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Trending tickers: Tesla, Nvidia, Tencent, Fresnillo

The latest investor updates on stocks that are trending on Monday

SANTA MONICA, CA - APRIL 17, 2024 - Miguel Castillo plugs in his car to be recharged at a Tesla Supercharger station at the corner of 14th St. and Santa Monica Blvd. in Santa Monica on April 17, 2024. Tesla Inc. is laying off more than 10% of its workforce, Chief Executive Elon Musk wrote in an email to staff. Musk cited job overlap and the need to reduce costs, according to the email sent last Sunday. Bloomberg News estimated that the layoffs would affect more than 14,000 employees. (Genaro Molina/Los Angeles Times via Getty Images)
Over the weekend, Tesla cut prices for its model Y, S and X in the US by $2,000. (Genaro Molina via Getty Images)

Tesla (TSLA)

Tesla saw its stock pull back 1.9% on Friday, but looked set to stabilise on Monday as the price war for the electric car market intensifies.

Over the weekend, Elon Musk's company cut prices for its model Y, S and X in the US by $2,000 (£1,617). It also slashed prices in China for the Model S, X, 3 and Y and reduced prices in Europe.

Read more: FTSE 100 LIVE: European stocks rise and oil slides amid easing geopolitical tensions

The cuts come following reports of declining global deliveries in the first quarter of the year. Last week the company also said it would set out to reduce its headcount by 10% — or about $14,000 jobs, with staff cuts confirmed in China.

Nvidia (NVDA)

Nvidia fell foul of a broader tech rout on Friday, falling 10% as investors smelt blood in the water for the sector. Investors have headed for less risky assets amid macroeconomic uncertainty and wavering bets for early interest rate cuts for major economies.

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Nvidia lost around $200bn on Friday, spelling its worst day since March 2020.

Read more: UK economic forecast predicts interest rates to fall to 4.5%

Chip companies have been supercharged in recent months by investor bets on the tech behind artificial intelligence (AI). Other beneficiaries of this boom, such as server company Super Micro Computer (SMCI) also pulled back on Friday.

Tencent (0700.HK)

Chinese social media firm Tencent rallied in Monday trade as it announced the rollout of out one of the year's most anticipated mobile games, Nexon's Dungeon and Fighter Mobile, earlier than expected.

The shares saw their biggest one-day bump since February as it set a date of 21 May for its release.

Read more: Stocks that are trending today

Shares rose 5.7% by the close in Asia.

Fresnillo (FRES.L)

Miner Fresnillo was among the top fallers in the FTSE 100 (^FTSE) on Monday, pulling back following a wild week for commodities. Last week, global markets reacted to worsening tensions between Iran and Israel, as news of airstrikes and retaliatory attacks worried supply chains.

On Monday, Fresnillo lost 2.2% in early trade ahead of an investor production report which is due out on Wednesday.

Watch: China's lithium demand is 'unstoppable': Sigma Lithium CEO

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