Tesla on its way to strong stock market opening after record numbers – E24

Tesla on its way to strong stock market opening after record numbers – E24
Tesla on its way to strong stock market opening after record numbers – E24

The electric car manufacturer rises sharply in pre-trade after the delivery figures for the first quarter. Futures trading points to a rise on Wall Street after the Easter holidays.

RECORD: Tesla has never delivered more cars than it did during the first quarter.

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byoutline Lucas Jackson / Reuters / NTB

Published: Published: Less than 20 minutes ago

At 10.30 am, all three leading Wall Street indices are set to rise at the start of the stock market week.

Although there was also an Easter holiday on the American stock exchanges on Friday, several things have happened that will add color to the day.

Among investors, it may be especially those who have invested in Tesla who can look forward to a good stock market day. The company’s share rises around six percent in pre-trade after the company surprised with record numbers on Friday.

In the first quarter, Tesla delivered almost 185,000 cars, which was over 4,000 more than in the previous quarter. Analysts had previously expected the company to deliver 168,000 cars in the quarter, writes CNBC.

“We are encouraged by the strong reception of the Model Y in China, and are rapidly increasing towards full production capacity,” Tesla wrote in Friday’s announcement.

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Over 900,000 new jobs

Although Friday was a public holiday on the stock exchanges, there was no public holiday in the United States. Thus, it was again ready for release of “the most important number of the month”.

They showed that 916,000 jobs were created outside agriculture in the country last month. That was far more than the month before, and more than analysts thought in advance.

– It is a surprisingly high number in relation to expectations. But it is clear that it is difficult to estimate figures in advance in a reopening phase, said senior economist Knut A. Magnussen in DNB to E24.

– It shows that the strong political financial packages for households have wheeled. We can expect quite strong figures in April also due to further reopening and transfers to households, says Magnussen.

At the same time, unemployment in the United States is falling to 6 per cent, down from 6.2 per cent a month ago. Unemployment is still around 2.5 percentage points above the levels from before the pandemic hit the country.

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Passed milestone

On Thursday last week, the broad S&P 500 index rose in particular. For the first time in history, the index passed the milestone of 4,000 points.

The development came after President Joe Biden presented his enormous infrastructure package on Wednesday. The plan of 2,000 billion dollars will be financed, among other things, by increasing corporation tax to 28 percent.

On the few Asian stock exchanges that were open on Monday, there was mostly an upturn. In Tokyo, the Nikkei index rose 0.8 percent. The exception to the upturn came in India, where indices fell by around 2.5 per cent. It happened after the country has a new infection record, which has led to new fears of closures.


Published: April 5, 2021 10:40 AM

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