Alibaba Jumps on Sales Growth; Tesla Reports Record Shipments

Alibaba shot higher after reporting a 45% jump in revenue in its most recent quarter. The company also named chief operating officer Daniel Zhang as its new CEO. Tesla shares fell after the automaker reported a quarterly loss even as its shipments topped a record 10,000 cars. The company has invested heavily in research and development. Wall Street was under pressure as global equities sold off driven by a sharp increase in global bond yields. The week-long selloff in government bonds threatens to curb recent economic progress in the eurozone. Jobless claims bested forecasts, rising just 3,000 to 265,000 for the week ended May 1.