Monday’s Headlines: New Competition For Tesla?

Monday’s Headlines: New Competition For Tesla?

Here were the biggest movers in the MyWallSt shortlist on Friday:

Moving Up ⬆️ (BILL) +29.6%

Workday (WDAY) +9.1%

Coupa Software (COUP) +5.3%

Lemonade (LMND) +4.9%

Smartsheet (SMAR) +4.2%

Moving Down ⬇️

Peloton Interactive (PTON) -8.5%

Nautilus (NLS) -4.0%

Baozun (BZUN) -2.9%

Etsy (ETSY) -1.0% Group (TCOM) -1.0%

1. On Friday, Amazon (AMZN)-backed EV start-up, Rivian Automotive, declared that it has filed a draft registration for an IPO. Recently, the company has begun scaling up production across the U.S. and reports have emerged that it is planning to build a second assembly plant. In July, Rivian closed a $2.5 billion funding round led by Amazon, Ford (F), and T. Rowe Price. Rivian’s IPO price range has not been confirmed but the company has reportedly raised about $10.5 billion since 2019. The U.S. home-grown company could challenge Tesla (TSLA) as Amazon has already agreed to buy 100,000 of Rivian’s electric vans which it has begun testing in San Francisco and Los Angeles. See more here

2. Australia is once again tightening its reins on Big Tech by considering new laws set to change the regulation of their digital payment services. The proposed amendments come after the Bank for International Settlements called for global financial watchdogs to urgently address the growing powers of Big Tech earlier this month. Currently, services such as Apple (AAPL) Pay and Google (GOOG) Pay are not defined as actual payment systems, which allow them to sit outside the regulatory system. Australian Treasurer Josh Frydenberg explained: "Ultimately, if we do nothing to reform the current framework, it will be Silicon Valley alone that determines the future of our payments system, a critical piece of our economic infrastructure." Read more here

3. Ahead of the last remaining days of trading in August, the market looks steady after the S&P 500 (VOO) and the Nasdaq Composite (QQQ) closed at fresh record highs on Friday. Fueling sentiment is Federal Reserve Chair Jerome Powell’s comments which suggested that while the government's bond-buying program could be scaled back this year, the central bank is in no rush to hike interest rates. Powell also said that inflation looks solid and is around the central bank’s 2% target rate. Steady interest and inflation rates are great news for investors as it means companies can continue to borrow cash to grow their businesses. The next big economic indicator is August’s jobs report which is out this Friday. Check out the full story here

There are two companies on the MyWallSt shortlist that will report earnings today:

StoneCo (STNE)
Zoom (ZM)

Get this week’s full earnings calendar here