Stock market today: Tesla cruises higher as most of Wall Street drifts in mixed trading

NEW YORK — U.S. stocks drifted to a mixed finish. The S&P 500 closed little changed Wednesday after a two-day winning streak erased nearly two-thirds of last week’s steep loss. The Dow Jones Industrial Average fell 0.1%, and the Nasdaq composite edged up 0.1%. Tesla jumped after saying the night before that it would accelerate production of more affordable vehicles. Norfolk Southern stumbled after reporting weaker results than expected, as did Teledyne Technologies.

Tesla cruised 10.8% higher after saying the night before that it would accelerate production of new, more affordable vehicles, which investors have been hoping will kickstart growth. The announcement helped investors look past the 55% drop in profit that Tesla reported. The hope is that profit growth will broaden beyond the Magnificent Seven to more types of companies, in large part because a remarkably solid U.S. economy. They'll likely need to deliver fatter profits if they want their stock prices to rise. That’s because they’re unlikely to get much help from the other lever that can lift stock prices: interest rates.

Wednesday’s report said that orders for machinery, airplanes and other long-lasting manufactured goods were stronger last month than expected. Wall Street is in an awkward place where it wants the economy to avoid a painful recession, but not to be so hot that it keeps upward pressure on inflation and convinces the Fed not to cut rates.On Wall Street, railroad operator Norfolk Southern fell 3.8% after reporting weaker results for the latest quarter than forecast.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock market today: Stock futures pop as Wall Street looks to continue record-setting runA bullish mood is prevailing on Wall Street.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: Asian shares trading mixed after Wall Street’s momentum coolsTOKYO (AP) — Asian shares were mixed in muted trading Tuesday, as buying in some markets was soon erased by profit-taking. Japan's benchmark Nikkei 225...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: Wall Street edges lower in premarket after mixed earnings from big banksHONG KONG — Wall Street veered into negative territory early Friday after several big banks issued mixed first-quarter earnings reports and trimmed guidance ...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: Asian shares are mixed after Wall St pulls back after a shaky dayHONG KONG (AP) — Asian shares were mixed on Tuesday after Wall Street pulled back from its record following a shaky day of trading, putting at least a...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: Wall Street opens higher, edging back toward recordsNEW YORK (AP) — Stocks are opening higher on Wall Street. The S&P 500 rose 0.3% early Tuesday, coming off a listless performance where it edged a bit further from its all-time high set last week.
Source: SooToday - 🏆 8. / 85 Read more »

Stock market today: Tesla surges 12%, stocks go nowhere amid earnings rushTesla's surge is putting Big Tech earnings center stage as investors look to megacaps to lift stocks.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »