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Tesla soars as Amazon denial of Bitcoin triggers sell-off

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Tesla soars as Amazon denial of Bitcoin triggers sell-off

The Dow Jones Industrial Average rose, while the Nasdaq reversed its previous gains. Tesla (TSLA) soared after reporting a profit beat expectation as Amazon triggers Bitcoin’s retract from $40,000.

Amazon.com Inc has denied a media claim that the e-commerce behemoth is planning to accept Bitcoin payments before the end of the year. The company’s rejection brought Bitcoin below $37,000, while competing coins such as Ether and Litecoin also dropped. At the time of writing this article Bitcoin was trading at $37,081.28 down 4.86% in the last 24 hours.

Late Monday, Dow Jones futures, S&P 500 futures, and Nasdaq 100 futures were all lower. Tesla stock soared after the company reported solid earnings late Monday, while Alphabet, AMD, Apple, and Microsoft are due to report Today.

In extended trading, Tesla rose more than 2% after the electric vehicle maker’s second-quarter earnings beat Wall Street expectations on both the top and bottom lines. Tesla announced $1.45 per share in quarterly adjusted earnings on $11.96 billion in revenue. Tesla recorded a net income of more than $1 billion for the quarter, as well as a $23 million Bitcoin impairment.

Quick market analysis

Of all the major indices, the Nasdaq has had the greatest difficulty. It did, however, recover and show a small gain of less than 0.1%. Zoom Video Communications (ZM) was the best performer, up over 4% at the close. NetEase (NTES), a Chinese video game publisher was the greatest loser, plunging about 14%.

The S&P 500 index climbed, though only by 0.2 percent. Hasbro (HAS) was one of the standouts here, with a gain of more than 12% on earnings.

The Dow Jones Industrial Average finished 0.2 percent higher than the S&P 500, Intel was one of the Dow’s best performers, rising more than 2.5 percent. It is attempting to recover from last week’s high-volume sell-off in response to its earnings release.

Dow Inc. (DOW) eventually overtook it late in the day, finishing 3.2 %. Amgen (AMGN) was the worst performer, falling 1.1%.

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