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U.S. markets kicked off the third quarter on a positive note on Monday, with the main indexes reversing early losses to finish higher on the back of a rally in technology shares. The Dow Jones Industrial Average rose 35.77 points, or 0.2%, to 24,307.18. The S&P 500 gained 8.34 points, or 0.3%, to 2,726.71 and the Nasdaq Composite Index climbed 57.38 points, or 0.8%, to 7,567.69.
Shares in Europe meanwhile traded lower as investors questioned the stability of the German government and wider trade links between the European Union and the U.S. The UK’s FTSE 100 index dropped 1.1% to 7,555.89. All but the tech sector fell, and decliners were led by the basic materials group which includes mining stocks.
Tesla reaching production goal
Shares of electric car maker Tesla rose as much as 6.4 percent to $364.78 in early trading on Monday, after it reported producing 5,031 Model 3 cars in the last seven days of the second quarter. The stock quickly reversed course however to trade down 4 percent on after Wall Street analysts questioned the electric carmaker’s ability to maintain an increase in production that helped it meet a long-elusive target of making 5,000 Model 3 vehicles per week.
Tesla, which Chief Executive Elon Musk hailed on Sunday as having become a “real car company,” said it now expects to boost production to 6,000 Model 3s per week by late August, signaling confidence about resolving technical and assembly issues that have plagued the company for months. To meet its goal, Tesla had set up a new production line inside a tent on the campus of its Fremont factory. The company said the new general assembly line was responsible for about 20 percent of Model 3s produced last week.
Glencore facing US Subpoena
Glencore Plc tumbled the most in two years as its African troubles escalated dramatically after U.S. authorities demanded documents relating to possible corruption and money laundering. The Swiss company trader and miner is already facing the possibility of a bribery investigation by U.K. prosecutors over its work with Dan Gertler, an Israeli billionaire and close friend of Congo President Joseph Kabila, people familiar with the situation said in May.
The world’s biggest commodity trader said Tuesday that it’s been subpoenaed by the U.S. Department of Justice to produce documents with respect to compliance with the Foreign Corrupt Practices Act and United States money laundering statutes. The documents relate to the company’s business in Nigeria, the Democratic Republic of Congo and Venezuela from 2007 to the present. The shares plunged as much as 11 percent.
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