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Sep 18, 2023 thejournalbiz

U.S. stocks kicked off the week posting modest gains after a bumpy start to trading.

Treasury yields retreated after flirting with their highest closing level since 2007.

The Federal Reserve is expected to keep rates steady at its meeting this week, but an uptick in inflation has investors worried about further hikes later this year.

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Marketwatch:
Tesla (TSLA): shares were down 3%
Nikola (NKLA): Shares were up nearly 30%
Moderna (MRNA): shares fell 7%
Arm Holdings (ARM): shares slid 5%
Societe Generale (FR: GLE): shares tumbled 12%
Lyft (LYFT): The EV maker's stock fell about 3% #TrendingNews #Stocks pic.twitter.com/5xMV8gNOa6

— The_Journalbiz (@the_journalbiz) September 18, 2023

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One reason for the acceleration in inflation is rising oil prices, spurred by Saudi production cuts that have created a supply shortfall.

Tesla (TSLA): The electric automaker’s shares were recently down nearly 3%, as broader markets edged higher. The company is in early talks with Saudi Arabia regarding a possible factory there.

Nikola (NKLA): Shares of the electric-vehicle company were up nearly 30%.

Moderna (MRNA): The vaccine company’s shares fell more than 7%, making them the S&P 500’s worst performer and extending the shares’ year-to-date losses past 40%.

Arm Holdings (ARM): The chip designer’s shares slid 5%, continuing their retreat following a red-hot start to trading last week.

Societe Generale (FR: GLE): The French bank’s shares tumbled 12% after it cut its annual targets for revenue growth.

Lyft (LYFT): The EV maker’s stock fell about 3%. It agreed to pay $10 million to settle a SEC investigation over a former board member’s involvement in selling a large chunk of the company’s shares before its 2019 IPO.

Ford (F), General Motors (GM), Stellantis (STLA): The Detroit automakers’ stocks fell as strikes at their assembly plants continued. GM and Ford negotiators met with the UAW for bargaining over the weekend.

Clorox (CLX): The cleaning product maker’s shares fell after it said that a cyberattack disclosed in August would hurt this quarter’s results.