Stock market today: Trading on Wall Street is mixed in premarket after logging 3rd straight loss

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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

 

Tesla stock jumps 14% after strong Q3 profit, while Wall Street experiences mixed trading in premarket

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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CRN News - Breaking World and U.S. News: Stock market today: Trading on Wall Street is mixed in premarket after logging 3rd straight loss
Stock market today: Trading on Wall Street is mixed in premarket after logging 3rd straight loss
Tesla surges 14% as Wall Street opens mixed. UPS gains 7.5%, while Boeing and Southwest report challenges.
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