Stocks fall following Tesla earnings call
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The Numbers: Tesla stock fell nearly 5% after the company reported disappointing results on Wednesday but made some gains overnight and is expected to open trading down 2%. Revenue: The company's revenue fell for the second time in the last four quarters but was better than investors had expected. Net Income: Tesla posted a net income of $2.51B, 24% less than a year ago, while GAAP earnings dropped 23% from last year.
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US Markets Stock futures fell overnight after Tesla reported negative earnings after the closing bell. - Markets were mixed on Wednesday as investors reacted to Netflix and Morgan Stanley's earnings.
- Banks had their best single day since March 21 as earnings indicated that their finances were stabilizing following turmoil in the banking sector last month.
- The current 10 Year U.S. Treasury yield is set at 3.59180%.
| Dow Jones | 33,897.01 | -0.23% | | S&P 500 | 4,154.52 | -0.01% | | Nasdaq | 12,157.23 | 0.03% | | Russell 2000 | 1,799.44 | 0.22% | *Stock Market data as of the last closing bell. Data received directly from the reference indexes through ICE Data Services. Do you not understand any of these figures? Check out our explainer.
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Canadian Markets The Canada Mortgage and Housing Corp. (CMHC) reported an increase in housing construction in several major Canadian cities in 2022. - Housing starts in Toronto reached a decade-high growth rate of 7.7%.
- Housing starts also increased in Calgary, Edmonton, and Ottawa but were down in Montreal and flat in Vancouver.
- Despite the growth in 2022, CMHC is predicting a decline in 2023.
*Canadian stock prices are as of the last close. Data received directly from the references indexes through ICE Data Services
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European Markets Stocks in Europe fell after the U.K. released inflation data. - Annual inflation came in at 10.1% in March, versus the 9.8% expected by analysts. This was still a decline from the 10.4% inflation in February.
- The Stoxx 600 dropped 0.1%, led by a 1.9% decline in tech stocks.
- Insurance stocks were the best performing, up 1.1%.
| Euro STOXX 50 | 4,393.57 | -0.01% | | UK (FTSE 100) | 7,898.77 | -0.13% | | Germany (DAX) | 15,895.20 | 0.08% | | France (CAC 40) | 7,549.44 | 0.21% | *European stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.
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Commodities Oil prices fell after the U.S. dollar rose, limiting purchasing power for international buyers. - Brent and West Texas Intermediate both lost 2% on Wednesday, and continued declining early on Thursday morning.
- U.S. stockpiles decreased by 4.6 million barrels last week as exports from the U.S. increased.
- Gasoline stockpiles increased due to a decline in domestic demand.
| Oil (NYSEARCA:OIL) | 29.71 | -3.32% | | Gold (NYSEARCA:GLD) | 185.36 | -0.48% | | Silver (NYSEARCA:SLV) | 23.23 | 0.35% | | Corn (NYSEARCA:CORN) | 25.16 | -1.26% | | Lumber (NASDAQ:WOOD) | 72.39 | -0.29% | *Commodity prices are as of 7 am ET. Data from MarketWatch. To understand why investors track the prices of these commodities, click here.
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Currency Exchange Rates The U.S. Dollar was up slightly as investors anticipated an interest rate hike from the Federal Reserve. - The U.S. Dollar Index gained 0.26% on Wednesday.
- The Japanese Yen fell after hitting a one-month high against the U.S. Dollar on Wednesday.
- Economists polled by Reuters forecast that the Federal Reserve will raise rates in May and then hold rates steady for the rest of the year.
| UK(GBP) | £0.80 | -0.42% | | Europe (EURO) | €0.91 | -0.30% | | Canada (Canadian Dollar) | $1.35 | 0.58% | | Japan (Yen) | ¥134.71 | 0.21% | *Exchange rates as of 7 am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them, click here.
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Cryptocurrency Bitcoin fell below $29,000 on Wednesday as it continues to slowly retreat from the $30,000 threshold. - The momentum in the cryptocurrency markets has turned amid expectations of another interest rate hike.
- Ethereum also fell significantly after surging following its recent upgrade.
- Russia's central bank said it is considering using cryptocurrencies for cross-border transactions as the country can't use the U.S. Dollar due to sanctions.
| Bitcoin | $28,847.60 | -1.99% | | Ethereum | $1,944.56 | -7.60% | | Litecoin | $90.47 | -11.13% | | Bitcoin Cash | $125.76 | -4.44% | *Exchange rates as of 7 am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them, click here.
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 |  | Liam Gill is a lawyer who raised $250k with just an idea and turned it into a $35M tech startup.
He now teaches entrepreneurs how to Pitch, Negotiate and Strategize so they can do the same.
Let's Connect |   | | Editor | Eduardo Garcia is a writer and editor based in New York. He is the author of "Things You Can Do," an illustrated book about climate action. Bylines in The New York Times, The Guardian, Slate, Scientific American, and others. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade. | |
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