Auto Stocks Give Mixed Performance in Week Ended September 8
Last week, the broader market traded on a slightly negative note, and the S&P 500 (SPY) ended the week with a minor loss of 0.6%. Meanwhile, the stocks of mainstream US automakers General Motors (GM) and Ford Motor (F) gave a mixed performance. GM fell ~1.0% and Ford rose 0.1%.
Fiat Chrysler (FCAU) continued to outperform its peers and the broader market last week. FCAU ended the week with a gain of about 2.8%.
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Fiat Chrysler stock has risen 54.1% in 3Q17. The company’s strong 2Q results and reports of Chinese automakers’ interest in acquiring its business could be key reasons for its stock’s positive momentum. US electric carmaker Tesla (TSLA) traded on a negative note last week, falling 3.4%.
August US auto sales
US auto sales showed signs of weakness in the first eight months of 2017. According to Autodata, US auto sales are 2.7% lower than they were in the same period last year. These weaker vehicle sales have triggered concerns of a downturn in the US auto sector. However, better-than-expected August sales by GM and Ford maintained optimism towards their stock.
In this series, we’ll see what may have contributed to mainstream automakers’ mixed performance in the week ended September 8. We’ll also explore key updates for the auto industry in the last few weeks, and key technicals for auto stocks. Continue to the next part, where we’ll look at GM’s recent stock movement.