Investam-HK: Tesla Shares dropped post trade this Friday session dragging down Nasdaq lower

The well-known electric vehicle company 'Tesla,' owned by Elon musk just got dumped by S&P Dow Jones after not including the latter to S&P 500 stock market index.
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CENTRAL DISTRICT, Hong Kong - Sept. 8, 2020 - PRLog -- The well-known electric vehicle company 'Tesla,' owned by Elon musk just got dumped by S&P Dow Jones after not including the latter to S&P 500 stock market index.

S&P Dow Jones indices has announced that they are about to include three new companies to S&P 500's team. The companies which were named are Catalent Inc. (CTLT) a medical technology firm, Etsy Inc. (ETSY) an online retailer and Teradyne Inc. (TER) a semiconductor manufacturer, replacing H&R Block Inc., Coty Inc. and Kohl's Corp.

After the announcement, Tesla's shares slid about 10% in premarket trade this Friday. According to reports Tesla has been considered to be added in the team after disclosing its fourth consecutive quarter of profitability, which is one of the requirements, set by S&P but still failed in the process.

According to some analyst, the failure may be due to some questions about the automaker's "profitability metrics" that were submitted. But it is not the end; there will still be a chance for TSL. According to S&P's spokesperson, Ray McConville under External Communications, "The index committee can make a change to the index at any time."

Here are the main movements in the Stock Market this Friday;

Stocks

-        The Dow Jones Industrial Average fell about 159.42 points or 0.6% lower to 28,133.31.

-        The S&P 500 slid around 28.2 points or is down by almost 1% to 3,426.86.

-        Nasdaq Composite dipped quite big with 144.97 points loss or 1.27% short to 11,313.13.

Bonds

-        The yield on the benchmark 10-year Treasury note jumps about 8 basis points to hit a high of 0.70%.

-        The yield on the 30-year Treasury bond also increased 8 basis points to 1.42%.

Commodities

-        Gold appreciated almost 1 point or 0.03% higher to $1,932.98 an ounce.

-        Silver also gained 0.76% to $26.87 an ounce.

-        West Texas Intermediate crude is down by 1.60 points or 3.87% to $39.77 per barrel.

-        Brent crude depreciated to $42.66 per barrel.

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