Wall Street puts gloom about China aside; dent in Tesla | Financial

Wall Street puts gloom about China aside;  dent in Tesla |  Financial

The Dow closed at plus 0.3% at a record high of 35,400 points and the S&P 500 closed at 4,479 points, up 0.3%. The Nasdaq Technology Index fell 0.2 percent to 14,793 points.

Disappointing data on Chinese manufacturing and retail sales initially raised concerns about weak growth in the world’s second largest economy. Moreover, there has been uncertainty about the progression of the delta shape of the coronavirus, which could undermine the economic recovery.

The oil sector fell on Wall Street due to lower oil prices on the back of economic concerns. Major carriers such as ExxonMobil and Chevron lost up to 1%.

Tesla Down

Tesla is down 4.3 per cent. US authorities have launched an investigation into the safety of the Tesla autopilot after a series of collisions. Supervisor NHTSA announced that it will study the electric car maker’s driver assistance system. Fellow industry Nio takes an even bigger hit and loses 5.8%.

On the quarterly earnings front, attention has focused on oat milk maker Oatly, which debuted on the New York Stock Exchange in May. After a positive stock market opening, the numbers didn’t go down well with investors, because Oatly’s share fell to less than 3%.

Audio equipment maker Sonos also won nearly 2%, after winning the International Trade Commission in a patent dispute with Google subsidiary Alphabet.

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