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Wall Street Mixed at Open as Tesla, Lucid Fall Under SEC Pressure; Dow up 440 Pts -Breaking

© Reuters.

Geoffrey Smith — U.S. stock market opened mixed on Monday. There were broad gains in the industrials and reopening play, but sharp falls in some tech stocks. 

After both companies were unable to comply with the Securities and Exchanges Commission, Tesla stock dropped 2.5% and Lucid Motors stock plummeted 6.8% during early trading. While the SEC investigates whistleblower allegations about Tesla’s Solar City unit making defective solar panels, Lucid Motors is being investigated for how it presented itself before merging to a special-purpose acquisition company. 

Chipmaker Nvidia (NASDAQ) was another favorite stock for the year. It fell 13.8%, its lowest level in a month. This happened because its plan to takeover chip manufacturer ARM came up against stronger resistance from international regulators. The U.K. has already conducted a national safety review and the Federal Trade Commission is now suing to block the transaction on antitrust grounds. 

At 35,022 points at 9:45 am ET (1445 GMT), it was up 442 point, or 1.3%. Anthony Fauci (President Joe Biden’s chief physician adviser), commented that Covid-19’s new Omicron version was less dangerous than expected. This helped lift the Dow. The was 0.5% down and the only 0.5% up 

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Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.