Tesla lost on Wall Street, focusing more on the US jobs report

Tesla was the biggest loser on the New York Stock Exchange on Friday. The electric vehicle manufacturer may say goodbye to 10 percent of its employees. Investors on Wall Street are also reacting to the US government jobs report. This shows that more jobs have been created in May than expected. The jobs report may affect the Federal Reserve’s decision to raise interest rates even sharply.

Tesla lost 6.5 percent in early trading. CEO Elon Musk said in an email to other Tesla executives that he wanted to cut one-tenth of the carmaker’s staff. Musk says he has a bad feeling about the economy, which should justify intervention among workers. The car crew employs approximately 110,000 people worldwide.

Other electric car manufacturers listed in New York also fell. Nicola and Rivian lost up to 6 percent on Tesla’s rise.

The leading Dow-Jones index was down 0.7 percent at 33,015 points after the opening hour. The broader S&P 500 lost 1.2 percent to 4132 points. Tech Cage Nasdaq lost 1.8 percent to 12,091 points.

Job growth in the United States in May was higher than expected at 390,000. On average, 320,000 jobs are expected to grow. Markets continue to expect the central bank to raise rates further in the two months of June and July, although rate hikes could have an impact on economic growth. Investors also process the latest data on US service sector activity.

Twitter is up 1.1 percent. Millionaire Musk’s acquisition of social media company is getting a little closer. The 30-day waiting period was over, which was the condition for concluding the $ 44 billion deal.

Okta, which has developed authentication and authentication services, won 12 percent in the opening minutes. The company reported better-than-expected figures for the last quarter.