Tesla slides after Twitter users vote for Musk to sell stock
The Dow fell to a record high on Monday as the passage of a $1 trillion infrastructure bill lifted industrials, materials and other economy-focused sectors, while Tesla fell on top boss Elon Musk's plan to sell about a tenth of his stake.
The Congress passed the long-delayed infrastructure bill that was once in a generation investment, and five of the 11 major S&P 500 sector indexes were higher on Saturday, as five of the 11 major S&P 500 sector indexes were higher.
That infrastructure bill will put some energy into companies like 3 M, Caterpillar, and other companies that power the industrial sector, but we think the materials sector will really benefit from that bill, said Greg Bassuk, chief executive at AXS Investments in Port Chester, New York.
Tesla Inc fell 3.0% after CEO Musk spoke on Saturday that he would sell 10% of his holdings if users of the social media network approved the proposal. Around 57,9% of the people voted to Yes While there will be some downward pressure on Tesla in anticipation of Musk selling shares, bassuk said that Tesla could create a buying opportunity because nothing has changed with regards to the underlying fundamentals and the outlook.
The United States lifted travel restrictions on much of the world after the COVID-19 epidemic began, which resulted in travel and tourism stocks ralliing, led by airlines. The S&P 1500 Airlines index gained 1.1%.
Advanced Micro Devices Inc jumped 9.0% after it signed up Meta Platforms Inc as a data center chip customer and announced new supercomputing chips to take on its bigger rival Nvidia Corp.
Wall Street's main indexes hit record highs last week, supported by an upbeat earnings season, strong October jobs data and a positive update on Pfizer Inc's experimental pill against COVID-19.
The Federal Reserve's decision to start reducing its monthly bond purchases was put place to support the economy during the COVID-19 epidemic and helped investors last week.
The debate over a rate hike could be met next year was focused on on Monday by Fed officials, with one top official saying that the conditions for a rate increase could be met next year.
The Dow Jones Industrial Average was up 54.01 points, or 0.15%, at 36,381. The S&P 500 was up by 0.09 points, or 0.00%, at 4,697. The Nasdaq Composite went up 17.89 points, or 0.11%, at 15,989. The shares of firms Coinbase Global, Riot Blockchain, Marathon Digital Holdings, MicroStrategy Inc and Coinbase Global rose between 5.7% and 7.6%, as ether scaled new peaks and bitcoin neared a record high.
A 1.56-to-1 ratio on the Nasdaq and a 1.38-to-1 ratio on the NYSE have led to declines.
The Nasdaq recorded 185 new highs and 40 new lows, while the S&P index recorded 49 new 52 week highs and one new low.