Major Wall Street indices closed over 1% higher on Tuesday after investor focus shifted toward upbeat earnings reports and the possibility of the U.S. Federal Reserve going easy on rate hikes in the future.
Cleveland Federal Reserve President Loretta Mester said on Monday that she thinks the central bank can slow down from the 75 basis points hike at its next meeting and that it’s very appropriate, reported Reuters. Meanwhile, here are the five stocks that are drawing investors’ interest today:
1. Tesla Inc TSLA: Tesla is altering its marketing approach in China in the wake of tough competition from domestic rivals and uneven demand. The company extended insurance subsidies of as much as 8,000 yuan ($1,100) for new buyers, reported Bloomberg, citing a post on the company’s Weibo account. Tesla also reinstated a user referral program and advertised on a local TV shopping channel, the report said. Tesla shares closed 1.22% higher on Tuesday.
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2. Amazon.com, Inc. AMZN: Amazon's voice assistant, Alexa, is on track to lose the firm around $10 billion this year, reported Business Insider. In the first quarter of 2022, the "Worldwide Digital" unit at the company, which includes Alexa, Echo devices, and Prime Video, had a $3 billion operating loss, the report said, citing sources.
3. Polestar Automotive Holding Uk Plc PSNY: Shares of the company closed 20.49% higher on Tuesday after it stated Polestar 2 production has hit the figure of 100,000. “The 100,000th Polestar 2 was recently produced in Luqiao, China. The car in question is destined for a customer in Ireland, one of the newest Polestar markets, and will feature unique door markings to celebrate the accomplishment,” it said.
4. Nordstrom Inc JWN: Shares of the company declined 9.14% in extended trading on Tuesday after the firm reported third-quarter earnings. Nordstrom reported a net loss of $20 million and a loss per diluted share of $0.13. Its net sales decreased by 2.9% versus the same period in fiscal 2021 and gross merchandise value decreased by 2.5%.
5. Autodesk Inc ADSK: Shares of Autodesk fell 9.24% in extended trading on Tuesday despite the company reporting an upbeat set of earnings. Autodesk said third-quarter revenue increased 14% year-over-year to $1.28 billion, in line with average analyst estimates, according to data from Benzinga Pro. Billings jumped 16% year-over-year to $1.36 billion. However, it has lowered its billings and free cash flow guidance.
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