{"id":128052,"date":"2021-06-08T14:48:29","date_gmt":"2021-06-08T14:48:29","guid":{"rendered":"https:\/\/precoinnews.com\/?p=128052"},"modified":"2021-06-08T14:48:29","modified_gmt":"2021-06-08T14:48:29","slug":"apple-tesla-boost-nasdaq-inflation-in-focus","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/apple-tesla-boost-nasdaq-inflation-in-focus\/","title":{"rendered":"Apple, Tesla boost Nasdaq; Inflation in focus"},"content":{"rendered":"
(Reuters) – Apple was the top boost to the Nasdaq on Tuesday after a report said it was in talks with battery suppliers over its electric vehicle, while the S&P 500 and the Dow Jones indexes were muted as investors awaited key inflation data this week.<\/p> Shares of the iPhone maker rose 1.9% after sources told Reuters the firm was in early-stage talks with China\u2019s CATL and BYD about the supply of batteries for its planned electric vehicle.<\/p>\n Tesla was also among the top boosts to the Nasdaq after sales of its China-made electric vehicles surged 29% in May from the prior month, data showed.<\/p>\n U.S. shares of Chinese electric vehicle makers NIO Inc, Li Auto Inc and Xpeng Inc rose between 1.7% and 7%.<\/p>\n Major technology stocks were trading higher, with Alphabet, Amazon and Netflix rising between 0.4% to 1.2% as investors digested the possible impact of a global plan to increase taxes on major multinational firms.<\/p>\n Still, Wall Street appeared to have fallen into a lull this week, having moved little on Monday after surging to record highs through a strong earnings season in May.<\/p>\n Investors are now awaiting further cues on policy tapering from the Federal Reserve after what is expected to be a strong inflation reading on Thursday.<\/p>\n \u201cIt\u2019s a very good and healthy pause the markets have taken right now and I would expect it to remain range-bound for now until any data that comes as a surprise,\u201d said Sean O\u2019Hara, president of Pacer ETFs in Malvern, Pennsylvania.<\/p>\n \u201cInvestors, however, are still a little jittery about inflation as they try to figure out if it is still a supply side issue or a more systemic one.\u201d<\/p>\n The U.S. economy is set for a sharp bounceback from a COVID-induced slump, with recent inflation data indicating as much. But the labor market- a key factor for the Fed to consider tapering policy – has stalled in its recovery.<\/p>\n At 9:47 a.m. ET, the Dow Jones Industrial Average was down 28.13 points, or 0.08%, at 34,602.11 and the S&P 500 was up 6.25 points, or 0.15%, at 4,232.77. The Nasdaq Composite was up 95.89 points, or 0.69%, at 13,977.61.<\/p>\n Planemaker Boeing rose 0.2% after Southwest Airlines said it will add 34 737 MAX 7 aircraft to its 2022 orders.<\/p>\n Shares of Clover Health Investments Corp and other \u201cmeme stocks\u201d surged as small-time individual investors piled into some of the most heavily shorted U.S. stocks.<\/p>\n Advancing issues outnumbered decliners by a 1.10-to-1 ratio on the NYSE, and by a 1.81-to-1 ratio on the Nasdaq.<\/p>\n The S&P index recorded 25 new 52-week highs and one new lows, while the Nasdaq recorded 72 new highs and five new lows.<\/p>\n