HomeEconomic IndicatorStocks drop, Tesla falls, Bitcoin gains ground in today's market movements.

Stocks drop, Tesla falls, Bitcoin gains ground in today’s market movements.

Market Update: Futures Lower, Tesla Slumps, Bitcoin Rises

Futures lower

U.S. stock futures are pointing lower as investors await key economic data and Federal Reserve Chair Jerome Powell’s testimony later in the week. The main averages closed lower on Monday, with the contract, , and all showing declines. Traders are anticipating the release of the February nonfarm payrolls report on Friday to gauge the health of the labor market and potential interest rate adjustments by the Fed.

Target to report

Retailer Target is set to report its latest quarterly results, offering insights into consumer trends. Similar to Walmart, Target has faced challenges from reduced consumer spending on non-essential items. Despite efforts to attract customers with holiday discounts, the company continues to navigate headwinds like increased borrowing costs and changing consumer behaviors.

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Tesla shares slump on weak shipments from Chinese factory

Tesla’s stock dropped over 7% in extended hours trading after reporting a decline in shipments of China-made cars. The company’s struggle to maintain market share amidst a price war and weakening demand raises concerns about future price cuts impacting profit margins. This news also impacted other Chinese EV players like BYD, Nio, Xpeng, and Li Auto.

Bitcoin briefly clears $68,000

Bitcoin surged in Asian trade, nearing an all-time high, driven by capital inflows, ETF approvals, and tech stock correlations. The upcoming halving event and continued investor interest contribute to the cryptocurrency’s momentum. Investment products linked to Bitcoin saw significant capital inflows, indicating growing market confidence in digital assets.

Oil prices dip

Oil prices declined in European trade amid concerns over China’s economic growth forecast and speculation about an Israel-Hamas ceasefire. Despite production cuts by OPEC+ and supply tightness, demand uncertainties and geopolitical tensions continue to impact oil prices. Brent crude and WTI prices both saw slight decreases in response to market dynamics.

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