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Asia largely down
Asia-Pacific markets mostly fell Friday as electric vehicle stocks in the region dropped for a second day, tracking the slide in Tesla shares overnight. All three U.S. indexes ended in the green after strong U.S. fourth-quarter GDP data, which beat Wall Street expectations. The Dow Jones Industrial Average climbed 0.6%, while the S&P 500 rose 0.5% to a new all-time closing record. The tech-heavy Nasdaq Composite, inched up about 0.2%, weighed down by a sell-off in Tesla.
Tesla shares plunge 12%
Shares of electric vehicle maker Tesla plunged 12%, their biggest drop in over a year. The move came a day after the company's earnings missed expectations and it warned of a slowdown in 2024. Tesla's stock also came under pressure from various brokers, who reduced their price targets for the company.
China's financial institutions urged to do more
A senior Chinese financial regulatory official said the country's financial institutions should offer support to the struggling real estate sector and not "blindly withdraw" financing for projects that are in trouble. His remarks follow the Chinese central bank's largest cut in mandatory cash reserves for banks since 2021.
Commodity markets in 'super squeeze' spot
Supply disruptions and lack of investment are putting global commodity markets in a "super squeeze," according to HSBC. The issue is likely to get worse as geopolitical and climate risks aggravate the situation, the bank added. $S&P 500 Index (.SPX.US)$ $Nasdaq Composite Index (.IXIC.US)$ $Dow Jones Industrial Average (.DJI.US)$
Asia-Pacific markets mostly fell Friday as electric vehicle stocks in the region dropped for a second day, tracking the slide in Tesla shares overnight. All three U.S. indexes ended in the green after strong U.S. fourth-quarter GDP data, which beat Wall Street expectations. The Dow Jones Industrial Average climbed 0.6%, while the S&P 500 rose 0.5% to a new all-time closing record. The tech-heavy Nasdaq Composite, inched up about 0.2%, weighed down by a sell-off in Tesla.
Tesla shares plunge 12%
Shares of electric vehicle maker Tesla plunged 12%, their biggest drop in over a year. The move came a day after the company's earnings missed expectations and it warned of a slowdown in 2024. Tesla's stock also came under pressure from various brokers, who reduced their price targets for the company.
China's financial institutions urged to do more
A senior Chinese financial regulatory official said the country's financial institutions should offer support to the struggling real estate sector and not "blindly withdraw" financing for projects that are in trouble. His remarks follow the Chinese central bank's largest cut in mandatory cash reserves for banks since 2021.
Commodity markets in 'super squeeze' spot
Supply disruptions and lack of investment are putting global commodity markets in a "super squeeze," according to HSBC. The issue is likely to get worse as geopolitical and climate risks aggravate the situation, the bank added. $S&P 500 Index (.SPX.US)$ $Nasdaq Composite Index (.IXIC.US)$ $Dow Jones Industrial Average (.DJI.US)$
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