Wall Street is picking up something – companies connected to Elon Musk traded the most
The case is intensifying in Tesla after concerns that Elon Musk will need to reduce his ownership in the electric car giant to finance his purchase of Twitter. Twitter stock is going in the opposite direction and approaching zero.
The US ten-year interest rate bounced up to 3.77 percent from Tuesday’s 3.56 percent. As a result, the technology-heavy Nasdaq, with interest rate-sensitive growth companies, falls more than other indexes. The Nasdaq is down 1.2 percent at 6:45 p.m.
The Dow Jones falls 0.4 percent and the S&P 500 0.6 percent.
Among the technology stocks, Netflix is down 3.9 percent, Apple down 0.7 percent, Microsoft minus 0.7 percent, Nvidia minus 1.6 percent and AMD minus 1.7 percent. Things aren’t going any better for Swedish Spotify, which during the day announced an acquisition. The akit falls a whopping 4.6 percent.
Among the most traded companies are two that have connections to Elon Musk.
Tesla is down 5.4 percent at the same time that Twitter – which opened 3 percent down – has recovered and is trading around minus 0.7 percent at 7 p.m. time. Twitter rose a whopping 22 percent on Tuesday that Elon Musk again says he is interested in buying the microblog after trying to get out of the deal for a long time.
Among today’s winners is Exxon Mobil, which is up 4.4 percent. Within the sector, Opec+ has announced during the evening that they intend to reduce production by as much as 2 million barrels per day. Oil prices moved cautiously higher in response to the decision.
US stocks of both crude oil and gasoline were longer than expected, which was also presented during the afternoon, Swedish time. Stocks of gasoline fell 4.7 million barrels, expected there was minus 1.3 million barrels.