US stock markets were positive overnight as the Nasdaq continued to outperform, taking the two-week winning streak into a third week, with Tesla (NASDAQ: TSLA) a major contributor gaining around 8%.
The Nasdaq gained 1.3%, the S&P 500 climbed 0.7% and the Dow Jones added 0.3%.
Tesla’s second stock split, Apple to cut production
Tesla shares saw a strong rally after management announced plans for the second stock split in two years, overcoming the threat of production cuts due to another lockdown in Shanghai.
It was a similar story for Apple (NASDAQ: AAPL), which finished broadly flat despite falling throughout the day after the company suggested production of its iPhone SE’s in China would be cut by as much as 20% as half of Shanghai is put under new restrictions.
On the positive side, this helped the oil price which was down as much as 8%, offering relief to the remainder of the market.
Shares in tobacco sellers Philip Morris (NYSE: PM) and Altria (NYSE: MO) fell 2% each after Walmart (NYSE: WMT) became the latest company planning to end sales of cigarettes.
Finally, there was positive news from Ukraine with the President open to considering an independent state ahead of talks with Russia in Turkey this week.
US stock market movers
Here’s how other popular US stocks started the week:
- Okta (NASDAQ: OKTA) up 8.5%
- Atlassian (NASDAQ: TEAM) up 6.4%
- Block (NYSE: SQ) up 6.0%
- Microsoft (NASDAQ: MSFT) up 2.3%
- Occidental Petroleum (NYSE: OXY) down 3.5%
- Conocophillips (NYSE: COP) down 3.7%
Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is tipped to follow US stock markets higher at the open this morning. For a round-up of the latest news, check out my ASX 200 morning report.
