McLaren CEO looks to follow Ferrari's blueprint for success — but with 'no arrogance'
Yahoo Finance's Pras Subramanian reports:
CARMEL, Calif. — McLaren CEO Michael Leiters believes that the British luxury supercar maker can succeed much like Ferrari has — but in a somewhat different way.
“We have one element in our brand, and it’s belonging," Leiters, who has been at the helm of McLaren for two years after eight years as Ferrari's CTO, said in an interview with Yahoo Finance during Monterey Car Week. "We want to have people here. ... We speak with everybody — no arrogance.”
That could be read as a not-so-veiled swipe at Ferrari, given that the Italian luxury sports car manufacturer is notorious for secrecy, invite-only events, and only selling new vehicles to current or favored customers.
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Mon, August 26, 2024 at 9:49 PM GMT+7
Dow jumps 200 points while Nasdaq falls, Nvidia declines 2%
The markets diverged on Monday as the Dow Jones Industrial Average (^DJI) rose as much as over 200 points to touch a fresh intraday record.
The S&P 500 (^GSPC) erased earlier gains to fall 0.3%, while the tech-heavy Nasdaq Composite (^IXIC) dropped more than 1%, led by a fall in shares of Nvidia (NVDA).
The AI chip heavyweight will report quarterly results this Wednesday after the market close.
EV giant Tesla (TSLA) also fell more than 3%, weighing on the S&P 500 and Nasdaq.
Mon, August 26, 2024 at 9:31 PM GMT+7
Dow gains 200 points, touches intraday record
The Dow Jones Industrial Average (^DJI) rose more than 200 points, or 0.5%, on Monday morning, touching a new intraday record of 41,394.10.
Energy and Materials led the gains on Monday. Meanwhile, Technology stocks lagged, with the tech-heavy Nasdaq Composite (^IXIC) slipping as much as 0.7% while the S&P 500 (^GSPC) fell slightly.
Mon, August 26, 2024 at 8:42 PM GMT+7
S&P 500 rises, inches towards record high
The S&P 500 (^GSPC) rose 0.3% on Monday, inching closer to its July record highs. The index was less than 0.5% away from its July 16 all-time record close of 5,667.20.
The Dow Jones Industrial Average (^DJI) rose 0.3% on Monday. The tech-heavy Nasdaq Composite (^IXIC) drifted just above the flatline after opening slightly lower.
Mon, August 26, 2024 at 8:31 PM GMT+7
Stocks open mixed as investors turn focus on Nvidia earnings this week
Stocks traded mixed on Monday as investors turned their focus to a busy week spearheaded by Nvidia's (NVDA) earnings report.
The S&P 500 (^GSPC) rose roughly 0.1%, while the Dow Jones Industrial Average (^DJI) added roughly 0.2%. The tech-heavy Nasdaq Composite (^IXIC) slipped just below the flatline after the major indexesrallied on Friday.
The focus this week is firmly on Nvidia earnings. A lot is riding on those results since the AI chip heavyweight has been a major driver of the markets this year. Nvidia stock was little changed on Monday morning following a 4.5% gain on Friday.
Stocks neared fresh record highs on Friday after Fed Chair Jerome Powell made it crystal clear the central bank is ready to pivot to lowering rates in September. The benchmark S&P 500 index is less than 1% away from topping the all-time closing high set in July.