Tesla retreats on Wall Street after Musk’s mining plans | Money

Tesla will also provide battery packs to a cryptocurrency mining data center in Texas. Elon Musk is partnering with Twitter founder Jack Dorsey, the financial technology company Block, and the crypto company Blockstream.

Musk also held a question-and-answer session with Twitter employees. Among the messaging staff, there are said to be concerns that Musk, who recently acquired a large stake in Twitter and was appointed as a board member, might want to change the company’s culture. Twitter’s value was 3.8 percent lower.

In any case, tech companies underperformed due to current concerns about interest rates on Wall Street. The minutes of this week’s Federal Reserve meeting showed that policy makers want to raise interest rates faster and phase out asset purchase programs at a rapid pace. The war in Ukraine, which could last for years according to the US, and the quarantine in the Chinese trading city of Shanghai, are also weighing on sentiment.

Despite this, the Dow-Jones Index closed in the green, with an increase of 0.4 percent. The important indicator now stands at 34721.12 points. The broad S&P 500 index fell 0.3 percent to 4,488.28 points, and the Nasdaq tech index fell 1.3 percent to 13,711.00 points.

Amazon fell 2.1 percent. The group of online stores does not accept the formation of a union by employees in New York. The company said union supporters had intimidated employees.

Booking Holdings fell 2.1%. The parent company of the hotel booking site Booking.com paid a fine of 1.3 billion rubles, or about 15 million euros, to the Russian competition authority FAS. The International Atomic Energy Agency says the company has imposed “unfavorable conditions” on Russian hotels. The reservation company, which suspended its activities in Russia at the beginning of March after the Russian invasion of Ukraine, will appeal the financial penalty.

The price of a barrel of US oil rose 2.1 percent to $98.05. The price of Brent oil also rose by 2.1 percent at $102.64 a barrel. The euro was worth $1.0874 versus $1.0873 at the closing bell in Europe.