Technology Stocks Lead Market Higher Despite Another Tesla Crash

Tesla shares were down after a third crash potentially involving the company’s Autopilot system occurred in March.

4 min read

Opinions expressed by Entrepreneur contributors are their own.

The U.S. economy continues to outdo expectations helping the stock market push back toward all-time highs set earlier this month.

Housing starts jumped 5.7 percent to 1.235 million units last month, significantly higher than expected and the labor market continued to show surprising strength. Jobless claims fell to 212,000 last week versus estimates of 220,000, according to data from the Labor Department.

The stock indexes all had solid gains today. The Dow and S&P indexes were up 0.84 percent and 0.89 percent respectively while the Nasdaq Composite gained 0.97 percent. The Entrepreneur Index™ closed the day up 0.95 percent with strength across most sectors of the market.

After diving on Monday when China imposed retaliatory tariffs on American goods, technology stocks have been on a roll with the FAANG stocks leading the way. All four on the Entrepreneur Index™ were up today with Amazon (1.87 percent) and Alphabet Inc. (1.27 percent) rising the most. Software makers Adobe Systems Inc. (2.43 percent) and (2.21 percent) had the biggest gains in the sector.

The strong economic data today sent interest rates up modestly, helping banks and other financial stocks. Capital One Financial, gained 1.79 percent and is now up 20.4 percent on the year. Homebuilders also jumped on the housing starts number. D.R. Horton Inc. was up 2.07 percent.

Walmart delivered solid financial results this morning despite two weak months for U.S. retail sales last quarter. The stock was up more than three percent in the morning but closed with a gain of 1.43 percent. Same store sales in the U.S. grew nicely and Walmart beat earnings estimates by ten percent. It did miss on revenues, blaming currency translation for weak international sales. The company also warned that tariffs on Chinese produced goods would result in higher prices for U.S. consumers.

The world’s biggest retailer also said that shoes specifically would likely rise in price due to the tariffs. That put a charge in shoemaker stocks. Under Armour Inc. was up 2.43 percent today. Shares in the apparel and shoemaker are up 23.8 percent this year.

Other good gains on the Entrepreneur Index™ included Alexion Pharmaceuticals (2.33 percent), oil and gas producer Hess Corp. (2.01 percent) and Fedex Corp. (1.87 percent).

Semiconductor chip-maker Analog Devices had the biggest decline on the Entrepreneur Index™ today, dropping 2.96 percent. The company has had a nice rebound this year, rising 22 percent. However, the escalation of trade tensions has hit the chip sector recently. It appears that President Trump’s declaration of a national emergency over threats to American technology — specifically from China — hit Analog Devices’ stock today. Chinese telecom manufacturer Huawei, a significant customer of the company, was placed on the Bureau of Industry and Security Entity List by the Commerce Department.

Tesla shares were down 1.56 percent after it was reported that a third fatal crash potentially involving the company’s Autopilot system occurred on March 1. Tesla’s senior director of communications Dave Arnold also announced his departure from the company.

Other significant losses on the index today included retailer Bed Bath & Beyond, down 1.64 percent, and REIT Macerich Company, off 1.25 percent.

The Entrepreneur Index™ collects the top 60 publicly traded companies founded and run by entrepreneurs. The entrepreneurial spirit is a valuable asset for any business, and this index recognizes its importance, no matter how much a company has grown. These inspirational businesses can be tracked in real time on


more recommended stories

  • How a Super Bowl Champion and Entrepreneur Got Back Up After Adversity Hit

    Setema Gali, high-performance coach and Super.

  • How the Founder of Flow’s Vision for a Mindful Bottled Water Company Attracted Supporters Like Gwyneth Paltrow

    Nicholas Reichenbach discusses finding the right.

  • How to Boost Sales With Seasonal Products

    Just because the leaves turn doesn’t.

  • A Dispensary That Caters To The Canna-Curious

    The information contained on this website.

  • Why Execution Is More Important Than Strategy

    Good ideas are only half the.

  • How Mobility Is Revolutionizing Transportation and Business

    August 22, 2019 2 min read.

  • A DNA Testing Kit That Tackles Your Health From The Inside Out

    DNA-based probiotics might help you feel.

  • Why Diversity Is the Secret to This Talent Agency’s Influencer-Based Approach

    This founder talks about catapulting into.

  • How to Handle Difficult People (and Still Achieve Your Business Goals)

    A founder’s guide to effectively utilizing.

  • 6 Tips From a Clean Beauty Entrepreneur

    Sarah Biggers went from a newbie.

  • Explaining the Benefits of Cannabis to Your Grandma

    Future studies are still needed, but.

  • 9 Ways to Handle Job-Related Stress From Dawn to Dusk

    It’s all in a day’s work..

  • Want to Become a Better Communicator? Learn to Listen.

    Cross-check your own habits with these.

  • How a Terrible Motorcycle Accident Led to a Business Built on Relieving Pain

    Dr. Jason Wersland describes his invention,.

  • Upgrade Your Facebook Marketing Efforts With This Course

    Get ahead of the competition with.

  • Success Lies in the Subtleties, and Every Second Counts

    John K. Coyle, discusses why a.

  • Entrepreneurship Often Involves Uncertainty. Here’s How to Deal With It Productively.

    The future may be unknowable, but.

  • How to Use Your Calendar Like GPS

    This author breaks down how he.

  • Here’s How to Reduce the Cost of Cannabis for Consumers

    Consumers could be saving money while.

  • 6 AI Tools Entrepreneurs Can Use on a Budget

    Countless businesses are already taking advantage.

  • 4 Things Your Team Manifesto Must Spotlight

    Done well, and this mother of.

  • ‘Why Can’t I Focus?’ Here’s What the Science Says.

    August 16, 2019 1 min read.

  • Taking on a Much Bigger Rival in a Hyper-Competitive Segment? Try a Move From This Playbook.

    Mazda’s North American president explains how.

  • How to Make PR Work For You

    Here are the decisive factors you.

  • Why Your Business Growth Depends on IT Infrastructure

    Success only evolves if company tech.

  • How to Turn Your Biggest Fear Into Your (Career) Superpower

    Negative beliefs can derail success, but.

  • Use This Secret Military Trick to Tell if Someone Is Lying

    January 30, 2019 5 min read.

  • This High-Performance Psychologist Explains How to Push the Boundaries of Human Potential

    Dr. Michael Gervais’ client roster includes.

  • The Rise of Impostor Entrepreneurs

    It’s not only easier to steal.

  • What This Defense Consultant Learned From His Felony Conviction

    Justin Paperny served 18 months in.

  • How to Get a Book Contract From a Legitimate Publisher

    It could be the key to.

  • How Self-Driving Cars Could Shape Our Future

    Once challenges are surmounted, the world.