Tesla shares rose 6.73% to $242.49 following the U.S. Federal Reserve's decision to cut its benchmark short-term interest rate by 50 basis points.
This decision could make cars more affordable and boost demand for Tesla's electric vehicles. The company's share price has historically been volatile following the Fed's decisions, averaging 3.2% the day after such announcements from 2019.
Despite the positive market reaction, #Tesla faces challenges in Europe, where new car sales in August fell 17% year-on-year. More worryingly for the electric car maker, sales of battery vehicles in the region fell 36% over the same period, reflecting a 36% decline in Tesla's own sales in Europe. With a market capitalization of $774.956 billion and a P/E ratio of 63.82, Tesla continues to trade at a premium valuation despite recent unfavorable factors.
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Ashares of #PayPal #rose 5.47% to $77.12 on news of a strategic partnership with Amazon (NASDAQ: AMZN) for its "Buy with Prime" service. Starting in 2025, #Prime members will be able to link their Amazon account to PayPal and enjoy the benefits of Prime shipping, as well as make purchases with PayPal on participating sellers' websites. The integration comes after "Buy with Prime" orders on participating sellers' sites increased by more than 45% year-over-year.
nIn addition to the partnership with Amazon, PayPal unveiled a new brand identity designed by Pentagram. The update includes a new PayPal Pro font and a refreshed logo with clean lines and contrasting blue colors.
The company also announced a major marketing campaign featuring actor Will Ferrell. PayPal stock, which has a market capitalization of $78.852 billion and an expected P/E ratio of 15.08, has outperformed the S&P 500 index over the past year with a return of 25.60 percent compared to a return of 19.77 percent.
shares of Weber rose 3.19% to $ 75.
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