The S&P 500 closed lower on Thursday following weak earnings results from companies, including Tesla Inc TSLA and AT&T Inc. T .
Tesla shares dropped around 9.8% on Thursday after the company reported a decrease in operating margins. Elon Musk said Tesla has the potential to price its vehicles at zero profit.
AT&T shares tumbled over 10% after the company reported mixed Q1 financial results. American Express Co AXP also posted downbeat quarterly earnings.
As far as the earnings season is concerned, 16% of the S&P 500 companies have released quarterly results so far, with around 76% of those exceeding market estimates.
On the economic data front, U.S. initial jobless claims increased by 5 thousand to 245 thousand in the week ended April 15, above market estimates of 240 thousand.
Majority of the sectors on the S&P 500 closed on a negative note, with consumer discretionary and real estate stocks recording the biggest losses on Thursday. However, consumer staples stocks closed slightly higher during the session.
The Nasdaq 100 fell 0.78% to close at 12,985.98 on Thursday, amid a decline in shares of Tesla Inc TSLA and NVIDIA Corporation NVDA .
The S&P 500 dropped 0.60%, while the Dow Jones lost 0.33% to 33,786.62 in the previous session.
The Chicago Board Options Exchange's CBOE Volatility Index (VIX) rose 4.3% to close at 17.17 on Thursday, after dropping to its lowest level since Nov. 2021 on Wednesday.
What is CBOE Volatility Index?
The CBOE Volatility Index, popularly known as VIX, is a measure of the equity market's expectation of volatility based on S&P 500 index call and put options.
Read Next: Wall Street's Most Accurate Analysts Say Buy These 3 Tech And Telecom Stocks Delivering High-Dividend Yields
US President Donald Trump on April 10 signed a joint Congressional resolution overturning a Biden-era rule that requires decentralized finance (DeFi) protocols to report to the country’s tax authority, the Internal Revenue Service.
The rule would have required DeFi platforms, such as decentralized exchanges, to file their gross proceeds from crypto sales and include information on those involved in the transactions.
Trump was widely expected to sign the bill, as White House AI and crypto czar David Sacks said in March that the president would support killing the measure.
This is a developing story, and further information will be added as it becomes available.
The electric construction equipment experts at XCMG just released a new, 25 ton electric crawler excavator ahead of bauma 2025 – and they have their eye on the global urban construction, mine operations, and logistical material handling markets.
UPDATE: telematics announcement.
Powered by a high-capacity 400 kWh lithium iron phosphate battery capable of delivering up to 8 hours of continuous operation, the XE215EV electric excavator promises uninterrupted operation at a lower cost of ownership and with even less downtime than its diesel counterparts.
XCMG showed off its latest electric equipment at the December 2024 bauma China, including an updated version of its of its 85-ton autonomous electric mining truck that features a fully cab-less design – meaning there isn’t even a place for an operator to sit, let alone operate. And that’s too bad, because what operator wouldn’t want to experience an electric truck putting down 1070 hp more than 16,000 lb-ft of torque!?
Easy in, easy out
XCMG battery swap crane; via Etrucks New Zealand.
The best part? All of the company’s heavy equipment assets – from excavators to terminal tractors to dump trucks and wheel loaders – all use the same 400 kWh BYD battery packs, Milwaukee tool style. That means an equipment fleet can utilize x number of vehicles with a fraction of the total battery capacity and material needs of other asset brands. That’s not just a smart use of limited materials, it’s a smarter use of energy.
“XCMG remains committed to advancing engineering technology to empower a sustainable future. Our mission is to deliver efficient, intelligent, and eco-friendly lifecycle solutions for global clients,” said Mr. Yang Dongsheng, Chairman of XCMG Group and XCMG Machinery. “Today, 19% of our product portfolio comprises green innovations under our ‘Green Mountain’ new energy line, with full electrification across all series underway.”
On today’s troubling episode of Quick Charge, we explore all the troubles befalling Tesla (and TSLA stock) in the month April – with top executives fleeing the ship, demand plummeting, sales slipping, government incentives at home and abroad under threat, and a raft of receipts brought on by an OpenAI lawsuit hitting the brand, it’s already a bad month for Elon … and there’s still 20 more days to go!
None of this even touches on the $43 million “backlogged” rebate scandal Tesla’s facing in Canada that’s being blamed for people’s negative attitudes about the brand (ha!) or the fact that neither the long-promised Roadster 2.0 or the Tesla Semi will see production anytime this year, either.
The word you’re looking for when you think of Tesla these days is, “cooked.”
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