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Stock markets: Tech stocks hurt

Visitors visit the Tesla booth at the World Artificial Intelligence Conference in Shanghai, China, 6 July 2023.

Cost Image | norphoto Getty Images

This report is from today’s CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. As you see? You can subscribe. Here.

What you need to know today.

The Dow outperforms.
American stocks Trading was mixed on Thursday. Netflix and Tesla slipped after reporting results after the bell on Wednesday, the Nasdaq composite weighed in, but the Dow Jones Industrial Average marked its ninth consecutive positive session. European markets closed higher with the regional Stoxx 600 index up 0.4 percent.

Elon Musk, CEO, CTO, Founder
Elon Musk is the CEO of Tesla and SpaceX. CTO of Twitter; Founder of Neuralink, The Boring Company and now xAI. The overlapping roles in the multiple ventures worry some analysts and investors, who believe Musk may be distracted or his various companies may compete with each other.

The wheat rises.
Wheat prices are rising this week, the most active wheat contract in the Chicago Board of Trade 737 cents a bushel, a three-week high. Prices rose after Russia withdrew from the Black Sea grain initiative. Ukraine’s Ministry of Agriculture said on Wednesday that recent Russian attacks have destroyed 60,000 tons of grain.

Turkey’s very slow growth
Turkey’s central bank raised its key interest rate by 250 basis points to 17.5 percent. Analysts were expecting a 500 basis point increase to counter the country’s annual inflation of 38.21 percent in June. “Terrible decision… once again under-delivering,” wrote Timothy Ash, emerging markets strategist at Blue Bay Asset Management. The Turkish lira fell nearly 50 basis points on the news.

[PRO] Tesla in neutral gear?
Tesla may have reported record earnings in its second quarter and beat Wall Street expectations for both profit and revenue. But Wall Street isn’t entirely happy with the electric vehicle maker because of its shrinking margins. Here’s how analysts at the biggest banks reacted to Tesla’s earnings report.

The bottom line


Source by [CNBC News]



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