Hello readers,
Wednesday was a good day in the stock market for investors favoring seasoned companies dominating the Dow Jones Industrial Average. The Dow continued to gain ground, rising 172 points, or 0.4%, extending its winning streak to six consecutive trading days. The economic calendar was light, but the Commerce Department’s report on March wholesale inventories made it look like more restocking is likely this quarter, leading to economists pushing growth forecasts a bit higher. Goldman Sachs moved its second-quarter gross-domestic-product growth estimate to 3.4% from 3.3%, for example.
However, the broader S&P 500 was about as close to flat as it could be (it fell 0.0006%), while the tech-heavy Nasdaq slipped 0.2%, weighed down by losses in some of its major components, such as Tesla.
News that Tesla, the dominant EV charging provider, is pulling back from that business has electrified some unloved EV charging stocks. Should investors plug back in? There is no question that Tesla’s move leaves a large opening for competitors. No company has been able to match Tesla’s speed of EV charging build-out, its low cost, or its reputation for reliability, according to industry analysts.
More consumers have been struggling to pay off their debts, and are likely tightening their belts. Thankfully for the economy, others can pick up the slack.
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Today's Markets News:
- Want More Nvidia? Investors Try Funds That Double Its Return—and Risk
- Bain Pursues Takeover of Education-Software Provider
- Wells Fargo Hires Ex-JPMorgan Investment-Bank Boss Fernando Rivas
What's Coming Up:
Tapestry, Warner Bros. Discovery, and Akamai Technologies are some of the companies set to release results on Thursday. The Labor Department will report weekly jobless claims.
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