Tesla plunged more than 6 percent on Monday when Wall Street opened after disappointing deliveries of electric cars in the third quarter. The company pointed to logistical problems in getting cars to customers.
Across the board, the stock exchanges in New York have started the new trading week with gains.
Tesla delivered 343,830 cars in the quarter. That was a new record, but analysts were counting on 358,000 cars on average. The company says it is facing challenges in transport capacity. Quarterly deliveries are an important indicator for Tesla. CEO Elon Musk said on Twitter that he is aiming for “more stable” deliveries.
The Dow-Jones index was 0.9 percent higher shortly after opening at 28,983 points. The broad-based S&P 500 gained 0.8 percent to 3,614 points, and the technology gauge Nasdaq rose 0.3 percent to 10,607 points.
Biotechnologist Myovant Sciences was a remarkable climber with a share price jump of 34 percent. The Japanese major shareholder Sumitovant Biopharma has offered to take over all of Myovant, but it was rejected. According to Myovant, that offer is far too low, and the company is undervalued.
Investment app Robinhood lost nearly 4 percent. The company will close another five offices, on top of previous office closures. The company is in the process of cutting many jobs due to the collapsed cryptocurrency market.
The oil sector benefited from the sharply higher oil prices due to the expectation that the oil alliance OPEC+ would cut production significantly to prop up prices. Oil companies such as ExxonMobil, Chevron and ConocoPhillips gained almost 5 percent. Oil service providers Baker Hughes, Schlumberger and Halliburton, advanced more than 5 percent. The price of a barrel of American oil was 6 percent higher at $ 84.36, and Brent oil became more than 5 percent more expensive at $ 89.67 per barrel.
In addition, market researchers S&P Global and ISM reported data on US manufacturing activity in September, shortly after the start of trading in New York. In the eurozone, industrial activity has contracted due to the energy crisis and concerns about a recession. As a result, European producers receive far fewer new orders.
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