Tesla surges 14% as Wall Street opens mixed. UPS gains 7.5%, while Boeing and Southwest report challenges.
Tesla
Leads Market Gains While Wall Street Struggles With Mixed Results
New
York, NY - Wall Street opened with mixed results on Thursday, continuing a
volatile week after three consecutive losing sessions. Early premarket trading
saw futures for the S&P 500 rise by 0.5%, while the Dow Jones Industrial
Average dipped 0.1%, reflecting the uncertainty as major companies released
their latest financial results.
Tesla
led the day's standout performers, with its stock surging nearly 14%. The
electric vehicle giant's third-quarter profits exceeded expectations, bolstered
by stronger-than-expected sales. CEO Elon Musk predicted growth of 20% to 30%
for Tesla in 2024, despite broader challenges in the electric vehicle sector.
This optimistic forecast helped fuel investor confidence.
Package
delivery company UPS also posted impressive results, with its stock jumping
7.5% after exceeding Wall Street’s sales and profit expectations. The company
is gearing up for its busiest season, with competitor FedEx following suit,
rising by a more modest 2.8%.
On
the other hand, Southwest Airlines' stock remained unchanged despite reporting
record third-quarter revenue that exceeded analyst forecasts. The airline's
profit was squeezed by higher labor and operational costs, but it reassured
investors with plans to repurchase $250 million worth of stock under its
broader $2.5 billion share buyback program.
As
the day progressed, mixed economic reports and rising Treasury yields added to
the market's uncertainty, creating a cautious mood among traders.
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