By coinnews 
00:00 Speaker A
Tesla is the first member of the magnificent seven stocks to report results this earnings cycle. Wall Street will be closely watching those big tech stocks post earnings for a sign of whether the market has bottomed. Here to explain, markets reporter, Josh Schafer is back. Hey Josh.
00:15 Josh Schafer
Hey, yes. So what we’re talking about here, Julie, is essentially have these stocks sold off enough, right? What’s priced in at this point in some of these names? So we’ve been looking at this chart, I’ve been using this chart a lot, of just how far off the magnificent seven are from their most recent 52 week high, right? So how far off they’ve sold down. Tesla going back to yesterday was off over 50%. You look at a name like Nvidia, that’s down about 35%, meta down 32%. Again, you go down the line. All seven of these stocks are off more than 20% at this point. And I think guys, maybe you’re seeing a little bit of this action just in after hours from Tesla right now. Stock’s basically flat. I don’t think there’s a lot in that report miles that I would look at and say, that’s a good number. I think there was overall just across the board pretty much misses and bad numbers in this report. I think also there’s an aspect, particularly with Tesla, yes, you’re waiting to hear from Elon. But also I think how the stock reacts over the next 24 hours is just going to be interesting with the, okay, did we get bearish enough? Like did we finally sell this stock off enough that it can have a little bit of an update, because there hasn’t been outside of today going in earnings, a lot of updates for Tesla.
00:33 Speaker A
Well, Ross Gerber just told us, it’s really about what Elon says on the call, but also what he says about his government, or his involvement with the government, right? If he says, I’m back, then stock will probably go up 10%.
02:44 Josh Schafer
Yeah, I think sometimes you can get a little bit of a sentiment read from it. Because for instance, when we’re looking at, you know, the YFI interactive and we’re talking about it being a risk on day or something, Tesla is usually up with Nvidia, right? When we’re looking at sort of those mega cap stocks, those large cap stocks, it’s usually Nvidia is up 6%, Tesla is somehow up 8%, and Bitcoins up, and like those things are kind of moving together. But it seems like once you get sort of beyond just that simplicity of it, there’s not a lot there that really fits with the other side of the story.
03:12 Speaker B
And even that is not as consistently true as it once was. I just feel like I’m not ready to give it up.
03:16 Josh Schafer
I feel like we’re giving it up though. We’re sitting here being like, maybe it’s over. I don’t know.
03:20 Speaker C
Well, if ever it’s so over, maybe we’re so back. All right, we’ll do this later. We’ll be back.
03:25 Josh Schafer
More of it later.