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T3’s Market Wrap: Bulls Rule the World… But Tesla Gets Dropped

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What a Day for the bulls!

The S&P 500, Nasdaq Composite, and Russell 2000 all high record highs today on positive trade news.President Trump announced a trade deal with Mexico which will update the North American Free Trade Agreement. He also said he will speak to Canada, which was not involved. The President said he could do a separate deal with Canada or make them part of the Mexico deal.

Meanwhile, analysts are saying that the People's Bank of China will not use the yuan as a weapon in its trade dispute with the US, based on recently announced measures.

The dollar was down today, which had gold ripping off the lows this morning. But gold fell later.

Bank stocks ripped hard today, and we also saw nice strength in bitoechnology and semiconductors, giving the overall action a “risk-on” feel.

Late on Friday, Tesla (TSLA) CEO Elon Musk said he will not take attempt to take the company private. A couple weeks ago, Musk stirred up a hornet's nest by Tweeting that he wanted to take the company private at $420 per share. Critics argued that Musk was attempting to drive a short squeeze in Tesla stock.

In a blog post, Musk said:

Given the feedback I've received, it's apparent that most of Tesla's existing shareholders believe we are better off as a public company. Additionally, a number of institutional shareholders have explained that they have internal compliance issues that limit how much they can invest in a private company.

Tesla shares fell today, even with the Nasdaq hitting record highs, and with major momentum stocks like Nvidia (NVDA), Twitter (TWTR), Advanced Micro Devices (AMD), and Facebook (FB) posting solid gains.

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