The New York Stock Exchange is seen, through a window guard, on Tuesday, April 16, 2024 in New York. – Wall Street drifted toward gains before the market open on Tuesday as more corporate earnings come in, giving investors a break from fretting about if and when the Federal Reserve might cut interest rates.
Tesla was on track for a third straight day of declines, falling another 2.6% before the bell. The Elon Musk-run electric car maker posted falling sales in its most recent quarter and announced it was laying off 10% of its workforce Monday. Its shares are down about 35% so far this year. The economy and financial markets are in an awkward phase where such strength raises hopes for growing profits at companies but also hurts prospects forfrom the Federal Reserve. They’re the two main levers that set stock prices, and they’re simultaneously yanking Wall Street in different directions.
“The sky is not blue in China,” Ipek Ozkardeskaya of Swissquote said in a commentary, since such signals hint “that the underlying problems are not going away."
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