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Wall Street dips as Tesla, 3M weigh; big tech earnings in focus - Netscape Money & Business


Wall Street dips as Tesla, 3M weigh; big tech earnings in focus
By Medha Singh and Sruthi Shankar
Reuters
(Reuters) -Lackluster results from Tesla and 3M dragged Wall Street s main indexes lower on Tuesday, shifting investor focus to earnings from big technology companies, including Microsoft and Alphabet, later in the day.
Electric-car maker Tesla Inc dropped 3%, weighing on the S&P 500 and the Nasdaq, as its revenue beat was largely supported by sales of environmental credits and bitcoin liquidation rather than vehicle sales.
Tesla is a special case. A lot of the gains for the company were driven by its bitcoin bet, which is a sideline. It s good that it sold a lot of cars, but it didn t make a lot of money from the cars, said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh. ....

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