Asia wrap: Tesla's EV pothole denting sentiment?
Premium|Take advantage of 50% OFF on your first month.
Start your subscription and get access to all our original articles.
You have reached your limit of 5 free articles for this month.
Get all exclusive analysis, access our analysis and get Gold and signals alerts
Elevate your trading Journey.
UPGRADETesla, considered one of the 'Magnificent Seven' U.S. megacap stocks, encountered a significant EV pothole this week contrasting with signs of a stable economic outlook
As the U.S. corporate earnings season heats up, single stock movements are attracting attention. Positive updates from global chipmakers ASML and TSMC set an optimistic tone for Intel's forthcoming report, while streaming giant Netflix surged more than 10% to reach two-year highs on Wednesday following impressive subscriber numbers.
However, Tesla presented a different narrative with concerns over supply chain issues and increased competition from China, leading to an 12% drop in its stock price overnight as it cautioned about a significant sales slowdown this year.
Elon Musk, CEO of Tesla, remarked on the potential impact of trade barriers with China, expressing the view that Chinese automakers could dominate the global automotive market if no trade barriers were established.I'm sure former President Trump was all ears on this one.
Despite efforts by Chinese authorities to stabilize economic and investor sentiment, the ongoing U.S.-China political tensions and thoughts of heightened competition from China continue resonating among Wall Street investors.
Tesla, considered one of the 'Magnificent Seven' U.S. megacap stocks, encountered a significant EV pothole this week contrasting with signs of a stable economic outlook
As the U.S. corporate earnings season heats up, single stock movements are attracting attention. Positive updates from global chipmakers ASML and TSMC set an optimistic tone for Intel's forthcoming report, while streaming giant Netflix surged more than 10% to reach two-year highs on Wednesday following impressive subscriber numbers.
However, Tesla presented a different narrative with concerns over supply chain issues and increased competition from China, leading to an 12% drop in its stock price overnight as it cautioned about a significant sales slowdown this year.
Elon Musk, CEO of Tesla, remarked on the potential impact of trade barriers with China, expressing the view that Chinese automakers could dominate the global automotive market if no trade barriers were established.I'm sure former President Trump was all ears on this one.
Despite efforts by Chinese authorities to stabilize economic and investor sentiment, the ongoing U.S.-China political tensions and thoughts of heightened competition from China continue resonating among Wall Street investors.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.