Midday Report: US Stocks Push to Record Intraday High as Tesla Jumps on Big Order !– OnMyWay Mobile App User

US stocks advanced to a new record Monday as natural gas futures soared and government bond yields fell in early afternoon trading.

The S&P 500 climbed 0.5% to an all-time intraday high at 4,566.60. The Dow Jones Industrial Average rose 0.2% ahead of the busiest week of the earnings season, while Nasdaq gained 0.7%.

Energy, consumer discretionary, and materials stocks led the way, with all sectors in the green after midday.

The 10-year US Treasury yield fell 2 basis points to 1.63%.

Tesla (TSLA) shares jumped 9.4% after the maker of electric vehicles reported an order for 100,000 cars from Hertz Global. The order is expected to generate about $4.2 billion in revenue and the cars will be delivered over the next 14 months, according to Bloomberg News. The rental cars giant had $1.8 billion in cash as of June 30 after emerging from bankruptcy earlier that month, Bloomberg reported.

The Chicago Fed National Activity Index dropped to -0.13 in September from 0.05 in August, the lowest level since April, according to Trading Economics.

West Texas Intermediate crude oil advanced 0.2% to $83.92 a barrel. Natural gas November futures surged 12% to $5.90 per million BTU.

Saudi Arabia remains unwilling to ramp up oil supply, with Saudi Energy Minister Prince Abdulaziz bin Salman cited as saying in a Bloomberg interview that the price rise should not be taken for granted because the COVID-19 pandemic could still slow demand, according to a research note from Commerzbank.

Facebook (FB) is aware of the prevalence of abusive content on its platform in a number of developing countries but has failed to take appropriate action including hiring enough staff, Reuters reported Monday, citing unnamed employees and an internal document. Shares rose 0.2%.

Defense and government services contractor PAE (PAE) said it will be acquired by an affiliate of Amentum Government Services for about $1.9 billion in cash. Shares were up 67%.

In the metals markets, gold was up 0.7% to $1,808.50 per troy ounce, silver rose 0.6% to $24.60 an ounce, and copper gained 0.7% to $4.53 per pound.


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