Stock Market Update: Netflix, United Airlines, Tesla, and More Make Big Moves.
Tesla missed market estimates for Q1 margin due to aggressive price cuts to spur demand and fend off competition. Bank of America's global fund manager survey shows investor pessimism surging to the highest level in five months due to the ongoing banking crisis and looming recession. Morgan Stanley's Q1 profit beat expectations, while Citizens Financial Group's Q1 profit missed estimates due to a drop in deposits and increased rainy-day funds. Ally Financial reported Q1 profit of $319 million, missing Wall Street expectations. The European Union agreed on a $47 billion chip subsidies plan to catch up with the US and Asia in chip production.
