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Wall Street rises as Tesla soars on AI optimism

Tesla (TSLA.O) rallied 10% after Morgan Stanley upgraded the electric car maker to "overweight" from "equal-weight," saying its Dojo supercomputer could boost the company's market value by nearly $600 billion.

Reuters

September 12, 2023 / 06:56 AM IST

The Nasdaq closed sharply higher on Monday as Tesla surged on optimism around artificial intelligence and investors awaited inflation data due later this week.

Tesla (TSLA.O) rallied 10% after Morgan Stanley upgraded the electric car maker to "overweight" from "equal-weight," saying its Dojo supercomputer could boost the company's market value by nearly $600 billion.

Other megacaps also rose, with Amazon (AMZN.O) climbing 3.5% and Microsoft (MSFT.O) adding 1.1%.

Meta Platforms (META.O) jumped 3.25% after a report on Sunday said the social media platform was working on a new, more powerful AI system.

Walt Disney (DIS.N) added 1.2% and Charter Communications (CHTR.O) rose 3.2% after they reached a deal for Disney's programming, including ESPN, to return to the Spectrum cable service just hours ahead of the start of NFL "Monday Night Football."

Related stories

S&P 500 closes up slightly ahead of US inflation data

S&P, Nasdaq fall as Apple drags, jobless claims data fuels rate jitters

Investors are looking to August consumer price index data due on Wednesday for clues about how close the Federal Reserve may be to ending its campaign of interest rate hikes. That will be followed by producer price data on Thursday.

A New York Fed survey showed Americans' overall views on inflation were little changed in August, as they predicted rising costs for homes and food, while expecting bleaker personal financial health.

"What we're seeing is a lot of positive sentiment that is really tied to bullishness around the likely CPI and PPI numbers being more in line with moderation," said Greg Bassuk, chief executive officer of AXS Investments in New York.

"As long as the inflation numbers for August come in within the band of expectations, we're going to see the Fed move away from additional rate hikes."

Wall Street logged weekly losses on Friday after a recent uptick in oil prices and stronger-than-expected economic data fueled concerns of sticky inflation and interest rates staying higher for longer.

Traders see a 93% chance that the central bank will hold its interest rates at current levels at its September meeting, while chances of a pause in November stand at 57%, according to the CME FedWatch Tool.Fed officials have entered a blackout period, during which they usually do not make public comments, until the policy decision outcome on Sept. 20.

The S&P 500 climbed 0.67% to end at 4,487.46 points.

The Nasdaq gained 1.14% at 13,917.89 points, while Dow Jones Industrial Average rose 0.25% to 34,663.72 points.

Volume on U.S. exchanges was relatively light, with 9.3 billion shares traded, compared to an average of 10.0 billion shares over the previous 20 sessions.

Of the 11 S&P 500 sector indexes, nine rose, led by consumer discretionary (.SPLRCD), up 2.77%, followed by a 1.17% gain in communication services (.SPLRCL).

Qualcomm (QCOM.O) advanced 3.9% after the chipmaker signed a new deal with Apple (AAPL.O) to supply 5G chips to the iPhone maker until at least 2026.

Hostess Brands (TWNK.O) surged 19.1% after J. M. Smucker (SJM.N) said it would buy the Twinkies-maker in a $5.6 billion deal.

Advancing issues outnumbered falling ones within the S&P 500 (.AD.SPX) by a 1.5-to-one ratio.

The S&P 500 posted 14 new highs and 11 new lows; the Nasdaq recorded 36 new highs and 199 new lows.

Reuters

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#International Markets

Reuters

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first published: Sep 12, 2023 06:24 am

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Tata Motors launches Punch iCNG, price starts at Rs 7.1 lakh

The Punch iCNG is equipped with the company's proprietary twin-cylinder technology with enhanced safety features like a micro-switch to keep the car switched off at the time of refuelling and thermal incident protection that cuts off CNG supply to the engine and releases gas into the atmosphere, Tata Motors said in a statement.

PTI

August 04, 2023 / 02:17 PM IST

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Tata Motors on Friday launched the CNG variant of its micro SUV Punch priced between Rs 7.1 lakh and Rs 9.68 lakh (ex-showroom, Delhi).

It is also equipped with other features such as voice assisted electric sunroof, automatic projector headlamps, LED DRLs, 16-inch diamond cut alloy wheels, 7-inch infotainment system by Harman that supports Android Auto and Apple Carplay connectivity, rain sensing wipers and height adjustable driver seat.

The company also said it has also introduced the twin-cylinder technology on its Tiago and Tigor models.

The Tiago iCNG is priced between Rs 6.55 lakh and Rs 8.1 lakh, while the Tigor iCNG comes at a price range of Rs 7.8 lakh to Rs 8.95 lakh.

Tata Motors Passenger Vehicles Ltd Head-Marketing, Vinay Pant said these introductions put together will make the company's CNG line up "appealing, holistic, and stronger than ever".

PTI

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#Business

#Companies

first published: Aug 4, 2023 02:17 pm

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