Friday , February 26 2021

This year’s Tesla upswing is evaporating – technological turbulence on Wall Street – E24



The afternoon has been stormy on Wall Street. Tesla has recovered from the sharp decline in early trading.

QUICK DROP: Tesla will continue its decline in early stage trading on Tuesday. Tesla boss Elon Musk will be pictured here during the event in 2019.

MIKE BLAKE / Reuters

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An hour and a half to the trading day, the situation is completely different than just an hour ago. The technology-focused Nasdaq fell nearly four percent at its worst, but drops 17 “just” just over one percent.

Electric car maker Tesla has focused on Tuesday after the company began a week-long decline of more than eight percent. On the worst Tuesday, the stock fell more than twelve percent, but now the picture is completely different.

After one and a half hours of trading, Tesla’s stock has fallen 2.38 percent to 697.53 points.

In less than a month, the stock has thus fallen 21 percent from the $ 883.09 list held on January 26th.

At the time of writing, the rise of the entire company this year has evaporated.

This is the situation in the leading indices:

  • The S&P 500 will fall 0.32 percent
  • The Nasdaq has fallen 1.08 percent
  • The Dow Jones has fallen 0.20 percent

Fear of higher inflation has increased among investors in recent weeks after government bond yields rose as Congress seeks to get through Joe Biden’s interest rate crisis package, writes CNBC.

According to the site, investors fear that a price jump as a result of the crisis package could mean the central bank will have to raise interest rates.

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Therefore, the next generation will be used for shares abroad

Analyst: Tesla connected directly to bitcoin

Earlier this month, Tesla announced it had purchased bitcoin for $ 1.5 billion in January. This led to a crazy rise in cryptography.

After yesterday’s tough drop, Wedbush analyst Daniel Ives is now warning CNBC.

– Musk (CEO Elon Musk editor’s note) is now connected to the Bitcoin story in the eyes of Wall Street and while paper-based Tesla has earned a billion a month from digital gold ownership, there is an increased risk this week Ives writes to CNBC via email.

He also warned that Tesla’s Bitcoin acquisitions could protect investor interest in electric car production in the short term.

One Bitcoin now costs $ 46,700, down 11.5 percent from last year

The decline in Tesla stock in recent days has contributed to Amazon founder Jeff Bezos now estimated to be the richest man in the world according to the Bloomberg Billionaire Index. Elon Musk has held the mission mostly continuously since the beginning of January.

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You need to know this before you put your money in the stock market

Mixed with tech shares

Otherwise, on Wall Street, the trading day is marked by a decline in technology. Apple fell no more than five percent, but here, too, the decline has been significantly subdued throughout the day.

Here’s how it goes among the best-known technology companies:

  • Apple is down 1.71 percent
  • Amazon has fallen 0.55 percent
  • Facebook has risen 1.50 percent
  • Netflix has risen 1.57 percent
  • The alphabet (Google) has dropped 0.08 percent

Meanwhile, central bank chief Jerome Powell will speak at a Senate hearing on Tuesday. Normally, this is an event that doesn’t get much attention, but due to the rise in government bond yields and the inflation turmoil, any statements made by Powell could affect the market.

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