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Tesla shares plunged up to 15% after weak quarterly earnings, triggering about $4.1 billion in one-day gains for short sellers. Concerns over AI spending, high valuation, and soft auto margins weighed on sentiment, though retail investors continued buying and some analysts see the decline as a long-term opportunity.
Wall Street closed sharply lower with Nasdaq down over 2% as weak Big Tech earnings and rising AI spending concerns hit sentiment. Surging oil prices above $100, driven by Middle East tensions, reignited inflation fears and pushed bond yields higher, overshadowing gains in defense stocks like Lockheed Martin.
Dow Inc predicts that its third-quarter core profit will surpass Wall Street’s forecasts, bolstered by effective cost-cutting strategies. Although there may be challenges like pricing declines and seasonal slowdowns, the company noted strong sales growth in its packaging and specialty plastics segment. Notably, shares of the chemicals manufacturer experienced an uptick during morning trading.
Suryoday Small Finance Bank reported a more than twofold rise in first-quarter net profit to Rs 75 crore, driven by healthy business growth. Net interest income, operating profit and advances increased strongly, while gross NPAs improved significantly from a year earlier.
Tesla and Alphabet shares fell after quarterly results as investors overlooked robust revenue growth and focused on weaker margins, missed earnings and rising AI spending. The selloff highlighted Wall Street’s growing demand for profitable AI investments with stronger near-term returns.
In a remarkable second-quarter performance, Nasdaq outshined analyst profits, driven by robust revenue growth in its capital access platforms. Significant trading volumes and notable listings enhanced its financial standing. The CFO reassured stakeholders, minimizing fears about rivalry from perpetual futures contracts. Following the earnings report, the company’s stock experienced a favorable upswing, reflecting investor confidence.
Disclaimer: The content of this post is sourced from external sites and is for informational purposes only. All rights and…
US stock markets faced a sharp downturn on Thursday, primarily driven by worries around Big Tech earnings. Following their quarterly financial disclosures, shares of Alphabet and Tesla fell sharply. Meanwhile, due to rising tensions in the Middle East, oil prices surged to $100 a barrel, reigniting worries about inflation and prompting speculation of impending rate…
Meesho narrowed its June-quarter loss to Rs 133 crore as marketplace revenue surged 48% and user engagement strengthened. Better delivery conversion, higher monetisation, AI-led productivity gains and rapid seller growth, especially from smaller cities, supported improved operating performance.