Monday’s Headlines: More Volatility Ahead?
Here were the biggest movers in the MyWallSt shortlist on Friday:
Moving Up ⬆️
Nordstrom (JWN) +10.6%
GoPro (GPRO) +9.6%
Tripadvisor (TRIP) +8.1%
Stitch Fix (SFIX) +5.8%
Ctrip (TCOM) +4.8%
Moving Down ⬇️
Ulta Beauty (ULTA) -8.4%
DocuSign (DOCU) -6.6%
StoneCo (STNE) -6.0%
Peloton Interactive (PTON) -5.2%
2U (TWOU) -4.6%
1. Wall Street is holding its breath on Monday morning with stock futures relatively flat following last week’s record closes. The S&P 500 (VOO) and Dow Jones Industrial Average (DIA) both soared to record highs on Friday, while the Nasdaq (QQQ) continued its recovery following a heavy tech sell-off earlier in the month. However, many will be looking to see how the market reacts to the U.S. 10-year Treasury hitting its highest level in over a year on Friday — 1.642% — as many fear that another tech sell-off could be imminent due to expectations of inflation. Read the full story here.
2. As if its CEO being under investigation by the SEC for potential market manipulation wasn’t bad enough, Tesla (TSLA) must now deal with the National Transportation Safety Board (NTSB). The NTSB is calling on other governing bodies to impose stricter standards on automated vehicle tech, specifically citing Tesla’s ‘Autopilot’ feature, which CEO Elon Musk has himself admitted to being more of an advanced driver-assist system. The suggested changes would force Tesla to perform more extensive testing on its cars before delivering them to consumers, which would have a knock-on effect on delivery times and production. Read the complete report here.
3. It was a bad weekend for the automotive industry as Ford Motors (F) was forced to recall 2.9 million vehicles in North America. The costly move comes following an order from Tesla’s old nemesis, the National Highway Traffic Safety Administration, after the discovery of a potential defect in driver-side Takata airbags. The recall is set to cost Ford somewhere in the region of $600 million and could bring a halt to the company’s impressive 2021 recovery, with its stock up 57% year-to-date. Get the full report here.