Home Business Dow Jones Rises On Jobless Claims; Tesla Stock Dives On Elon Musk Cybertruck Warning

Dow Jones Rises On Jobless Claims; Tesla Stock Dives On Elon Musk Cybertruck Warning

by Mark Mendoza

The Dow Jones Industrial Average saw gains on Thursday following the release of positive weekly unemployment claims data by the Labor Department. Meanwhile, Tesla stock experienced a significant drop after Elon Musk issued a warning about the company’s Cybertruck and revealed disappointing quarterly earnings. On the other hand, Netflix stocks soared after reporting strong results.

The Labor Department reported that first-time claims for unemployment assistance surprisingly fell to 198,000, defying expectations of a modest increase. Additionally, the Philadelphia Fed’s Manufacturing Index improved to -9.0 in October after experiencing volatility in the previous months.

In terms of earnings, Alcoa, AT&T, Lam Research, Netflix, and Tesla were the key movers on Thursday morning. Alcoa stocks dropped 2.3%, while AT&T stocks jumped over 8%. Lam shares experienced a 2% decline. Tesla stocks plunged 7% after the company reported worse-than-expected earnings and revenue. However, Elon Musk announced that Cybertruck deliveries will begin next month, although he also warned about the challenges in making the Cybertruck cash-flow positive.

Netflix stocks surged nearly 15% after surpassing expectations for new subscribers in the third quarter. The company added 8.76 million new subscribers during the period, beating analyst predictions.

The Dow Jones Industrial Average rose slightly by less than 0.1%, while the S&P 500 and Nasdaq composite also experienced small gains in Thursday morning trades. Oil prices dropped around 1% and remained in negative territory for the week.

Despite the recent gains in the stock market, there are concerns about the stability of the current rally. The Nasdaq composite, S&P 500, and Dow Jones Industrial Average all faced declines on Wednesday.

In the stock market today, NVIDIA stocks rose around 1%, while tech giants Apple and Microsoft also saw increases after the market opened. Other top stocks to buy and watch include Arista Networks, Lululemon Athletica, Meta Platforms, and Regeneron Pharmaceuticals.

Dow Jones stocks JPMorgan Chase and Salesforce are struggling to regain their 50-day line and are currently building a flat base. Software leader Salesforce is battling resistance around its 50-day line, and if it breaks that level, it could move closer to a buy point in a double-bottom base.

Tesla stocks fell below their key 50-day line after reporting quarterly earnings, jeopardizing their cup-with-handle base with a buy point at 278.98. Apple stocks extended their losing streak to four sessions, but if they rebound, they could form a double-bottom base with a buy point at 189.98.

In conclusion, the stock market experienced mixed trends on Thursday, with the Dow Jones Industrial Average seeing slight gains and Tesla stocks plummeting due to disappointing earnings. However, other stocks like Netflix and tech giants Apple and Microsoft performed well. Investors will continue to monitor market trends and earnings reports for potential investment opportunities.

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