Tesla, PayPal boost Nasdaq 100 in third quarter
The Nasdaq-100 has had another successful quarter thanks to PayPal and Tesla, whose shares are up roughly 34% and 31%, respectively.
The Nasdaq-100 has had another successful quarter thanks to PayPal and Tesla, whose shares are up roughly 34% and 31%, respectively.
Investors are betting on the electric maker ahead of Tesla’s “We, Robot” Robotaxi presentation in Los Angeles on October 10 and its anticipated third-quarter delivery report this week, investors have been flooding the market.
However, recent market fundamentals also show Wall Street is becoming less and less certain that this event will provide something to boost the company’s earnings any time soon and validate the stock’s surge.
In the focused index, these stocks have gained the most each quarter, with gains of over 29%, followed by DoorDash and Constellation Energy. The S&P 500 had a record close on Monday, capping up a profitable quarter and month.
The Dow Jones Industrial Average increased by 17.15 points, or 0.04% to settle at 42,330.15 index points. the S&P 500 closed at 5,762.48 index points, with a 0.42% gain.
The Nasdaq Composite closed at 18,189.17, index points up 0.38%. The indexes settled at a record high
Stocks erased losses following remarks made by Federal Reserve Chair Jerome Powell as they surged toward the close. On Monday, he hinted that there could likely be more interest rate cuts in the future but also stressed that the central bank did not have a predetermined course.
He predicted a quarter-percentage-point rate decrease this year if the economy performs as anticipated
Although markets had a rough start, they rallied when the Federal Reserve lowered interest rates by an unprecedented half percent. Historical data shows September is often the weakest month for the stock market.
Over the month, the tech-heavy Nasdaq gained 2.7% while the Dow rose 1.9%. The S&P 500 saw its best September since 2019 with a 2% rise.
Stocks stumbled frequently during the third quarter, leaving investors puzzled on whether 2024’s strong gains would hold. The three months were notable for the August 5 worldwide market disaster, which saw the Dow drop more than 1,000 points., whose shares are up roughly 34% and 31%, respectively.
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