Stock Market Today: Nasdaq Drops as Tesla, Micron Edge Lower
On Monday, stocks opened under a mild strain as the oil prices gained and automakers pondered sharply.
The automakers which had heavy losses in the market are Ferrari (RACE), Fiat Chrysler (FCAU), and Tesla (TSLA). Meanwhile, Hasbro (HAS) and Mattel (MAT) made an upbeat position. After the report on quarterly results, Halliburton (HAL) declined.
The Nasdaq Composite made a 0.2% decrease as Micron Technology (MU) and Tesla edged lower in trading. Moreover, the Dow Jones and S&P 500 dropped to 0.1%.On one hand, Exxon-Mobil (XOM) and Chevron (CVX) headed the initial gains among the stocks of Dow. Hasbro and Mattel, on the other hand, displayed the strongest moves of S&P 500.
It was a busy week for the stocks of blue chips. Based on the stock earnings reports, the FANG stocks made a slowdown on early Monday. However, the FANG stocks jumped after the close when Alphabet (GOOGL) reports. On Wednesday, Facebook (FB) reposts while AMAZON (AMZN) reports on Thursday. On early Tuesday, Lockheed Martin (LMT) reports while Boeing (BA) has a Wednesday due. During the week all the following stocks will have to report: Verizon (VZ), Intel (INTC), Exxon Mobil, Merck (MRK), and McDonald’s (MCD).
Meanwhile, some of IBD 50 stocks namely ServiceNow (NOW), Twitter (TWTR), Mastercard (MA) and Align Technology (ALGN) will also report.
Stock Market Today: Automakers Ferrari, Fiat Chrysler, Tesla decline in market
Automakers such as Fiat Chrysler made a 3% drop while Ferrari declined to 5% after the struggle of investors with Chief Executive Sergio Marchionne’s sudden exit. Marchionne supervised both Fiat Chrysler and Ferrari. Long-time Jeep Executive Mike Manley named as the new chief of Fiat. The appointed CEO of Ferrari was Louis Camilleri who was the chairman at Ferrari sponsor Philip Morris International (PM). Marchionne is widely known for his efforts on restoring fiat and Chrysler. He also made Ferrari profitable. Since its IPO in 2014, the shares of Fiat Chrysler increased to 263%. Meanwhile, Ferrari made a 169% end on Friday, surpassing its 2015 IPO price in October.
Tesla decreased to almost 5% after the news that the company asked suppliers in refunding the company’s portion of payments last two years ago. This was according to the Wall Street Journal. At the end of the first quarter, Tesla reported a $2.7 billion in cash expense. Based on reports, Tesla is struggling to meet production goals hence, expending an about $1 billion quarterly. In July, the stocks of Tesla declined to a near 9%.
