Wall Street Stocks Close Lower as Tesla, Regional Banks Report Lackluster Earnings


Last Updated: April 21, 2023, 04:38 IST

The tech-heavy Nasdaq Composite Index plunged 0.8 percent to 12,059.56. (Representative image)

The tech-heavy Nasdaq Composite Index plunged 0.8 percent to 12,059.56. (Representative image)

The Dow Jones Industrial Average closed 0.3 percent lower at 33,786.62, while the broad-based S&P 500 dropped 0.6 percent to 4,129.79

Wall Street stocks ended lower on Thursday following lackluster corporate results from electric vehicle maker Tesla and several regional banks.

The Dow Jones Industrial Average closed 0.3 percent lower at 33,786.62, while the broad-based S&P 500 dropped 0.6 percent to 4,129.79.

The tech-heavy Nasdaq Composite Index plunged 0.8 percent to 12,059.56.

“Earnings alone are dragging stocks down as Tesla deals with its margin problem,” said Edward Moya of OANDA in a note.

Shares of Tesla slumped 9.8 percent as it reported a fall in quarterly earnings while hinting that it could face further profit pressures from more price cuts on its vehicles.

Moya added that data also shows that the US economy is weakening.

Meanwhile, shares of regional banks including KeyCorp, Zions Bancorporation and Comerica slumped after earnings reports signaling the impact of an industry panic after the swift collapse of Silicon Valley Bank.

And with with the heaviest earnings period coming up, Patrick O’Hare of Briefing.com said: “The market is a little bit on edge.”

Read all the Latest Business News, Tax News and Stock Market Updates here

(This story has not been edited by News18 staff and is published from a syndicated news agency feed)



Source link

Leave a Comment