Tesla jumps as oil and bond yields fall
- US stocks ended higher on Thursday as bond yields and energy prices fell.
- Tesla stock extended its gains, jumping as much as 10%, after reporting strong second-quarter results.
- Russia restarted the Nord Stream 1 pipeline but throughputs remained at 40% capacity.
U.S. stocks closed higher on Thursday as Tesla stock extended gains after a strong second-quarter earnings report, while energy and bond prices fell.
Tesla jumped 10% after beating profit and revenue expectations. American and United Airlines also reported, but shares were hit by reduced growth projections.
And the European Central Bank moved away from its accommodative monetary policy, raising its three benchmark interest rates by 50 basis points for the first time in 11 years.
Here’s where the U.S. indices stood after the 4 p.m. closing bell on Thursday:
Russia has resumed gas flows via its key Nord Stream 1 gas pipeline, but at a 40% reduced capacity. Natural gas prices fell on the news as the euro rose.
Meanwhile, China has increased its appetite for liquefied natural gas from Russia so far in 2022, importing 28.7% more than 2021 levels.
The Mortgage Bankers Association has reduced its chances of a recession, equating the possibility of a downturn over the next twelve months with a “corner flip”.
Oil prices remained lower, with West Texas Intermediate crude slipping 3.5% to $96.41 a barrel, while global benchmark Brent crude fell 2.8% to $103.84 a barrel .
Gold rose 1% to $1,716.80 an ounce. The 10-year rate fell almost 13 basis points to 2.908%.
Bitcoin fell 2.28% to $23,141. Tesla’s earnings release showed the company sold 75% of its bitcoin holdings for cash, although chief executive Elon Musk said the sale was not an overall verdict on his or her opinion. of the company on cryptos.