Stocks fell sharply again yesterday, adding to September’s struggles, as tech shares took another leg lower and investors fretted over uncertainty around the coronavirus pandemic and further stimulus.
Shares of Tesla fell over 10% after Elon Musk the company’s CEO offered new delivery predictions for 2020 and detailed a new battery design that he claims will make Tesla’s cars cheaper to produce. The stock was also under pressure after Tesla sued the U.S. government to overturn tariffs on China.
American households are socking away large sums of cash amid economic uncertainties later this year as a new wave of COVID-19 and the post presidential election aftermath have Americans nervous about their financial future. U.S. consumers built up an astounding $12.5 trillion in excess of savings from April through July, according to new research by Morgan Stanley. This equates to 13.5 months of the $600 a week supplemental unemployment insurance benefit that lapsed on July 31. Cash hoards have been built across the income spectrum.
With Northwest Quadrant Wealth Management, I’m Tyler Simones.