U.S. stocks moved lower on Monday with the S&P 500 and the Nasdaq Composite slipping as rising oil prices and worries about inflation sparked fears of the U.S. Federal Reserve continuing with its rate-hike campaign. This was weighed further by a contraction in the shares of automotive giant Tesla Inc which saw a 6.1% decline after quarterly deliveries saw only modest gains. The Dow Jones Industrial Average bucked the trend, recording a 0.54% increase.
The Saudi Arabia-led OPEC+ announced further production cuts amounting to 1.16 million barrels a day, pushing incentives to invest in the energy sector higher and buoying the share prices of Chevron Corp, Exxon Mobil Corp, Occidental Petroleum Corp and other oil majors. Alongside this, UnitedHealth Group Inc witnessed a 3.6% rise on news of better-than-proposed Medicare Advantage rates for 2024.
The Institute for Supply Management and S&P Global, however, reported weak manufacturing activity data in March, leading traders to lean heavily towards a 25-basis point rate hike in May with odds of a pause at 44.3%.
Tesla Inc is an American automotive and energy company founded by Elon Musk and currently headquartered in Palo Alto, California, that focuses on electric vehicles, energy storage, and solar energy products. The company has received significant attention for its advanced driving assistive features and its ambition to revolutionize the automobile industry. Tesla is the leading all-electric vehicle manufacturer and has become an iconic symbol of the new energy sector, recognized for its sustainable, efficient, and stylish vehicles.
Elon Musk is a founder, CEO, and lead designer of SpaceX, co-founder of Tesla, Inc. and Neuralink, and founder of The Boring Company. Musk has made headlines throughout his career; he is known for his involvement with projects related to space exploration and renewable energy. Musk has revolutionized the auto industry with Tesla, establishing the company as the leading electric car manufacturer. He also helped create PayPal and continues to be an innovative leader in the tech industry. Musk has a passion for the potential of technology and the idea of a better future and works hard to make his vision a reality.