June 13, 2021

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Tesla weighs on the trend on Wall Street, awaiting ‘technology’

Written by Noel Randwich and Crystal Ho

NEW YORK (Reuters) – Tesla and 3M results weighed on the trend on Wall Street on Tuesday, as indices closed in scattered order on the eve of the Federal Reserve’s (Fed) monetary policy decision and in tech-heavy forecasts quarterly including Microsoft and Alphabet.

The Dow Jones rose 0.01%, or 3.36 points, to 33,984.93 points.

The larger S & P-500 lost 0.97 points, or -0.02%, to 4,186.65 points.

The Nasdaq Composite Index fell 48.56 points (-0.34%) to 14,090.22 points.

Tesla published a sales figure for the January-March period just above Wall Street expectations, but operators maintained that its sales initially benefited from a jump in environmental purchases credits and pectuin sales.

The electric vehicle maker’s impact decreased by 4.5%, affecting both the S&P 500 and the Nasdaq.

“Tesla is a special case,” commented Kim Forest of Bouquet Capital Partners in Pittsburgh. “A lot of the group’s income was driven by the Bitcoin bet, which is secondary. It’s good that he sold a lot of cars, but he didn’t make a lot of money from his cars.”

3M shares fell 2.6% as the group warned that supply chain disruptions caused by the COVID-19 pandemic and the Arctic cold in a part of the United States in February had raised its costs.

Attention is also focused on results from Microsoft and Alphabet, whose results will be published after the shutdown.

The Fed kicked off its two-day monetary policy meeting on Tuesday, after which the current situation on interest rates is widely expected.

However, investors will pay attention to any change in the language of the central bank’s statement and the intervention of its head, which could give clues about the timing of the upcoming monetary tightening.

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(French version by Jean-Stefan Bruce)