Novo Nordisk's valuation surpasses Tesla on its experimental obesity drug data. Plus, a look ahead to Bitcoin halving with ByteTree.com CIO, Charles Morris.

(AI Video Summary)

In today's "Beat the street" video, Angeline Ong gives us trading insights before the Wall Street open. She discusses various topics such as job market strength, Broadcom's AI trick sales, Novo Nordisk's valuation surpassing Tesla, and how the market reacts to non-farm payroll figures.

Interviewing Charles Morris from ByteTree.com

Charles Morris, CIO of ByteStreet, joins the show to talk about the job figures and how they might affect interest rates. He believes the economy is strong, but trying to get inflation from 3% to 2% is uncertain, and he thinks rate cuts will be delayed. He also mentions that markets need to stabilise.

Ong then talks about the Nasdaq and the tech stocks that have boosted its performance. Some of these tech stocks have seen declines, while others continue to rise. She wonders if the Nasdaq will keep going up, especially if there's a rate cut in June. Morris explains that even though three out of the seven tech stocks are in a downtrend, their overall value is higher than other stock markets. He thinks buying the S&P in a low-cost index fund leads to a mispricing of these tech stocks.

The discussion then moves to Bitcoin and its rally in volatile trade. Morris explains that Bitcoin has been around for a long time and has had ups and downs. The upcoming halving event is expected to support Bitcoin, but the volatility of money going in and out of the network might cause fluctuations.

Novo Nordisk ousts Tesla

Ong also covers some corporate news, like Novo Nordisk surpassing Tesla in market value due to positive trial data for its obesity drug. Broadcom's earnings beat expectations, but investors were disappointed in its semiconductor business revenues. Gap's earnings were led by its Old Navy brand, which exceeded Wall Street expectations.

Nasdaq and USD technical analysis

The video also includes technical analysis of the Nasdaq and the dollar. The host and Axel Rudolph discuss the possibility of the Nasdaq continuing to go up, but they note some negative signs in the charts. They say a reversal would only be valid if the Nasdaq breaks certain support levels.

Jeremy Naylor also provides a technical outlook for the US dollar, suggesting it may continue to weaken against the euro. He recommends trading EUR/USD with a stop loss and mentions potential price targets.

To wrap up, they preview next week's consumer price inflation data and how it might impact the market. Ong mentions the possibility of the US dollar weakening and recommends trading the euro higher with a stop loss.