Rumours have also been circulating about work on a "million-mile" battery which could be incorporated into future Tesla vehicles. Tesla shares rose more than 6% Wednesday morning to surpass $1,000. Back in March, however, research conducted by automotive industry analyst GlobalData asserted that carmakers Tesla and Toyota would prove to be the OEM brands most resilient to the impact of COVID-19 coronavirus .
In an indication that some people are returning to work - or were denied benefits - 20.9 million people were receiving unemployment payments in the week ended May 30, down from 21.3 million continuing claims in the prior week. Weekly Initial Jobless Claims in the USA edged lower to 1.54 million. Prior to the pandemic, the unemployment rate in the US was 3.5%. The state Department of Labor has come under fire since March as workers report waiting months for their benefit payments or ...
On Wednesday, the Fed predicted the USA economy would shrink 6.5% in 2020 and unemployment would still be at 9 .3% at year's end. Federal policymakers said Wednesday that the central bank is committed to continued use of extraordinary support for the economy as it projected a 6.5 percent drop in gross domestic product, or GDP, this year and a 9.3 percent rate of unemployment at the end of the year.
Federal Reserve Chairman Jerome Powell expressed concern about whether America's central bank and government were doing enough to push back against the economic fallout from the pandemic to prevent long-run damage to the economy, saying that "it's possible we will need to do more and it's possible Congress will need to do more".
Based on Musk's recent email, it appears that Tesla has overcome this challenge, and the company is now capable of ramping the production of its Class 8 truck. "It's time to go all out and bring the Tesla Semi to volume production ", Musk wrote . Now that payment deadlines have been relaxed due to COVID-19, the Moneycontrol Ready Reckoner will help keep your date with insurance premiums, tax-saving investments and EMIs, among others.
The Dow Jones Industrial Average and S&P 500 fell for a second straight day Wednesday as traders once again took profits out of names benefiting from the economy reopening and rotated into mega-cap tech stocks. Since the market has been willing to bid stocks higher at every turn up to this point, I see little reason bullish appetite will change overnight unless there is a degree of "buy the rumor, sell the news" or yet another unexpected threat to economic activity occurs.