Wall Street to open mixed with Tesla set to drive Nasdaq higher

Proactive Investors Tuesday, 1 September 2020
Tesla’s inexorable rise is set to propel the NASDAQ Composite higher again when trading starts in New York on Tuesday. In Monday’s session, the NASDAQ rose 80 points to 11,775 on a day when the Dow and the S&P lost ground and today it is set to continue its upward path, with spread betting quotes suggesting it will open 440 points higher. Today, it may even have the S&P 500 coming along for the ride as the 500-share index is expected to open 9 points higher at 3,509. The Dow Jones Industrial Average is expected to be more subdued, with a fall of around 8 points to 28,422 on the cards. The stock of Tesla, the electric vehicle maker, split overnight, which will result in the shares being cheaper (if only you could do the same for the cars), with existing shareholders owning more shares in compensation. The company’s capitalisation now surpasses that of credit card group Visa and next in its sights, according to the Marketwatch news agency, is Berkshire Hathaway, the company helmed by the value-based investment guru, Warren Buffett. Quite what the Sage of Omaha thinks of Tesla’s lofty valuation is anyone’s guess; we know what broker RBC thinks of it because it told us the company is “fundamentally overvalued”. However, that did not stop RBC Capital increasing its target price to US$290 from US$170. Five things to watch for on Tuesday: The final US manufacturing PMI reading for August, which is expected to reach 54.7, up from 50.9 in July and marking the strongest increase in factory activity since July last year Continued share price raises from Tesla Inc (NASDAQ:TSLA) and Apple Inc (NASDAQ:AAPL) after the two heavyweights completed stock splits on Monday Reports on US construction spending for July and motor vehicle sales, providing more clarity on the state of the American economy Earnings from customisable teddy maker Build-A-Bear Workshop Inc (NYSE:BBW), which could have seen its fortunes suffer during the pandemic due to its highly touch-based shopping model as well as a slowdown in consumer spending Share price reaction for in-flight internet provider Gogo Inc (NASDAQ:GOGO) following news that it has agreed to sell its commercial aviation arm to communications satellite group Intelsat for US$400 million
Video Credit: Market News Video - Published
News video: Nasdaq 100 Movers: TSLA, ZM

Nasdaq 100 Movers: TSLA, ZM 01:07

In early trading on Tuesday, shares of Zoom Video Communications topped the list of the day's best performing components of the Nasdaq 100 index, trading up 43.4%. Year to date, Zoom Video Communications registers a 585.3% gain.

You Might Like

Related videos from verified sources

Nasdaq 100 Movers: COST, TCOM [Video]

Nasdaq 100 Movers: COST, TCOM

In early trading on Friday, shares of Trip. om Group topped the list of the day's best performing components of the Nasdaq 100 index, trading up 6.8%.

Credit: Market News Video     Duration: 01:05Published
Nasdaq 100 Movers: INCY, LRCX [Video]

Nasdaq 100 Movers: INCY, LRCX

In early trading on Thursday, shares of Lam Research topped the list of the day's best performing components of the Nasdaq 100 index, trading up 2.7%. Year to date, Lam Research registers a 11.4% gain.

Credit: Market News Video     Duration: 01:07Published
Tesla Drops Over 5% [Video]

Tesla Drops Over 5%

On Wednesday, Tesla shares fell as much as 7%. The dip came after Tesla's "Battery Day" event missed expectations. Investors are questioning the company's lofty stock price. CEO Elon Musk unveiled..

Credit: Wochit     Duration: 00:33Published

Related news from verified sources

Tech Stocks Leading The Way Higher On Wall Street

Following the mixed performance seen in the previous session, stocks have moved mostly higher in morning trading on Tuesday. The tech-heavy Nasdaq has shown a...

Wall Street heads for mixed open with Nasdaq the laggard; non-farm payrolls in focus

In something of a reversal from sessions earlier this week, the main Wall Street indices are expected to start on a mixed note but with the Nasdaq on the back...
Proactive Investors

Wall Street points to higher open on Wednesday

The main Wall Street indices are expected to add to Tuesday’s gains at the open. Both European and US stocks are recovering following Monday’s losses amid...
Proactive Investors