NEW YORK: The Nasdaq hovered near its all-time high on Wednesday, helped by a boost from Tesla shares, with investors cheering data that showed a record peak for US factory activity in June.
Data firm IHS Markit said its flash US manufacturing Purchasing Managers’ Index rose to a reading of 62.6 this month, beating estimates of 61.5, but manufacturers are still struggling to secure raw materials and qualified workers, substantially raising prices.
Tesla Inc gained 4.3% as the electric vehicle maker opened a solar-powered charging station with on-site power storage in China and as bitcoin prices retraced some losses.
At 11:26 a.m. ET, the Dow Jones Industrial Average was down 11.66 points, or 0.03%, at 33,933.92, the S&P 500 was up 1.45 points, or 0.03%, at 4,247.89, and the Nasdaq Composite was up 16.05 points, or 0.11%, at 14,269.32.
Among so-called meme stocks, software firm Alfi Inc dropped 26.8% after more than doubling in value in the prior session, while Torchlight Energy Resources Inc slumped 30.1% for the second day after announcing an upsized stock offering.