📈 Stock Market Today: FB, TSLA, PFE and ARKK - Here's what you need to know:
The major indices continue to drop! Here's what is happening in the markets today, Tuesday, May 11th.
Here's what is happening in the markets today, Tuesday, May 11th.
The major indices continue to drop!
Yesterday, inflation jitters sent tech stocks lower as the NASDAQ dropped 2.4% for its worst day since March. The yield on the 10-year Treasury note also rose 3 bps to 1.6% - hitting growth names that depend on low rates to fuel their expansions. And the DOW snapped a 5-session winning streak after pushing above the 35,000 milestone.
Big Tech stocks came under pressure.
Facebook (FB) is down 2% premarket to $300/share, after tumbling 4% on Monday,
Tesla (TSLA) slid another 3.5% to $606/share after sinking 6.5% in the previous session.
Cathie Wood's ARK Innovation ETF (ARKK) - in which Tesla is the top holding - slipped another 3% premarket to the $100 level (it fell 5% on Monday and is off 35% from its peak).
Meanwhile, prices are rising everywhere, e.g. Lumber, Copper, Soybean, Corn. Even Tesla bumped up the price of its most popular models by $500 for the sixth time this year. Buying a Model 3 now will cost you $2,500 more than it would have done in February.
Get ready for CPI: Inflation data will come tomorrow, but economists are already penciling in a price rise of 3.5% in April. While consumers and investors might be alarmed, the Federal Reserve isn't. Fed Chair Powell said he is comfortable allowing inflation to run past its 2% target for a while.
Vaccines for under-16s: The FDA, for the first time, has cleared a coronavirus vaccine's use in adolescents aged 12 to 15. The next step will see a committee of experts - that advise the CDC - meet tomorrow to review Pfizer's (PFE) study data and decide whether to recommend the shot for youths.
In March, Facebook confirmed it was working on an "Instagram Kids" product version. But now a group of 44 state and territory attorneys general is urging Facebook (FB) CEO Mark Zuckerberg to abandon plans to launch a version of Instagram for children under 13.
Crude Oil: Colonial Pipeline sees service 'substantially restored' by end of week. Hackers are sorry? The FBI confirmed on Monday that the hacking group known as DarkSide was behind the attack. The hackers who attacked a major US pipeline say they're just in it for the money, not for political reasons.
Prepare for Lightning! Ford (F) to unveil all-electric F-150 next week. Sales are supposed to start in 2022.
Earnings:
Marriott (MAR) -4.1% after revenue and profits missed estimates.
Virgin Galactic (NYSE:SPCE) -8.5% AH with no date set for test flight.
Dogecoin surged 20% on Tuesday morning. Elon Musk had hinted that Tesla could accept the cryptocurrency as a form of payment.
Jobs’ Report: President Joe Biden said Americans receiving unemployment benefits must either take a job that is "suitable" or lose the support.
The major indices continue to drop!
Yesterday, inflation jitters sent tech stocks lower as the NASDAQ dropped 2.4% for its worst day since March. The yield on the 10-year Treasury note also rose 3 bps to 1.6% - hitting growth names that depend on low rates to fuel their expansions. And the DOW snapped a 5-session winning streak after pushing above the 35,000 milestone.
Big Tech stocks came under pressure.
Facebook (FB) is down 2% premarket to $300/share, after tumbling 4% on Monday,
Tesla (TSLA) slid another 3.5% to $606/share after sinking 6.5% in the previous session.
Cathie Wood's ARK Innovation ETF (ARKK) - in which Tesla is the top holding - slipped another 3% premarket to the $100 level (it fell 5% on Monday and is off 35% from its peak).
Meanwhile, prices are rising everywhere, e.g. Lumber, Copper, Soybean, Corn. Even Tesla bumped up the price of its most popular models by $500 for the sixth time this year. Buying a Model 3 now will cost you $2,500 more than it would have done in February.
Get ready for CPI: Inflation data will come tomorrow, but economists are already penciling in a price rise of 3.5% in April. While consumers and investors might be alarmed, the Federal Reserve isn't. Fed Chair Powell said he is comfortable allowing inflation to run past its 2% target for a while.
Vaccines for under-16s: The FDA, for the first time, has cleared a coronavirus vaccine's use in adolescents aged 12 to 15. The next step will see a committee of experts - that advise the CDC - meet tomorrow to review Pfizer's (PFE) study data and decide whether to recommend the shot for youths.
In March, Facebook confirmed it was working on an "Instagram Kids" product version. But now a group of 44 state and territory attorneys general is urging Facebook (FB) CEO Mark Zuckerberg to abandon plans to launch a version of Instagram for children under 13.
Crude Oil: Colonial Pipeline sees service 'substantially restored' by end of week. Hackers are sorry? The FBI confirmed on Monday that the hacking group known as DarkSide was behind the attack. The hackers who attacked a major US pipeline say they're just in it for the money, not for political reasons.
Prepare for Lightning! Ford (F) to unveil all-electric F-150 next week. Sales are supposed to start in 2022.
Earnings:
Marriott (MAR) -4.1% after revenue and profits missed estimates.
Virgin Galactic (NYSE:SPCE) -8.5% AH with no date set for test flight.
Dogecoin surged 20% on Tuesday morning. Elon Musk had hinted that Tesla could accept the cryptocurrency as a form of payment.
Jobs’ Report: President Joe Biden said Americans receiving unemployment benefits must either take a job that is "suitable" or lose the support.