Markets posted their fifth straight session of gains Thursday, bouncing back from a deep sell-off that sent the Dow into a correction. Jurrien Timmer, Director of Global Macro at Fidelity, breaks down why there has been such choppy trading in the markets.
Timmer says the two years leading up to the correction were unusually quiet due to the markets firing on all cylinders. Last August was a pivotal moment for markets because the chances of corporate tax cuts spiked. Timmer says another factor was the bond market because it was way too complacent about the possibility of rate hikes.
The VIX index, which serves as a "fear gauge" in markets, spiked in recent weeks. Timmer places the blame on hedge funds and traders who were short volatility. He added that the fundamentals of the economy are still relatively constructive and volatility will settle back down.
Tesla shares fell sharply at the opening bell Thursday after the company felt the sting of numerous price cuts it made across its model line up this year in hopes of energizing sales.
Paul Miller, certified public accountant and founder of Miller & Company LLP, joined Cheddar News to discuss what electric vehicle owners should know about tax credits and the new rules to qualify for them. "I would definitely make a phone call to your accountant ... to your CPA to ensure that you're getting the credit and it's applicable," he said.
Ed Egilinsky, Managing Director, Head of Sales and Distribution & Alternatives at Direxion, joins Cheddar News to discuss how traders are reacting to bank earnings, and how traders can take advantage of artificial intelligence.
Laura Coccaro, chief people officer at iCIMS, a cloud-based human resources and recruiting software company, talks about how new graduates can get their dream job.
