The three main New York Stock Exchange indices opened Tuesday’s session in red. Driving the devaluation of Elon Musk’s company is the publication of car deliveries in the first quarter, which disappointed the market.
The New York Stock Exchange opened this Tuesday’s session, the second of the month and of the new quarter, in negative territory. Tesla is one of the listed companies that stands out negatively, as the electric car manufacturer’s shares were falling 6.48% to $163.87 five minutes after the bell rang on Wall Street.
Driving the declines of Elon Musk’s company is the publication of car deliveries in the first quarter, which disappointed the market. Both deliveries (386,810) and production (433,371) were below the same period last year, when it made 422,875 deliveries and produced 440,808 vehicles.
Observing the three main indices, the industrial Dow Jones falls 0.95% to 39,191.98 points, making it the second consecutive day in red at the beginning of this second quarter of 2024. As for the financial S&P 500, it drops 0.84% for the 5,199.84 points. The technological Nasdaq loses 1.30% to 16,184.26 points. In turn, the Russell 2000 depreciates 1.81% to 2,065.25 points.
Investors await the announcement of job openings in the United States (JOLTS – Job Openings and Labor Turnover Survey) this afternoon and results from the ADP private employment survey on Wednesday. Tomorrow there will also be a public intervention by the president of the North American Federal Reserve, in Economic Outlook at Stanford’s ‘Business, Government & Society’ Forum.
“As for Powell’s appearance on Wednesday, we expect little news, with a message in line with that shown last Friday and that of March 20 at the last Fed meeting. The employment data from the United States will confirm the strength of the labor market. Therefore, even if they are positive, their impact will be neutral”, say Bankinter analysts, in research of market.
In technology, Microsoft shares are sliding 0.86% to $420.91, one day after announcing that it will sell the Teams video conferencing application separately from the Office suite, which includes Word or Excel. The objective is to avoid a fine from the European Union competition authority.
In raw materials, the ‘black gold’ is rising and remains above 80 dollars per barrel. The price of WTI oil, produced in Texas, is rising 1.13% to $84.66 per barrel, while the price of a barrel of Brent is rising 0.97% to $88.27 per barrel.
As for the foreign exchange market, the euro appreciates 0.20% against the United States currency, to 1.0765 dollars, while the British pound advances a slight 0.08%, against the United States currency, to 1.2561 dollars.
