Nasdaq Retreats; Tesla Shares Higher Midday -- WSJ

Dow Jones04-25

By Angus Berwick and Gunjan Banerji

Tesla shares rocketed higher in midday trading, though their gains couldn't keep the Nasdaq in the green.

Stocks gave up their early morning gains and turned lower after rising for two straight sessions. Some traders said rising bond yields-and a Treasury auction later this afternoon-were driving some of the volatility.

Stay tuned: The "Magnificent Seven" stocks are in the spotlight ahead of more big-tech earnings. Meta is due to report results after the market close, with Microsoft and Google parent Alphabet set to follow tomorrow.

Tesla reported dismal earnings late Tuesday, but Chief Executive Elon Musk took the sting out by committing to accelerate the launch of more affordable vehicles. Investors seemed to like the message.

In other market action:

Stocks turned lower, after staging a strong start to the week.

Boeing shares turned lower after the aircraft maker said it burned through nearly $4 billion in its latest quarter.

Meta's stock fell ahead of its earnings. The shares were up around 40% this year as of Tuesday's close.

Benchmark Treasury yields rose to 4.658%, after falling to 4.597% Tuesday.

Overseas stock indexes climbed. Japan's Nikkei and Hong Kong's Hang Seng both rose over 2%. European indexes edged up, with the U.K.'s FTSE 100 holding around record highs.

Write to Angus Berwick at angus.berwick@wsj.com and Gunjan Banerji at gunjan.banerji@wsj.com

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

April 24, 2024 12:12 ET (16:12 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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Some traders said rising bond yields-and a Treasury auction later this afternoon-were driving some of the volatility. \n\n\n  Stay tuned: The \"Magnificent Seven\" stocks are in the spotlight ahead of more big-tech earnings. Meta is due to report results after the market close, with Microsoft and Google parent Alphabet set to follow tomorrow. \n\n\n  Tesla reported dismal earnings late Tuesday, but Chief Executive Elon Musk took the sting out by committing to accelerate the launch of more affordable vehicles. Investors seemed to like the message. \n\n\n  In other market action: \n\n\n  Stocks turned lower, after staging a strong start to the week. \n\n\n  Boeing shares turned lower after the aircraft maker said it burned through nearly $4 billion in its latest quarter. \n\n\n  Meta's stock fell ahead of its earnings. The shares were up around 40% this year as of Tuesday's close. \n\n\n  Benchmark Treasury yields rose to 4.658%, after falling to 4.597% Tuesday. \n\n\n  Overseas stock indexes climbed. Japan's Nikkei and Hong Kong's Hang Seng both rose over 2%. European indexes edged up, with the U.K.'s FTSE 100 holding around record highs. \n\n\n  Write to Angus Berwick at angus.berwick@wsj.com and Gunjan Banerji at gunjan.banerji@wsj.com \n\n\n  This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage). \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  April 24, 2024 12:12 ET (16:12 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2430630204"}