U.S. stock markets started the week with gains on Monday, influenced by the release of earnings reports from major technology companies.
Tesla (TSLA) shares fell by 4.6% after the electric vehicle manufacturer announced price reductions in China, Germany, and the United States, potentially initiating a price war in the EV industry.
Li Auto (LI) experienced a 6% decline as the Chinese EV maker also reduced prices on models such as the L7, L8, L9, and the newly launched MEGA SUV.
Apple (AAPL) remained steady as analysts from Morgan Stanley encouraged investors to capitalize on any post-earnings weakness in the iPhone maker, anticipating lower guidance for revenue and earnings per share in the June quarter.
Verizon (VZ) shares slipped by 3.6% despite the telecom giant reporting fewer-than-expected wireless subscriber losses in the first quarter, attributed to its flexible plans and discounted streaming bundles.
Salesforce (CRM) gained 0.3% after the business software company ended discussions to acquire Informatica (INFA), resulting in a 9% drop for the latter due to the failure to reach an agreement on terms.
Quanex (NX) fell by 4% following the announcement of a $1.1 billion acquisition of U.K.-based Tyman, a building supplies company.
Cardinal Health (CAH) declined by 5.7% after disclosing the termination of contracts with pharmacy-benefits manager OptumRx, effective at the end of June.
CNH Industrial (CNHI) shares lost 5% as the agricultural machinery manufacturer announced the departure of CEO Scott Wine, appointing Gerrit Marx as his successor.
Spotify Technology S.A. (SPOT) declined by 2.5% ahead of the release of its first-quarter results on Tuesday morning.
Ford (F) shares climbed by 4%, with its first-quarter earnings report scheduled for release on Wednesday. (Additional reporting by Louis Juricic)
