Squawk on the Street
Tech Plunges… Again, Nasdaq Nearing Correction, Tesla Tumbles on S&P Snub, Nikola & GM Surge on Partnership
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Show notes
Carl Quintanilla, Jim Cramer and David Faber discuss the rough start to September. Tech plunging again, with the Nasdaq falling 3%. The Dow and S&P 500 both having their biggest 3-day loss in 3 months. Tesla tumbling after getting an S&P snub. The stock was not included in the index changes announced. Etsy, Teradyne, Catalent were added, while H&R Block, Coty and Kohl’s were removed from the S&P 500. Shares of Nikola surging as much as 53% after General Motors announces it’s taking an 11% stake in the electric truck maker. Under the partnership, GM will produce Nikola’s marquee hydrogen fuel cell electric pickup truck the Badger by the end of 2020.
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