The markets continued their wild trading today but this time to the downside again. The Dow 30 fell 1034, the S&P 500 lost 100, and the Nasdaq 100 was lower by 274. Higher interest rates were once again the major focus pushing stocks lower. Crude Oil was once again lower on the day and volatility products spiked as well. All this market drama has taken away from the potential government shutdown to occur tonight at midnight if a deal isn't reached.
Tesla (NASDAQ: TSLA) shares were lower on the day despite reported a smaller than expected loss for the previous quarter. The stock sold off 6% today as the company announced their largest loss ever. They state that they are on track to meet model 3 production goals but this was a downward revised number. They also suggested that they will start investing in the model Y crossover later this year. Many believe that this may cause more rounds of funding and that they should focus on hitting goals on existing offerings for now. Remember that recently the board announced that CEO, Elon Musk would not be paid a penny until his goals were met.
Twitter (NASDAQ: TWTR) responded to Snapchats earnings by showing growth as well. The company reported a beat on earnings a revenue for the previous quarter and also showed growth of 12% in daily active users. Shares were higher on the day by 16%.
Blackrock (NYSE: BLK) was in the news as they announced that they will be starting a Warren Buffet like fund to take stakes in companies like Berkshire Hathaway (NYSE: BRK). They are currently raising $10 billion to start. Keep in mind that Blackrock is already the world's largest asset manager. Shares are currently hovering around flat on the year.