S&P 500 ends day flat; Tesla, Marvell Joins New Market
The stock market rise had a mixed day on Monday, but many leaders performed admirably. After the FDA approved Biogen’s controversial Alzheimer’s medicine, BIIB shares surged. Dow Jones futures were marginally higher Tuesday morning, while S&P 500 and Nasdaq futures were marginally higher. While the Bitcoin price is falling, Tesla (TSLA) and Marvell Technology (MRVL) are signaling rises above basic levels. Bitcoin fell below $33,000 overnight, the lowest level since May 23. Bitcoin is currently trading just above $33,000, down 9% from the previous day.
Tesla shares surged over a critical level early Tuesday as Chinese sales returned in May, alleviating some concerns about demand in that vital market. This comes on the heels of Tesla CEO Elon Musk canceling the planned Model S Plaid Plus. In addition, Marvell Technology (MRVL) is indicating an earnings breakout.
Marvell earnings marginally outperformed expectations for the first quarter, with the chipmaker predicting slightly higher for the second quarter. As a result, MRVL stock jumped 5% to over 51 before the open, indicating a breakout. On a consolidation dating back to late January, Marvell stock has a 49.31 handle. The RS line for MRVL stock, on the other hand, is significantly below highs. On Monday, shares fell 0.9 % to 48.27.
In May, Tesla China’s wholesale sales totaled 33,463, including 21,936 domestic and 11,527 export sales. This is according to the China Passenger Car Association. That is a significant increase from April when Tesla wholesale sales decreased 27 % to 25,845. Tesla’s domestic sales fell 67 % to 11,671 after excluding 14,174 units for export. Local sales increased by 88 % in May. Elon Musk, CEO of Tesla, announced the cancellation of the Tesla Model S Plaid Plus, stating that the upcoming Plaid would suffice. On the other hand, the Plaid Plus came with a much higher price tag, with Tesla touting an expected range of more than 500 miles vs. about 400 miles for the Plaid.
Tesla stock gained 3% to 623 before the market opened on Tuesday, marking another rise above its 200-day moving average. TSLA shares rose 1% to 605.13 on Monday after dipping to 582.88 intraday. Tesla stock’s RS line is barely over a six-month low.
In recent trading sessions, U.S. stock indexes have been relatively quiet, with investors examining various factors such as the economic outlook, supply-chain issues, and stock valuations. In addition, while inflation expectations have softened in recent days, investors remain on the lookout for evidence that the Federal Reserve may reconsider its easy-money policies.
- The Dow Jones Industrial Average DJIA, -0.09% fell 126.15 points, or 0.4 %, to settle at 34,630.24, after surging past its all-time closing high of 34,777.76 at the start of the session.
- The S&P 500 index SPX, +0.02 %, lost 3.37 points to close at 4,226.52, down 0.1 % but still not far from its record close of 4,232.60 set on May 7.
- The Nasdaq Composite Index COMP, +0.31 % finished the day up 67.23 points, or 0.5 %, at 13,881.72.
- The Russell 2000 RUT, +1.06 % index of small-cap stocks, finished the day up 1.4 % at 2,319.18.
Bitcoin is currently trading just above $33,000, down 9% from the previous day. On Monday, US law enforcement announced the recovery of $2.3 million in Bitcoin paid to hackers by the Colonial Pipeline last month. The major East Coast gasoline pipeline shut down as a result of the hack attack. Colonial announced a payment of $4.4 million. Bitcoin’s privacy is a crucial selling advantage, making it attractive among criminals and tax evaders. However, the United States is taking steps to combat Bitcoin-related tax avoidance.
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