- The Dow Jones Industrial Average and other major indexes continue to hold above key levels despite uncertainty over interest rate cuts.
- Tesla (TSLA) faces a government probe, while Intel (INTC) suffers a blow on the stock market due to reports of a ban on exports of its products to China.
- The Dow rose 0.4%, on track for the sixth day of winnings, while the S&P 500 was virtually flat on the stock market today.
Amidst uncertainty over interest rate cuts, major indexes hold firm while Tesla and Intel face challenges. Get the latest stock market news and insights here.
Stock Market Today: Fed Rate Worries; Tesla Self-Driving Woes
On Wednesday, Boston Fed President Susan Collins suggested it would take longer “than previously thought” to bring rates down. This follows similar opinions from New York Fed President John Williams and Minneapolis Fed President Neel Kashkari. Meanwhile, Tesla fell nearly 2% on a report of a new probe about claims for its electric vehicles’ self-driving capabilities.
Dow Jones Stocks: Intel Falls
Among stocks on the Dow Jones index, Intel fell after announcing second-quarter revenue could suffer due to the U.S. Department of Commerce pulling back a China export license. Health care and tech stocks were mixed in the Dow industrials.
Stock Market Today: Shopify, TripAdvisor Among Big Movers
Shares of Shopify plummeted nearly 20% after the company’s outlook for the current quarter disappointed. Other earnings-fueled sell signals came from TripAdvisor, which plunged nearly 30% and undercut its base as shares sank below the 200-day line.
Reddit Surges, Uber Falls On Results
Reddit jumped nearly 5% after revenue beat estimates. The social media platform currently boasts a partnership with Google-parent Alphabet, which is paying for access to its data to train large language models for artificial intelligence applications. Elsewhere, Uber fell nearly 7% after the ride-sharing company reported a loss in its first quarter.
Conclusion
Despite uncertainties over interest rate cuts, major indexes continue to hold firm. However, individual stocks like Tesla and Intel face challenges. As the stock market continues to fluctuate, investors are advised to stay informed and make strategic decisions.
