US stocks surge as Tesla and Amazon provide a boost

Tesla CEO Elon Musk presents the Model 3 at a handover party in Fremont, California on July 28.

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Tesla CEO Elon Musk presents the Model 3 at a handover party in Fremont, California on July 28.
source
Reuters Staff

US stocks rebounded as investors shook off a recent tech selloff and trade war anxieties. The S&P 500, which had led losses the day before, was up 1.15% following a strong prodcution report form Tesla and news that the Trump administration isn’t actively seeking to target Amazon.

Here’s the scoreboard:

Dow Jones Industrial Average: 24,033.36 +389.17 (+1.65%)

S&P 500: 2,614.45 +32.57 (+1.26%)

AUD/USD: 0.7681 +0.0020 (+0.26%)

ASX 200 SPI futures(June contracts):5,742.5 -4.00 (-0.07%)

Here’s what else you need to know:

  1. The Canadian dollar and Mexican peso gained versus the US dollar following a report suggesting President Donald Trump was pushing for a preliminary NAFTA deal by mid-April. The currencies traded lower Monday on fears that the US would exit the pact.
  2. The music-streaming giant Spotify went public.Shares opened for trading at $165.90 apiece before settling at $149.01. That was still above the $132 reference price set by the company on Monday.
  3. Amazon shrugged off the latest series of critical tweets by Trump. The president has been taking aim at the e-commerce giant for supposedly taking advantage of the US Post Office and the federal tax system. Shares of the stock were up more than 1% on Tuesday.
  4. Telsa reported a 40% increase in Model 3 production for the first quarter of 2018 compared to last year.Shares spiked as much as 6%following the news.
  5. Iron ore prices dropped nearly 3% to $64.35 per tonne, after rallying the last two sessions.