Tesla lifts Nasdaq to record high

extended a recent rebound in top-shelf growth stocks that fell out of favor in recent months as investors focused on companies expected to do well as the economy recovers from the pandemic.

Data firm IHS Markit said its flash U.S. manufacturing Purchasing Managers' Index rose to a reading of 62.6 this month, beating estimates of 61.5, but manufacturers are still struggling to secure raw materials and qualified workers, substantially raising prices.The "high level of today's surveys will provide some confirmation for the Fed that the time to begin taking its foot off the accelerator is not far away," said Jai Malhi, global market strategist at J.P.

On Tuesday, Fed Chair Jerome Powell reaffirmed the central bank's intent not to raise interest rates too quickly, based only on the fear of coming inflation.Powell's comments follow the Fed's projection a week ago of an increase in interest rates as soon as 2023, sooner than anticipated. Since then, growth stocks, including major tech names like Tesla and Nvidia, have mostly rallied and outperformed value stocks, like banks and materials companies.

"People are plowing money into what has worked. People are basically momentum-chasing and they're using the last three years of performance to figure out what to chase," said Mike Zigmont, head of trading and research at Harvest Volatility Management in New York.Tesla jumped 4.5% after the electric vehicle maker said it had opened a solar-powered charging station with on-site power storage in the Tibetan capital Lhasa, its first such facility in China.

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock Market News Live: Bitcoin Price Stabilizes, Nasdaq Hits All-Time High - WSJ.comNasdaq hit its first record in nearly two months as most stock sectors rose modestly. Microsoft neared a milestone, GameStop rallied, and cryptocurrencies bounced back after a sharp decline. 🤡🎰🤹🏻
Source: WSJ - 🏆 98. / 63 Read more »

Stocks end higher, with Nasdaq at record after testimony by Fed's PowellStocks ended moderately higher Tuesday, with the Nasdaq Composite finishing at a record, after Federal Reserve Chairman Jerome Powell testified before a House panel, elaborating further on the central bank's outlook for growth and inflation.
Source: MarketWatch - 🏆 3. / 97 Read more »

Nasdaq hovers near record levels as factory activity scales new peakThe Nasdaq hovered near its all-time high on Wednesday, helped by a boost from Tesla shares, with investors cheering data that showed a record peak for U.S. factory activity in June.
Source: Reuters - 🏆 2. / 97 Read more »

Northvolt: Battery firm set up by ex-Tesla exec envisions public futureNorthvolt, founded by a former Tesla exec, is Europe's $11.75 billion battery hope. It has a public listing in its sights. The best choice I've made this year was investing in cryptocurrency and forex trading and earning from home. With the help of GregBdie I've been earning ZAR60,353.00k weekly I've never regretted this decision fellow RSA, 🙏🏻 Do you know that with just investment on Volatility Index with 2,000 to 10,000 you can make upto 150% profits in 30days with your initial investment without taking any single risk? DM for more information.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Why this Tesla taxi fleet won’t be allowed to operate in NYCNew York’s taxi regulator voted Tuesday to stop issuing new for-hire licenses for electric vehicles, snubbing a ride-share company that wanted to launch an... Bitcoin Our $5,000 challenge to 1BTC target in the next 4 weeks+ is still ongoing. Started 1 week & days ago and already at $10,500. 🧑‍💻Send me a DM if you want to be a part of this, & for more details cryptyworld
Source: MarketWatch - 🏆 3. / 97 Read more »