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Tesla Rises on Wall Street Red After Buy Advice

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Tesla was 1.7 percent higher on the New York stock exchange on Thursday. Analysts at the Swiss bank UBS have become more positive about the electric car manufacturer. They think the share price may still rise more than 50 percent and increased their investment advice to buy.

 

The indicators in New York were in the red.

Investors on Wall Street also processed the decision of the European Central Bank (ECB) to keep interest rates in the euro area unchanged. However, the ECB indicated that interest rates will be raised in July for the first time since 2011. We are also looking forward to the important US inflation figure, which is scheduled for Friday. As in Europe, living in the United States has become significantly more expensive, but the Federal Reserve has already started raising interest rates to contain inflation.

Shortly after the opening bell, the Dow-Jones index was 0.3 percent lower at 32,787 points. The broad S&P 500 fell 0.4 percent to 4,097 points and tech gauge Nasdaq lost 0.7 percent to 12,003 points.

Online retailer Alibaba fell 4.5 percent. Bloomberg news agency reported based on insiders that the Chinese authorities might give the green light for the IPO of Ant Group, the payment company of Alibaba. In 2020, Alibaba had to cancel Ant’s IPO at the last minute and regulators opened a cartel investigation into the group. The regulator said in a response to the message that a review of Ant’s IPO is not being worked on.

Twitter (minus 0.3 percent) also remained in the spotlight. The Washington Post reported on Wednesday that the messaging service Tesla CEO Elon Musk wants to give access to all information about the number of so-called bots that are active on the social network. Musk claims that the problem with such fake accounts on Twitter is much bigger than the company itself reports and has therefore halted his attempt to take over Twitter.

Nio fell 6.7 percent after disappointing results and prospects from the Chinese manufacturer of electric cars. Spotify went up slightly. The streaming service expects to be able to make a profit from offering podcasts within two years. In recent years, the company has invested more than 933 million euros in podcasts intending to become the most important player in that market. However, that put pressure on profitability and the share price.

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