JSE pares gains as investors remain on edge

• Published date: 25 April 2024
• Publication title: Herald, The (Port Elizabeth, South Africa)

Tesla’s surge, which lifted the tech sector in general, came after the maker of electrical vehicles vowed to speed up the launch of more affordable models

The announcement saw investors shrugging off the company’s poor quarterly earnings report and news of big layoffs, executive exits and price cuts as investors bet the company’s full-year sales would rise.

Still, US markets were lower overall with the Dow Jones Industrial Average trading at 38,357.63 points at 6.53pm, a decline of 0.38%.

The broader S&P 500 and the tech-heavy Nasdaq were also weaker, easing 0.32% and 0.31%.

On the US earnings front, attention now turns to the so-called Magnificent Seven tech companies, with Meta, the owner of Facebook, TikTok and Microsoft due to report results.

Investors are also keeping an eye on US GDP numbers that are scheduled to be released today and the Federal Reserve’s preferred measure of inflation, the personal consumption expenditure (PCE) index, that is due tomorrow.

“Markets remain on edge ahead of the...