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Tech-Led Slide Fades; Tesla Whipsaws on Earnings: Markets Wrap

  • EV giant beats on profit and sales, but misses on cash flow
  • IBM delivers upbeat forecast, plans to cut about 1.5% of jobs
Bloomberg business news
WATCH: Terri Spath, Founder and CIO at Zuma Wealth discusses the latest US market activity and recession indicators.Source: Bloomberg
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Wall Street shook off most of the losses driven by a dire sales warning from Microsoft Corp., with stock traders shifting their focus to Tesla Inc.’s earnings report after the closing bell.

The S&P 500 almost erased a slide that topped 1.5% earlier in the day. In late trading, Elon Musk’s electric-vehicle giant whipsawed as it beat estimates on profit and sales, but missed on cash flow. International Business Machines Corp. delivered an upbeat annual sales forecast while announcing it would eliminate about 1.5% of its global workforce, following similar job cuts by many of its tech peers.