Nasdaq, S&P 500 rise as Tesla shares surge 6%
The S&P 500 (^GSPC) gained 0.3% while the tech-heavy Nasdaq Composite (^IXIC) rose 1% as Consumer Discretionary stocks led the gains.
EV maker Tesla (TSLA) rose more than % on plans to launch a full self-driving vehicle in Europe. E-commerce giant Amazon (AMZN) gained 2%. Shares of AI chip giant Nvidia (NVDA) also rose more than 2%.
Thu, September 5, 2024 at 8:31 PM GMT+7
US stocks were little changed at the open on Thursday after more soft labor data trickled in ahead of Friday's big jobs report, which could influence the Federal Reserve on the size of its expected interest rate cut at its September meeting.
The S&P 500 (^GSPC) hugged the flatline, while the Dow Jones Industrial Average (^DJI) fell slightly. The tech-heavy Nasdaq Composite (^IXIC) erased earlier losses to rise 0.6%.
New ADP data released before the market open showed private employers in the US posted their smallest monthly hiring growth since January 2021. Private payrolls grew by about 99,000, well below expectations.
Along with the monthly jobs report, the labor data could influence the Federal Reserve on the size of the interest rate cut it will likely announce following its two-day meeting this month.
On the corporate front, C3.ai (AI) shares tanked nearly 20% after the enterprise software maker posted weaker-than-expected subscription revenue. Shares of the once high-flying stock are negative for the year.
Meanwhile, HPE (HPE) stock slipped on disappointment over the profitability of its AI serversy.