Elon Musk goes battery expert, house prices set to cool in overvalued markets, dollar goes parabolic: 5 key stories you may have missed from the weekend

After financial markets tumbled on Friday in response to hawkish comments from the Fed, talk has focused on whether major averages have gained another leg up.

Cryptocurrencies, which trade 24/7, extended their weakness into the weekend. With that in mind, here’s a recap of some headlines that made headlines over the weekend.

1. House prices in overvalued markets will calm down: The housing market corrected as sales of both existing and new homes fell and home prices accelerated amid rising mortgage rates.

Moody’s Analytics now expects US home prices to remain flat and fall 5%, Fortune reported, citing the ratings agency’s chief economist. Mark Zandi. In the event of a recession, house prices in 183 of the country’s 413 largest real estate markets will likely fall by 15 to 20 percent, he added. These 183 overvalued markets include Boise, Charlotte and Austin.

2. Musk can’t stop tweeting on Twitter: Tesla, Inc. TSLA CEO Elon Musk was very quick on Twitter over the weekend. The billionaire’s take on battery chemistry was particularly important. When the founder of id Software John Carmack discussed the futility of having battery chemistry that delivers long life to electronics, Musk chimed in and suggested how battery cycles and energy density can be improved.

In separate tweets, he offered an update on his company SpaceX’s Falcon 9 rocket, argued for increased nuclear power generation and reiterated his preference for Diet Coke.

See also: How much $1,000 invested in Apple, Amazon, Bitcoin and gold after Friday’s plunge would be worth when returning to all-time

3. Bitcoin fails to hold support at $20,000: Bitcoin BTC/USD, which fell more than 1% on Friday, broke the psychological barrier of $20,000 on Saturday, dropping below the level for the first time after mid-July. The crypto closed at levels below $20,000 on Saturday and Sunday. Market-wide risk aversion amid economic uncertainty was blamed for the decline.

4. The intriguing invitation from Apple: Apple, Inc. AAPL invite to the “Far Out” event – both the slogan and the accompanying graphics – got Cupertino talking with an ace up its sleeve. Bloomberg’s Marc Gurman said the company could point to anything from a simple cosmos-themed wallpaper to its always-on mode, or even a satellite phone.

5. The disconcerting strength of the dollar: Fed Chairman Jerome Powell sent the US dollar firmly higher with its commitment to keep the central bank’s key rate high to head off the inflationary threat. At the start of Asian trading on Monday, the U.S. dollar index hit a 20-year high of 109.4.

Economists see renewed strength in the dollar as the Fed has made it clear that it is not done with rate hikes yet.

What else? Citing historical trends and heavy short bets against key indices, market participants and analysts began warning of a lean period for the market in September.

After Tesla’s 3-for-1 split, sell-side analysts rushed to adjust their share price targets for the electric vehicle maker. GLJ Securities’ Tesla Gordon Johnson bear stands out with its $22 price target for the stock. The analyst justified his price target by stating that the period of hypergrowth may be a thing of the past for the company.

Photo via Shutterstock.

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