U.S. stocks declined on Thursday after a short rally

U.S. stocks declined on Thursday after a short rally

U.S. futures fluctuated during this week. The markets ended in the red on Tuesday after oil prices plummeted down. However, futures recovered on Wednesday, along with crude oil prices. Thursday was a mixed day for the stocks. The Dow Jones futures declined, as well as S&P 500 futures and Nasdaq futures.

Still, stocks gained significantly on Wednesday. Tesla climbed up by 6.6% to 732.11. The company’s earnings are due April 29. Tesla stock investors want to get some clarity on future production and demand due to coronavirus’ uncertainty.

Tesla’s Shanghai plant is still operating, serving solid demand in China. But the Tesla plant in California is shut down indefinitely because of the pandemic. Future demand in the U.S. and Europe may be hard to gauge currently.

Nvidia’s stock, which is AMD’s rival, surged forward by 6.2% to 286.15 on Wednesday. Meanwhile, the AMD is trading at 59.37 per share. After selling off rapidly on Tuesday, the stock recovered on Wednesday, rising by 5.7% to 55.92. Its earnings are due April 28.

How did the Dow Jones and Nasdaq composite fare?

U.S. crude oil futures gained significantly on Thursday, rising by 19% to $13.78 per barrel. On the other hand, Dow Jones futures dropped down by 0.2% versus its fair value, while the S&P 500 futures fell by 0.1%. Nasdaq 100 futures also retreated by 0.1%.

However, Wednesday was profitable for these stocks as well. The Nasdaq composite soared by 2.8%. The Dow Jones Industrial Average also increased by 2%, while the S&P 500 index added 2.3%.

Meanwhile, Intel stock skyrocketed by 6.6%, Apple stock jumped by 2.75%, and Microsoft stock soared by 3.4%. All three tech giants are on the S&P 500, the Dow Jones, and Nasdaq Composite. Other tech stocks profited as well. The iShares Expanded Tech-Software Sector ETF rose by 3.4%, while the VanEck Vectors Semiconductor ETF jumped 5.7%.

 

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