The S&P 500 closed Monday's session slightly lower as investors held their breath before a crucial inflation reading that could provide clues as to how long the U.S. Federal Reserve will keep interest rates elevated.
Market Snapshot
The Dow Jones Industrial Average rose 54.77 points, or 0.16%, to 34,337.87, the S&P 500 fell 3.69 points, or 0.08%, to 4,411.55 and the Nasdaq Composite fell 30.36 points, or 0.22%, to 13,767.74.
Market Movers
Tesla shares gained 4.2% on Monday. India is considering tax cuts on the imports of completely-built units of electric vehicles, for a period of up to five years, as it tries to entice the likes of Tesla Inc. to sell and eventually make its cars in the country.
Nvidia shares rose 0.6% in Monday trading to notch their ninth session in a row of gains. That made for the stock's longest winning streak since Dec. 27, 2016, when it rose for 10 trading days in a row. The chip giant earlier Monday introduced its new artificial-intelligence chip, promising significant performance improvements relative to the prior model.
Boeing closed up 4% after a report from Bloomberg said the Chinese government was considering lifting a commercial freeze for the plane maker’s 737 MAX jet later this week when President Joe Biden and China’s President Xi Jinping meet during the APEC Summit in San Francisco. Also boosting the stock was an announcement from Emirates at the Dubai Airshow that it would buy $52 billion of Boeing aircraft, while SunExpress, a joint venture of Turkish Airlines and Lufthansa, announced it would buy 90 737 MAX jets.
Fisker Inc. $(FSR)$ shares plunged around 14.8% in the after-hours session Monday after the electric-vehicle maker widened its quarterly loss and reported sales that missed the mark, underscoring the difficulties of turning a profit in the EV world.
Fisker lost $91 million, or 27 cents a share, in the third quarter, compared with a loss of $149.3 million, or 49 cents a share, in the year-ago period. Revenue rose to $71.8 million, from $14,000 a year ago and $825,000 in the second quarter.
Tyson Foods fell 2.8% after fiscal fourth-quarter sales missed analysts’ expectations and the meat company issued a disappointing outlook for fiscal 2024.
Plug Power fell 1.7% following a decline of 41% on Friday after the hydrogen fuel cell specialist raised “substantial doubt about [its] ability to continue as a going concern.”
Monday.com was rising 11% after the work management platform raised full-year guidance.
Henry Schein rose 5.4% even after the provider of dental and medical supplies missed analysts’ estimates on third-quarter sales and reduced its full-year guidance.
Illumina fell 5.7%. The stock declined 8% on Friday after the DNA sequencing company said it expects revenue to fall between 2% and 3% in 2023, compared with previous projections for growth of about 1%.
Shares of StoneCo were up 13% after the Brazilian financial services company on Friday reported third-quarter earnings that more than doubled and revenue that topped estimates.
Market News
Tesla Raises Basic Model 3, Model Y Prices Slightly in China
Tesla has slightly raised the prices of the basic Model 3 and Model Y in China, after making a similar move last week for the long-range versions of both models.
Effective immediately, the price of the Model 3 rear-wheel-drive version has increased by RMB 1,500 ($206), and the Model Y rear-wheel-drive version has increased by RMB 2,500, Tesla announced today on Weibo.
The Model 3 and Model Y are the models that Tesla builds at its Shanghai plant; its other two more expensive models, the Model S and Model X, are not built in China.
TikTok in Talks With Indonesian E-Commerce Firms About Partnerships
TikTok has been holding talks with Indonesian e-commerce companies about possible partnerships, an Indonesian minister said on Monday, a month after Southeast Asia's largest economy banned online shopping on social media platforms.
TikTok has spoken with five companies including GoTo's e-commerce unit Tokopedia, Bukalapak.com and Blibli, according to Teten Masduki, minister for small-medium enterprises (SMEs).
Amazon Cuts Games Unit Jobs in Broader Restructuring
Amazon.com has cut around 180 jobs in its games division, at least the second round of layoffs in under a week by the online retailer and digital streaming provider in a broader restructuring, an email viewed on Monday by Reuters showed.
"After our initial restructuring in April, it became clear that we needed to focus our resources even more on the areas that are growing with the highest potential to drive our business forward," said Christoph Hartmann, vice president of Amazon Games, in the Nov. 13 email.