On September 8, there were significant changes in stock markets. The world’s leading companies’ stocks faced changes. Shares of electric vehicle company Tesla eased 21.1% after it was not added to the S&P 500. On Friday, S&P Dow Jones Indices noted it was adding Teradyne, Etsy, and Catalent to the benchmark index. However, Shares of Tesla are still above 320% this year.
Shares of the world’s leading tech companies were under pressure as traders took profits from 2020’s biggest advancers. Facebook and Amazon decreased by more than 4%, Apple fell 6.7%, and Microsoft lost 5.4%. Netflix turned out the relative outperformer, dropping 1.8%.
Moreover, Shares of electric truck maker Nikola boosted 40.8% after the company reported a partnership with GM (General Motors). Shares of General Motors climbed 7.9%.
Disney and Peleton gained, while Semiconductor companies fell
Disney, the media giant company, gained 1.6% following an upgrade to buy from hold from Deutsche Bank. According to the Wall Street firm, Disney is succeeding in Direct-to-Consumer’s land grade phase with is service Disney+. Deutsche also raised its 12-month price target to $163 per share from $128 per share.
Shares of Peleton (exercise equipment maker) boosted 6.2% after the company noted a slew of new gears, including a lower-prices, high-tech treadmill and a more expensive bike option with a rotating screen. Peloton’s new Bike+ price will be $2,495, and the original Peloton bike’s price will decline to $1,895 from $2,245. The stock increased by more than 200% during 2020.
Semiconductor companies’ stocks KLA, LAM Research, Applied Materials sold off in union after the U.S. Department of Defense reported it’s in discussions about blacklisting SMIC. Shares of KLA dropped 9.8%, Lam Research lost 9.1%, while Applied Materials dipped 8.7%.
Bank stocks struggled on Tuesday as bond yields dipped. Bank of America, Goldman Sachs, and JPMorgan shares decreased more than 3%. The falls mark a shift from the sell-of on August 3 and August 4, when the KBW bank index outperformed the broader market.