S&P 500 and Nasdaq tumble, marking their worst day since 2022. Tesla slumps 12%. Ford misses earnings estimates.
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribeCNBC's Daily Open is going on a short hiatus after today's newsletter. We'll be back on Tuesday, July 30. See you then!due to lackluster earnings from two tech megacaps. The broader index dropped 2.3%, while the tech-heavy Nasdaq slid 3.
"Any time the gap between what is reality and happening today versus what is in Musk's mind and going to happen in the future. When that gap widens out the stock comes under a lot of pressure," TD Cowen analyst Jeff Osborne told CNBC's"Squawk on the Street." Osborne has a price target of $180 on the stock, which is nearly 17% below Wednesday's close.
"Usually in a bull market you do, now and again, get some sell-offs, and this is a nasty one, I think this is going to turn out to be an"When you look at the underlying fundamentals of the economy, I don't think we are going to get an S&P-wide correction of 10% to 20% because I don't see a recession out there and I don't think investors are actually worrying about a recession, given that the Fed has basically promised to lower interest rates if that is necessary and I...
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