The S&P 500 and Nasdaq $NDAQ opened higher on Wednesday as Tesla $TSLA shares rallied after its earnings report. The EV maker’s stock was among the best performers on the S&P 500 Wednesday morning, climbing more than 12%.
The 10-year Treasury yield is poised to reach the highest level of the year
The S&P 500 and Nasdaq $NDAQ opened higher on Wednesday as Tesla $TSLA shares rallied after its earnings report. The EV maker’s stock was among the best performers on the S&P 500 Wednesday morning, climbing more than 12%.
With that, hopes have risen ahead of this week’s earnings release from Big Tech. All eyes are on the upcoming Meta $META and IBM $IBM announcements, which are set to be made after the closing bell. Meta’s stock was up in the morning as the Senate voted for a ban on rival TikTok. Microsoft $MSFT and Google $GOOGL’ parent company Alphabet will release their earnings reports Thursday.
The Dow Jones Industrial Average was down 0.12% to 38,455 Wednesday morning. The S&P 500 jumped 0.3%, while Nasdaq added 0.7%.
Meanwhile, the 10-year Treasury yield is on the verge of hitting its highest level of the year. It rose to 4.657% Wednesday morning, its biggest jump in a week.
In its latest earnings report, Tesla posted revenue of $21.3 billion for the first quarter, or about 45 cents per share. Analysts had forecast that it would report $22.15 billion in revenue, about 51 cents per share.
Despite its biggest revenue drop in 12 years, CEO Elon Musk that the company would start making a cheaper new electric vehicle by early next year. As a result, the stock was up more than 12%, to $161.86, Wednesday morning.
Following a strong earnings report, Visa $V’s shares soared nearly 2%. The global payments technology company reported quarterly earnings of $2.51 per share, beating expectations of $2.43 per share. A year ago, earnings per share were $2.09. For the quarter ended March 2024, Visa reported revenues of $8.78 billion, which was 2.07% higher than expected.
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