S&P Dow Jones Indices to add Tesla its flagship S&P 500 index next month Tesla share price soared over 13% to $460 in after hours trading on Monday Bulls will now target a new record high above $502.49 Shares of the electric carmaker Tesla (NASDAQ: TSLA) soared over 13% in pre-open Tuesday on the announcement that the company is expected to join the S&P 500 next month. Fundamental analysis: Tesla finally added to S&P 500 The news was announced by the S&P Dow Jones Indices which said that Tesla would join the S&P 500 index before the trading begins on December 21, likely in two tranches to make it easier for investment funds. Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today. “(Tesla) will be one of the largest weight additions to the S&P 500 in the last decade, and consequently will generate one of the largest funding trades in S&P 500 history,” S&P Dow Jones Indices said. Tesla, which has a market cap of more than $400 billion will be one of the biggest additions to the S&P 500, bigger than 95% of the index’s current components. S&P Dow
(RTTNews) - The Australian stock market pared initial losses and is little changed on Thursday in the absence of fresh cues following the mixed cues overnight from Wall Street as investors digested a raft of U.S. economic data.
The benchmark S&P/ASX 200 Index is lower by 1.90 points or 0.03 percent to 6,681.40, after falling to a low of 6,668.90 earlier. The broader All Ordinaries Index is down 1.40 points or 0.02 percent to 6,886.80. Australian stocks closed higher for the third straight day on Wednesday.
The big four banks - National Australia Bank, Commonwealth Bank, ANZ Banking and Westpac - are declining in a range of 0.8 percent to 1.3 percent.
Among the major miners, Rio Tinto is losing almost 1 percent, while BHP Group and Fortescue Metals are down 0.3 percent each.
Oil stocks are also mostly lower even as crude oil prices extended gains overnight. Santos is losing more than 1 percent and Oil Search is down 0.3 percent, while Woodside Petroleum is edging up 0.1 percent.
Meanwhile, gold miners are higher after gold prices edged up overnight. Evolution Mining is rising almost 2 percent and Newcrest Mining is adding almost 1 percent.
Australia's competition watchdog, the ACCC, has launched court proceedings and is seeking penalties of $50 million from Telstra for exploiting 108 Indigenous customers by selling multiple post-paid mobile contracts to them. Shares of Telstra are adding 0.2 percent.
On Wall Street, stocks closed mixed on Wednesday as traders seemed reluctant to make more significant moves amid uncertainty about the near-term outlook for the markets. Some traders looked to cash in on yesterday's gains, although recent upbeat coronavirus vaccine news kept selling pressure relatively subdued. Traders were also digesting a slew of U.S. economic data, with a report from the Labor Department showing fist-time claims for U.S. unemployment benefits unexpectedly increased in the week ended November 21st.
While the Nasdaq rose 57.62 points or 0.5 percent to a new record closing high of 12,094.40, the Dow fell 173.77 points or 0.6 percent to 29,872.47 and the S&P 500 dipped 5.76 points or 0.2 percent to 3,629.65.
The major European markets also ended mixed on Wednesday. While the French CAC 40 Index inched up by 0.2 percent, the German DAX Index closed just below the unchanged line and the U.K.'s FTSE 100 Index fell by 0.6 percent.
Crude oil prices extended recent gains, and posted an over 8-month high after data showed a fall in U.S. stockpiles last week. WTI crude for January delivery climbed $0.80 or about 1.8 percent to $45.71 a barrel.
(RTTNews) - The Malaysia stock market has moved lower in consecutive trading days, sliding more than 25 points or 1.6 percent along the way. The Kuala Lumpur Composite Index now rests just beneath the 1,585-point plateau although it may stop the bleeding on Friday.
The global forecast for the Asian markets is cautiously optimistic, with technology stocks expected to push markets into the green. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.
The KLCI finished sharply lower on Thursday following losses from the financials, telecoms and glove makers, while the plantations were mixed.
For the day, the index sank 21.07 points or 1.31 percent to finish at the daily low of 1,583.68 after peaking at 1,596.55. Volume was 9.532 billion shares worth 4.483 billion ringgit. There were 730 decliners and 462 gainers.
Among the actives, Hong Leong Bank plummeted 5.51 percent, while Sime Darby plunged 4.13 percent, Public Bank tanked 3.57 percent, AMMB Holdings tumbled 2.97 percent, PPB Group skidded 2.74 percent, Malaysia Airports Holdings retreated 2.68 percent, RHB Capital declined 2.51 percent, Hartalega Holdings surrendered 2.22 percent, CIMB Group sank 2.15 percent, Axiata dropped 2.06 percent, Genting shed 1.68 percent, Maybank lost 1.58 percent, Genting Malaysia fell 1.57 percent, Maxis slid 1.56 percent, Kuala Lumpur Kepong advanced 1.03 percent, Top Glove dipped 1.00 percent, Sime Darby Plantations slipped 0.95 percent, IOI Corporation weakened 0.88 percent, IHH Healthcare lost 0.73 percent, Petronas Chemicals added 0.30 percent, Digi.com gained 0.24 percent, Tenaga Nasional eased 0.18 percent, Press Metal was down 0.16 percent and Hong Leong Financial, Dialog Group and MISC were unchanged.
The lead from Wall Street suggests mild upside as stocks opened lower on Thursday but picked up ground as the day progressed and finally ended in positive territory.
The Dow added 44.81 points or 0.15 percent to finish at 29,483.23, while the NASDAQ jumped 103.11 points or 0.87 percent to end at 11,904.71 and the S&P 500 rose 14.08 points or 0.39 percent to close at 3,581.87.
The gains by the NASDAQ reflected expectations that new lockdowns as a result of the recent spike in coronavirus cases will benefit technology companies, as was seen earlier in the pandemic. Data showed 170,161 new coronavirus cases in the U.S. on Wednesday, while daily deaths hit 1,848.
The recent surge in coronavirus cases has led several states to impose new restrictions and lockdowns, possibly leading more Americans to again relying on tech as they work from home.
The markets also got a boost from comments from Senate Minority Leader Chuck Schumer, D-N.Y., saying Senate Majority Leader Mitch McConnell, R-Ken., has agreed to resume negotiations over a new stimulus bill.
In economic news, the Labor Department said jobless claims unexpectedly spiked last week, while the National Association of Realtors said existing home sales jumped more than expected,
Crude oil futures ended lower on Thursday as rising coronavirus cases in the U.S. and Europe and fresh lockdown measures raised concerns for energy demand. West Texas Intermediate Crude oil futures for December ended down $0.08 or 0.2 percent at $41.74 a barrel.