Highly anticipated quarterly earnings reports are coming this week, including from Tesla, Facebook parent Meta, Microsoft, and Google parent Alphabet
The Dow Jones Industrial Average rose more than 300 points on Monday after as AI chipmaker Nvidia $NVDA bounced back from last week’s steep decline. Tesla $TSLA stock continued its recent slide ahead of Tuesday’s closely watched earnings report for Elon Musk’s EV maker.
The Dow rose 325 points, or almost 0.9%, to 38,3211 in Monday afternoon trading. The tech-heavy Nasdaq $NDAQ jumped 1.1%, while the S&P 500 added 1%.
The yield on the 10-year Treasury increased slightly to 4.64%. Oil prices dropped even further, with West Texas Intermediate futures trading at $81.40 per barrel.
Tesla has cut prices across several of its major markets — including China, Germany, and the U.S. — to combat slowing demand for electric vehicles ahead of a major earnings report due Tuesday.
Earlier this month, Tesla reported its first quarterly year-over-year sales decline since 2020. The Austin, Texas-based automaker sold 10% less Model 3 compact cars and Model SUVs, which make up the majority of its deliveries.
“Tesla prices must change frequently in order to match production with demand,” Musk said Sunday on X $TWTR.
Tesla stock was down 2.9% on Monday afternoon. The stock is down more than 42% so far this year, making Tesla one of the worst performers in the S&P 500
Last Friday saw a big jolt for AI stocks, after Super Micro Computer announced it would not pre-announce earnings and that it would report fiscal third-quarter results on April 30. The stock fell more than 23% and helped drag down other AI stocks, including Nvidia and Micron $MU Technology.
Nvidia stock recovered somewhat from Friday’s selloff and was among the top performers in the S&P 500, gaining more than 3.8% around mid-afternoon. But Super Micro Computer was down 1.6%.
–William Gavin contributed to the article.
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