ARM) should face heavy trading volume today. ARM stock lost 7% on Thursday as traders closed their speculative bet on the over-priced stock.
Lam Research (LRCX) lost nearly 6% for similar reasons. Investors decided that Thursday was the day to book profits and buy stocks in beat-up sectors like REIT, dividend income, and drug manufacturing stocks.
Pfizer (PFE) may rally toward $30 after it reported progress on its obesity drug. Gilead (GILD) and Bristol Myers (BMY) are equally attractive as they trade at low valuations.
