Tesla Gains 4% on Capital-Infusion Announcement

Tesla Gains 4% on Capital-Infusion Announcement

Brian Mackey, deputy director of research at Adviser Investments, has the market analysis for Thursday, May 2. Major U.S. stock indexes declined slightly for the second consecutive day. Both the Dow Jones Industrial Average and S&P 500 fell 0.5% and the NASDAQ Composite declined 0.2% due, in part, to trade-negotiation uncertainty. Although both the U.S. and China have expressed optimism for a final agreement, there are concerns it will address neither cybersecurity concerns nor Chinese industrial subsidies. Meanwhile, Tesla made headlines with its $2 billion capital infusion plan, $10 million of which will be funded by Co-founder and CEO Elon Musk. Tesla’s stock surged 4% on the news, with shareholders welcoming the announcement following Tesla’s first-quarter earnings miss.

 

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