Stock Market News: Tesla shares jump, Target downgraded again, S&P’s new bull market
The S&P 500 is in a new bull market, more troubles for Target as the retailer gets another downgrade, Tesla’s winning streak continues as the stock pushes higher and all eyes are on the Federal Reserve’s meeting next week as investors handicap a potential pause to the rate hike cycle. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
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The S&P 500 exited the longest bear market since 1948 on Thursday, but the sizable rally that led it there may not last for long, according to one Wall Street veteran.
U.S. stocks finished the day and week higher with the S&P 500 in a new bull market and the Nasdaq Composite clocking its longest winning streak in almost 4 years, rising for 7 straight weeks.
Tesla helped support the gains rising over 14% for the week, its longest winning streak since January of 2021, per Reuters.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| SP500 | $4,298.86 | 4.93 | 0.11 |
| I:DJI | $33,876.78 | 43.17 | 0.13 |
| TSLA | $244.76 | 9.90 | 4.21 |
GM is making another major investment less than 24 hours after it inked a strategic deal with Elon Musk's Tesla.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| XLY | $162.73 | 2.39 | 1.49 |
| XLK | $167.33 | 2.12 | 1.28 |
The S&P 500, the broadest measure of U.S. stocks, rose after entering a bull market Thursday. Tech and consumer discretionary paced the early gains.
Target shares got a third downgrade as Wall Street worries the retailer is seeing a slowdown in sales as consumers pull back. This on top of the woke merchandising controversy that continues to swirl.
Bud Light parent Anheuser-Busch won't see the controversy over its transgender marketing push end until it takes some concrete steps, according to one former AB executive.
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