The stock market is slightly down at midday. The S&P 500 fell by 0.50%, while the tech-focused Nasdaq Composite is flat. The Dow Jones Industrial Average dropped 0.77%, and the Russell 2000 Index declined by 0.65%.
Trending stocks:
Microsoft lost 0.5% midday while other Mag 7 stocks are up. Tesla gained 5% following an announcement that it planned to launch its “Full Self-Driving” driver assistance program in Europe and China in the first quarter of 2025. Nvidia is ticking slightly higher, up 0.4%. Chinese EV maker NIO surged 10% after earnings and outlook update.
NIO expects its Q3 revenue to range between $2.63 billion and $2.71 billion, topping the consensus estimate of $2.54 billion.
Tesla ticks higher after international self-driving plans
Tesla added 4% after the company said on X that it would roll out its “Full Self-Driving” driver assistance program in Europe and China in the first quarter of 2025, both “pending regulatory approval.”
Tesla's sales in China had their best month of the year in August, with over 63,000 cars sold—a significant 37% increase from July. However, the number is likely still lower than August of last year, when the company sold 64,694 vehicles, Reuters reported.
Morgan Stanley said it is bullish on the "very long-term potential" for autonomous vehicles but advised investors to keep their near-term expectations "well managed." Tesla continues to be its "top pick" in the U.S. auto sector, according to thefly.com.
NIO pops on upbeat outlooks
Chinese EV maker NIO rallied 10% after the company reported better-than-expected earnings and outlooks.
For the second quarter, the company reported a per-share loss of 30 cents on $2.4 billion in revenue, slightly better than analysts’ expectation of a 31-cent loss per share from the same sales figure, according to FactSet.
NIO expects its Q3 revenue to range between $2.63 billion and $2.71 billion, topping the consensus estimate of $2.54 billion.
"In the second quarter of 2024, NIO achieved a record-breaking delivery of 57,373 premium smart electric vehicles, securing over 40% of the market share in the battery electric vehicle segment priced above RMB 300,000 in China," said William Bin Li, founder and Chief Executive of NIO.
JetBlue gains after lifting Q3 guidance
JetBlue jumped 8% midday after lifting its third-quarter revenue forecast, according to an SEC filing .
The company now projects a revenue change of a 2.5% decline to a 1% increase compared to the same period last year, revising its earlier expectation of a decrease between 5.5% and 1.5%.
JetBlue said it benefited from re-booking passengers whose flights with rival airlines were disrupted by a technology outage in July, which was caused by a problematic software update from CrowdStrike.
The increase in in-month bookings, especially in the Latin region, along with ongoing advancements from the previously announced $300 million revenue initiatives, also contributed to JetBlus’s quarter-to-date revenue.
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