Tesla, Trump Media, Xiaomi, Boeing, BYD, Carvana, GameStop, McCormick: Stocks to watch today
Stocks fluctuated, giving up earlier gains, after U.S. economic indicators came in weaker than expected. The S&P 500 and Nasdaq Composite indexes were slightly higher, while the Dow Jones Industrial average fell by about 28 points.
The consumer confidence index fell to 922.9 from 98.3 in February. The consensus estimate had been for a reading of 94.5. The expectations measure plunged to 62.5 New home sales picked up last month to an annualized rate of 676,000 from 657,000 in January. Expectations had been for 677,500. The Richmond Fed Index fell to -4; the projection had been for -2.
Federal Reserve Atlanta President Raphael Bostic told Bloomberg TV on Monday afternoon that he now sees just one interest-rate cut as likely this year as tariff hikes impede progress on inflation, anticipating a return to the 2% target only in early 2027.
Markets rose on Monday after Donald Trump's comments about tariffs due to be unveiled on April 2. The president said reciprocal duties may stop short of his pledge to equalize with levels charged by foreign countries on U.S. goods. The administration may also delay duties on particular types of products.
Here are some stocks in focus today:
Boeing's stock edged higher after the Wall Street Journal reported that the planemaker is seeking to withdraw its earlier agreement to plead guilty in a criminal case that alleged it deceived regulators before two fatal crashes of its 737 MAX jets. The Trump administration is inclined to at least modify parts of the agreement, the newspaper said, citing people familiar.
BYD's ADRs fell 4.8% after the electric vehicle maker's Hong Kong-listed shares fell 3.5%, failing to sustain Monday's gains in the U.S. driven by better-than-expected earnings.
Carvana jumped about2% after Morgan Stanley analyst Adam Jonas increased his recommendation on the stock to buy from hold and bumped his price target to $280 from $260, Barron's reported.
GameStop's stock edged lower. The game distributor will report fiscal fourth-quarter earnings after the close on Tuesday. Consensus is for per-share earnings of 8 cents on sales of $1.48 billion, according to StreetAccount's survey of analysts.
McCormick & Co.'s shares fell 2.3% after the food flavorings company said that fiscal first-quarter sales and per-share profit missed the consensus expectations compiled by StreetAccount. The company reaffirmed its earnings projections for the full year.
Mobileye's stock gained 4.4% after the company announced a tie-up with Volkswagen on automated-driving technology.
Tesla's stock fell about 1.6% after European sales and market share declined again in February despite overall growth in EV registrations in the region during the month, Reuters reported, citing European Automobile Manufacturers Association data.
Trump Media's stock jumped more than 7% after it announced a tie-up with Crypto.com to start exchange-traded funds (ETFs) through the Truth.Fi brand that will combine digital assets with securities with a 'made in America' focus in industries such as energy.
23andMe's stock slumped 15% following its 59% plunge yesterday after it filed for Chapter 11 bankruptcy to facilitate a sale process.
Xiaomi's stock fell 6.3% in Hong Kong after the Chinese company said it's raised HK$42.5 billion ($5.5 billion) to fund its expansion into EVs through the private sale of 800 million new shares at HK$53.25 each. The ADRs edged higher in New York trading this morning.
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