Tesla gained 33% this week, it’s best weekly performance since May 2013

Published Mon 30 Jan 2023 02:54 by Market Analyst

Last Week Risers & Fallers:

Nasdaq (US100) – The Nasdaq increased 0.96% on Friday and 4.3% for the week. This was the biggest gain since August. Tech stocks Q4 earnings and lower inflation data, caused the market to rally. The index closed at 11,621.71 on Friday.

Tesla Inc. (NASDAQ: TLSA) – Tesla gained a massive 11% on Friday, closing at $177.90 per share. Optimistic Tesla bulls believe that the stock will keep increasing regardless of price cuts and high inventory levels.

Meta Inc. (NASDAQ: META) – Meta stocks rose 3.01% and closed at $151.74 per share.

Crude Oil – Crude oil was down 2.01% on Friday, the price reached a daily high of $82.48 however it dropped to close at $79.38 per barrel.

Major events to watch:

USA (USD) – FOMC Statement – The U.S. Federal Reserve’s Federal Open Market Committee (FOMC) statement is the primary tool the panel uses to communicate with investors about monetary policy. It contains the outcome of the vote on interest rates, discusses the economic outlook, and offers clues on the outcome of future votes.

The report is due Wednesday, 1 February at 19:00 GMT

USA (USD) – Federal Interest Rate Decision – Federal Open Market Committee (FOMC) members vote on where to set the rate. Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation. The interest rate is set at 4.50%.

The report is due Wednesday, 1 February at 19:00 GMT

EUROZONE (EURO) – Eurozone Interest Rate Decision – The six members of the European Central Bank (ECB) Executive Board and the 16 governors of the euro area central banks vote on where to set the rate. Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation. Eurozone interest rate is set at 2.50%.

The report is due Thursday, 2 February at 13:15 GMT

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