US stock markets weakened once again overnight following comments from Federal Reserve Chair Jerome Powell indicating he agreed with recent comments around the need for more aggressive rate hikes.
As has been the case, the Dow Jones outperformed, falling 1.1%, the S&P 500 fell 1.5% and the Nasdaq was down 2.1%.
Tesla delivers record profit
Tesla (NASDAQ: TSLA) was the standout, with the company delivering a record quarterly profit of US$3.2 billion after sales revenue surged 81% to US$18.6 billion in March.
The group is clearly managing pandemic and supply chain issues better than its competitors.
Elon Musk also highlighted the group’s current focus on a dedicated robotaxi. Tesla shares gained more than 3%.
Carvana share price tanks
It was the opposite story for Carvana (NYSE: CVNA), which may well have been one of the best examples of profitless tech.
The Carvana share price fell 10% after management flagged a 500% increase in its net loss despite strong revenue growth, blaming its policy of investing into capacity ahead of demand, which never actually came.
On the positive, United Airlines (NYSE: UAL) gained 9% after announcing it expects its first quarterly profit in several years to occur in 2022.
Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is set to follow US stock markets lower this morning. For a round-up of the latest news, check out my ASX 200 morning report.
