The S&P 500 index closed at a new high of 4,187.62, up 0.2 percent. The Nasdaq Composite rose 0.9 percent to 14,138.78, setting a new high for the first time in over two months. The Dow Jones Industrial Average, which fell 0.2 percent to 33,981.57, was the only major index to fall. The index is within 1% of its all-time highs set over a week ago. The 10-year Treasury yield in the United States remained well below last month’s highs, while the dollar rose slightly.
Tesla’s stock ended the day up 1.21 percent, with the electric car maker reporting a new net income of $438 million. Tesla has outperformed analysts’ forecasts in terms of earnings and revenue, thanks to bitcoin sales and regulatory credits.
The fact that Tesla grew vehicle unit sales by more than 100 percent year over year but grew service centres by only 28 percent and its mobile service fleet by only 22 percent explains why some Tesla customers face frustratingly long waiting times for repairs. Service expansion is not keeping pace with the volume of vehicles sold.
Chinese authorities are investigating food-delivery giant Meituan for possible monopolistic activities, as part of a broader effort to reel in China’s tech behemoths, which saw Alibaba Group Holding Ltd. hit with a record fine earlier this month.
Fed Chair Jerome Powell hosts a news conference after the Fed meeting on Wednesday, and Joe Biden addresses a joint session of Congress for the first time on Wednesday.
S&P 500 Top gainers
- Freeport-McMoran up 6.87% to close at $39.05.
- Albemarle up 5.79% to close at $170.57
- Western Digital up 4.91% to close at $71.41
- Seagate up 4.62% to close at $93.27
- Skyworks up 4.58% to close at $199.66
S&P500 Top losers
- TripAdvisor -4.39% to close at $48.75
- Footlocker down -3.32% to close at $57.10
- Nordstrom down -2.85% to close at $36.53
- Macy’s Inc down -2.72% to close at $16.46.
- McKesson down -2.28. % to close at $191.62
Wall Street Outlook
Speculators deny that the market is approaching a maximum, claiming that if the market were nearing a peak, fund managers would sell cyclical securities, or names that outperform during expansionary cycles. However, once the nation completely reopens and recovers from the pandemic-induced decline, Americans are likely to spend more on travel and entertainment.
Nairametrics, however, advises cautious buying in this era of growing uncertainties.