Stocks were mostly flat again on Wednesday with the S&P 500 and Dow notching minimal losses and the Nasdaq inching up; Tesla had a big day and more in Wednesday’s Closing Bell on Money & Markets.
Shares of Tesla Inc. (Nasdaq: TSLA) rose to a new 52-week high Wednesday, topping out at $393.15.
The jump comes following news that the company is considering cutting the price of its Model 3 sedans by 20% or more, according to Bloomberg. The Model 3 is being produced at Tesla’s gigafactory in China, which is still under construction in Shanghai but is already producing some vehicles.
Tesla shares ended up rising 3.7% through the day’s trading.
Money and Markets: Closing Bell
S&P 500: 3,191 (-1 point)
DOW: 28,295 (-27, -0.1%)
NASDAQ: 8,845 (+4 points,+0.1%)
GOLD: $1,475.49 (+0.84, +0.06%*)
BITCOIN: $7,130.88 (+7.9%)
U.S. 10-YEAR YIELD: 1.92%
*as of 4:10 p.m. EST
Golden Nuggets
2020 could be a big year for gold if BMO Capital Markets analysts are correct.
In an outlook report issued Wednesday, BMO analysts said central-bank monetary policy in 2020 could lead to gold hitting an average of $1,501 per ounce. They said silver could reach an average of $18.20 an ounce, according to Kitco News.
Gold is more than $1,470 an ounce while silver has been close to $17 an ounce.
Cannabis Corner
An Oregon-based hydroponics retail store has been purchased by an equipment supplier.
GrowGeneration Corp. (Nasdaq: GRWG) said it has acquired the assets of GrowWorld — the largest retail and warehouse garden center in Oregon. GrowWorld has a 15,000 square-foot facility in Portland.
Shares of GrowGeneration were up around 1% in midday trading.
In market news, cannabis-based exchange-traded funds were down Wednesday. Horizons Marijuana Life Sciences Index (Over-the-Counter: HMLSF), AdvisorShares Pure Cannabis ETF (NYSE: YOLO) and the Alternative Harvest ETF (NYSE: MJ) were both down around 1% through midday trading.
Note: Make sure to check out Money & Markets every Saturday when Banyan Hill analyst Anthony Planas gives you the latest in cannabis stock and industry news with Marijuana Markets: a POTcast.
Stock Market Update
The S&P 500 finished flat for the day, losing just more than a point. More stocks rose than fell on the New York Stock Exchange.
The Dow Jones Industrial Average fell 27 points, or 0.1%, and the Nasdaq composite rose 4 points, or 0.1%.
TODAY’S BIGGEST WINNERS:
(as of 3:15 p.m. EST)
Wynn Resorts Ltd. (Nasdaq: WYNN) +4.5%
Tesla Inc. (Nasdaq: TSLA) +3.8%
Leidos Holdings Inc. (NYSE: LDOS) +4.7%
Boeing Co. (NYSE: BA) +2%
Dish Network (Nasdaq: DISH) +4%
TODAY’S BIGGEST LOSERS:
(as of 3:15 p.m. EST)
FedEx Corp. (NYSE: FDX) –9.9%
Ulta Beauty Inc. (Nasdaq: ULTA) –1.7%
Unum Group (NYSE: UNM) –2.8%
Northrup Grumman Corp. (NYSE: NOC) –1.9%
Archer Daniels Midland Co. (NYSE: ADM) –2.3%
Check back for the most important news and numbers each day after the Closing Bell, only on Money and Markets.