Fundamental analysis
09 November, 2021
Wall Street stocks ended slightly higher on Monday, gaining early in the day as investors cheered passage of a U.S. infrastructure spending bill, but paring gains late as sliding Tesla shares weighed the indexes down. Tesla Inc was the heaviest weight on the S&P 500. Its shares fell following CEO Elon Musk’s Twitter poll on whether he should sell about 10% of his holdings of stock in the electric automaker company he founded. The poll garnered more than 3.5 million votes, with 57.9% voting “Yes”. Lawmakers now turn to Biden’s social spending bill, with the House of Representatives expected to vote on the measure next week, according to White House economic adviser Brian Deese. The third-quarter reporting season has reached the final stretch, with 445 of the companies in the S&P 500 having reported as of Friday. Of those, 81% have come in above analyst expectations, according to Refinitiv. Cryptocurrency and blockchain-related stocks, including those of Coinbase Global, Riot Blockchain, Marathon Digital Holdings and MicroStrategy Inc rose sharply, as ether scaled new peaks and bitcoin neared a record high.
