Why Is The Stock Market Down Today? Or Not : Tesla, NIO, Rivian, AMC, Apple, and Others.
Oct 02, 2023
Why is the stock market down today: Stock futures gained moderately Monday as the United States avoided a government shutdown, but bond yields surged as Wall Street returned its focus to the future course of interest rates.
These stocks were expected to move on Monday:
On Monday, Tesla (TSLA) is scheduled to publish third-quarter deliveries. The current estimate from FactSet is that the electric-vehicle behemoth will deliver 461,000 vehicles. In the second quarter, Tesla delivered around 466,000 automobiles. According to a separate story, Tesla also showcased an improved version of its Model Y in China. In premarket trade, the stock was up 0.4%.
Shares of Chinese EV manufacturers NIO (NIO), XPeng (XPEV), and Li Auto (LI) were also up after the businesses announced a combined 66,831 deliveries in September, up 116% year on year. It was the second-best combined month in company history. NIO increased by 0.4%, XPeng increased by 0.8%, and Li Auto increased by 1.4%.
Rivian Automotive (RIVN) shares rose 3% to $25 after Evercore ISI upgraded the EV vehicle manufacturer to Outperform from In Line with a $35 price objective.
AMC Entertainment (AMC) gained 1.6% after the movie theater operator announced that a film based on Beyonce’s Renaissance World Tour will be distributed internationally. “Renaissance: A Film by Beyonce” will be released on December 1 in the United States, Canada, and Mexico. AMC announced in August that it will be the global distributor of “Taylor Swift: The Eras Tour” concert film on October 13.
Apple (AAPL) gained 0.2%. Over the weekend, the business announced intentions to deploy an iOS 17 software upgrade to address overheating concerns with the recently introduced iPhone 15. Constellation Brands (STZ), Lamb Weston (LW), Conagra Brands (CAG), and Levi Strauss (LEVI) are all slated to report earnings this week. Not you know: why is the stock market down today and not only.