Stocks continue to trade in mixed fashion as election news dominates the wires. IBD has the markets rated as “under pressure” after a recent run of high volume down days. The Dow closed today’s session down 29 at 18,169 on heavy trading volume. Amazon reports earnings after the market closes today.
The earnings whirlwind continues. Tesla shocked Wall Street by reporting this thing called……. “Profits”. The company had a 145% increase in revenue after shipping 24,500 Model S and Model X’s during the quarter. Going forward, the company maintained its car delivery forecast of 50,000 cars and said the merger with Solar City will be voted on by shareholders on November 17th. Elon Musk also said there is no need for a capital raise to fund the rollout of the Model 3. Tesla shares jumped as analysts were surprised and shocked at the results.
According to an analysis by HealthPocket, ACA deductibles for individuals in the lowest priced plans will crack the $6,000 barrier this year for the first time ever. Bronze plan deductibles for families will average over $12,000. Despite a recent rise in wages, it will be interesting to see how rising health insurance costs will weigh on the US economy. As I pointed out yesterday, Amazon is giving away free bananas in front of their offices. Maybe the Obama administration should adapt this program to encourage healthy eating and tie it into the ACA. They could call it the ABA or “Affordable Banana Act”. If you like your banana you can eat your banana.
WTI crude oil today snapped a 3 day losing streak to gain 0.9% to $49.66 per barrel. Gold was up $3.70 an ounce to $1,270 thanks in part to festival buying activity in India. India likes gold while here in America we go for free bananas.