Wall Street Today | Tesla stock drop wipes out $126 billion in one day

Moomoo Recap US wrote a column · Apr 26, 2022 19:51

Wall Street Today | Tesla stock drop wipes out $126 billion in one day

MACRO

· Treasury yields extend slide amid signs of extreme bearishness

U.S. Treasury yields slid Tuesday for a third straight day, amid signs that positioning for higher yields had become extreme, setting the stage for a snap-back.

· Stock volatility is helping active fund managers, Schwab's Sonders says

The S&P 500 Growth Index is down a whopping 19% this year while the value benchmark is down a more modest 3%. At the same time, earnings season is creating fresh volatility across equities including technology names, potentially giving stock pickers a chance to outperform broad indexes.
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SECTORS

· Bank stocks unravel in worst rout since 2020

The combination of higher inflation and higher rates has caught up with bank stocks, now on course for their worst monthly performance in more than two years.
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· KKR sees ESG-friendly companies outperforming in the junk market

$KKR & Co(KKR.US)$ expects that borrowers paying attention to environmental and social concerns will outperform in the U.S. corporate high-yield and leveraged loan markets.

COMPANIES

· Tesla stock drop wipes out $126 billion in one day

$Tesla(TSLA.US)$ wiped roughly $126 billion off its valuation Tuesday as the stock fell 12% on investors’ concern that Elon Musk may sell shares to complete his $44 billion takeover of $Twitter (Delisted)(TWTR.US)$ .
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· Google parent alphabet stock tumbles after rare Q1 EPS miss, huge stock buyback program

$Alphabet-A(GOOGL.US)$ reported Q1 revenue of $68.01 billion, up 23% year-over-year and 26% in constant currency terms. The consensus was $68 billion.
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· Microsoft stock rallies on strong earnings and outlook

$Microsoft(MSFT.US)$ is providing tech investors with some badly needed good news, reporting better-than-expected results for its fiscal third quarter ended March 31.
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· GM earnings beat estimates. The stock is rising

$General Motors(GM.US)$ stock was rising after the auto maker reported first-quarter earnings that beat Wall Street expectations.
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Source: Bloomberg, WSJ, Financial Times, CNBC

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