Tech Giants Power Stock Gains as Tesla Jumps 10%: Markets Wrap
- Morgan Stanley sees Dojo lifting Tesla’s value by $500 billion
- Dollar halts hot streak as China and Japan step up defenses
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Stocks gained ahead of economic data that will help shape Wall Street’s views on how close the Federal Reserve is from ending its rate hikes. Bonds were mixed. The dollar fell. Bitcoin hovered near $25,000.
The S&P 500 approached 4,500 and the Nasdaq 100 rose 1.2%. Tesla Inc. rallied 10% as Morgan Stanley said its Dojo supercomputer may boost value by up to $500 billion. Qualcomm Inc. climbed after Apple Inc. extended a deal with the chipmaker. Traders also awaited the iPhone maker’s product unveiling Tuesday. Charter Communications Inc. jumped after reaching an agreement with Walt Disney Co. on ending a blackout of ESPN for millions of pay-TV customers. In late hours, Oracle Corp. slid amid slower growth in cloud sales.