DAILY UPDATE: Tesla and DJT Stock Down

By Staff Reporters

HAPPY EASTER

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Tesla had a rough quarter

The company’s stock was the worst performing in the S&P 500 in Q1, dropping 29%, amid fierce competition from Chinese electric carmakers, slowdowns from Red Sea shipping routes, arson at its German factory, Nordic labor battles, and controversies surrounding CEO Elon Musk.

Now, investors are warily watching to see what delivery numbers Tesla reports. But one group did make lots of money off the company as it lost over $230 billion in value last quarter: short sellers.

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Donald Trump’s namesake social media company burst out of the gate on its first day of trading Tuesday, opening at $70.90 and soaring as high as $79.38 as Trump fans and opportunistic traders bought up shares. But the price faded late in the session and has bounced along at lower levels ever since, ending Thursday down $4.26 at $61.96 on the NASDAQ. The stock exchange was closed Friday in observance of Good Friday.   

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DAILY UPDATE: Good Friday’s Impressive First Quarter Stock Market Returns

By Staff Reporters

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The stock market will be closed Friday, March 29th, for Good Friday. While Good Friday is a stock market holiday, it is not a federal holiday. As a result, the February Personal Consumption and Expenditures (PCE) Price Index will be released this Friday morning.

Yesterday, on the final trading session of March and the first quarter, the returns for major stock indexes are impressive, with the Dow Jones Industrial Average up 5% this quarter or 2,000 points and the S&P 500 and the tech-heavy NASDAQ up 11% apiece. Stock superlatives for 2024’s opening stretch are numerous, including each of the three indexes setting respective all-time highs and the benchmark S&P heading toward its best first-quarter return since 2019 and its second consecutive quarter of double-digit percentage gains since 2011-12.

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Here’s where the major benchmarks ended Thursday:

  • The S&P 500 index added 5.86 points (0.1%) to 5,254.35, up 0.4% for the week; the Dow Jones Industrial Average climbed 47.29 points (0.1%) to 39,807.37, up 0.8% for the week; the NASDAQ Composite lost 20.06 points (0.1%) to 16,379.46, down 0.3% for the week. 
  • The 10-year Treasury note yield rose one basis point to just under 4.21%.
  • The CBOE Volatility Index® (VIX) rose 0.22 to 13.00.

For the month, the S&P 500 index gained 3.1%, the Dow Jones Industrial Average rose 2.1%, and the NASDAQ Composite added 1.8%. For the quarter, the three indexes rose 10.3%, 5.6%, and 9.2%, respectively.

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UPDATE: Holiday Weekend Investing?

By Staff Reporters

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Investors are about to embark on a three-day (or three-and-a-half-day) holiday weekend.

The stock market is closed on Friday, April 15, 2022 – Good Friday, as well as the start of Passover this year – ahead of the Easter Sunday holiday, which falls on April 17th. As a result, no major earnings are scheduled for Good Friday.

However, bond traders will enjoy not just a full Friday off, but also had a partial trading day Thursday. The bond markets shut down early, at 2 p.m., for Maundy Thursday. Stock and bond trading resume at their normal hours on Monday, the day after Easter Sunday.

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