Plus, tesla aint looking so magnificent. That is the view of wells fargo, the firm slapping that ev maker with the equivalent of a sell rating. Lets begin with this ongoing market rally. As we said, s p is coming off that record close, posting its best day yesterday in march. A lot of discussion. We were talking about the wells note today about disjointed momentum trade going on in frot of friday, mike. It has been a little bit agitated. This has been a fuse people have been watching burn down, this idea that the market is o overrelying on these momentum movers. Laggards took up the slack. Yesterday, little bit of a reversal. It was a bounce. I feel like, you know, its admirable that the market is able to repair itself this way in an ongoing basis. Its a bull market. The pullbacks have been shallow. Theyve been brief. But it still hasnt relieved a lot of what could be the excesses within it, which is the extreme outperformance of things like semis. And the extreme reliance on the dayto
Hour. The focus is on President Biden tonight when he takes the podium for the state of the Union Address at 9 00 p. M. Eastern. Many will be watching for what the president says and doesnt say about the wide open border and increase in migrant crime across the country as immigration remains a top issue for voters. Meanwhile, chinese snake head gangs are working with the mexican cartels to bring migrants into the country, senator Roger Marshall broke the news with me, saying the snake heads are helping the ccp transport people and drugs into america. The chinese have become an expert at money laundering. Well see organized crime grow and grow. Theyre smuggling people from china to turkey. Theres something called the snake heads, like coyotes. They hand them over to the cartel. The cartel brings them to places like kansas, not just working massage parlors, an explosion of what they call weed farms, marijuana farms. The chinese are intimately involved with those and exploiting labor for
Nearly 2 billion eu fine, while two new notes say, hey, dont worry. They suggest an apple comeback likely. As for tesla, well, its china struggles continue. Shipments plunging to the lowest level in more than a year. Lets begin with the markets entering a new week with record highs, fueled once again, jim, by a. I. , which seems to be the topic of so many weekend notes the last couple days. Oh my, carl. A lot of people want to say that the whole things gotten out of control, but lets say you go back a year, and you look at what nvidia the estimate for 2024. The stock was selling at 12 times earnings a year ago, so we can sit here and moan how expensive it was, but its by far the cheapest of the mag seven or mag six if you want to drop musk. But i think the problem has always been that when you look back, this thing is so underestimated in terms of what it can make that you dont know how to value it. What are you going to do, take it to nine times earnings like its a bad bank . Jim, my
15 states and 1 territory Holding Republican and democratic primaries today. Trumps widely expected to win all the gop races, picking up most of the 854 tell gates at stage at stake. By the end of the day, he will be the presumptive nominee, thats my opinion. He told fox this morning that biden is the worst president in history. Virginia is considered nikki haleys best hope, but he has no Events Scheduled she has no Events Schedule canned after todays contests. Biden has to worry about a big uncommitted vote, seven states allow that writein. If the uncommitted get anything like the 13 they got in michigan, biden is in trouble. For some time Michelle Obama has been talked about as a possible replacement for biden. Its not going to happen. Nbc reports the former first lady, quote, will not be running for president in 2024. The Supreme Court says unanimously trump will not be on the ballot. Democrats not happy but theyll try again. Democrat jamie raskin says hell still try to get him off
Now trading at 66 times earnings and i just think people are playing with fire. This could be done quite frankly and they moved 8 million into the country and think about that. They managed to bus and fly individuals all over the i dont understand of america. Theyre selling thing to work and what you do when you pay people not to work, stuart, people tend to work less. Using the courts for political gain is not a great approach. Stuart tom petit. I was about to tom petty. I was about to say i really dont like this music. 11 00 eastern time, monday, march 4 and its a big day, folks. Check the markets first of all. Not a big market day. Dow down about 100 and nasdaq down about 25 and big tech, mixed picture there and we have winners and losers and amazon, microsoft up and meta, alphabet, apple down and 10year treasury yield is below 4. 25 , 4. 22 to be precise. Now this. I think is a make or break week for President Bidens campaign. It has started badly. An our ago Supreme Court rejected