Stocks - Tesla, Airlines, Techs, Growth Worries All Knock Wall Street Down

  • Investing.com
  • Stock Market News
Stocks - Tesla, Airlines, Techs, Growth Worries All Knock Wall Street Down
Credit: © Reuters.

Investing.com - Stocks pulled back in a nasty way Thursday as Tesla (NASDAQ: TSLA ) shares were slammed and airline and technology stocks were sold off.

The Nasdaq Composite was off 1.0% as Tesla (NASDAQ: TSLA ) was pummeled for poor second-quarter results.

The S&P 500 was off 0.5%. The Dow was down 0.47%, with Boeing (NYSE: BA ) the big loser after airlines revised schedules to cope with not having its 737 Max jets available until December or earlier. American Airlines (NASDAQ: AAL ) was off 8.4%. Alaska Air Group (NYSE: ALK ) fell 2.7%.

Southwest Airlines (NYSE: LUV ) shares ended up slightly after it announced it will close its operation at Newark Liberty International Airport and concentrate New York operations at LaGuardia Airport.

The three carriers are among Boeing's biggest customers. Boeing, down 3.6% on Thursday, was responsible for 89 of the Dow's 129-point loss. It was up as much as 38.3% on the year in February. That gain is now just 8%.

Stocks were also hurt by a vow from Mario Draghi, the president of the European Central Bank, to cut rates and take other measures to support the slow-growing European economy, but not until September. Draghi's remarks pushed the euro to a 52-week low against the U.S. dollar.

Oil prices gave up sizable early gains after Draghi spoke at his Frankfurt press conference.

West Texas intermediate crude oil was up 24 cents to $56.12. Brent crude, the global benchmark, was up 21 cents to $64.39.

Interest rates were higher. The 10-Year yield rose to 2.078% from 2.05%. The Federal Reserve is expected to cut its key federal funds rate when it meets next week. Investing.com's Fed Rate Monitor Tool puts the odds of a quarter-point rate cut to 2% to 2.25% at 100%, with a 60% chance of an additional rate cut at the Fed's September meeting.

Add Chart to Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100
Please try another search