Here Are 3 Hot Things to Know About Stocks Right Now
- The S&P 500 declined on Monday after closing higher Friday for the fifth straight session.
- Reports said Donald Trump was ready to impose tariffs on $200 billion worth of China-made goods as early as Monday.
- Tesla Inc (TSLA) was up 1%, reversing earlier losses, after CEO Elon Musk said the electric carmaker was in “delivery logistics hell.”
Wall Street Overview
Stocks were lower on Monday, Sept. 17, amid reports Donald Trump was ready to impose tariffs on $200 billion worth of China-made goods as early as Monday with officials in Beijing vowing to retaliate to protect their nation’s interests.
The Wall Street Journal reported over the weekend that the Trump administration plans to slap tariffs of 10% on $200 billion worth of products. China said — in the form of an editorial in the state-run Global Times newspaper — that it was “looking forward to a more beautiful counter-attack and will keep increasing the pain felt by the U.S.”
U.S. tech stocks could be the among the most vulnerable to downside risk if Trump goes ahead with his threat to impose tariffs and Beijing strikes back with targeted disruptions to U.S. supply chains with “export restraints.”
The Dow Jones Industrial Average declined 77 points, or 0.29%, to 26,077, the S&P 500 fell 0.45% and the Nasdaq slumped 1.1%. Apple Inc. (AAPL) led the Dow lower on Monday, falling 2.2%.
Tesla Inc. (TSLA) CEO Elon Musk acknowledged Sunday that his electric vehicle company had entered “delivery logistics hell.”
“Sorry, we’ve gone from production hell to delivery logistics hell, but this problem is far more tractable. We’re making rapid progress. Should be solved shortly,” Musk said in a tweet when responding to a customer complaint about a delivery delay.
Musk last week warned customers they may see “longer response times” from Tesla amid what he said was a surge in North American volumes. Musk also said Tesla was reducing the choice of colors from some of its models in an effort to “simplify” production.
Tesla shares rose 1%.
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Twitter Inc. (TWTR) fell 3.9% to $28.95 after Michael Nathanson of MoffettNathanson reduced his price target on shares of the social networking service to $21 from $23 and maintained his sell rating.
Amazon.com Inc. (AMZN) is investigating suspected data leaks and bribes of its employees as it fights to root out fake reviews and other seller scams from its website, The Wall Street Journal reported. The stock fell 2.6%.
Tyson Foods Inc. (TSN) was down 0.6% after the company said CEO Tom Hayes would step down for personal reasons. Noel White, who served as group president for beef, pork and international, was appointed CEO.
Teva Pharmaceuticals Industries Ltd. (TEVA) rose 2.5% after the U.S. Food and Drug Administration approved the company’s migraine treatment, Ajovy.
Meredith Corp. (MDP) reached a deal to sell Time Magazine for $190 million to Marc Benioff, a co-founder of Salesforce.com Inc. (CRM) , and his wife. The Benioffs are purchasing Time personally, and the transaction is unrelated to Salesforce.
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