SFIX - Stocks Edge Higher As Dollar Takes Breather Tesla And Automakers Decline: What's Driving Markets Monday? | Benzinga
It’s a quiet start to the week for the U.S. stock market, with investors eagerly anticipating the crucial Federal Reserve interest rate decision scheduled for Wednesday.
While major indices are showing little movement, there are slight gains overall, as the recent bullish momentum of the U.S. dollar appears to be taking a breather.
Tesla faced a setback, dropping over 2% in response to Goldman Sachs lowering its earnings forecasts for the electric vehicle giant in 2023 and 2024. Meanwhile, major U.S. automakers, including Ford Motor Co. (NYSE:F), General Motors Co. (NYSE:GM) and Stellantis N.V. (NYSE:STLA) , experienced weaker trading as the United Auto Workers strike entered its fourth day without a resolution.
Cues From Monday’s Trading:
The S&P 500 Index moved 0.3% higher after falling as much as 1.2% on Friday.
The Dow Jones Industrial mimicked the broader market move, while the Nasdaq 100 inched 0.4% higher after heavier losses last Friday.
The Russell dipped 0.4%.
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