Category: Stock Market News

Tesla Inc. said Monday second-quarter deliveries came to 22,000 vehicles, up 53% from the year-earlier period but well below the company’s guidance of 47,000 to 50,000 vehicles provided with its first-quarter earnings in May. The company said the main cause of the miss was a “severe” production shortfall of 100 kWh battery packs, which are made using new technologies on new production lines. “The technology challenge grows exponentially with energy density,” the company said in a statement. “Until early June, production averaged about 40% below demand.” Once the issue was resolved, June orders and deliveries were strong, “ranking as one of the best in Tesla history,” said the statement. For the first half, deliveries came to about 47,100 cars. Tesla said assuming global economic conditions do not deteriorate, it is confident that deliveries of Model S and Model X in the second half will exceed the first-half number. Production totaled 25,708 vehicles in the second quarter, bringing first-half production to 51,126. Shares closed regular trading down 2.5% and were extending that loss in after-hours trade. The shares have gained 65% in 2017, while the S&P 500 has gained 8.8%.

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Oil prices climbed Monday for an eighth session in a row–the longest such run of gains since the 10-session rise ended on Jan. 6, 2010, according to data from Dow Jones. Prices got a boost from the first decline in the number of active U.S. oil rigs in 24 weeks, as well as recent data showing a weekly fall in domestic crude production. August West Texas Intermediate crude added $1.03, or 2.2%, to settle at $47.07 a barrel on the New York Mercantile Exchange.

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At least nine people were injured Monday when a vehicle was driven into a group of pedestrians near a taxi pool at Logan Airport in East Boston. The driver remained on the scene, according to a Boston Globe report, and investigators were reported to be looking at operator error as a possible cause of the incident. The Globe reported that the pedestrians’ injuries were of varying severity levels. An Associated Press report indicated the vehicle was a taxi.

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Gold prices dropped Monday to end July’s first trading session at their lowest level in nearly two months. Earlier gains in the U.S. dollar, as well as strength among most U.S. equities, eased investment demand for the precious metal. August gold fell $23.10, or 1.9%, to settle at $1,219.20 an ounce. That was the lowest finish for a most-active contract since May 10, according to FactSet data.

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U.S. stocks ended Monday’s abbreviated trade firmly higher, but off its best levels of the day, buoyed by gains in energy and bank stocks. Extended weakness in the technology sector capped gains for the broader market. The Dow Jones Industrial Average finished with a climb of 0.6% to close at 21,479, but the blue-chip benchmark ended off the all-time intraday high set during the session of 21,562.75, pressured by declines in Microsoft Corp. and Intel Corp. . The S&P 500 index gained 0.2%, but a 0.9% drop in technology shares limited a 2% rise in the energy sector –its best one-day rally since June 9, according to FactSet Data. The Nasdaq Composite Index closed off 0.5% at 6,110. Crude-oil prices gained on the day, marking the longest win streak in more than seven years. The New York Stock Exchange ended trading at 1 p.m. Eastern on Monday ahead of the Fourth of July holiday.

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A prominent fund used to bet on the energy sector on Monday was on pace to post its best daily climb since early June, according to FactSet data. The energy-focused Energy Select Sector SPDR ETF was up 2.2%, setting the ETF up for its sharpest one-day rise since a 2.4% gain on June 9. Gains in the ETF were being led by a 6% rally in shares of Transocean Ltd. and a more than 5% climb in Baker Hughes Inc. . On the day, the energy sector was the best performer among the S&P 500’s 11 sectors, with financials also helping to buoy U.S. equity benchmarks. August West Texas Intermediate crude rose sharply above $46 a barrel on the New York Mercantile Exchange, jolted energy stocks higher in a holiday-shortened trading session. The S&P 500 was up 0.3%, while the Dow Jones Industrial Average was up 0.8%, after briefly touching an intraday record of 21,562.75. The Nasdaq Composite Index lagged behind the benchmarks, down 0.5%, as the technology sector extended a bout of weakness amid concerns about tech-share valuations.

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An Amazon.com Inc. spokesperson said Monday that the company’s bricks-and-mortar bookstores will participate in the Prime Day shopping event for the first time this year. Prime Day will start at 9pm ET July 10 and last for 30 hours, continuing through July 11. Deals will be announced throughout the event. This is Prime Day’s third year. Deals will start to become available in stores on July 5th, leading up to the 11th. According to the Amazon website, there are now eight stores open nationwide. Deals at the New York City Columbus Circle location include a Microsoft Xbox One 1TB bundle. Amazon shares are down 1.3% in Monday trading, but are up 27.5% for the year to date. The S&P 500 index is up 8.6% for 2017 so far.

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Shares of General Motors Corp. and Ford Motors Corp. rose sharply Monday, as investors shrugged off weak U.S. June sales and focused on optimism about the outlook. GM and Ford reported 5% declines in sales for the month, but Honda Motor Co. , Nissan Motor Co. and Toyota Motor Co. all notched gains. Executives were generally upbeat about the second half. “Now, while there’s obviously significant fluctuation month to month, we expect our overall fleet business to end 2017 about the same as 2016 in terms of volume, share and percent of our total for all three components: rental, commercial and government,” Ford executives said on a media call. Analysts were expecting 2017 sales to lag 2016, a record year. Ford shares jumped 3.5% and GM shares were up 3.6%. The Dow Jones Industrial Average rose 0.8% to a fresh record, while the S&P 500 was up 0.4%.

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A sharp rise in shares of Goldman Sachs Group Inc. , J.P. Morgan Chase & Co. , and Chevron Corp. on Monday were combining to contribute more than 75 points to the Dow Jones Industrial Average’s nearly 200-point rise. Goldman’s shares alone, up 3% on the session, were adding more than 40 points to the price-weighted Dow , which helped the index set a fresh intraday record of 21,562.75. The bullish action came as Wall Street kicked off trading in July, also marking the start of the quarter and first half. The S&P 500 index , meanwhile, was up 0.6% at 2,427, but the tech-heavy Nasdaq Composite Index lagged behind its equity-benchmark peers, off 0.1% at 6,133.

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Shares of Blue Apron Holdings Inc. fell to the lowest level so far Monday as shares reached an intraday low of $8.88. Blue Apron made its market debut Thursday with an issue price of $10. Shares stayed above or at the issue price for its first day of trading, but fell below it Friday to close at $9.35. In its three days of trading, shares have reached an intraday high of $11. In its initial public offering, the meal-kit company sold $30 million shares at $10 a share, a drop from its previous price range of $15 to $17, to raise $300 million

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