Shares of Elon Musk’s Tesla tumbled Monday on reports the electric-vehicle maker is mulling layoffs adding to the 30%+ drop in the stock this year and clouding sentiment ahead of earnings.
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U.S. stocks gave up gains early afternoon as investors watch what happens next following Iran’s attack on Israel over the weekend. Additionally, investors are digesting more corporate earnings including a positive quarter from Goldman Sachs. Those shares rose on Monday.
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Despite inflation’s creep higher, Americans keep spending based on the latest monthly check on retail sales.
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Oil prices pulled back in the hours following Iran’s attack against Israel but market watchers are keeping close tabs on West Texas Intermediate and Brent prices for any future potential impact if the Middle East crisis escalates.
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Gold held near its all-time high on Monday. Even before Iran attacked Israel, gold was hitting fresh records as investors try to handicap the impact of a potential rate cut by the Federal Reserve. Late Friday, Goldman Sachs raised its price target on the yellow metal to $2,700 an ounce from $2,300. State Street SPDR GLD ETF, the largest backed by physical gold, is up 7.6% this year outperforming its benchmark.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| GLD | $216.89 | -2.91 | -1.32 |
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Bitcoin, the world’s largest cryptocurrency by market value, rose Monday as investors weigh Iran’s attack on Israel. Investors view crypto as a safe asset or alternative to stocks.
It touched $66,870.29 Friday and has gained 57% this year.
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Late Sunday, President Biden disclosed he spoke with His Majesty King Abdullah II of Jordan and the two discussed the escalation between Iran and Israel.
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Iran’s attack on Israel: Follow all the live developments from the Middle East as well as how the U.S. is monitoring the situation.
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