Wall Street drifts after hot streak while Tesla soars

soared 11.6 per cent after saying on Tuesday it would accelerate production of new, more affordable vehicles, which investors have been hoping will kickstart growth.credit rating to one step above junk. Boeing said Wednesday that it lost $355 million on falling revenue in the first quarter.is at risk of a takeover, after losing 20 per cent of its value since the start of the year.Bitcoin -3.6% to $US64,152 at 5am AESTTesla +12.2% Microsoft +0.1% Apple +1% Nvidia -2.9%Stoxx 50 -0.4% FTSE -0.

Wednesday’s report said that orders for machinery, airplanes and other long-lasting manufactured goods were stronger last month than expected. Wall Street is in an awkward place where it wants the economy to avoid a painful recession, but not to be so hot that it keeps upward pressure on inflation and convinces the Fed not to cut rates.

Chris Rupkey from FWDBONDS: “There is a lot of talk about how the economy is hot and inflation continues to burn, but we are not seeing it in new orders for long-lived capital goods. If markets rallied after new manufacturing weakness trends reported by purchasing managers yesterday, they ought to love the actual data for March new orders which show just modest growth and are barely keeping pace with inflation.

The contract rate on a 30-year fixed mortgage increased 11 basis points in the week ended April 19 to 7.24%, the highest since Nov. 24, according to Mortgage Bankers Association data released Wednesday. The index of mortgage applications for home purchases fell 1%. Stock market investors who have been reluctant to hedge their portfolios in the face of this year’s gains areTreasuries stayed lower after a $US70 billion auction of five-year notes “tailed slightly.” The auction was awarded at 4.659%, a bit higher than the 4.655% yield in pre-auction trading at the 1 p.m. New York time bidding deadline — a sign that demand was a touch below expectations.“Good stats despite small concession,” said Vail Hartman at BMO Capital Markets.

Source: News Formal (newsformal.com)

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