Skip to main content

Today in the stock market: Stocks climb on the back of stronger-than-expected GDP growth, while Tesla experiences a decline.

  Despite Tesla (TSLA) reporting disappointing earnings and a higher-than-expected US economic growth reading, US stocks climbed on Thursday. The Dow Jones Industrial Average (^DJI) gained 0.2%, the S&P 500 (^GSPC) rose 0.4%, extending its record streak from the previous day, and the Nasdaq 100 (^NDX) inched up about 0.6%.  The morning release of the advance estimate for fourth-quarter US gross domestic product (GDP) revealed a robust annualized growth rate of 3.3%, surpassing economists' expectations of 2%. Tesla, in its quarterly results, cautioned about a "notably" slower growth in electric vehicle production, missing profit forecasts. CEO Elon Musk expressed concerns about Chinese carmakers outpacing rivals in the absence of trade restrictions. Tesla shares plummeted up to 11%, marking a deeper decline compared to other tech-heavy "Magnificent Seven" stocks that have been propelling the S&P 500's surge. After-hours attention focused on Intel (INT...
Post a Comment

Today in the stock market: Stocks climb on the back of stronger-than-expected GDP growth, while Tesla experiences a decline.

 

Despite Tesla (TSLA) reporting disappointing earnings and a higher-than-expected US economic growth reading, US stocks climbed on Thursday. The Dow Jones Industrial Average (^DJI) gained 0.2%, the S&P 500 (^GSPC) rose 0.4%, extending its record streak from the previous day, and the Nasdaq 100 (^NDX) inched up about 0.6%. 


The morning release of the advance estimate for fourth-quarter US gross domestic product (GDP) revealed a robust annualized growth rate of 3.3%, surpassing economists' expectations of 2%.

Tesla, in its quarterly results, cautioned about a "notably" slower growth in electric vehicle production, missing profit forecasts. CEO Elon Musk expressed concerns about Chinese carmakers outpacing rivals in the absence of trade restrictions. Tesla shares plummeted up to 11%, marking a deeper decline compared to other tech-heavy "Magnificent Seven" stocks that have been propelling the S&P 500's surge.

After-hours attention focused on Intel (INTC), with Wall Street anticipating an artificial intelligence (AI) boost for the chipmaker in its upcoming results.

American Airlines (AAL) experienced a stock rise following the release of better-than-expected 2024 guidance, while Southwest Airlines (LUV) exceeded Wall Street's profit expectations for the latest quarter.

Alaska Airlines (ALK) disclosed $150 million in costs related to the recent grounding of its Boeing 737 Max 9 fleet due to a mid-air door plug incident. Although the FAA permitted the return of the 737 Max 9 jets to service after safety checks, Boeing (BA) was instructed to halt any planned production increases for the model, causing disruption for customers and suppliers and contributing to a decline in Boeing's shares.

Comments

Post a Comment

Popular posts from this blog

"Deciding Between a $48,000 Lump Sum or $462 Monthly Payments: Navigating Pension Choices"

 "Decoding Pension Buyouts: Navigating the Road to Retirement" Pondering whether to take the lump sum or opt for monthly payments from your pension? You're not alone. Pension buyout decisions are becoming more commonplace, sparking a host of considerations for those with retirement plans. Let's break down the complexities and help you make an informed decision that aligns with your financial future. The Dilemma: Lump Sum vs. Monthly Payments When faced with a pension buyout offer, timing becomes paramount. The quandary lies in when you'll receive the payout and how long you anticipate living. A lump sum payout earlier in your retirement can significantly boost its overall value. Conversely, if you're in it for the long haul, monthly payments may accumulate into a more substantial sum over time. For instance, imagine being offered $48,000 to forgo a $462 monthly payment. If you're past a certain age, playing the percentages might lead you to lean towards th...
Post a Comment
Read more

Is Property Inheritance Automatically Taxed?

 Inheritance can be a welcome financial boost, but it often comes with tax complexities. When you inherit property or assets, rather than cash, you typically don't incur immediate taxes. Taxes come into play when you decide to sell these inherited assets, in the form of capital gains taxes. These taxes are calculated based on a concept known as a stepped-up cost basis, ensuring you're taxed only on the appreciation that occurs after you inherit the property. To navigate this process correctly, consulting a financial advisor is a prudent step. Let's delve into how capital gains are handled when inheriting property. Inheritances can be subject to three main types of taxes: 1. Inheritance taxes: These taxes are paid by heirs on the value of the inherited estate. Federal inheritance taxes are non-existent, with only six states imposing some form of inheritance tax. Given the state-specific nature of inheritance taxes, discussing them in detail is beyond the scope of this articl...
Post a Comment
Read more

Unfortunate Development: Tax Liability Possible for Catch-Up Contributions Above $145,000 Earnings

  Changes are imminent for catch-up contributions, effective from 2024 onwards. Certain employees who typically contribute additional funds to employer-sponsored retirement plans, such as a 401(k), will now be required to allocate this money into a Roth account. Consequently, these contributions won't be eligible for income tax deductions. However, the gains accumulated within the account can be withdrawn tax-free later in life. This alteration primarily applies to individuals earning $145,000 or more. Catch-Up Contributions Explained: Tax-advantaged retirement accounts have maximum contribution limits, determining the amount one can invest annually without incurring taxes. For instance, in 2023, an individual could contribute a maximum of $22,500 to a 401(k) and up to $6,500 to an IRA. To encourage retirement savings, the IRS permits "catch-up contributions" for individuals aged 50 or older. Those above 50 can contribute an extra $7,500 to a 401(k) or an additional $1,00...
Post a Comment
Read more