10% Surge Despite Falling Tesla Earnings [Wall Street]

10% Surge Despite Falling Tesla Earnings [Wall Street]

All three major indexes closed higher on the New York Stock Exchange on a positive performance evaluation of tech stocks. Tesla led the Nasdaq, up 10%. However, fears of a recession have spread as the US employment and manufacturing indexes are sending cooling signals.

At the New York Stock Exchange on the 21st (US local time), the Dow Jones Industrial Average finished trading at 32,036.90, up 162.06 points (0.51%) from the previous day.

The S&P 500 rose 0.99% to 3,998.95, up 0.99% from the battlefield, and the Nasdaq, centered on technology stocks, closed at 12,059.61, up 1.36% from the battlefield.

With the exception of energy stocks, almost all stocks closed higher on the day.

The stock that rose the most on the day was Tesla.

Tesla surged 9.79% on the day before, thanks to its positive earnings report in the second quarter of this year. Although Tesla’s sales, earnings per share and number of vehicles delivered in the second quarter decreased from the previous quarter, the market interpreted it as a result of the shutdown of its Shanghai factory in China and global supply chain problems and paid attention to the future growth potential. Tesla’s earnings-per-share were 25% higher than market expectations.

On the same day, most tech stocks such as Amazon 1.51%, Microsoft 0.98%, and Apple 1.51% rose evenly.

Meanwhile, signs of cooling were detected in the US labor market and manufacturing sector.

Last week, 251,000 new jobless claims were filed, beating the Dow’s estimate of 11,000. This figure is also the highest in eight months since mid-November last year. It also showed an upward trend for the third week in a row.

The number of claims for continuous unemployment benefits last week stood at 1.38 million, higher than the previous week’s 1.369,000. This is the highest level in three months since mid-late April this year.

The Philadelphia manufacturing divisor in July came in at -12.3, far below the Dow’s estimate of 1.6. It fell sharply from the previous month (-3.3).

If this index is greater than 0, it means that there are many managers that the economy will improve, and if it is less than 0, it means the opposite.