All three US indices finished lower on Thursday, breaking a five-day winning streak for the Dow Jones, which was down 0.1%. The S&P 500 fell 0.4% with the Nasdaq hardest hit, down 1%, as Tesla (NASDAQ: TSLA) pushed the tech index lower.
The catalyst this time was a report that sales of Tesla cars in China fell by almost half in May, down to 9,800, whilst a number of models in the US were also recalled due to issues with their seat belts.
On the positive side, President Biden flagged some flexibility on a lower company tax rate, whilst US payrolls gained the most in over a year and the Services PMI, reflecting activity in restaurants and other sectors, hit 62.7 in April, the highest since 1997.
This news followed the decision yesterday by the Federal Reserve to sell some US$8 billion in exchange traded funds and corporate bonds it purchased during the crisis to add liquidity to the market.
US stock market movers
Here’s how other popular US stocks fared on Thursday.
- Elastic (NASDAQ: ESTC) up 10.0%
- Ford (NYSE: F) up 7.2%
- General Motors (NYSE: GM) up 6.4%
- Atlassian (NASDAQ: TEAM) down 4.4%
- MongoDB (NASDAQ: MDB) down 5.7%
- Twilio (NASDAQ: TWLO) down 6.5%
- Splunk (NASDAQ: SPLK) down 9.5%
- AMC Entertainment (NYSE: AMC) down 17.9%
Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is set to edge higher when the market opens on Friday. For all the latest, check out Rask Media’s ASX 200 morning report.