Here Are 3 Hot Things to Know About Stocks Right Now
- Tesla Inc. (TSLA - Get Report) shares fell 5.5% following CEO Elon Musk's bizarre conference call following the release of the electric carmaker's first-quarter earnings on Wednesday.
- The Dow Jones Industrial Average rose slightly after four straight days of losses.
- At one point Thursday, the Nasdaq traded below 7,000 for the first time since early April. It ended the day at 7,088.
Wall Street Overview
"The committee expects that economic conditions will evolve in a manner that will warrant further gradual increases in the federal funds rate," the Fed said in a statement. "Inflation on a 12-month basis is expected to run near the committee's symmetric 2% objective over the medium term."
Led by Treasury Secretary Steven Mnuchin, a U.S. delegation arrived in Beijing on Thursday for two days of talks looking to achieve at least a partial breakthrough in a brewing trade war that has elicited tariffs on $50 billion's worth of China imports into the U.S. and reactionary levies on agricultural goods into China.
Jobless claims in the U.S. came in below forecasts, rising by 2,000 to 211,000 for the week ended April 28. Meanwhile, the U.S. trade gap fell 15.2% in March to a seasonally adjusted $49 billion, down from $57.7 billion in February and the lowest since September. Exports rose in March to a record $208.5 billion.Tesla fell 5.5% on Thursday after founder and CEO Elon Musk urged investors to "sell our stock and don't buy it" during a conference call following the release of the electric carmaker's first-quarter results.
Tesla posted an adjusted loss of $3.35 a share on Wednesday, which was narrower than the loss of $3.58 forecast by analysts. Tesla's quarterly loss of $709.6 million was its biggest ever. Revenue of $3.41 billion also topping Wall Street forecasts.
Musk's comments on the conference call, however, during which he insisted he was "not here to convince you to buy our stock," hammered the stock.
- Tesla Slumps Following Elon Musk's Model Y Comments and Earnings Call Theatrics
- 3 Glaring Mistakes Tesla CEO Elon Musk Made During His Wacky Earnings Call
DowDuPont Inc. (DWDP) reported first-quarter adjusted earnings of $1.12 a share, 2 cents ahead of estimates. Revenue of $21.51 billion topped forecasts of $21.42 billion. The stock fell 0.02%.SPOT - Get Report) tumbled 5.6% after its first quarterly earnings as a public company missed analysts' expectations.
Teva Pharmaceutical Industries Ltd. (TEVA - Get Report) boosted its full-year earnings outlook and said its restructuring program is on track to meet its near-term debt reduction targets. The stock fell 4.4%.
Kraft Heinz Co. (KHC - Get Report) rose 1.3% after it reported first-quarter adjusted earnings of 89 cents a share, topping forecasts. Revenue in the quarter fell to $6.3 billion from $6.32 billion a year earlier.
After the Dow Jones News Wire released the Activision Blizzard (ATVI - Get Report) earnings ahead of the report's release, the shares fell 5% before being frozen. ATVI finished the day at $66.82, down 2.3%.
Join Jim Cramer May 5 for TheStreet's Boot Camp for Investors
Meet Jim Cramer and more than a dozen top market experts on Saturday, May 5, in New York for How to Diversify Your Portfolio: A Boot Camp for Investors.
- An exclusive market update from Jim.
- A keynote interview between Jim and PayPal CEO Dan Schulman.
- Break-out panels with top market experts like Tony Dwyer, chief market strategist at Canaccord Genuity; Mike Hanson, senior vice president of research at Fisher Investments; and Peter Hug, global trading director with Kitco Metals.
- Roundtable discussions with TheStreet's Carley Garner, Stephen "Sarge" Guilfoyle, Bob Lang and other columnists.
All attendees will also receive a free one-year subscription to our newest premium Web site, Retirement Daily (a $99 value).
Where: The Convene Center, 117 W. 46th St., New York
When: Saturday, May 5, 8:55 a.m.-2:45 p.m.
Price: $199. Includes a free one-year subscription to Retirement Daily (a $99 value)