Shares of Tesla rose over 4% after CEO Elon Musk revealed that the company's robotaxi will be unveiled in early August. Despite this positive news, Treasury yields increased, impacting overall market gains. The Dow and S&P 500 experienced losses, but the unexpected rise in payrolls gave investors hope for continued economic growth.
shares were up more than 4% after CEO Elon Musk said the company's robotaxi will be unveiled in early August .
"The theme of bad news being good for the equity market continues," said Matt Rowe, head of portfolio management at Nomura Capital Management. "Much of the equity strength is driven off of hope for an implied cut, or a series of rate cuts this year, that wouldn't take down the cost of capital and present value of everything."
To be sure, it reminded investors that the "AI-driven tech rally is not a one-way street." Geopolitical instability and dampening expectations for the Federal Reserve to cut rates this year has contributed to tech stocks, particularly semiconductor names, to decline recent weeks. While he touched on a variety of topics, AI was the first in his outline of the issues facing big banks -- ahead of geopolitics and regulatory matters.
"I wouldn't rule out anything out at this point. We need to keep everything on the table. We want to work with the Chinese to see if we can find a solution," she said in an interview with CNBC's Sara Eisen, when asked about the possibility of Washington imposing tariffs if China does not adjust its approach to industry incentives.
This follows lawsuits faced by counterparts Evergrande, which was ordered to wind up, and Country Garden Holdings, which also faces a liquidation petition.to the Hong Kong Stock Exchange, the company said the petition was in connection with debt of about 1.58 billion Hong Kong dollars.
Tesla CEO Elon Musk Robotaxi Unveiling August Shares Treasury Yields Market Gains Dow S&P 500 Payrolls Economic Growth
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