Tesla Stock Weighs On Nasdaq 100; Dow Futures Edge Lower – Investor’s Business Daily

Shares of Tesla (TSLA) stock hurt Nasdaq 100 futures in the stock market today, but early Monday selling was subdued in the Dow Jones industrial average and S&P 500.


Nasdaq 100 futures fell 0.8% early Monday. The S&P 500 lost 0.4% and the Dow Jones fell about 0.3%.

Tech stocks in the Dow underperformed. Intel (INTC) and Cisco Systems (CSCO) showed losses of around 1%.

Tesla Stock Hit Again

Tesla stock slumped around 3.5% in early trading, hurt by news late Thursday the company is recalling more than 100,000 Model S sedans for a power steering problem. Separately, Tesla confirmed Friday that Autopilot was engaged during a recent Model X crash in California that killed the driver.

Tesla is expected to report Q1 production and delivery figures for the Model 3, Model S and Model X sometime this week. Last week, Moody’s downgraded Tesla over its heavy cash burn and Model 3 production woes.

Meanwhile, Walmart (WMT) is in talks with health insurer Humana about deepening its existing partnership or possibly a takeover, according to multiple reports. Shares of Walmart eased 0.8%, while Humana jumped 7%.

Trump Goes After Amazon Again

Meanwhile, President Trump’s Twitter attack on Amazon.com (AMZN) continued Saturday when he tweeted  the U.S. Post Office loses on average $1.50 for each package it delivers for the online retailer. Shares of Amazon fell 1.5% in premarket trading.

Amazon fell along with two other FANG stocks early Monday. Shares of Facebook (FB) lost 0.8% and Netflix (NFLX) gave back 1.3%.

It’s a busy week of economic data with the ISM manufacturing index due today at 10 a.m. ET. Factory orders and the ADP employment report will be out Wednesday, and the March jobs report will be released Friday. Economists expect nonfarm payrolls to increase by 167,000, down from 313,000 in February, with the unemployment rate ticking lower to 4%.


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