Complicating matters further is that Tesla does not have UAW workers. EVs have fewer parts than vehicles with internal combustion engines, so they require fewer UAW workers. Interestingly, the United Auto Workers (UAW) has not endorsed Joe Biden’s re-election, apparently because they are going increasingly uncomfortable with the Biden Administration’s big EV push. The truth of the matter is there are a lot of disagreements within NATO, so Ukraine would be wise to convince NATO that a ceasefire and eventual peace agreement with Russia is necessary, because the war has become more futile as well as devasting for both Russia and Ukraine. So even though NATO is effectively funding a proxy war with Russia by providing military aid to Ukraine, the Biden Administration is apparently afraid of an escalating war with Russia if Ukraine joins NATO. Other NATO members wanted to provide Ukraine with a roadmap to join NATO, but President Biden has emerged as the leading opponent to granting Ukraine a speedy path to become a NATO member. President Biden is at a NATO conference in Lithuania this week and the mood was buoyed by Sweden becoming a new NATO member after Turkey dropped its opposition. On June 3rd, these 7 companies accounted for 50.9% of the NASDAQ 100, which trigged NASDAQ to announce a “special rebalance” for the first time ever to comply with the SEC diversification rules. This rebalance is actually intended to allow the NASDAQ 100 to stay in compliance with the SEC diversification rule that limits the aggregate weight of the largest stocks with 5% or more weights to 50%. So the NASDAQ 100 stocks outside of the top 7 stocks should benefit from persistent institutional buying pressure. The changes will be announced on Friday, July 14 th.
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