The S&P 500 and Nasdaq started higher on Wednesday with Tesla shares rising. earnings report. Shares of the EV maker were among the best performers on the S&P 500 index Wednesday morning, rising more than 12%.
That’s why expectations are high ahead of Big Tech companies’ earnings reports this week. All eyes are on the meta and IBM’s future announcements scheduled to take place after the closing bell. Meta’s stock rose in the morning. The Senate voted in favor of banning rival TikTok. Microsoft and Google’s parent company Alphabet will release earnings reports on Thursday.
The Dow Jones Industrial Average fell 0.12% to $38,455 Wednesday morning. The S&P 500 rose 0.3% and the Nasdaq rose 0.7%.
Meanwhile, the 10-year Treasury yield is on track to reach its highest level this year. It rose to 4.657% on Wednesday morning, the biggest rise in a week.
Tesla promises cheaper EVs, stock price soars
In Tesla’s latest financial report, Posted First-quarter sales were $21.3 billion, or about 45 cents per share. Analysts had expected sales of $22.15 billion, or about 51 cents a share.
Despite the biggest revenue decline in 12 years, CEO Elon Musk said the company will start turning a profit. New electric cars that are cheaper By early next year. As a result, the stock price rose more than 12% to $161.86 as of Wednesday morning.
Visa stock soars after strong financial results report
next strong earnings report, Visa’s stock price soared nearly 2%. The global payments technology company reported quarterly earnings of $2.51 per share, beating expectations of $2.43 per share. Earnings per share a year ago were $2.09. For the quarter ending March 2024, Visa report Revenue was $8.78 billion, beating expectations by 2.07%.
