The DJIA and S&P 500 fell slightly by mid-day. On the S&P 500, Tesla (TSLA) added 3.4%, moved by a Goldman Sachs Hedge Fund Trend Monitor report. In the analysis, it reported that Tesla, Apple (AAPL), and Microsoft (MSFT) have underweight positions. AAPL stock is +2.06% and GOOGL stock is up 1.27%.
Yesterday, Tesla reported that China-made sales of its vehicles fell by 17.8% Y/Y to 82,432 vehicles.
In the telecom sector, AT&T (T) continued its uptrend to $17.11. Buyers are adding to T stock after it picked Ericsson (ERIC) over Nokia (NOK) for a $14 billion Open RAN contract.
Nvidia (NVDA) rose while AMD (AMD) fell. Investors in the crowded AI trade are betting that Nvidia’s growth will accelerate while AMD falls behind.
Job openings fell to a more than 2.5-year low last month. It is a discouraging sign for the economy. The Labor Department’s Job Openings and Labor Turnover Survey, or JOLTS report reported 1.34 vacancies for every unemployed person. People are less likely to resign. The Fed does not weigh heavily on the weak job openings report when it discusses its interest rate policy. However, treasury yields are falling in response.
Investors continue to take some money out of stocks and into treasury bonds. Lower interest rates would boost bond prices.