Tesla slid 4.7% as the electric vehicle maker missed Wall Street expectations on third-quarter gross margin, profit and revenue. CEO Elon Musk said on...
- U.S. stock index futures fell on Thursday as Treasury yields climbed to fresh 16-year highs, taking the sheen off stocks in premarket trading, while Tesla dropped and Netflix surged after their quarterly earnings.
"Tesla cut prices earlier this year to stimulate demand, but it might need to go further if it wants to get more of its vehicles on the road," said Russ Mould, investment director at AJ Bell. All eyes will be on the Federal Reserve Chair Jerome Powell, who will take the podium in New York at 12 p.m. ET with his colleagues at the U.S. central bank in apparent agreement to hold interest rates unchanged at their next meeting in two weeks.
Yields on the benchmark Treasury notes spiked on Thursday, with the 2-year yield that best reflects interest rate expectations climbing to a 17-year high at 5.2442% as recent economic data cemented fears of higher-for-longer rates.Fed policymakers , on Wednesday, signaled a pause in hiking interest rates for another couple months as they wait for signs of progress on taming high inflation and the potential for the recent rise in longer-term borrowing costs to do some of their work for them.
Among other stocks, Lam Research fell 3.6% after the chip manufacturing equipment supplier forecast second-quarter revenue slightly below Wall Street estimates due to weak memory chip demand, even though its China business continues to boom.
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