US stocks open slightly lower after ADP shock
Tired of too many ads?
Remove Ads
U.S. stocks opened lower on Wednesday as surprisingly weak U.S. private jobs data raised concerns about the labor market, while Tesla rose sharply after its second-quarter deliveries report.The Dow Jones Industrial Average fell 39.3 points, or 0.09%, at the open to 44455.66. The S&P 500 fell 4.1 points, or 0.07%, at the open to 6193.88, while the Nasdaq Composite dropped 18.5 points, or 0.09%, to 20184.374 at the opening bell.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
14 minutes ago
- Time of India
Tesla's deliveries drop again as competition, Musk backlash hit demand
Tesla posted another big drop in quarterly deliveries on Wednesday, putting it on course for its second straight annual sales decline as demand falters due to backlash over CEO Elon Musk's political stance and an aging vehicle lineup. Still, shares of the electric automaker jumped 3% in early trading as the decline proved less severe than the bleakest analyst projections. Tesla said it delivered 384,122 vehicles in the second quarter, down 13.5% from 443,956 units a year ago. Analysts expected it to report deliveries of about 394,378 vehicles, according to an average of 23 estimates from Visible Alpha, though projections went to as low as 360,080 units based on estimates from 10 analysts over the past month. "The market is reacting to the deliveries not being as bad as potentially thought with multiple analysts cutting their forecasts over the past week," said Seth Goldstein, senior equity analyst at Morningstar. The stock has lost 25% of its value so far this year as investors feared brand damage in Europe and U.S. from Musk's embrace of right-wing politics and his role in spearheading the Trump administration's cost-cutting effort. Tesla's plummeting deliveries in a steadily growing global EV market come despite Musk saying in April that sales had turned around. The company refreshed its top-selling Model Y crossover earlier this year to boost demand, but the redesign forced a production halt and prompted some buyers to delay purchases in anticipation of the updated version. Most of Tesla's revenue and profit come from its core EV business and much of its trillion-dollar valuation hangs on Musk's big bet on turning its vehicles into robotaxis. Tesla last month rolled out a robotaxi service in limited parts of Austin, Texas for a select group of invitees and with several restrictions, including having a safety monitor in the front passenger seat. The automaker had said it would start producing a cheaper vehicle - expected to be pared-down Model Y by June end. Reuters had reported in April it was delayed by at least a few months. While a cheaper model might help bolster sales, Wall Street expects a second consecutive annual sales decline this year. To achieve Musk's target of returning to growth this year, Tesla would need to hand over more than a million units in the second half - a record and a tough challenge, according to analysts, despite typically stronger sales in the second half.
The Hindu
14 minutes ago
- The Hindu
Xiaomi to consider selling cars outside China from 2027, CEO says
China's Xiaomi will only consider selling cars outside China from 2027, Lei Jun, CEO of the smartphone turned electric vehicle maker, said during a livestream on Wednesday. The company has to focus on its domestic market in the meantime given robust orders for its SU7 and YU7 cars, he said. Xiaomi had earlier mentioned 2027 as the first year for potential overseas shipments of its EVs. The electric SU7 sedan has outsold Tesla's Model 3 on a monthly basis since December and the YU7 sports utility vehicle received robust orders in the first 18 hours after it went on sale last Thursday. Xiaomi was telling YU7 customers that they will have to wait more than a year to pick up their cars, sparking a fresh wave of complaints against the company, Reuters reported on Monday. Many commentators asked about the long waiting times and production ramp-up during the livestream, but Lei offered no clues. "We'll strive to ramp up capacity," Lei said, without elaborating.
Business Standard
22 minutes ago
- Business Standard
Nifty above 25,550 mark; oil & gas shares jump
The key equity benchmarks traded with moderate gains in morning trade. The Nifty traded above the 25,550 mark. Oil & gas shares jumped after declining in the past trading session. At 10:25 IST, the barometer index, the S&P BSE Sensex advanced 278.10 points or 0.33% to 83,687.79. The Nifty 50 index jumped 107.55 points or 0.43% to 25,561.55. In the broader market, the S&P BSE Mid-Cap index rose 0.43% and the S&P BSE Small-Cap index jumped 0.44%. The market breadth was positive. On the BSE 2,102 shares rose and 1,406 shares fell. A total of 209 shares were unchanged. Shares of Indogulf Cropsciences were currently trading at Rs 109.50 at 10:27 IST on the BSE, representing a discount of 1.35% compared with the issue price of Rs 111. The scrip was listed at 111, matching the initial public offer (IPO) price. So far, the stock has hit a high of Rs 112.60 and a low of Rs 105.45. On the BSE, over 4.45 lakh shares of the company were traded in the counter so far. Buzzing Index: The Nifty Oil & Gas index advanced 0.70% to 11,921.55. The index declined 0.17% in the past trading session. Oil India (up 2.24%), Oil & Natural Gas Corpn (up 1.29%), GAIL (India) (up 1.18%), Gujarat State Petronet (up 1.06%), Gujarat Gas (up 0.92%), Bharat Petroleum Corporation (up 0.6%), Hindustan Petroleum Corporation (up 0.4%), Adani Total Gas (up 0.35%), Reliance Industries (up 0.31%) and Mahanagar Gas (up 0.24%) surged. Stocks in Spotlight: Biocon rose 0.42%. The company said that Biocon Biologics has received the European Commission (EC) marketing authorisation in the European Union (EU) for Vevzuo and Evfraxy biosimilars of Denosumab. Rail Vikas Nigam added 0.32%. The company said that its board has approved the appointment of Chandan Kumar Verma as chief financial officer (CFO) with effect from 2 July 2025.
