The gap between consumer stocks narrowed this afternoon, with the SPDR Consumer Staples Select Sector ETF still 1.0% on Tuesday while the SPDR Consumer Discretionary Select Sector ETF was rising 0.2%.
What happened
Tesla (NASDAQ: TSLA) has had a tremendous year so far, with its stock nearly quadrupling in value. At a share price of more than $1,600 today, however, Tesla is looking like a ripe target for Wall Street analysts, because at valuations this extreme, the downside is
U.S. stocks rose on Tuesday as a rotation into economically sensitive cyclical stocks reflected optimism that Washington will deliver a new round of stimulus to sustain the U.S. economic recovery from a pandemic-induced recession.
Consumer stocks were broadly higher, with the SPDR Consumer Staples Select Sector ETF climbing 1.4% Tuesday afternoon while the SPDR Consumer Discretionary Select Sector ETF was rising 0.7%.
When Tesla Inc reports second-quarter results after the bell on Wednesday, investors will be keen to see whether the electric carmaker has delivered a profit during the global pandemic that has sunk most of its internal combustion rivals deep in red ink.
A compilation of the most active stocks on U.S. exchanges. For faster updates on individual market-movers, Eikon users please use search string "STXBZ US" and Thomson One users please search "RT/STXBZ US".
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Wall Street gained ground on Monday and surging technology shares pushed the Nasdaq to a record closing high, as promising trial results from potential COVID-19 vaccines helped investors look beyond spiraling new cases of the disease.
Wall Street gained ground on Monday and surging technology shares pushed the Nasdaq to a record closing high, as promising trial results from potential COVID-19 vaccines helped investors look beyond spiraling new cases of the disease.
Technology stocks continued to add to their Monday advance, with the SPDR Technology Select Sector ETF ahead over 2.6% in late trade while the Philadelphia Semiconductor Index was rising 1.9%.
Wall Street advanced with the Nasdaq set to reach a record closing high on Monday, as investors pivoted away from cyclical stocks in favor of market leaders while new cases of COVID-19 spiraled but there were glimmers of hope that an effective vaccine will emerge.
The new week got off to a mixed start on Wall Street, but investors in the Nasdaq Composite (NASDAQINDEX: ^IXIC) were celebrating. Both it and the Nasdaq-100 index benefited from a big bounce in technology stocks, rising between 1.5% and 2% as of 1 p.m. EDT.
Convinced of Tesla Inc's imminent meteoric rise, Orestis Palampougioukis, a Netherlands-based software developer, took out a 43,000 euro ($49,000) loan in early October to invest it all in the electric carmaker, which at the time was trading at around $230 a share.
The S&P 500 rose on Monday as promising early data on a host of COVID-19 vaccine candidates countered fears over a surge in infections, while gains in technology stocks put the Nasdaq on track for a record closing high.
The S&P 500 edged higher on Monday as promising data across a range of COVID-19 vaccine candidates and hopes of more stimulus helped overcome fears around the extent of the economic damage from a surge in domestic coronavirus infections.