Tesla’s stake fell seven percent after Musk presented “Master Plan 3” on Wednesday. Salesforce was up 13 percent after the quarterly numbers.
The status is updated throughout the day:
Technology stocks weighed on the US stock markets on Thursday afternoon. This is what it looks like for the three major indices shortly after opening hours:
- The Dow Jones Industrial Average rose 0.2 percent
- The technology-heavy Nasdaq index fell 0.9 percent
- The S&P 500 index fell 0.5 percent
– The market reacts to stronger economic data, data that doesn’t confirm a correction in inflation – It’s pretty clear we could be in a situation where growth is as high as we want it to be, and inflation doesn’t come down as fast as we’d like it to be, Smith Capital Investors says, higher interest rates are starting to kick in stock market segmentation CNBC.
The yield on the 10-year US Treasury note continues to rise this week. On Thursday afternoon, it was 4.06 percent. It’s a sign that the Fed’s warnings that interest rates will remain high, for a long time, are finally starting to wane bloomberg.
The US 10-year bond is often referred to as the world’s most important interest rate bond because it affects interest rates and financial markets around the world. Higher interest rates are usually a negative for growth and technology stocks that will generate a lot of their earnings in the future.
Tesla Tesla after a disappointing investor presentation
Tesla shares have been dropping since the start after Elon Musk presented the company’s “Master Plan 3” on Wednesday night.
A number of ambitious goals for Tesla were presented during the four-hour presentation at the company’s headquarters in Austin, USA, but few concrete plans – which is what Wall Street investors were hoping for.
Among other things, the electric vehicle manufacturer has confirmed its plans to set up a factory in Monterrey, Mexico. In advance, the head of Tesla was expected to present an affordable model, but this did not happen.
A bit of news from Tesla’s four-hour show – the stock is down
Salesforce rose after the quarterly numbers
Software company Salesforce is on the rise after fresh quarterly numbers surprised investors on the upside. Just after business hours, the share rose by 13 percent.
The company’s sales amounted to 8.38 billion dollars, compared to 7.99 billion dollars, as expected by analysts CNBC. This is 14 percent more than the same period in 2021.
Salesforce, meanwhile, reported a loss of $98 million in the quarter, compared to a loss of $28 million in the previous year’s fourth quarter.
In January, Salesforce co-founder and CEO Marc Benioff announced that the company would cut 10 percent of its workforce, which represents more than 7,000 people, and that the restructuring strategy resulted in costs of $828 million during the quarter.
The past 90 days have been “extremely intense,” said Amy Weaver, Salesforce’s chief financial officer, according to CNBC.
Fewer new vacancies than expected
The number of first-time applicants for unemployment benefits in the United States (unemployment claims) reached 190,000 people last week, according to statistics from the US Department of Labor.
In advance, the number of first-time applicants was expected to be 195,000, according to a consensus forecast from Trading Economics.
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