Tesla’s stock decline because of Elon Musk and a revival for US indices 2021-11-09T17:14:59 European stocks Tesla US indices Tesla’s stock decline because of Elon Musk and a revival for US indices Tesla’s stock decline because of Elon Musk and a revival for US indices :Wall Street maintained the high gains of the past days, while Oil was unable to move higher this morning. Evest follows market developments in the following report. Topics: Dow Jones and Standard & Poor’s record highs Congress approves the 1 trillion infrastructure bill Tesla gets in a bind and Visa and American Express have had positive results A decline in the German Italian and British indices and a rise in the French The European stocks’ performance Oil falls slightly and Bank of America raises its crude price forecast next year Dow Jones and Standard & Poor’s record highs US stock indices rose slightly on Monday, allowing the Dow Jones Industrial Index and the Standard & Poor’s 500 to renew their all-time highs. In the meantime, the Standard & Poor’s Index ended a record high for the eighth session in a row – the longest period of its kind since 1997, according to market data from the Dow Jones. The Nasdaq composite index rose for the 11th day in a row, the longest rising streak since December 2019. The Dow Jones Industrial Index rose 104.27 points (0.29%) to 36432.22 points on Monday. The Standard & Poor’s 500 rose by 4.17 points (0.09%) to 4701.7 points during the day. The Nasdaq Composite Index rose by 10.77 points (0.07%) to 15982.36. Congress approves the 1 trillion infrastructure bill The United States House of Representatives approved the $1 trillion infrastructure investment bill that has had a positive impact on investor morale. The bill, which is an important part of President Joe Biden’s economic agenda, envisages investments in the modernization of roads, railways, electrical networks and the development of broadband Internet. Tesla gets in a bind and Visa and American Express have had positive results Corporate reporting season continues. A group of reported companies, around 81%, which were included in the Standard & Poor’s Index, made profits last quarter above analysts’ expectations, according to FactSet. American Express stock rose by 1.9%, Visa 1.8%, and United Health Group 1.5%. In the meantime, Nike Inc. stocks fell further, by 3.2%, and Coca-Cola, by 0.9%. Tesla’s stock price fell by 4.9 percent. The reason for this is that Elon Musk, the chairman of the American electric car manufacturer, promised to sell 10 percent of the company’s stocks according to the results of a poll conducted on the social website Twitter (this package is estimated at about $21 billion). About 58% of more than 3.5 million users voted in favor of selling stocks, while 42% opposed it. Musk owns more than 17% of Tesla’s stocks. The market value of VinSat Inc collapsed by 17%, almost after the company announced its purchase of British satellite operator Inmarsat for $7.3 billion. A decline in the German Italian and British indices and a rise in the French Western European stock indices ended trading on Monday without a single dynamic. The composite index of the largest company in the region, Euro Stoxx, rose by 0.04% at the end of trading and reached 483.61 points. The German DAX index fell by 0.05%, the Italian index declined by 0.3%, and the Spanish IBEX index fell by 0.65%. The British Footsy Index fell by 0.05% from a 21-month high hit the day before. In the meantime, the French KAC index rose by 0.1%. The European stocks’ performance Compagnie Financière Richemont, the world’s largest jewelry manufacturer, jumped 2.8% after reports that Third Point had become a shareholder in the company. The stock of the renewable energy company Siemens Jamisa, Germany, jumped 7.4% after the financial statements for the fiscal year 2021 were released. The company increased its revenue by 7.5% and reduced its net losses to €627 million from €918 million the previous year. Covestro’s value rose 0.2%. The German chemical company increased its third-quarter revenue by 56% and its net income more than doubled, both exceeding analysts’ expectations. On the other hand, Alstom, a tunnel company, signed a contract with the Egyptian Tunnels Authority to modernize the Cairo Metro worth about € 876 million ($1 billion). The company’s stock rose by 1.4%. In the meantime, Bouygues’ stock fell by 5.8٪. The French group announced that it would buy Equans, a division of the French energy company Engie SA, for €7.1 billion. This division provides technical services to the energy sector. Engie’s value fell by 0.8%. Stocks of the German company, Henkel AG, declined by 6.5%. In the third quarter, the manufacturer of household chemicals and cosmetics increased sales by 1.9% to €5.09 billion However, the company reported on the negative impact of global supply chain problems and inflationary pressures, which now predict a stock profitability in 2021 near the previously announced minimum forecast. Oil falls slightly and Bank of America raises its crude price forecast next year Standard oil prices declined slightly on Tuesday after rising in the two previous trades. Brent crude futures for January on the Futures Exchange in London fell by $0.13 (0.16%), to $83.30 per barrel. On Monday, its price rose by $0.69 (0.8%) to $83.43 per barrel at the closure. The price of West Texas Intermediate crude futures in December in electronic trading on the New York Mercantile Exchange (NYSE) fell in the morning by $0.07 (0.09%) to $81.86 per barrel. As a result of the previous session, its price had risen by $0.66 (0.8%) to $81.93 per barrel. On Monday, both futures expired at their highest levels since November 2, according to FactSet. Analysts at Goldman Sachs believe that the US oil market looks more balanced than Brent crude because of increased production and weak seasonal demand. In this regard, the difference between the price of the two brands will widen amid the rise in British oil prices. They believe that the price of Brent crude could rise to $90 per barrel by the end of the year. In the meantime, Bank of America experts raised their forecast for next year’s Brent prices to $85 per barrel from $75 and in 2023 to $75 per barrel from $65. According to them, West Texas Intermediate crude would cost $82 per barrel and $70 per barrel, respectively, against previous forecasts of $71 and $61.