Rise on Wall Street – Tesla rose sharply after China rumors – E24

The electric car manufacturer is said to be close to rolling out the driving assistant system in China, after Elon Musk was reportedly in the country for a quick visit.

All three key indices on Wall Street have been in the positive throughout the trading day.

This is what it looks like at closing time at 10 p.m.:

• The Dow Jones index rose 0.39 percent
• The technology index Nasdaq ended up 0.35 percent
• The collective index S&P 500 ended up 0.32 percent

Thus, the mood is calm at the start of another results-heavy week, which will also be characterized by an interest rate meeting and key figures.

On Friday last week, the tech giants lifted the New York Stock Exchange after strong quarterly results.

Microsoft, Alphabet, Meta and Tesla all presented quarterly figures last week. Tomorrow, Tuesday, Amazon presents quarterly figures, while Apple opens its accounting books on Thursday.

Tesla shot up

Tesla is in the spotlight after, according to anonymous sources, the company is said to have received tentative approval from the Chinese authorities for the rollout of its driving assistant system in the country. There must be several conditions for the approval to be in order, the sources tell Bloomberg. The news has not been confirmed or commented on by Tesla.

The Tesla share climbed 15.34 percent on Monday.

It is the best day for the stock since March 2021.

The news comes after Tesla CEO Elon Musk paid a quick visit to China at the weekend. Then Tesla will have come to an agreement with the Chinese tech giant Baidu on a map agreement, at the same time that Tesla will have met demands for how it treats data security.

– He is back, writes Morgan Stanley analyst Adam Jones in a note on Monday, according to Investing, with reference to the fact that several people have expressed concern about Musk’s presence in Tesla recently.

Interest rate meeting at the Fed

On Wednesday this week, the US central bank, the Fed, will hold an interest rate meeting, and there is great excitement about what central bank chief Jerome Powell will signal about interest rate cuts.

Belief in interest rate cuts has steadily diminished, and expectations about the first interest rate cut have been pushed back in time.

Federal Reserve Chairman Jerome Powell has repeatedly said that inflation is still too high. Earlier in April, Powell stated that it may take longer than expected to bring inflation down to the target.

– At the start of the year, the whole picture was an expectation and belief in interest rate cuts in the USA. This also drove the stock market. Now it will be exciting to follow the Nonfarm figures coming this week. They will drive this further. I have faith in interest rate cuts in the US this year, said Chief Economist Jan Ludvig Andreassen at Eika Gruppen to E24 yesterday.

The jobs figures for the US, or nonfarm payrolls, are often referred to as the most important figure of the month.