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General Motors takes 11% stake and $2 billion in equity in electric truck maker Nikola
PUBLISHED TUE, SEP 8 20207:42 AM EDTUPDATED 8 MIN AGO
Dawn Kopecki
@DAWN_KOPECKI
Michael Wayland
@MIKEWAYLAND
Nikola Motor Company
Nikola Motor Company Badger pickup truck
Source: Nikola Motor Company
General Motors is taking an 11% stake in electric truck maker Nikola, agreeing to build its hydrogen fuel cell electric pickup truck the Badger by the end of 2022.

Nikola’s shares surged 25% in premarket trading.


This story is breaking. Come back for updates.

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General Motors takes 11% stake and $2 billion in equity in electric truck maker Nikola
PUBLISHED TUE, SEP 8 20207:42 AM EDTUPDATED 8 MIN AGO
Dawn Kopecki
@DAWN_KOPECKI
Michael Wayland
@MIKEWAYLAND
Nikola Motor Company
Nikola Motor Company Badger pickup truck
Source: Nikola Motor Company
General Motors is taking an 11% stake in electric truck maker Nikola, agreeing to build its hydrogen fuel cell electric pickup truck the Badger by the end of 2022.

Nikola’s shares surged 25% in premarket trading.


This story is breaking. Come back for updates.

[admin]

General Motors takes 11% stake and $2 billion in equity in electric truck maker Nikola
PUBLISHED TUE, SEP 8 20207:42 AM EDTUPDATED 8 MIN AGO
Dawn Kopecki
@DAWN_KOPECKI
Michael Wayland
@MIKEWAYLAND
Nikola Motor Company
Nikola Motor Company Badger pickup truck
Source: Nikola Motor Company
General Motors is taking an 11% stake in electric truck maker Nikola, agreeing to build its hydrogen fuel cell electric pickup truck the Badger by the end of 2022.

Nikola’s shares surged 25% in premarket trading.


This story is breaking. Come back for updates.

[admin]

-144.97 -1.27
Japan: Nikkei 225 23274.13 184.18 0.80
UK: FTSE 100 5885.50 -51.90 -0.87
Crude Oil Futures 37.11 -2.66 -6.69
Gold Futures 1918.30 -16.00 -0.83
Yen 105.96 -0.32 -0.30
Euro 1.1786

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LAST CHG %CHG
Crude Oil Futures 37.21 -2.56 -6.44
Brent Crude Futures 40.22 -1.79 -4.26
Gold Futures 1918.00 -16.30 -0.84
Silver Futures 26.520 -0.192 -0.72
DJIA Futures 27844 -230 -0.82
S&P 500 Futures 3370.50 -47

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Nasdaq falls more than 3% as tech plunges once again, Dow drops 400 points
PUBLISHED MON, SEP 7 20206:03 PM EDTUPDATED 1 MIN AGO
Fred Imbert
@FOIMBERT
Yun Li
@YUNLI626
Eustance Huang
@EUSTANCEHUANG
WATCH NOW
VIDEO00:52
Wall Street points toward lower open following last week’s tech sell-off
Stocks fell sharply on Tuesday to start the week as technology shares were under pressure following their worst sell-off in more than five months last week.

“High valuations in the mega-cap stocks are stretched far beyond historical levels,” said Bruce Bittles, chief investment strategist at Baird. “The technical indicators – high margin debt, fully invested mutual funds, CBOE options data showing record call volume, Wall Street letter writers at bullish levels -- pointed to excessive optimism in the market which often suggests a consolidation/correction phase is likely.”


Here’s what traders were watching:

Tesla plunged 15% after the S&P Dow Jones Indices failed to add the surging and speculative stock to the S&P 500 after the bell Friday. Investors were betting on inclusion of the stock into the S&P 500, hoping for the stamp of approval on the rally by S&P. The snub shows the risks to the overheating Nasdaq trade.
Other hot Nasdaq stocks were hit hard. Facebook, Amazon, Netflix, and Google-parent Alphabet were all down more than 3% in premarket trading Tuesday. Apple dropped 5.3%. Nvidia was off 6.6%. Zoom Video fell by 5%.
Shares of Softbank dropped 7% on Monday in Japan as it was identified as the big options buyer making a bet in the billions on tech stocks continuing to surge. The tech trade could lose some of its firepower if Softbank were to curb those bets.
There was a clear rotation out of the hot tech stocks and into stocks that would benefit from the economy reopening from the coronavirus. Shares of Disney, UPS and Ford were higher in premarket trading.
Drugmaker CEOs pledged to make safety the main priority in developing a coronavirus vaccine.
On Friday, stocks snapped a five-week winning streak after a big reversal in major technology stocks. Steep losses in Amazon, Apple, Microsoft and Facebook — 2020′s market leaders — drove the tech-heavy Nasdaq Composite to its worst week since March 20. The Dow posted their biggest weekly losses since June.

Many on Wall Street believe the weakness derived from worries that the massive tech run-up pushed valuations to unsustainable levels. Even with last week’s pullback, the Nasdaq is up more than 70% from its March bottom.

“Given how extreme many of the indicators we follow had become by early this past week, we believe it will take more than just a mild decline to work off those conditions,” Matt Maley, chief market strategist at Miller Tabak, said in a note on Sunday. “Therefore we still believe a correction of more than 10% is probable.”

Maley pointed to the extreme overbought conditions in some of the mega-cap tech names as well as the elevated valuation levels for the S&P 500.


Last week’s Big Tech slump coincided with outperformance in cyclical stocks — names most sensitive to the economic recovery. The S&P 500 materials and financials sectors were the two biggest winners in the prior week, up 2.3% and 0.9%, respectively.

Geopolitical developments could weigh on investor sentiment. China accused the U.S. of “bullying” as it launched a global data security initiative on Tuesday. That came as Washington continues to pressure China’s largest tech firms and convince countries around the world to block them. President Donald Trump also recently entertained the idea of “decoupling” from China, or refusing to do business with the country.

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day

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LAST CHG %CHG
DJIA 27693.16 -440.15 -1.56
S&P 500 3357.43 -69.53 -2.03
Nasdaq Composite 10938.33 -374.80 -3.31
Japan: Nikkei 225 23274.13 184.18 0.80
UK: FTSE 100 5883.65 -53.75 -0.91
Crude Oil Futures 37.05 -2.72 -6.84
Gold Futures 1921.20 -13.10 -0.68
Yen 106.00 -0.28 -0.26
Euro 1.1792

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LAST CHG %CHG
DJIA 27593.71 -539.60 -1.92
S&P 500 3359.35 -67.61 -1.97
Nasdaq Composite 11013.31 -299.82 -2.65
Japan: Nikkei 225 23274.13 184.18 0.80
UK: FTSE 100 5886.90 -50.50 -0.85
Crude Oil Futures 36.69 -3.08 -7.74
Gold Futures 1918.40 -15.90 -0.82
Yen 105.96 -0.32 -0.30
Euro 1.1776

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U.S. Stocks Drop Following Tech Slide
Tech-heavy Nasdaq falls, with Tesla shares sharply lower

By Updated Sept. 8, 2020 9:54 am ET
U.S. stocks fell Tuesday with last week’s slide in giant tech stocks resuming after the Labor Day holiday.

The tech-heavy Nasdaq Composite Index slumped 2.9% after a bout of volatility last week led to big drops in the index. The S&P 500 fell 1.8%. The Dow Jones Industrial Average lost 400 points, or 1.4%.

Among the technology stocks declining were those that have driven much of the market’s gains this year and benefited from the stay-home orders aimed at slowing the coronavirus pandemic. Apple retreated 4.5%, Amazon.com declined 3.7% and Facebook fell 3.2%. Chip maker Nvidia tumbled 5.6% and video-chat software company Zoom Video Communications fell 3.9%.

Tesla fell more than 15% after the S&P Global late Friday passed over the electric car maker for inclusion in the S&P 500, which many had bet would give it another lift.

“I think we should start to anticipate a rotation, the momentum behind tech is going to ease,” said Seema Shah, chief strategist at Principal Global Investors. PFG -2.69% “As we’re seeing easing lockdowns and the prospect of a vaccine, people are beginning to go back to a more normal way of life and reliance on tech is starting to fade from the peak where it was at the height of the lockdown.”

Bucking the downward trend, shares of General Motors jumped 6.5% after it formed a strategic partnership with battery and hydrogen-powered vehicle maker Nikola to jointly develop an electric truck. Nikola shares surged 25%.

As traders return from the holiday weekend that typically signals the end of summer breaks, the economy and the U.S. election will be in focus.

“Typically, bubbles are unwound when the Fed takes away the punch bowl. Obviously, this is very unlikely to happen anytime soon,” strategist Chris Senyek of Wolfe Research wrote Tuesday. “However, this bubble can still be unwound by sustained economic disappointments!”

Oil prices extended their drop on concerns demand is slumping amid a still uneven economic recovery. Saudi Arabia signaled an expectation for reduced demand over the weekend by cutting prices. Global benchmark Brent crude fell 4.7% to $40.04 a barrel. The U.S. WTI dropped 6.7%.

The yield on benchmark 10-year Treasury notes on Tuesday fell to 0.676%, from 0.720% on Friday, as some investors sought safety.

Also weighing on markets Tuesday are an uptick in economic tensions between the U.S. and China.

President Trump said in a Monday press conference that he was considering “decoupling” from China and wasn’t seeking to bring outsourced jobs back to the U.S. The comments are the latest twist in a multiyear spat between the two largest economies in the world that have centered around technology, security and jobs.

“Decoupling is an economic concept not a political concept,” said Sebastien Galy, a macro strategist at Nordea Asset Management. “These have the potential to be very significant moves.”

Chinese Foreign Minister Wang Yi announced an initiative on Tuesday seeking to set global standards on data security, in response to accusations by Washington over what the Trump administration deems to be national-security threats by Chinese companies such as Huawei Technologies and Tencent Holdings.

In Asia, major benchmarks rose, with the Shanghai Composite Index and Korea’s Kospi index both closing up 0.7%. Japan’s Nikkei 225 ticked up 0.8% after the government released its revised gross domestic product figures for the second quarter, which were moderately better than economists’ expectations.

The pan-continental Stoxx Europe 600 slipped 1.86% as another round of Brexit trade negotiations between the U.K. and the European Union are set to begin on Tuesday. Prime Minister Boris Johnson has set an Oct. 15 deadline to strike a deal and tensions are expected to simmer in the final weeks ahead of the deadline. The pound weakened 0.9% against the euro.


Tesla’s booth at the China International Fair for Trade in Services in Beijing on Monday.
Photo: Pan Siwei/Zuma Press
“Sterling is definitely under short-term pressure,” said Russell Silberston, investment strategist at Ninety One. “If the range of possible outcomes suggests we are going to move toward a hard Brexit, I wouldn’t be surprised to see the euro rally and the sterling fall.”

Related Video


How Apple Became the World’s Most Valuable Publicly Traded Company
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How Apple Became the World’s Most Valuable Publicly Traded Company
How Apple Became the World’s Most Valuable Publicly Traded Company
Apple reached a staggering $2 trillion market valuation in August, despite years of doubt from critics over whether the tech giant could continue to succeed after the death of Steve Jobs. Here’s a look at Apple’s rise to the very top. Illustration: Jacob Reynolds/WSJ
Write to Ann

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LAST CHG %CHG
DJIA 27693.62 -439.69 -1.56
S&P 500 3362.33 -64.63 -1.89
Nasdaq Composite 11015.91 -297.23 -2.63
Japan: Nikkei 225 23274.13 184.18 0.80
UK: FTSE 100 5930.30 -7.10 -0.12
Crude Oil Futures 36.47 -3.30 -8.30
Gold Futures 1934.20 -0.10 -0.01
Yen 105.92 -0.37 -0.34
Euro 1.1796

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LAST CHG %CHG
DJIA 27601.56 -531.75 -1.89
S&P 500 3343.48 -83.48 -2.44
Nasdaq Composite 10922.40 -390.74 -3.45
Japan: Nikkei 225 23274.13 184.18 0.80
UK: FTSE 100 5930.30 -7.10 -0.12
Crude Oil Futures 36.76 -3.01 -7.57
Gold Futures 1943.60 9.30 0.48
Yen 106.02 -0.26 -0.24
Euro 1.1783

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