Home » Wall Street: Tesla’s redemption with a comeback of over +5%, Apple remains at its lowest since June 2021

Wall Street: Tesla’s redemption with a comeback of over +5%, Apple remains at its lowest since June 2021

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Wall Street: Tesla’s redemption with a comeback of over +5%, Apple remains at its lowest since June 2021

Wall Street: the protagonist is the comeback of the Tesla stock, which jumps by more than 5%, after the longest bearish trail since 2018.

In particular, yesterday’s plunge in the shares of the EV giant founded and managed by Elon Musk, equal to 11%, came after the press rumors reported by the Wall Street Journal, relating to the group’s decision to extend the suspension of production at its gigafactory in Shanghai, due to the jump in Covid infections among the staff working in the mega factory.

Sentiment on Wall Street is improving after yesterday’s mixed session, which saw the Dow Jones Industrial Average climb 37.63 points, or 0.11%, to 33,241.56 points; the S&P 500 fell 0.4% to 3,829.25, and the Nasdaq Composite fell 1.38% to 10,353.23.

At around 4 pm Italian time, the Dow Jones rose by 0.12%, the S&P 500 recorded a progress of 0.23%, the Nasdaq made +0.25%.

The contained increases highlight the uncertainty that continues to haunt the US stock market, exhausted by concern for a Fed that is still aggressive on rates and by the fear of inflation.

The Nasdaq, in particular, yesterday had to deal not only with the umpteenth collapse of Tesla, but also with the turnaround of the Apple share, which fell to its lowest level since June 2021. AAPL fails its recovery attempt in the first minutes of the day trading, slipping below parity.

The stock of the iPhone giant is another illustrious victim of these recent sessions and has returned from declines in the last three sessions and in eight of the last nine trading days.

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Concerns are over the impact that the jump in Covid infections in China will have on iPhone production and delivery, given the disruptions that have already hit the country’s smartphone assembly plants in recent weeks.

Investors especially fear new closures and lockdowns at the Zhengzhou assembly plant operated by Foxconn, where the components for the production of the iPhone 14 and iPhone 14 Pro Max are assembled.

In general, growth stocks paid for yesterday’s hike in Treasury rates, with 10-year rates climbing nearly 11 basis points to 3.85%.

Now yields on 10-year US government bonds are making an about-turn, falling to 3.837%, while rates on two-year Treasuries, more sensitive to the Fed’s monetary policy decisions, are falling to 4.339%.

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