Stocks were rising on Friday, Aug. 17, following a jump of nearly 400 points for the Dow Jones Industrial Average
The Dow rose 111 points, or 0.43%, to 25,669, the S&P 500
The meeting between China and the U.S. will take place next week as the world's two largest economies ready tariffs on billions of dollars of each other's goods on Aug. 23, on top of those already levied on July 6.
UBS Says Model 3 Will Be a Money-Losing Product
Tesla has touted the Model 3 as the mass-produced car that will finally make the electric vehicle maker a profitable venture. But, according to UBS, the car will be a money-loser based on the suggested selling price of $35,000.
Tesla will lose about $5,900 per car that is sold at the $35,000 price point, according to UBS analyst Colin Langan.
According to UBS, the $42,000 expected average sale price for the vehicle will only yield a $620 per car profit, making $41,000 the break-even point.
Trump Wants SEC to Scrutinize 6-Month Public Company Reporting
Donald Trump wants the SEC to investigate whether public companies should to move to a biannual reporting system as opposed to the quarterly reporting system currently in place.
In speaking with some of the world's top business leaders I asked what it is that would make business (jobs) even better in the U.S. "Stop quarterly reporting & go to a six month system," said one. That would allow greater flexibility & save money. I have asked the SEC to study!— Donald J. Trump (@realDonaldTrump) August 17, 2018
The quarterly reporting system goes back to the Great Depression.
The SEC Was Investigating Tesla Well Before Musk's Tweets, WSJ Reports
The Securities and Exchange Commission has been investigating Tesla (TSLA) since last year over the company's Model 3 production claims, the Wall Street Journal reported.
The SEC subpoenaed a parts supplier for the company as part of the investigation. That subpoena is separate from another one aimed at the company's directors as the regulator looks for more information on the company's plans to go private.
Musk had previously claimed that 1,600 cars would be made in the third quarter of 2017 before ramping to 20,000 in December. Those forecasts were well below the 200,000 Model 3s that Musk said would be produced in the second half of 2017.
Last week Musk tweeted his intentions to take the company private, which set off a round of lawsuits by shareholders and, reportedly, investigations by the SEC.
U.S. futures are on the decline ahead of Friday's open a day after all three major indices had sharp increases.
Dow futures are falling 0.1%, indicating an open 25 points lower, while S&P futures also declined 0.1%, indicating an open 3 points lower, and Nasdaq futures were falling 0.15%, indicating an open 11 points lower.
Asian markets were mixed. The Shanghai Composite fell 1.34%, while the Hang Seng and the Nikkei rose 0.42% and 0.35% respectively.
In Europe, the FTSE 100 fell 0.15%, the DAX dropped 0.41%, and the CAC 40 fell 0.17% with about four hours left in trading across the Atlantic.