Nasdaq Continues Way Up; Tesla eliminates loss | Financial

Recently, the financial markets have been unsettled by rising inflation as economies reopen from the corona pandemic. Inflation is also being driven by supply chain problems, including computer chips, and rising commodity prices. The Fed may accelerate its phasing out of its support programs. According to Yellen, interest rates and inflation have been too low in recent years and President Joe Biden’s massive economic support package could contribute to higher inflation and interest rates, which is good for the United States.

The Dow Jones index is down 0.4% to 34,629 points and the broad S&P 500 is down 0.1% to 4,226 points. Tech gauge Nasdaq thickens 0.5% to 13,881 points.

Shares of Tesla wipe out the loss and gain 1%. Tesla has lost more than 30 percent of its market value since the end of January. At its peak, Tesla’s market value was $837 billion. It briefly made Musk the richest person on Earth.

According to Musk, there is no need for the Plaid + version and the regular Plaid model is sufficient. Tesla had already received deposits for the Plaid+ after it unveiled the plans early this year. This is the second week in a row that Tesla has released bad news. Last week it was found that sales in China had fallen by almost half in May compared to April. In addition, Tesla faced recalls for seat belt flaws.

Attention was also focused on Amazon, which lost 0.3 percent. CEO Jeff Bezos announced that he and his brother Mark are going into space. The Amazon founder also has his own space company, which aims to take tourists to space for the first time on July 20. Bezos is no longer the CEO of Amazon for long. He previously announced that he would resign from the presidency on 5 July.

In addition, Microsoft (+1.2%) received approval from the US antitrust watchdog to acquire Nuance Communications. The acquisition of the company specializing in artificial intelligence is worth $16 billion.

Apple is slowing down. The annual keynote for software developers at the tech company is not yet very impressive.

Biotechnologist Biogen was the big winner. The stock skyrocketed after news of a new Alzheimer’s drug approved for use in the United States. Trading in the Biogen stock was temporarily suspended due to the approval news. After that, the market value of the pharmaceutical company increased by up to 64%. In the end, the share went out of trade with a price gain of more than 38%. The US drug watchdog FDA considers it likely to benefit patients, but uncertainties remain about the “important” new treatment for the disease that causes dementia.

–