When the strongest man in the world attacks the richest man in the world: Tesla fell by 9%

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Interactive TV | Edition 02.06.22: No. 2 in Meta leaves the company

23:00 – Wall Street trading closed lower against the backdrop of the relatively strong employment report released earlier today: NASDAQ deleted 2.5%, Dow Jones fell 1.1% and S&P 500 weakened 1.6%. The leading trading week also ended the leading indices with a negative trend: Nasdaq and Dow Jones – 1%, and the S&P 500 fell by 1.2% last week. Investors are waiting for hints as to how the Fed intends to continue its interest rate hike, among other things. The report published today and the possibility that the positive data in it will only encourage it in this direction. At the same time, the yield on US bonds rose to 2.9%, which only weighed on the stock market.

Among the stocks that stood out today is Tesla, which weakened 9.2% after owner Alon Musk issued a pessimistic forecast for the economy and intends to lay off 10% of the company’s employees. In response, he received a sting from President Joe Biden (see previous report). Apple lost 3.9%, and Amazon weakened 2.5% after announcing the departure of Vice President Dave Clark. Other technology stocks also weakened: Micron – 7.2%, Anvidia – 4.5%, Alphabet – 2.6% and Meta – 4.1%.

21:40 – OPEC + companies have increased productivity? Investors are not really excited, and WTI oil rose 1.7% today to $ 118.9 a barrel, adding 3.3% on a weekly basis. Brent strengthened 1.8% to $ 119.7 a barrel, and this week Added 3.6%. Gasoline in the US rose this week by no less than 9.6%, with only today adding 1.5% to $ 4.25 per gallon. The factors that pushed oil up this week were easing closures in Shanghai and a sharp drop in inventories in the US.

20:35 – Gold fell 1.1 percent today to $ 1,850.20 an ounce, the largest daily decline in the value of precious metal in three weeks. In the background, a sharp rise in US bond yields, following a surprisingly good employment report.

19:30 – A few days after the departure of No. 2 in the meta, Cheryl Sandberg, one of the company’s senior and senior executives is also leaving Amazon: Dave ClarkAmazon’s senior vice president and head of overseas business, is leaving (early next month) after 23 years at the company and two years in office. Amazon shares are down 3%, though this is now the trend in technology stocks U.S. Securities and Exchange Commission (SEC).

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Dave Clark Senior Vice President at Amazon

(Photo: Reuters)

19:10 – European stocks closed slightly lower: the German DAX was down 0.2%, as was the French Kak. No trading took place on the London Stock Exchange due to the Queen’s Platinum Jubilee celebrations.

18:35 – Musk’s remarks reached out to the No. 1 citizen in the United States: “May he have success in his journey to the moon,” said President Joe Biden, after Musk said he had a “super bad feeling” about the economy. And SpaceX, citing companies that he claims are investing in the U.S. economy, such as Intel and Ford.

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US President Joe Biden

(Reuters)

17:25 – Shares of athletics company Lololmon are up slightly after reports – the company posted better-than-expected quarterly results, with earnings per share of $ 1.48, 5 cents above expectations. The company also slashed its annual forecast, due to strong demand for its products, the company said.

16:30 – Declines in New York Stock Exchange Commerce: The Dow Jones Industrial Average was down 0.6 percent, the S&P 500 was down 1.1 percent and the Nasdaq was down 1.9 percent. Apple leads the declines in the Dow Jones – losing 3.3%. Tesla deletes 6.5% after Musk Questionnaire said it plans to lay off 10% of the company’s employees.

15:45 – a surprise: Number of jobs added to the US economy In May, it stood at 390,000, well above forecasts for 328,000. However, this is still a slowdown compared to April, when 428,000 jobs were added to the economy. The unemployment rate in May was 3.6%, above forecasts of 3.5%, but unchanged from April. The 10-year US bond yield climbs by 6 basis points to almost 3%. The good surprise in the employment sector may push the Fed to raise interest rates more sharply and put stock market investors under pressure.

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The number of jobs added to the US economy in May – above forecasts

(AP)

14:10 – Wall Street expects declines in the opening: contracts for the Dow Jones are cut by 0.5%, for the S&P 500 to fall by 0.7% and for the Nasdaq to lose 1.2%.

The market is preparing for the monthly employment report for the month of May, with forecasts for a sharp decline in the number of new jobs added to the economy – 328,000, one hundred thousand less than in April.

Tesla shares were cut 4.5% in New York after founder and CEO Alon Musk ordered a halt to all company recruitments around the world. This was due to a “bad feeling” about the economy, he said. .

Not just at Tesla: The stock market share in the Carpatho Coinbase is down 3.5% pre-company after the company announced that it plans to continue indefinitely not to hire new employees, due to the current economic environment.

12:50 – Tesla CEO Alon Musk has a bad feeling about the economy, and he Plans to lay off 10% of the company’s employees, He wrote in an email to the company’s executives that he sent yesterday, and reached Reuters. Tesla employed about 100,000 workers as of the end of 2021. In an email titled “Stop All Employee Hiring Around the World,” Musk wrote that he has a “super bad feeling” about the economy.

11:40 – Inflation in Turkey rose in May at the sharpest annual rate since 1998, Due to pressures of rising food and energy prices, and a loose monetary policy that has contributed to the weakness of the local currency. Consumer prices rose at an annual rate of 73.5%, compared to 70% in April. The median forecast in the Bloomberg survey of 20 economists was 74.7%. Monthly inflation has reached almost 3%, compared with a forecast of 4% in a separate survey. A key index that does not include the impact of volatile items such as food and energy, reached 56%.

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Market in Istanbul, Turkey

(Photo: Getty)

11:15 – Trading on the European stock exchanges opened this morning (Friday) in a mixed trend, with the final DAX and DAC production indices rising by 0.2% each. The London Stock Exchange is closed today due to the Queen’s Platinum Jubilee celebrations. Earlier trading on Asian stocks closed higher, with Japanese Nikkei up 1.3%. The stock exchanges in China and Hong Kong remained closed due to a holiday.

European traders are still digesting inflation data in the eurozone, Which reached 8.1% at an annual rate in May, Above expectations and mark a seventh consecutive record. Investors are closely monitoring the European Central Bank for hints on the pace and extent of interest rate hikes needed to curb price increases.

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President of the European Central Bank, Christine Legard

(Getty)

Also in focus – the fighting in Ukraine that has been going on for more than three months, as well as the recent EU declaration of a partial ban on Russian oil imports. OPEC and its oil production allies agreed yesterday Increase productivity July and August in greater quantities than expected, with Russia’s invasion of Ukraine wreaking havoc on global energy markets.

8:10 – Trading on Asian stock markets is on the rise today (Friday) after the positive lock last night on Wall Street and the expectation of the US employment report to be published later today. The stock markets in China are closed today for the holiday. The Nikkei index in Japan is 1.2%.

Background to trading, among others, are mixed signs for investors, such as rising energy prices and the ease of the corona in China. In addition, investors’ eyes are on the US employment report, which will be published at 15:30 Israel time, as well as a variety of economic data that will be published in Japan next week. The OPEC meeting, in which the oil-producing countries decided to increase some of their output, failed to stabilize energy prices significantly.

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Tokyo Stock Exchange

(Bloomberg)

Last night, as mentioned, trading on Wall Street closed with price increases After two days of declines: NASDAQ rose 2.7%, Dow Jones added 1.3% and S&P 500 strengthened 1.8%. The three indices are expected to lock the week in green, with Dow Jones adding 0.1% from the beginning of the week , NASDAQ – 1.5% and S&P 500 strengthened by 0.5%.

The positive trend in New York was recorded as investors raised their eyes to the important employment report for May, which will be published today at 3:30 PM (Israel time).

Shares of Microsoft rose 0.8% to $ 274.6 despite a pre-trade warning about its earnings and earnings, which are expected to be lower than forecast – due to the strengthening of the dollar – and despite opening the day down more than 3%.

WTI oil rose 1.4% to $ 116.9 a barrel. Although OPEC + companies announced an increase in output, the US inventories recorded a large decrease of 5.1 million barrels last week. Gasoline inventories also fell – by 700,000 barrels. Brent rose 1.1 percent to $ 117.6 a barrel, and U.S. gasoline jumped to a record $ 4.19 a gallon after rising 2.9 percent. Natural gas weakened 2.4 percent to $ 8.5 a unit.