Tesla's best stock run since 2020 is being spoiled by Wall Street downgrades
Tesla's stock price has been rallying non-stop for months -...
Tesla's stock price has been rallying non-stop for months - and Wall Street is starting to ponder whether that breakneck surge might've made the EV stock a little overvalued.
Shares have jumped 57% since late April, with investors cheered by CEO Elon Musk signing charging deals with Ford and GM, while Big Tech stocks have also soared more broadly thanks to the rise of AI as an investment theme. The stock is poised for its best two-quarter advance since 2020, rising 96% so far this year.
Those gains have pushed Tesla's total market capitalization to $764 billion, according to data from Refinitiv.
But Barclays, Morgan Stanley, and Goldman Sachs have each questioned that valuation over the past week, with all three banks slashing their Tesla rating from "buy" to "hold".
US stock futures fall early Wednesday, as traders brace for Fed Chair Jerome Powell...
US stock futures fall early Wednesday, as traders brace for Fed Chair Jerome Powell to speak before a policy panel at the European Central Bank Forum.Check out the latest market moves.
Earnings on deck: BlackBerry, Bed Bath & Beyond, and more, all reporting.
Benchmark U.S. crude oil for August delivery fell $1.67 to $67.70 a barrel Tuesday. Brent crude for August delivery fell $1.92 to $72.26 a barrel.
Wholesale gasolinefor July delivery fell 2 cents $2.52 a gallon. July heating oilfell 4 cents to $2.40 a gallon. July natural gasfell 3 cents to $2.76 per 1,000 cubic feet.
The American Petroleum Institute (API) reported a draw of 2.408 million barrels of oil for last...
The American Petroleum Institute (API) reported a draw of 2.408 million barrels of oil for last week. Analysts were expecting a smaller 1.467-million-barrel draw in U.S. crude-oil inventories. The total number of barrels of crude oil gained so far this year is nearly 36 million barrels according to API data, although the net draw in crude inventories since April is more than 8 million barrels.
Crude oil production in the United States fell back to 12.2 million bpd for the week ending June 16, according to EIA data, matching the previous low for this year.
Inventories at Cushing, Oklahoma, rose by 1.45 million barrels, after rising 50,000 barrels in the previous week.
S&P 500 scores best day in almost two weeks as tech shares march higher
U.S. stocks jumped on Tuesday, with the S&P 500 scoring its...
U.S. stocks jumped on Tuesday, with the S&P 500 scoring its best daily gain in almost two weeks as technology shares climbed and housing data pointed to continued resilience in the U.S. economy, despite the Federal Reserve’s sharply higher interest rates.The Dow Jones Industrial Average DJIA rose about 211 points, or 0.6%, ending near 33,926, according to preliminary FactSet data. The S&P 500 index SPX gained 1.1%, posting its best daily percentage gain since June 15, according to FactSet data. The Nasdaq Composite Index COMP rose 1.7%. Stocks appeared poised to resume a tech-fueled rally that has the S&P 500 up 14% on the year so far and the Nasdaq about 29.5% higher. The S&P 500’s information technology sector jumped 2% Tuesday, while Communication Services rose 1.1%. Bolstering the tone, new home sales surged 12.2% in May, while the S&P CoreLogic Case-Shiller 20-city house-price index climbed in April.
