Stock Market Today Mid-Morning Updates
On Wednesday, the Dow Jones Industrial Average was up by 25 points as it nears a record high. Tesla stock continues to climb on news that its CEO Elon Musk has stopped selling company stock. Markets closed on a mixed note on Tuesday following volatility from all three major indexes. The reason being that investors continue to weigh in on rising coronavirus cases across the globe. Initially reaching an intraday high, the S&P 500 reversed course midday and ticked lower, while the Dow extended a five-day winning streak. The Nasdaq tumbled due to the continued selling of tech stocks.
Global coronavirus cases hit a daily record this week, with more than 1.44 million worldwide infections reported on Monday. This comes as the Omicron variant is highly-transmissible and has been found to spread much faster than previous strains. Analysts expect the rest of the week however, to remain quiet amid the typically-low year-end trading volumes and a light calendar of economic data and earnings release.
Among the Dow Jones leaders, shares of Apple (NASDAQ: AAPL) are up by 0.58% on Wednesday while Microsoft (NASDAQ: MSFT) is also up by 0.69%. Home Depot (NYSE: HD) and Nike (NYSE: NKE) are also trading on the upswing at 0.87% and 1.92% respectively.
Shares of EV leader Tesla (NASDAQ: TSLA) are down by 0.33% on Wednesday morning. EV companies like Rivian (NASDAQ: RIVN) and Lucid Group (NASDAQ: LCID) are also down by 2.97% and 0.84% respectively today. Also, Chinese EV leaders like Nio (NYSE: NIO) and Xpeng Motors (NYSE: XPEV) are also down ahead of next week’s December sales numbers.
Dow Jones Today: Stocks Edge Up Modestly
Following the stock market open on Wednesday, the Dow and S&P 500 are trading higher by 0.24% and 0.15% respectively. Meanwhile, Nasdaq was down by 0.08%. Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) ticked upwards at 0.002% Wednesday, while the SPDR S&P 500 ETF (NYSEARCA: SPY) rose 0.14%.
Following Tuesday’s Case-Shiller national home price index being released, home prices continue to appreciate at double-digit rates, two-to-three times faster than a year ago across all metropolitan areas. However, U.S. home price growth has slowed for the third straight month but continued to climb overall.
Tesla Stocks Jump On News Of Elon Musk $1 Billion Share Sale; Exercising Last Of His Options For 2022
Coming into focus in the stock market today is EV giant Tesla once again. After the extensive seesaw movement in the stock over the past few weeks, investors appear to be bullish on TSLA stock once again. Evidently, the company’s shares are rallying on the latest news of CEO Elon Musk’ share selling plans. In detail, Musk exercised the last of his stock options due to expire in August 2022. Simply put, the Tesla CEO is buying almost 1.6 million shares of TSLA stock at a strike price of $6.24 per share. This would be thanks to a 2012 compensation package granted to him.
Additionally, Musk also sold another 934,090 shares, adding up to about $1.02 billion according to filings posted yesterday. By and large, investors appear to be jumping on the supposed end of Elon Musk’s supposed selling spree. All in all, the latest trades bring Musks’ total holdings in Tesla up to over 177 million shares. This would be an increase from the previous figure of 170.5 million. As it stands, TSLA stock is holding on to year-to-date gains of over 47%. The real question now is whether or not it can maintain this momentum going into 2022.
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