STORY: Wall Street’s main indexes closed mixed on Monday, with the tech-heavy Nasdaq ending higher thanks to another surge in shares of Tesla.
The Dow ended slightly lower, the S&P 500 gained about four-tenths of a percent and the Nasdaq added six-tenths.
Tesla, whose shares have surged roughly 30% since the November 5th election, jumped more than five-and-half percent Monday following a Bloomberg report that said members of President-elect Donald Trump’s transition team were seeking to ease U.S. rules for self-driving cars.
Skyler Weinand is chief investment officer at Regan Capital.
“You kind of have some haves and and have-nots between who was involved in the election. Specifically, Musk-related stocks, and some huge stocks like that. [FLASH] It certainly doesn’t hurt that now that Trump is the incoming president and he’s really reversed course in terms of his views of EV and EV credits, what the administrative support might be for electric vehicles. That’s all hugely bullish for Tesla.”
Meanwhile, investors were also gearing up for Nvidia’s third-quarter earnings on Wednesday.
The AI chip designer has powered 20% of the S&P 500’s return over the past year, and many, including BofA Global Research, are expecting another blowout quarter.
Nvidia’s shares fell on Monday, however, after a report said its new AI chips were overheating in servers.
Among other movers, CVS Health’s shares gained more than five percent after the health insurer said it would add four new members to its board in an agreement with Glenview Capital Management.
With the key holiday shopping season set to begin, results from major retailers this week, including Walmart, Lowe’s and Target, will be closely watched to gauge the strength of the U.S. consumer.
