Elon Musk speaks; Deere earnings; Nordstrom stock surge

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1. Tesla CEO speaks: Elon Musk has given an emotional interview to the New York Occasions that addresses his controversial tweet about taking Tesla non-public.

“This previous yr has been essentially the most troublesome and painful yr of my profession,” he informed the newspaper. “It was excruciating.”

Musk informed The Occasions that nobody else noticed the tweet earlier than he posted it whereas en route from his home to the airport. He stated he does not remorse sending it and has no plans to go away Twitter (TWTR).

Requested if his notoriously heavy workload was bodily affecting him, he informed The Occasions: “It is not been nice, truly. I’ve had mates come by who’re actually involved.”

The Wall Avenue Journal reported Thursday that the US Securities and Trade Fee started investigating final yr whether or not Tesla misled traders about its Mannequin three automotive manufacturing.

Shares in Tesla (TSLA) had been down barely forward of the open.

2. Market overview: US inventory futures had been little modified and European markets had been calm in early buying and selling.

Asian markets ended with combined outcomes. The Shanghai Composite dropped 1.three%, whereas most different main indexes closed with small positive factors.

The Dow Jones industrial common shot up 1.6% on Thursday, its greatest displaying in 4 months. The S&P 500 added zero.eight% and the Nasdaq gained zero.four%.

three. Tractors and tariffs: Deere (DE) stories earnings earlier than the open.

The farming and building gear firm had a disappointing second quarter due to the elevated price of supplies.

It may face one other tough quarter due to the Trump administration’s tariffs.

Some international locations have positioned excessive tariffs on US agricultural items in response to America’s metal and aluminum taxes, and an escalating commerce combat with China is especially hurting American soy bean farmers.

That would trigger farmers to delay purchases of latest gear.

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four. US market movers — Nordstrom, Nvidia: Shares in Nordstrom (JWN) had been set to surge 9% after the corporate launched well-received earnings on Thursday after the shut.

Shares in Nvidia (NVDA) had been down 5% in prolonged buying and selling as traders reacted to the agency’s quarterly outcomes.

5. Worldwide developments: Shares in Air France-KLM (AFLYY) dropped three% after the corporate stated it had employed Air Canada government Benjamin Smith as CEO. The service has been working and not using a CEO since Could.

The Turkish lira was holding regular after one other public assault on the nation from President Donald Trump on Twitter (TWTR).

Forex merchants have been promoting the lira over considerations about Turkey’s economic system and central financial institution independence. Heightened tensions with the USA over Turkey’s detention of an American pastor have additional broken investor confidence.

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6. Coming this week:

Friday — Deere (DE) earnings, College of Michigan releases American client sentiment index for August

CNNMoney (London) First printed August 17, 2018: 5:02 AM ET



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