Tesla Shares Slump as S&P 500 Inclusion Remains Elusive

STAR MAX  IPx 2020 9/4/20 A Brutal Week on Wall Street as the S&P fell 2.3% to 3,426.96 the Dow Jones Industrial Average declined 520.56 points or 1.8% to 28,133.31 and the Nadaq Composite dropped 3.3% to 11,313.13. The Nasdaq gave back

Additionally, Zoom Video Communications, the popular video chat software tapped by several companies and institutions to stream courses and business meetings during the pandemic, saw its share price fall by 4.43%.

Canada’s main stock index fell lower on Tuesday trading as mounting losses in the energy sector weighed the index down with the price of oil falling further.

Each of the 11 major S&P sectors fell, led by drops in technology and energy.

Reports on Friday that SoftBank made significant option purchases during the run-up in U.S. stocks added to investor nervousness.

The tech-heavy Nasdaq Composite finished 4.1% lower to 10,847.

Media reports of SoftBank's option purchases also reminded investors that market makers might have billions of dollars' worth of long positions as hedges against options trades.

Shares of major US tech giants, or the so-called FAANG group of Facebook, Apple, Amazon, Netflix and Google-parent Alphabet, all closed noticeably lower.

Tesla's shares recorded their worst single-day percentage drop ever and added to the broader sell-off in technology stocks, which have dominated Wall Street's recovery from the coronavirus-driven crash earlier this year.

Christopher Nolans Tenet nears $150mn earnings in a COVID-impacted world
Russell Crowe's Unhinged dropped 36% for a $1.7 million haul and an $11 million total at No. 3. The movie managed to make a $ 53 million debut at the global box office .

Today in the Markets The Canadian dollar traded for 75.89 cents U.S. compared with 76.40 cents United States on Friday.

JPMorgan Chase & Co fell 3.48%, after a report it was probing employees who were allegedly involved in the misuse of funds intended for COVID-19 relief.

Among the recent favorites, the Fab 5 megacaps all lost more than 3%.

Many investors had expected Tesla's recent stock split and profit - the first time it has had four consecutive quarters in the black - to clear the way for entry, something that would see a rush of index-linked purchases of Tesla shares.

Reuters said at Tuesday's lows on Tuesday, Facebook, Amazon.com, Apple, Tesla, Microsoft, Alphabet, and Netflix had collectively lost more than $US1 trillion in market value since September 2.

On the other hand, General Motors Co (GM: NYSE) announced on Tuesday that it has reached a deal to take 11% stake in the US-based electric truck maker Nikola Corp. The truck maker's shares surged 40.79%.

Volume on US exchanges was 10.48 billion shares, compared with the 9.32 billion average for the full session over the last 20 trading days.

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