The markets started the week fairly active, which follows up on last weeks volatility. The Dow 30 pushed to new record highs again today adding 61, while the S&P 500 lost 1 flat. The Nasdaq 100 continued to see weakness in the FANG names, in addition to Tesla which saw a modest decline as well. This pushed the index lower by 26 on the day. Tomorrow, and for the rest of the week it is likely that earnings will be a driving factor, though traders will also be looking closely at White House news as well.
Tesla (NASDAQ: TSLA) shares started the week showing the same level of volatility as last week. Shares started the morning higher as it was reported that around 500,000 customers have already made reservations for the new Model 3. With such a large number on the books Wall Street will be keeping a close eye on the production numbers of Tesla going forward. Remember that CEO, Elon Musk was recently quoted as saying the Model 3 just entered "production hell." Investors will be looking closely starting on Wednesday as the company is due to announce their quarterly earnings. Shares closed lower on the day by 3.46%.
Facebook (NYSE: FB) shares sold off another 1.86% today after the media focused heavily on a downgrade by Pivotal Research. The company lowered its rating on the stock to sell from hold. According to the note, the firm is "concerned about the dramatic rise in Facebook's stock over the past year even as growth risks have increased." While many other analysts came on CNBC to defend their buy ratings, investors still took some profits on the news.
Charter Communications (NASDAQ: CHTR) shares blasted off 5.85% today as the company said it "has no interest in a merger with Sprint(NYSE: S)." The Wall Street Journal posted a report that Sprint had proposed a deal, citing that it "may be a ploy to give it more leverage in its talks with T-Mobile (NASDAQ: TMUS)." Shares of Charter are now higher by over 35% on the year.