Wall Street Opening Sees Decline as Elon Musk’s $56 Billion Reward Gets Approval

Wall Street started trading on a negative note on Friday, with major indexes showing declines. The S&P 500 opened down by 0.30 percent, the Dow Jones by 0.41 percent, and the Nasdaq 100 by 0.28 percent. This would mark the fourth consecutive down day for the Dow Jones this week.

In the U.S., an early look at the Michigan index measuring consumer confidence for June is expected to be released on Friday. The index is anticipated to rise to 72.0 points, up from the May figure of 69.1 points.

At a recent general meeting, the CEO of Tesla, Elon Musk, was approved for a $56 billion reward. This award had been previously denied by a court decision in 2020 but was reinstated at Thursday’s meeting. Tesla’s share price had risen in anticipation of a positive outcome at the meeting.

Adobe, a technology service company, surpassed market expectations with its second-quarter results, and the company also exceeded its own guidelines. Adobe’s successful integration of artificial intelligence technologies into its products led to a price increase of over 15 percent at the opening of Wall Street.

Since the Federal Reserve’s rate meeting on Wednesday, where the central bank announced revised interest rate projections, some uncertainty has gripped the market. The Fed now expects only one rate cut by 2024, down from the previous estimate of three cuts. This news has added to fluctuations in the market in recent days.