Demand for Tesla Shares Boosts Nasdaq 100 Ahead of Wall Street Opening

Forex - Tesla gained nearly 8% in pre-market trading following news that the Trump administration will loosen federal regulations on autonomous vehicles. This strong surge in Tesla shares has lifted the Nasdaq 100 Index, which is heavily weighted in technology stocks. The Nasdaq 100 is currently up 0.40% compared to yesterday. Meanwhile, the S&P 500 futures index has shown a modest increase of only 0.07%, while the Dow Jones Industrial Average has declined, currently down 0.25%. The focus this week will be on the appointment of Trump’s Treasury Secretary and the earnings report from Nvidia Corp. on Wednesday, which will test the sustainability of stock gains driven by artificial intelligence. Despite the S&P 500 giving back more than half of its gains since Trump’s election victory, Mike Wilson from Morgan Stanley predicts that earnings will continue to grow in the long run. Jim Reid, head of global macro and thematic research at Deutsche Bank, stated, “The recent relentless wave of macro and political news in the U.S. should lead to a calmer week, as the flow has theoretically slowed down. The main news on this front will be potential political appointments for the new Trump administration, with particular interest in the Treasury Secretary.”