Tesla shares slump as US stocks open higher

Traders work on the floor at the New York Stock Exchange March 22, 2019. — Reuters pic

NEW YORK, April 4 — Wall Street stocks rose early today on continued optimism about US-China trade talks, while Tesla shares slumped following disappointing first-quarter car deliveries.

About 15 minutes into trading, the Dow Jones Industrial Average stood at 26,315.29, up 0.4 per cent.

The broad-based S&P 500 gained 0.2 per cent to 2,878.22, while the tech-rich Nasdaq Composite Index also edged up 0.2 per cent to 7,908.98.

Talks resumed yesterday in Washington between US and Chinese representatives as the two sides try to resolve a months-long trade dispute.

Analysts pointed to reports that President Donald Trump could announce a summit with Chinese President Xi Jinping as a factor in today’s advance.

Meanwhile, Tesla Motors plunged 9.2 per cent after it reported delivering 63,000 vehicles in the first quarter, below analyst estimates.

The disappointing figures come ahead of a US court hearing on whether Tesla Chief Executive Elon Musk should be held in contempt for violating a settlement with US securities regulators. — AFP

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