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08 Nov 2021
3 min read

US Futures Up, All Eyes on Tesla After Crucial Twitter Poll

*OspreyFX would like to state that traders should research extensively before following any information given hereby. Any assumptions made in this article are provided solely for entertainment purposes and not for traders to guide or alter their positions. Please read our Terms & Conditions and Risk Disclosure for more information.

Key Takeaways

  • Stock futures on Wall Street keep steady early Monday after a monumental week
  • Tesla stock stable after Elon Musk’s Twitter poll determines he should sell 10% of his share

Stock Futures Float Flat to Positive Early Monday

Stock futures on Wall Street float fairly unchanged to slightly higher in the early Monday hours, ahead of the open. That said, the S&P500 is currently sitting at a seven-day record-setting winning streak. In other words, for the past seven sessions, the broad-based equity gauge finished at a new record every following day.

In total, the S&P500 gained 2% over the past week as traders jumped into stocks all across the board. In addition, the Dow Jones Industrial Average advanced 1.4%. And the Nasdaq Composite rallied 3% over the same period. All three benchmark indexes finished Friday’s session at record-high levels.

Investors increased their risk appetite after Jerome Powell, Fed Chair, announced the central bank will be tapering this month. Furthermore, Mr. Powell said Fed officials do not intend to raise the interest rates any time soon. In turn, this ignited buying momentum, resulting in a continuation of the market rally.

All Eyes on Tesla During the Regular Trading Session

This leads us to the pre-market hours ahead of the regular session today. On that note, traders and investors are eager to see how Tesla stock performs at the opening.

With this in mind, Elon Musk, chief executive of Tesla, released a Twitter poll over the weekend. In it, the billionaire CEO asked if he should sell 10% of his Tesla stock and pay taxes on the gains. In other words, 10% of his stack of Tesla shares would be valued at roughly $20 billion. Mr. Musk owns more than $200 billion worth of Tesla stock or 20% of the whole company.

Back to the poll, voters supported his proposal with a majority of 58% to 42% against it. The poll collected as much as 3.5 million votes while Mr. Musk’s Twitter account has over 62 million followers.

“I was prepared to accept either outcome,” Mr. Musk Says of the Poll

“Much is made lately of unrealized gains being a means of tax avoidance,” Mr. Musk said on Twitter Saturday. “So, I propose selling 10% of my Tesla stock,” he added while asking the audience if they supported this. “I will abide by the results of this poll, whichever way it goes.”

Following the results of the poll, Mr. Musk commented he was “prepared to accept either outcome.”

Now, market participants are speculating whether or not this poll would lead to a crash in Tesla stock. Nevertheless, increased volatility is expected in trading Tesla shares today.

Bitcoin and Ethereum Surge in Early Monday Deals

In the meantime, cryptocurrency trading took off even before US participants joined today. During the Asian session in market activity, the price of bitcoin rallied to levels near its record high. In other words, the original cryptocurrency jumped over 4% to reach a session high of $66,450 per token. That said, the level was less than 1% from the all-time high of $67,000 per coin.

Ethereum, in addition, also soared in early Monday deals. The Ethereum network’s native coin advanced 3.9% to a fresh record high of $4,764, about $100 above the previous high. Presently, Ether’s price has subsided a bit and gravitates toward $4,730.

In conclusion, the fast-emerging crypto-asset market remains a hot theme among investors, both retail and institutional. To this end, analysts point the outlook for cryptos remains bright as global acceptance spreads rapidly.

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