Elon Musk's Wealth Dropped $12.6 Billion in 24 Hours
Federica Montella | Apr 21, 2023 12:23
Thursday has been a negative day for the US stock market.
All three major US indexes reported losses.
The S&P 500 finished at -0.60%, the Nasdaq ended the trading session at -0.80%, and the Dow Jones closed at -0.33%.
The negative movement has been driven by a series of disappointing first-quarter corporate earnings reports and weak economic data.
The investors' sentiment is Greed, as indicated in the graph below:
The market sentiment is 64, in “Greed” mode, the same level as last week and in line with recent days.
h2 Disappointed Tesla investors/h2On Thursday, the shares of Tesla (NASDAQ:TSLA) dropped 9.75% following the decline of its earnings reports published the day before.
The reason behind the disappointing earnings is the recent price cuts.
Tesla, to fight the interest rate increases and the competition, decided to cut the price of its US cars, selling them at an average price of $46,000 which is less than what the company expected and less than the price of 2022.
Elon Musk's wealth has been heavily impacted by the almost 10% drop in Tesla shares yesterday, according to the Bloomberg Billionaires Index, his wealth lose $12.6 billion in one day which represents his biggest decline since the beginning of this year.
h2 Latest US labour market data/h2The US Labor Department on Thursday reported that 245,000 new people have applied for the jobless benefit last week.
The actual data is above the 240,000 new applications expected by the analysts.
This is another sign that the US labour market is moderating, which is what the Federal Reserve is trying to achieve in order to reduce the high inflation, by implementing a restrictive monetary policy.
h2 What to watch today/h2U.S. Manufacturing Purchasing Managers Index (PMI) will be released today at 14:45 GMT.
The index is forecasted to be at 49, showing a period of a contracting economy.
The stock market could be impacted.
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